How to Move from Business Major to Data Science in One Year?

All businesses, big and small, need data science to make decisions, analyze market trends, reduce losses, and increase profits.

Why has data science is gaining importance with every changing day? The twenty-first century will indeed be ruled by data. In this tech-driven world, the majority of companies are considering data science as a fundamental component. From small to big all businesses need data science to make decisions, analyze market trends, reduce losses, and increase profits. According to the US Bureau of Labor Statistics, the number of jobs requiring data science skills is expected to grow by 27.9% by 2026, making now the best time to start a career in data science. There are many questions people have related to data science like what are the requirements to become a data scientist? Is it possible to pursue a career in data science after a business major? What data scientists are so in-demand? All questions will be answered in this article.

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Why data scientists are so in-demand?

Demand for data scientists is constantly increasing therefore, educational institutions are beginning to include it in their curricula. A study claims – the science industry, which has grown to US$3.03 billion in size in the past few years, is expected to double by 2025. Data literacy will improve in the future, and a data scientist will have a specific qualification, similar to that of a doctor or lawyer. 3,00,000+ data scientists would be required across different industries including the banking, financial services, and insurance (BFSI) sector, media, and entertainment, healthcare, retail, telecommunications, automobile, among others by 2024, with an increase of 3400 positions every month. Senior Data Scientists will be distinguished from other roles in the coming decade, according to data scientists.

What are the requirements to become a data scientist?

To work as a data scientist, you must have an undergraduate or a postgraduate degree in a relevant discipline, such as Business information systems, Computer science, Economics, Information Management, Mathematics, and Statistics.

Is it possible to pursue a career in data science after business major?

Career shift might be difficult at first but it is worth doing what you like rather than doing something you don't. Yes, it is possible to pursue a career in data after completing your business major, and here are a few steps to help you land your dream data science job:

Data science is used in several domain areas (like marketing, finance, HR, etc.) to solve interesting business problems. Your first step is to choose a data science job title within your domain. For example, if you have a business background then you can go for roles like a statistician, business analyst, data analyst, business/analytics translator, data scientist, and more.

If you haven't, consider first migrating your current position into a more backend/database-focused direction. Getting more familiar with data pipelines is a good start, and can help you to build your core data manipulation skillset. It also allows you to rebrand, and frame yourself as an experienced data wrangler.

A business analyst is probably the closest adjacent data science-related role, which makes it an easier job to transition into. Target roles that emphasize deploying models, or integrating them into existing apps, since these will most effectively leverage your existing skillset. You can always double down on model development later, but this is a great way to get your foot through the door.

Pairing an MBA with a data science degree is possible. Many business schools offer dual degrees to develop business and data management skills together. Joint MBA degrees are an appealing choice for aspiring data professionals. Traditionally, if one has interests in both MBA and data science streams, then the viable option would be to take up a course in analytics stream of the MBA such as business analytics; as it might be the closest intersection of data science and MBA.

A degree in business major serves as a pathway to data science. The analytical skills provided in this program may lack the mathematical rigor compared to programs like physics and mathematics, but it will provide one with business skills, that are essential in the real-world application of data science. If you are currently pursuing a Business major and are considering data science, make sure you take some math classes such as calculus, linear algebra, statistics, and probability, as well as programming classes too.

In conclusion, it is possible to move from a business major to data science in one year. All you need is a clear perspective and determination to excel in your respective field.