Pursuing an MSc in Business Analytics with Aston University’s online MSc Business Analytics program means having the opportunity to hone your skills with managing and analyzing data across various aspects of the business world. Data-driven analytics are a trending topic in the business world, making those who have a Masters in Business Analytics in high demand. The Graduate Management Admission Council, for example, reported that in 2018 alone, more than 50% of survey companies stated that they planned to hire an expert in data analytics. What specific types of jobs can you do with a Masters in Business Analytics, though? In this article, we highlight the unique benefit of an MSc in Business Analytics for a data-focused career and then examine some of the most popular careers in business analytics today.
How is an MSc in Business Analytics Different from an MBA in Business Analytics?
When perusing different degree options, it might seem that an MBA in Business Analytics is synonymous with an MSc in Business Analytics. While both grapple with the field of business, the difference stems from the extent to which each respective degree prepares you to handle serious data analysis.
Typically, an MBA in Business Analytics will offer you some grounding in data analysis, but it will be incorporated into a more comprehensive, theoretical study of business practice. An MSc in Business Analytics, however, offers a much more focused study of the technical, statistical, and algorithmic analytical aspects of understanding data. This difference means that graduates from an MSc in Business Analytics program are primed for careers that require expert knowledge of what is possible with a corporate data set.
Operations Research Analyst
Those who pursue the business analytics job of Operations Research Analyst will be responsible for assessing data tied to the crucial operational functions of an organization. Their role is to identify issues relating to logistics or other facets within the company that can potentially be optimized for more economical or efficient operation. Once these issues have been identified, these analysts develop various models using the company’s data to identify potential solutions for these problems.
Similar in role to an Operations Research Analyst, a Management Analyst seeks to amplify a company’s efficiency. The position is distinct, however, in that it works to achieve that optimization between both the employee workforces and the client base. Management Analysts work through data modeling and statistical analysis to identify space for both increased revenue and reduced expenditures in an effort to boost the net profit of the company.
For those who enjoy tackling consumer trends, the role of Marketing Analyst might be ideal. Those in this position must dive into the data surrounding market research and consumer behavior in relation to a company’s offerings. This role requires expertise in forecasting or predicting trends based on past data, but it can also be a space wherein data visualizations are particularly useful to illustrate ways to optimize or unify marketing initiatives across a company.
Specializing in data that looks at the “big picture,” those who pursue the role of Data Scientist or Business Analyst get to tackle data that spans all aspects of a company. Often stressing the statistical and algorithmic modeling of data, Data Scientists are able to generate important observations as to the overall health and future of a company. This sort of data analysis can prove invaluable to those who are involved in the long-term planning of a company’s strategic vision. This is owed to the fact that the results of a Data Scientist’s output can often indicate clearly whether a company is running as well as it could.
To reinforce these observations, Business Analysts often also develop models that use past statistics to forecast the future state of the company to illustrate the (in)effectiveness of a given facet of the company. Those that wish to pursue such a role will want to make sure they are experts in coding and statistical principles, as much of the role depends upon it.
Salaries and Job Security
The salary figures for these various Masters in Business Analytics jobs can vary substantially depending on specialty, region, and years of experience. While Indeed.com reports an average salary of just under CAD 55,000 for an Operations Analyst, for example, they also estimate that an entry-level Data Analyst can make an average of CAD 142,302. What is consistent, however, across these Masters in Business Analytics careers is the level of demand.
An increasing number of international companies and organizations, from healthcare facilities to major retail corporations, are turning to “crunching the numbers” to refine and refuel their business models. This means that specialists in the field of Business Analytics, like graduates of Aston University’s online MSc Business Analytics, can find an array of business analytics job opportunities.
Optimize With an Online MSc Business Analytics
Completing your Aston University’s online MSc Business Analytics degree means you are one step closer to an exciting career in one of these fields or beyond. The foundational coursework of the online MSc Business Analytics teaches students how to adequately and efficiently assess data and then use the outcome of that assessment to make predictions or project forecasts for the future. Aston University’s online MSc Business Analytics program helps cultivate the drive to problem solve. As a result, no matter in what field you land – from healthcare to human resources – and no matter what aspect you specialize in – from operations to marketing – you will have the skills to make an indelible professional impact.