MBA Business Analytics
An MBA in business analytics prepares graduates by giving them the skills to make smart business decisions. These skills include using business analytics, tools, and processes. According to research, the business analytics market is expected to grow at a CAGR of 11.6% (Source) from 2024 to 2033, presenting promising opportunities for freshers and professionals alike. It offers a vast scope across several MBA business analytics graduate careers. The salaries are also quite high.
Are you also looking forward to an MBA in business analytics? Before you enroll, read this blog to learn all about MBA business analytics career options and scope.
Career options after MBA in Business Analytics
The careers after an MBA in business analytics are vast. One can take up several jobs as mentioned below:
1) Data analyst
- The job of a data analyst is to explain the data while translating it from passive numbers into insightful information.
- They gather, categorize, and analyze numeric data to summarize and ensure everyone understands the results.
- Data analysts are employed in various sectors, such as finance, healthcare, and retail. They help organizations make informed decisions.
2) Business Intelligence Analyst
- Business Intelligence analysts help businesses make better decisions using data.
- They design and implement BI applications and recommend dashboards to stakeholders.
- BI analysts are crucial in translating an organization’s performance and operations into meaningful insights.
3) Data Scientist
- Data science is another post-MBA business analytics opportunity. Data scientists use statistical methods and AI techniques to predict trends instead of just analyzing datasets.
- They focus on improving predictive models, mining data, and solving business challenges with data-driven solutions.
- This field is in high demand and offers jobs that require extracting useful information from large datasets.
4) Business Analyst
- Business analysts work as the middlemen between IT and the actual business of an enterprise.
- They investigate specific business activities, pinpoint problems, and determine relevant solutions based on data.
- Business analysts commonly engage in activities such as process improvement and mapping, cost reduction, and improving general business effectiveness.
5) Data Engineer
- Data engineering is a key function in many organizations that rely on data as a strategic asset.
- Data engineers create, develop, and implement the architecture companies use to gather and store data.
- The roles involve creating methods and processes for extracting data, managing its quality and compatibility, and collaborating with data scientists and analysts.
6) Marketing Analyst
- Marketing analysis is one of the most significant careers after an MBA in business analytics.
- Marketing decision-makers use data to evaluate how effective marketing messages are.
- Marketing analysts are crucial in helping organizations create programs that target specific markets.
Why an MBA in Business Analytics has a promising future
The MBA business analytics job scope is vast and has a promising future. Here are some reasons why:
1) Growing need for data professionals
In recent years, there has been a growing need for data professionals in every type of business worldwide. As organizations of all sizes increasingly rely on data, there is a continuous demand for skilled experts to analyze and interpret it. This trend is expected to continue, offering significant job opportunities for MBA graduates specializing in business analytics.
2) Diverse industry applications
Business analytics offers diverse opportunities across different industries. Graduates can find jobs in finance, healthcare, retail, information technology, manufacturing, etc. The ability to analyze data and draw insights is a valuable skill that is applicable in any organization.
3) Technological advancements
New technologies like artificial intelligence, machine learning, and big data are advancing business analytics. They enable more accurate data analysis, leading to better predictions and decisions. As a result, MBA graduates who understand and can use these technologies are highly valued in the job market.
4) Strategic decision-making
Organizations today value analytical skills. An MBA in business analytics teaches students to make strategic decisions using data, which makes graduates very valuable to employers. MBA business analytics graduates excel at analyzing and understanding large amounts of data, making them crucial for organizational success.
Salary expectations
The MBA business analytics salary prospects vary according to the job profile, location, and experience. Mentioned below are the salary packages as per job opportunities under business analytics:
1) Data science and analytics: A data scientist and analyst with 1-8 years of experience gets an annual salary of INR 3-17 LPA.
2) Engineering software and QA: An engineering software and QA with 1-8 years of experience gets a salary of INR 3-17 LPA.
3) Finance and accounting: A person in finance accounting with 1-8 years of experience receives a salary of INR 2.5-15 LPA.
4) Project and program management: The annual salary in the project and program management department is INR 3-16.9 LPA when the work experience is between 1 and 8 years.
Conclusion
When doing an MBA in business analytics, one gets to work in many different business areas. Moreover, the MBA business analytics salary prospects are also quite attractive, and hence, this field attracts many young minds.
ITM will help students prepare for an MBA in business analytics and set them up for a successful career in their desired role. Given the ever-growing importance of tech, the post-MBA business analytics opportunities will open even broader opportunities in the future.
FAQs
1) What is the qualification required for an MBA in business analytics?
Students with a bachelor's degree and an overall GPA of at least 50% in any field can apply for an MBA in business analytics. Furthermore, many programs favor or mandate relevant work experience for applicants. Competitive test results like the GMAT or GRE can further improve your application. Analytical and mathematical skills are also required.
2) Which MBA department has the highest salary?
Employees with an MBA in finance receive the highest pay. Graduates land jobs in corporate finance, private equity, and investment banking. These roles are associated with high compensation packages and significant bonuses. Furthermore, job advancement in finance is usually swift, resulting in high-income potential.
3) Is coding a part of MBA business analytics?
You don't need to be a coder for an MBA in business analytics, but having a basic understanding can be helpful. Knowing languages like Python or R can help with data analysis tasks. Many schools offer beginner coding classes to prepare students for handling data effectively.
4) Can a non-professional IT person do an MBA in business analytics?
Acquiring an MBA in business analytics can be difficult for someone with a non-IT background. However, dedication and hard work can make this possible.
