As outlined in the International Institute of Business Analysis's "Guide to the Business Analysis Body of Knowledge," business analytics is integral to dozens of corporate jobs, including business architects, business systems analysts, process analysts, and requirements engineers.
While a bachelor's degree may be sufficient for some entry-level business analyst employment, most employers prefer applicants with master's degrees in business administration or a closely related field, such as business analytics.
Business analytics professionals are increasingly needed as businesses and industries rely on data analytics to acquire a competitive edge.
Given the constant advancements in technology and the growing significance of data-driven decision-making, professionals that regularly upgrade their skills and keep up with current trends are well-positioned for job success. Due to the strong demand and lack of trained people, business analytics specialists are frequently paid excellent pay.
Graduates must embrace lifelong learning because business analytics is a dynamic field to stay relevant. New technologies and techniques are quickly transforming the world of business analytics.
The job market forecast for business analytics graduates in the USA is generally very favourable.
Industries Hiring Graduates
- Business Intelligence
One of the top three sectors currently hiring data analysts is business intelligence. A short search on Indeed reveals that the business intelligence industry is home to roughly 20% of the data analytics jobs currently available worldwide.
The ability to work accurately with financial predictions and reporting is a requirement for business analysts in finance. Data analytics is used by financial institutions like investment banks, venture capital firms, and consumer banks to assess risk, guide investment choices, identify patterns, and make predictions.
Healthcare, a sector primarily relying on paper data systems for decades, increasingly uses data analytics. Healthcare business analytics specialists focus on initiatives involving patient data analysis, disease prediction modelling, healthcare resource optimization, and healthcare quality enhancement.
Business analytics experts are hired by consulting organizations from various industries to give their clients data-driven insights. These experts work on multiple tasks, including process optimization, strategic planning, market research, and competition analysis.
Manufacturers and supply chain organizations use business analytics to optimize manufacturing processes. A business analyst's responsibilities in the manufacturing sector include planning and implementing solutions for problems with resources, labour, and consumer concerns.
- IT industry
The technology industry largely relies on business analytics for cybersecurity, user behaviour analysis, customer analytics, and product creation. They can clearly understand what kinds of IT services and products clients need and how to provide them.
Other industries are -
- Pharmaceutical industry
- Retail and E-commerce
Roles and Responsibilities
The USA is always in demand of professionals dealing with data. The data analytics market in the USA is worth around USD 30 billion. In the past year, international students with required skills in demand have been hired 30-32% more. A master's in Business Analytics is paid USD 95,000 as an average annual salary.
The pay scale increases with an increase in work experience. Graduates in Business Analytics are expected to find a professional offer within 3 months of completing a master's degree.
- Data Scientist
Data scientists collect, analyze, and interpret large and complex data sets using statistical techniques and advanced algorithms to extract insights, identify patterns, and make predictions that drive data-driven decision-making and solve business problems.
Salary - USD 123,783/year
- Management Analyst
Management Analysts analyze organizational processes, identify problems or areas for improvement, and provide recommendations and strategies to enhance operations, optimize workflows, and achieve organizational goals.
Salary - USD 93,000/year
- Data Analyst
A data analyst gathers, purifies, and examines data to gain knowledge and assist decision-making. They employ statistical tools and data visualization approaches to find trends, patterns, and correlations in the data.
Salary - USD 70,354/year
- Financial Analyst
A finance analyst reviews financial information, creates financial reports, and offers recommendations to aid an organization's economic decision-making.
Salary - USD 74,753/year
- Operations Research Analyst
An operations research analyst uses cutting-edge analytical techniques and mathematical modelling to assist businesses in solving complicated issues and improving decisions.
Salary - USD 82,360/year
- Data Architect
The data architect does the entire structure and management of the organization's data. They establish data requirements, produce data models, and provide frameworks for data architecture.
Salary - USD 1,31,405/year
- Application Architect
The role of an application architect is to plan and direct the creation of software applications. They examine business needs, create technical guidelines, and plan an application's architecture.
Salary - USD 143,493/year
- Project Manager
Analytics initiatives are managed from beginning to end by a project manager. They organize the team, plan the project, control risks, interact with stakeholders, and ensure it stays on schedule and within budget.
Salary - USD 86,613/year
- Machine Learning Engineer
The job of a machine learning engineer is to create, build, and use machine learning models and systems. They utilize massive datasets, pick the best algorithms, and train models to produce forecasts or automate procedures.
Salary - USD 188,886/year