5 Reasons Why You Should Pursue an MSc In Business Analytics In 2020
If you are looking for a degree program that will put you in a position to command a high salary, become increasingly in demand by organizations worldwide and allow you to have a dynamic and rewarding career, then look no further than an MSc in Business Analytics.
Still not sure?
Keep reading to find out more reasons why you should pursue a Master’s in Business Analytics degree in 2020.
Data Scientist Stats
Did you know that for the fourth year in a row, the position of Data Scientist was the number one job in 2019?
This was according to Glassdoor’s annual report of the 50 best jobs in America which evaluated positions based on the number of position available, the salaries offered and each job’s overall satisfaction rating.
Of course, this is hardly surprising as data is increasingly becoming the backbone for all business decisions and those with the ability to analyze large amounts of data are in high demand.
In fact, 48% of business leaders surveyed globally revealed that they found it particularly challenging to find and retain employees who understand computer analytics.
Furthermore, 85% of CEOs place a high value on data analytics and 80% consider it to be a vital strategic technology.
What is business analytics?
Business analytics is the process of making sense of gathered data, measuring business performance and coming to valuable conclusions that will help organizations to make informed decisions on the future of their business.
Business analytics is often confused with business intelligence as they both focus on data. However, business analytics is about making sense of data and using it effectively, whereas business intelligence is simply the collection of data.
Business analysts have always been in demand but in recent years, due to the emergence of new technologies and the associated risk with these advancements, businesses are needing someone, more than ever before, to ensure that their data is up to date and relevant.
A business analyst will be able to use statistics to draw actionable and useful conclusions that will allow a company to become more competitive, to streamline their decision-making processes, and to ultimately improve their bottom line and increase their revenues.
What can I expect to study during a MSc in Business Analytics degree?
If you choose to embark on a Master’s in Business Analytics degree, you can expect to study practical business applications, relevant case studies and real-life business experience within today’s most in-demand technologies.
The online MSc in Business Analytics degree program at Aston University has a 90% student satisfaction rate and can be carried out 100% online so you can study around your current commitments.
The courses you can expect to study throughout your degree program include:
- Big data for decision-making
- Data mining and web analytics
- Business Analytics in practice
- Decision models
- Descriptive business analytics
- Effective management consultancy
- Performance analytics
- Software analytics
What are the benefits of studying an MSc in Business Analytics degree?
1. You will be able to outshine the competition
It has not gone unnoticed by graduates that data is big business, especially big data, and that a career as a Business Analyst, or similar job title, is both lucrative and exciting. Therefore, most students who want to enter into this field are seeking out further education options to help them become more attractive to potential employers.
In fact, in the U.S, a whopping 92% of data scientists have an advanced degree of some sort.
However, with a Master’s in Business Analytics, you will not only be able to keep up with your competition, but potentially outshine them.
2. You will be in demand
There are work opportunities in a wide range of industries for those with a master’s degree in Business Analytics.
With some of the most popular sectors including:
- Business intelligence
- Data assurance
- Data quality
- Higher education
Secondly, according to the Bureau of Labor Statistics (BLS), the need for business analysts is set to grow by 14% between 2016 and 2026 as companies across the board seek to improve their efficiency and control their costs.
Furthermore, in a survey of C-level executives of Fortune 1000 companies carried out in January 2019, 92% of respondents said that they were increasing their investment in big data and AI, with 75% citing fear of disruption from data-driven competitors, and 92% stated that it would allow their business to become more competitive.
It is clear that the role of business analysts within business is only set to increase over the next 5 years and beyond, with those who are highly skilled and qualified in this area of expertise being more in demand than those who are not.
3. You will be able to switch careers
If you are looking for a career that will be exciting and varied, then studying for an MSc in Business Analytics can help you achieve this.
As previously mentioned, analytics can be applied to a variety of industries and even if you decide to work in one particular sector for many years, you can easily switch to a completely different one as the fundamentals of analytics will not change.
Not only that, those who work in analyzing data very rarely have two days that are the same.
You will be constantly challenged and have the opportunity to work in many different environments to meet the needs of your clients. Furthermore, you will get to work with people from lots of different departments within an organization which will allow you to gain knowledge of all functions within a company.
4. You will have the opportunity to earn a high salary
Although your salary will be dependent on where you live, the type of analytics you choose to specialize in and the amount of experience you have, in general, those with an MSc in Business Analytics degree will go on to earn a high salary.
For example, if you choose to be a Data Scientist, you can expect to have a median salary well over $100,000.
Whereas a senior level Business Analyst enjoys an average yearly salary of $144,151.
A Marketing Analyst has an average salary of $65,325 in the U.S, but in certain states this can go up to as much as $90,552.
Furthermore, an MSc in Business & Analytics degree can give you the necessary tools and knowledge to work on a freelance basis. Deciding to work as a consultant for major firms across the U.S, or even worldwide, is the most effective way to broaden your sources of income. Plus, this way of working can lend itself well to those who want to create a good work-life balance.
5. Your career prospects are varied
With a Master’s in Business Analytics you can choose from a wide variety of different positions within the field of analytics, depending on your particular area of interest.
Some of the most popular careers in analytics include:
- Business Analyst or Data Scientist
This job is suited to those who are clear communicators, smooth facilitators, precise analyzers and strong team players.
Typical duties include: Creating a detailed business analysis, outlining problems, budgeting & forecasting and pricing and reporting.
- Data Analyst
A data analyst collects, organizes and interprets statistical data to make it useful for businesses.
Typical duties include: Extracting data, removing corrupted data, performing analysis to assess data and preparing reports.
- Data Engineer
A data engineer is responsible for managing, optimizing, overseeing and monitoring data retrieval, storage and distribution within an organization.
Typical duties include: Data acquisition, developing data set processes, identifying ways to improve data reliability and efficiency and finding hidden patterns using data.
- Management Analyst
A management analyst is responsible for conducting and preparing operations and procedure manuals to assist management of a company in operating more efficiently and effectively.
Typical duties include: Conducting organizational studies and evaluations, designing systems and procedures and conducting work simplification and measurement studies.
According to the Bureau of Labor Statistics, 115,200 new jobs with a mean salary of $82,450 will be created within this field between 2016 and 2026.
- Operations Research Analyst
This role requires you to identify and investigate solutions to problems that will assist an organization to make smarter business decisions.
Typical duties include: Monitoring and analyzing a company’s operations and making recommendations and designing and delivering operations and analytics reports to CEOs.
It is predicted that there will be a 27% growth in this sector between 2016-2026.
- Marketing Analyst
The role of a Marketing Analyst is rapidly growing within the field of business analytics and focuses on providing business leaders with real market feedback so that they can make smarter business decisions.
Typical duties include: Identifying market segments and analyzing relevant market research and analytics to predict consumer behavior.
If you need even more convincing as to why you should embark on an MSc in Business Analytics degree in 2020 and pursue a career in business analytics, then you should know this . . .
In a typical day, 500 million tweets are generated; 294 billion emails are sent; 5 billion internet searches are made.
That is A LOT of data.
Businesses have already admitted that they cannot analyze and make use of this valuable data themselves. They need someone to do it for them.
Why shouldn’t that someone be you?