Before we begin clarifying your queries regarding a prospective career after MBA in Business Analytics, it is essential to know why you might need an MBA in that field.
In today’s modern world, smartphones and computers manage almost all our aspects of life. From every credit card purchase or debit card transaction to every visit to website pages and usage of mobile apps, we generate an astonishing 2.5 quintillion bytes of data every day globally, which serves as a potential goldmine for corporates.
Once upon a time, these corporate companies had to look through their ledgers to determine their customer base, possible choices, and purchasing decisions. These are required for them to formulate their future business strategies and decide how to rope in more customers to increase their sales.
But with changing times, the amount of data being generated is massive. The collected data, termed Big Data, is valuable for corporate assets, and business analytics are required to analyze them. This is where an MBA in Business Analytics will come in handy as it provides the training needed to have a successful career in MBA.
What is Business Analytics?
Business Analytics (or BA) is an iterative process of systematic examination of data from a business or other organization. The practice relies heavily on methodical statistical analysis and is applied by companies to make informed and strategic decisions. There are good prospects for a career after MBA in Business Analytics.
What is an MBA in Business Analytics?
If you possess a flair for statistics, an analytic mindset, and are business savvy, this challenging and rapidly growing field may interest you. A career after MBA in Business Analytics is perfect for you if you are keen on guiding businesses through data-driven decision-making. An MBA in Business Analytics can be defined as a traditional Master of Business Administration (MBA) degree majoring in Business Analytics.
What will I learn in an MBA program in Business Analytics?
Marketing, ethics, Macroeconomics, International Business, Human Resources, Management, Accounting, and Finance are some of the significant subjects in your MBA after career. It can give you a solid grasp of business fundamentals and train you to become business leaders, teaching you business operations and management. You will not only learn to view business operations solely through a data-driven lens but also acquire specific business analytics and data skills. There will be classes in various business fields, including Marketing Analytics, Business Statistics, Accounting Analytics, Spreadsheet Modeling, Data Mining, and many more.
An MBA in Business Analytics generally takes 2 years to complete. Studies have found that an MBA concentration gives graduates a competitive advantage over their peers and widens their careers after MBA.
What is the job market after an MBA in Business Analytics?
A McKinsey Global Institute report stated that America alone is facing a shortage of 1.5 million business analysts. The 2015 Annual Corporate Recruiters Survey, which the Graduate Management Admission Council (GMAC) conducted, reported that around 50% of the major companies tend to hire aspirants who have completed an MBA in Business Analytics to help them make strategic business decisions.
This is a vast and rapidly growing field. A career after MBA in Business Analytics is one of the most sought after in recent times. An article in the Harvard Business Review in 2012 had named a career after MBA Business Analytics to be “the sexiest job of the 21st century.” Your potential employers could be Fortune 500 companies such as Google, Amazon, and Microsoft.
What jobs can I get?
Getting an MBA in Business Analytics will make you eligible for a broad range of careers. Some of the major job titles associated with an MBA in Business Analytics include Personal Finance Advisor, Management Consultant, Operations Analyst, Financial Analyst, Marketing Manager, Business Intelligence Analyst, Supply Chain Analyst, and so on. As an MBA in Business Analytics is primarily a business degree, you will be eligible for data-focused business positions instead of data science jobs.
My potential job salary with an MBA in Business Analytics?
The average starting salary for graduates possessing an MBA in Business Analytics was $100,000 in 2015. A more recent study found that the figure to be around $114,000 – $122,000. Moreover, you get to enjoy excellent flexibility and work-life balance, along with a lucrative salary.
A survey conducted in 2018 stated that an employee with an MBA in Business Analytics works around 43 hours per week, while most other MBA grads tend to toil around more than 55 hours per week. In this incredibly demanding business world, it isn’t easy to find a job that allows professionals – especially fresh graduates – that much free time away from their offices.
Do your research and find out more.
We have already established that a career in Business Analytics is currently one of the most lucrative job positions, and an MBA in that field will be great for your career prospects. But be careful before you think of signing up for an MBA in Business Analytics. A high starting salary and fewer working hours make it sound desirable and easy, but it is not.
It’s indisputable that careers involving Big Data are among the hottest out there, and survey results show that this degree is a great way to land one of these in-demand positions. But just because this field is attractive doesn’t mean it’s the right field for you. It requires a very distinct set of abilities and interests to be successful in the field of business analytics. An understanding of business, a strategic mindset, leadership, tough decision making, and technological aptitude are some of the skill sets you must possess to be successful in this field.
An MS in Business Analytics or an MS in Data Science might better suit you if you think your interests tend to skew more towards the technical side. Opt for an MBA in Business Analytics only if you have strengths in both business and analysis.