Business analytics is one of the most in-demand skills in the corporate world today. It involves using data science, optimization, and machine learning to solve real-world business problems and make data-driven decisions. MBA programs in Business Analytics is a specialized degree that prepares students for careers in this exciting and fast-growing field.
In this Article, we will cover everything you need to know about a Master of Business Analytics degree, including:
- Who is it for?
- What are the benefits?
- What are the types?
- What are the requirements?
- What are the career prospects?
Who is a Master of Business Analytics for?
A Master of Business Analytics is for working professionals or recent graduates who want to launch or accelerate their career in a business analytics role. That could be in sectors like digital, retail, healthcare, finance, logistics, or supply chain.
A Master of Business Analytics is different from a Master of Data Analytics, which is more focused on data science and less on the business side. Business analysts use the data they analyse to make practical, data-driven decisions and implement change, whereas data analysts focus mostly on uncovering data trends and insights.
What are the benefits of a Master of Business Analytics?
A Master of Business Analytics offers several advantages that can boost your marketability and career prospects. Some of the benefits are:
- You can develop valuable, in-demand skills that organizations need to leverage big data and make strategic decisions.
- You can learn from leading faculty and experts in the field of business analytics and gain exposure to real-world projects and challenges.
- You can network with peers and alumni from diverse backgrounds and industries and expand your professional opportunities.
- You can earn a higher salary and enjoy more career growth potential than with a bachelor’s degree alone.
What are the types of Master of Business Analytics?
There are different types of Master of Business Analytics degrees that vary in duration, format, and curriculum. Some of the common types are:
- The traditional MS in Business Analytics degree is an in-person, campus degree that usually lasts between 12 and 14 months. Students either go straight into their degree from undergraduate level or take time out of the workforce for the duration of the program.
- The online MS in Business Analytics degree is a flexible, convenient option that allows students to study at their own pace and schedule. Online programs may take longer to complete than campus programs, depending on the course load.
- The STEM-designated MS in Business Analytics degree is a US academic program recognized for its specific, close focus on science, technology, engineering, or math (STEM). International students pursuing STEM-designated masters degrees can apply for a 24-month STEM-extension to their 12-month Optional Practice Training (OPT) period, which allows them stay in the US on a student visa after graduating. That means students on STEM-designated masters can work in the US for up to three years after graduation, without an H1-B visa.
What are the requirements for a Master of Business Analytics?
The requirements for a Master of Business Analytics may vary depending on the program and school you choose. However, some of the common requirements are:
- A bachelor’s degree from an accredited institution with a minimum GPA
- A strong background in mathematics, statistics, computer science, or related fields
- A competitive score on the Graduate Record Examination (GRE) or Graduate Management Admission Test (GMAT)
- A resume or CV highlighting your academic and professional achievements
- A statement of purpose explaining your goals and motivations for pursuing a Master of Business Analytics
- Letters of recommendation from academic or professional references
- Proof of English proficiency for international applicants
What are the career prospects for a Master of Business Analytics?
A Master of Business Analytics can open up many career opportunities for graduates in various industries and domains. Some of the common job titles for MBA graduates are:
- Business analyst
- Data analyst
- Data scientist
- Business intelligence analyst
- Data engineer
- Data consultant
- Machine learning engineer
- Product manager
According to Glassdoor, the average salary for a business analyst in the US is $68,346 per year, while the average salary for a data scientist is $113,309 per year. The demand for business analytics professionals is expected to grow by 14% from 2019 to 2029, much faster than the average for all occupations, according to the US Bureau of Labor Statistics.
Conclusion
A Master of Business Analytics is a specialized degree that prepares students for careers that apply and manage modern data science, optimization, and machine learning to solve real-world business problems. It is a rewarding and challenging program that can help you develop the skills and knowledge you need to succeed in the data-driven economy.
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