What Does an Online Master’s in Business Analytics Entail?
Masters in Business Analytics Online programs can vary. However, in general, your academic program will consist of the following.
- Data mining
- Business analytics strategies
- Data-driven decision making
- Data modeling
- Descriptive, inferential, and predictive statistics
- Probability and stochastic models
- Data warehousing
- Industry-specific electives
For Master’s in Business Analytics degrees, additional MBA-style courses and a data science course are frequently required.
There are some online and on-campus programs that may be completed in as little as 12 months, while there are others that have more rigorous course requirements and take 24 months to complete.
Business Analytics in a Nutshell
In job postings for this role, it is common to emphasize the importance of business analyst staff as performance measures
- Financial and risk analysis
- Business process flows
- Resource allocation and utilization
- Regulatory compliance measures
- Departmental performance and areas for improvement
- Customer attrition and retention
- Evaluation of current or future products and services
Data mining may be required of you in addition to working with SQL and front-facing BI reporting and data visualization tools like Cognos, Splunk, PowerBI, Alteryx, Crystal Reports, Salesforce Analytics, Tableau, and an almost limitless list of others. The job description will also include sophisticated Excel skills (yep, even among data scientists still use Excel despite the abundance of fancy BI tools).
Hardcore IT corporations would undoubtedly need experience with Scrum and Agile approaches in addition to a working knowledge of programming languages, as opposed to companies that just employ technology to support and sell their products and services (usually Python or Java). These requirements again rely on what the employer’s sector requires. Additionally, you might work closely with everyone—including clients—or you might be associated with a certain department, like sales or marketing. A fundamental distinction between a business analyst and a data scientist is that while building predictive and inferential models may be a component of your job description to some extent, this often stops short of asking you to develop machine learning, deep learning, or AI algorithms.
The baseline qualifications for a position as a business analyst are often a bachelor’s degree or an associate’s degree in business, computer science, statistics, finance, or math. If you have five or more years of experience in a business analyst (or related) role and have worked with specialist BI or industry-specific tools, businesses may still see you as a great candidate for employment. If either the education or experience is directly connected to the role, higher education levels, particularly a Master’s degree in business analytics, tend to advance prospects up the list of candidates we should interview.
Business Analyst vs. Other Analytics Job Titles
To be quite honest, a business analyst and the other analytics roles mentioned above have a few tiny differences. We’ve already covered the primary difference between a business analyst and a data scientist (machine learning, deep learning, and AI development and deployment, where the minimum academic degree requirements are typically greater).
Jobs including “generating queries, data modeling, and managing ETL procedures” are more typical among those for data analysts. Programming languages are therefore given more importance because they typically delve deeper into the backend database system. In smaller businesses, where many tasks are sometimes combined into one, it may be difficult to distinguish between a business analyst, a data analyst, and a data engineer (who also provide analyses that concentrate on database/data warehousing performance and other operations).
In conclusion, there might be some overlap between the duties of a BA and those of other analytical roles. BA experience can eventually lead to a career in data science if the right real-world research, algorithm invention, and algorithm implementation experiences are combined.
Why Business Analytics?
If you’re interested in a front-facing analytics role that doesn’t require designing or maintaining ETL pipelines, creating difficult ML/DL/AI algorithms, or spending 80% of your time cleaning data, a career as a business analyst might be the appropriate fit for you (note: this may still be a core job function of a business analyst).
Online Master’s in Business Analytics Listings
Many graduate degrees with a data and technology concentration, including a Master’s in Business Analytics, can now be done from the comfort of your home or even while you’re on the go.
Are you still on the fence about pursuing a career in business analytics?
Coursera or edX should be the first place you look for business analytics specialities and mini-courses. These frequently need far less money to finish, and because to their collaboration with the relevant MOOCs, many of the universities that offer the Master’s in Business Analytics program also offer these shorter qualifications.
Below is a list of universities and schools in the United States that provide an online Master’s in Business Analytics program. As is frequently the case, some are more expensive than others, and admission requirements may or may not include a minimum GRE or GMAT score. The cost of applications varies as well. Therefore, a careful analysis of time and cost is the first step in determining whether such an activity is viable for you.
Is a MS degree in business analytics worth it?
Due to the growing demand for business analysts and the high starting salaries that come with these jobs, many people are obtaining degrees in this field. Business analysis is anticipated to be among the top skills required for future data employment, according to the “The Future of Jobs” report published by the World Economic Forum in 2020.
What is business analytics?
Business analytics is the study of data and the application of that knowledge to the process of generating strategic choices that increase productivity. Business analysts require both qualitative and quantitative insights, therefore business analytics graduates usually go into functional positions like these. The two primary goals of business analytics are efficiency improvement and the use of data to inform corporate decisions.
Is business analytics a good career?
Employers are in greater need of personnel with data analysis skills. By 2030, business analyst positions are expected to grow by 14%, according to the U.S. Bureau of Labor Statistics. At MIT, the starting wage for those with a master’s degree in business analytics is $114,000 annually.
What do you learn in a business analytics degree?
The course work for those pursuing a degree in business analytics goes well beyond simple computation. Instead, these courses place a strong emphasis on using the most up-to-date tools to collect, display, and model data. In addition to placing a significant emphasis on quantitative skills, these programs show students how to translate their insights into actionable business concepts.
What can you do with a master’s degree in business analytics?
With a master’s degree in business analytics, graduates can pursue a wide range of employment opportunities in the majority of industries. In addition, chief analytics officers are now employed by several companies, and a master’s degree may help someone rise to a managerial or leadership position.
In addition, a Skillsoft poll revealed that business analysts with master’s or PhD degrees earn 17% more than individuals in the same positions with only undergraduate training.
Is business analytics the same as an MBA?
Absolutely not; these degrees are separate. A globally recognized graduate-level degree in business leadership and management is the MBA, or master of business administration. Business analytics, which can be studied for a bachelor’s, master’s, or doctorate degree, contrasts this approach by emphasizing the most efficient ways to assess and use data to boost business efficiency.
Which is better, an MBA or a master’s in business analytics?
There is no degree that is inherently better than another, and depending on one’s career goals, one degree may seem more desirable than the other. The best degree program for you will depend on your career goals and personal interests. Additionally, you may not need to choose between the two: Several MBA schools provide a business analytics concentration or specialization.
How much money can you make in business analytics?
The usual base compensation for business analysts is above $82,000, according to data from Indeed. Additionally, some business analyst positions, according to Glassdoor, can earn up to $390,000. Graduates in business analytics might have executive-level roles in their companies, which might pay well.
How long does it take to get a degree in business analytics?
The length of time it takes a student to earn their master’s in business analytics will depend greatly on whether they choose to attend an on-campus or online program. While there are some one-year programs that are accelerated, residential programs typically take two years to finish. The length of time it takes to acquire a degree is extended by the fact that many online students work while they are in school.