Earning a Master’s in Business Analytics Online
Should I Pursue a Master's in Business Analytics Online?
Analysts and data scientists, who commonly work in consulting firms and corporate environments, help make organizations more efficient and profitable, often implementing innovative technology such as machine learning. For their highly specialized work incorporating nascent technology, these analysts and scientists can expect a comfortable salary. This field is growing at a rapid rate. According to the Bureau of Labor Statistics (BLS), management analysts can anticipate a job growth rate of 14% until 2026. Since many schools now offer advanced degrees in business analytics online, many recent graduates and professionals returning to school choose to pursue a master's in business analytics online.
While an accredited online master's in business analytics best suits learners with an aptitude for mathematics and high computer literacy, this affordable online degree can be an excellent fit for learners willing to explore diverse career options.
Employment Outlook for Master's in Business Analytics Graduates
Master's in Business Analytics Salary
Business analytics professionals can expect to be comfortably compensated. Nationally, management analysts make a mean annual wage of $91,910. The highest paid management analysts are based in Wyoming, and make an annual mean wage of $111,180, with New York and Massachusetts coming in second and third at $107,620 and $105,950.
Business analytics professionals can earn high salaries right out of college. At the entry level, they earn a mean annual wage of $76,000. With 10-20 years of experience, salaries can climb to $95,000. Hard work and expertise often lead to top-earning positions.
Top Paying States for Management Analysts
| State | Employment | Annual Mean Wage |
|---|---|---|
| Wyoming | 370 | $111,180 |
| New York | 40,000 | $107,620 |
| Massachusetts | 22,540 | $105,950 |
| Virginia | 46,670 | $102,830 |
| District of Columbia | 19,820 | $101,860 |
| United States | 637,690 | $91,910 |
Source: Bureau of Labor Statistics
Pay by Experience Level for Senior Business Analysts
- Entry-Level (0-5 Years):
$76,000 - Mid-Career (5-10 Years):
$87,000 - Experienced (10-20 Years):
$95,000 - Late-Career (20+ Years):
$98,000
Source: PayScale
Master's in Business Analytics Careers
Earning a master's in business analytics online qualifies you for many career opportunities. Some graduates end up in the management or operations research department of a single organization, while others may secure a more generalized position serving different clients as part of a consulting firm. The following list provides examples of career paths jobseekers commonly pursue after graduating from an online master's in business analytics.
Business Analyst
Annual Median Salary: $83,239
Projected Growth Rate: N/A
Business analysts work with organizations, using extensive data collections to synthesize solutions for business problems and identify strengths and weaknesses within their client organizations. With an advanced degree, they develop computing skills, such as using software utilities to create statistical models that can better advise clients on communicating with databases via programming languages such as SQL.
Management Analyst
Annual Median Salary: $82,450
Projected Growth Rate: 14%
Management analysts evaluate potential methods for improving the efficiency of an organization. They also prepare operational and procedural manuals for management on how to reduce costs and increase revenue. An advanced business analytics degree familiarizes them with powerful computing tools and provides students with expertise in statistical modelling they can use in data research.
Operations Research Analyst
Annual Median Salary: $81,390
Projected Growth Rate: 27%
Operations research analysts advise organizations on how to make better decisions through data research that aims to analyze trends and predict future outcomes. Since this job features extensive usage of data research and advanced analytical methods that may employ computing tools for statistical modelling. Many employers expect candidates to hold master's degrees in business analytics.
Market Research Analyst
Annual Median Salary: $63,230
Projected Growth Rate: 23%
Market research analysts study markets to predict the performance of an organization's products and services. These analysts also need strong social skills to guide initiatives based on their recommendations. An advanced business analytics degree bolsters their abilities in data querying and analysis, and can help them as a job candidate.
Sources: Bureau of Labor Statstics / PayScale
What Can I Expect From an Online Master's in Business Analytics Program?
Business analytics professionals use advanced computational tools and data mining methods in their work, as reflected in the statistics and data science-heavy curriculum for an online master's in business analytics. While coursework varies by program, the following sample curriculum below includes common courses.
Curriculum for an Online Master's Degree in Business Analytics
Statistics for Analysts
This course gives students an extensive introduction to statistical data analysis. Students investigate essential concepts in regression analysis and statistical inference through practical examples. Students also learn statistical programming languages, such as SAS or R. Professionals in business analytics-related positions use the model selection and validation skills they develop in statistical analysis coursework nearly every day.
Social Media Analytics
In this course, students investigate social media as a tool for improving business performance. Topics include using predictive analysis to link social media activity to business performance, metrics for realizing desired outcomes, and social network analysis. Business and market research analysts use the skills this course builds when gathering and analyzing data from clients' social media pages.
Machine Learning
Students explore the fundamentals of modern predictive analytics and machine learning algorithms and techniques. Coursework often concentrates more on practice than mathematical theory. The course imparts highly sought-after skills in understanding and efficiently leveraging machine learning technology that can bolster a business analyst's ability to handle large collections of data.
Database Management
Students investigate key concepts in data management while building skills in data processing and querying. Topics include data warehousing, SQL, and database processing. Coursework utilizes computing tools such as MapReduce, Hadoop, and Spark. Most employers require basic familiarity with the skills, concepts, and programming language covered in this course.
Business Analytics Capstone
Many online business analytics master's programs culminate with a capstone project. Students typically work in groups with a client organization, framing analytics problems and developing analytics solutions to real business problems they eventually present in a report in a setting structured like a formal business meeting. The capstone project may contain in-person elements or incorporate an internship opportunity.
Certifications and Licenses a Master's in Business Analytics Prepares For
- Certificate of Capability in Business Analysis: The International Institute of Business Analysis offers CCBA certification to professionals in business analytics-related fields who want recognition for their skills handling complex and far-reaching projects. This designation requires 3,750 hours or two to three years of work experience, 21 hours of professional development, and completion of the 130-question CCBA exam.
- Certified Management Consultant: The Institute of Management Consultants offers CMC certification to management analysts, also known as management consultants, demonstrating a higher level of professional excellence. Candidates must present a bachelor's in a relevant field and pass written and oral exams in the areas of competence and ethical compliance.
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