An MBA in data analytics is usually a two-year program that combines the study of core MBA fundaments with data analytics. This data-driven approach enables the students to learn the necessary mathematical and technical skills to work with big data in exploration and tackling real-world business problems.
In recent times, business decisions include analyzing and interpreting vast quantities of data in conjunction with other traditional approaches. Therefore, analyzing data is a critical skill for business leaders.
What is an MBA in Data Analytics?
The following examples help illustrate how big data analytics are used in different business aspects and use cases.
Strategy
Analytics is one of the leading approaches used to uncover insights and strengthen business strategies. The social media platform WeChat measured the average sleeping time for its customers across the last three to four years. They developed a strategy to advertise to active customers by using analytics on this data. This increased their overall revenue and added value to future strategic initiatives.
Career opportunities that MBA in analytics majors are hired for: management consultant, growth hacker, strategic manager, business intelligence analyst, management consultant
Finance
Financial institutions face the huge potential for incurring losses if risk management is not well thought through. Big financial organizations like JP Morgan have started to utilize big data to drive risk management. They use techniques like anomaly/fraud detection to find unusual data and outliers, helping them protect the firm and their clients.
Career opportunities that MBA in analytics majors are hired for: financial analyst, financial advisor
Supply Chain Management
Intel’s recent supply chain data transformation has created a $208 million “sense-and-respond” platform that simplifies the supply chain and data pipelines, provides self-service analysis to enable decision-making, improves data quality, and provides real-time analytics.
Career opportunities that MBA in analytics majors are hired for: operations analyst, supply chain analyst
Marketing
Nike’s latest retail and marketing strategy is primarily driven by Big Data. Through its initiative Nike Direct, the company is cutting out on intermediaries. Nike’s direct-to-consumer initiative contributed $10 billion in sales in FY18 and is projected to increase by 60 percent by FY20.
Career opportunities that MBA in analytics majors are hired for: marketing analyst, marketing manager, growth hacker
Human Resource Management
Capgemini, a global leader in consulting, technology services, and digital transformation, recruits more than 20,000 people, mainly in India. Using analytical tools on big data, Capgemini can anticipate and optimize HR management and planning to put the right teams on the right projects at the right time. The company now has a six-month overview of supply and demand.
MBA in analytics majors are hiring for career opportunities: management consultant, people operations.
Entrepreneurship and Product Innovation
Analytics can be used in various aspects of the decision-making process by an entrepreneur. There has been a rise in startups and products with core data analytics foundation. One of the examples of such a startup is Viz.ai. It is a medical imaging company specializing in applied artificial intelligence in healthcare. In April 2020, Viz.ai launched its Viz COVID-19, a COVID-19 patient triage software to improve patient management and provide a safer hospital workplace during the pandemic. Viz.ai has won the prestigious UCSF Digital Health Award for Best New Application of AI.
Career opportunities that MBA in analytics majors are hired for: product manager, founder
MBA in Analytics Coursework
In general, the course curriculum for this degree would cover topics but not limited to those mentioned below:
- Leadership
- Finance
- Marketing
- Accounting
- Strategy
- Innovation
- Entrepreneurship
- Data mining in business
- Decisions models
- Econometrics
- Customer insights
- Data visualization
- Predictive analytics
MBA in Analytics Program Completion Timeline
Programs with MBA in analytics specialization can be completed full-time, part-time, or with an executive MBA (EMBA). A part-time program may take three years to complete. The course curriculum is rarely different between full-time, part-time, and EMBA.
The difference between part-time and executive MBA is that cohorts for EMBA will have several years of work experience (10-15 years). Some institutions also offer online classes for students to manage their work-life balance. The programs listed below are not comprehensive but help provide more insights about this degree.
Accreditation programs from the AACSB, the ACSBP, or the IACBE are guaranteed to meet high academic standards.
Career opportunities, responsibilities, and salary info
According to the Bureau of Labor Statistics, the employment of management analysts is projected to grow 11 percent from 2019 to 2029, much faster than the average for all occupations. About 87,100 openings for management analysts are projected each year, on average, over the decade. Due to the availability of big data, similar trends are seen in analytical jobs in businesses. After graduating, individuals at entry-level can chart their careers in roles not limited to just the trajectories mentioned below. The entry-level salaries also depend on the school you graduated from, and for some, it may begin with a six-figure package.
Business Intelligence Analyst
A business intelligence analyst analyzes existing raw data to generate reports, visualize this data and create a practical business plan. Strategic applications can then be implemented according to the plan. Large data-centric organizations often use customer data to develop innovative products and solutions.
- Average Base Salary: $73,000
- Salary Range: $52K- $100K
Financial Analyst
Financial analysts, generally hired by banks, institutions, and corporations, play a role in measuring a company’s present value and improving future business abilities. A financial analyst performs financial forecasting, reporting, and tracking essential metrics to guide the cost analysis. They analyze financial data and generate models for decision support.
- Average Base Salary: $71,000
- Salary Range: $52K – $90K
Financial Advisor
A financial advisor provides consultancy services to individuals and organizations to achieve their financial goals with a custom portfolio. They are responsible for analyzing their client’s portfolios and financial information to create a customized investment plan.
- Average Base Salary: $60,000
- Salary Range: $35K-$100K
Marketing Analyst
A marketing analyst develops marketing and pricing strategies, sales campaigns, new business leads and analyzes market trends. They can combine various research strategies with data analysis skills to gain insights into customer behavior and competing organizations.
- Average Base Salary: $60,000
- Salary Range: $41K – $83K
Risk Management Analyst
A risk management analyst supports organizational success by using data to protect against losses. They draw insights using techniques like classification, clustering, segmentation, and anomaly detection to detect and prevent losses due to fraud or other underlying activities.
- Average Base Salary: $66,000
- Salary Range: $45K – $99K
Supply Chain Analyst
Supply chain analysts review how products and services are moved from the manufacturing stage through each channel to their end consumers. They must utilize many quantitative skills and critical thinking to optimize this flow of products and materials.
- Average Base Salary: $64,000
- Salary Range: $48K – $82K
HR Analyst
The HR analyst’s responsibilities have started involving performing research using lots of data related to turnover, cost, or optimization of employees before devising strategies and initiatives for managing a company’s workforce.
- Average Base Salary: $63,000
Salary Range: $45K – $88K
MBA in Data Analytics FAQs
Employers are aware of the online learning trend, especially during the COVID-19 pandemic. The University of California, University College London, and Michigan Ross have joined the ranks of big-name schools offering online MBAs. Ensure the business school you’re applying to has the appropriate education through AACSB, the ACSBP, or the IACBE.
There isn’t much of a significant difference in the cost between degree programs and a full-time MBA program.
Regardless of concentrations and specializations, MBA programs focus on business fundamentals. A specialization requires you to complete certain elective courses on top of the core requirements for the degree. These electives tend to overlap with other specializations most of the time.
An MBA in finance would provide you with job opportunities related to financial investments, securities, and accounting, to name a few. On the other hand, an MBA in analytics covers a broad spectrum and opens up avenues of work in finance and other business areas.
The answer to this question depends on the school. Admissions to MBA programs are pretty competitive in general. There is rarely a difference in the admissions selection for an online degree and a degree requiring in-person class attendance. Universities look at all aspects of your application, including your statement of purpose, GRE/GMAT scores, and prior education and work experience.