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Across an organization, business data holds a special place in driving value and enhancing the efficiency of operations. The process of harnessing or in-depth analysis of business data is termed as business analytics. According to MicroStrategy, being a subset of business intelligence, business analytics serves the goal of determining which datasets are useful and how they can be leveraged to solve problems and increase efficiency, productivity, and revenue. Also, as compared to business intelligence as a whole, it is more prescriptive, devoted to the methodology by which the data can be analyzed, patterns recognized, and models developed to clarify past events, create predictions for future events, and recommend actions to maximize ideal outcomes.
With the continuous growth in business data, the demand for business analysts is also at rise. The widespread applicability of such data is paving way for future job opportunities and career prospects for aspiring data professionals.
To prosper in the field of business analytics (BA), one must have a technical background with a computer science or equivalent bachelor's degree and further pursue master's for better opportunities.
Below are the relevant fields for the Bachelor's degree that are considered for this course. However, the eligibility criteria may differ in the case of some universities.
• Mathematics
• Statistics
• Economics
• Physics
• Accounting
• Engineering,
• Data science
• Computer science
• Business education
According to MIM-Essay, Master's in BA is a perfect blend of Data Science, Information Theory, Business Intelligence, and Computer Science. Its major aim is to change heavy data into actionable intelligence by using different quantitative and statistical methods. To put it simply, Master's in BA is concerned with mining data in order to get particular business objectives; instead of focusing on measuring past performance, it's more concerned with predictive and prescriptive techniques.
• Owing to its high demand in the IT sector, various Business Schools have started to offer a Master's in BA.
• The full-time course is of 12 to 14 months and it is also considered as one of the shortest Master's Programs for an in-demand job.
• The pay scale for such candidates is quite high. For Example, in the USA, the average salary of a Business Analyst is US$80,000.
• Not only business analysts, but candidates also can embark on their careers differently. Candidate with a Master's in BA can serve the job profiles including Financial Analyst, Market Research analysts, Statistician, etc.
If the candidate wants to specialize through the MBA route then, he can opt for primary specializations including Marketing, Finance, Supply Chain and Operations Management, and Information Systems.
According to Pulse Headlines, out of the four, the highest-earning professionals are generally found to work in marketing or supply chain and operations management. At the same time, due to the wide applicability and use for business analysis in nearly every sector, employability and pay are above average for data analysts with a relevant MBA or MSc.
The course for MBA tends to focus more on the business aspect while the other one is best to hone the professional skills of a working analyst.
It can be said that an MBA in Business Analytics deals more with equipping an executive/analyst with a broader range of skills. However, an MSc in BA will be more technical, specialized and detailed in their knowledge.
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