The fundamental purpose of a Master’s in Business Analytics online program is to use analysis and reporting to help formulate current and future business strategies, set targets and goals, create value for shareholders and stakeholders, and also maximize profits while increasing revenue. To do all of this, it is essential for business leaders to understand what factors drive growth and financial performance, how to align and adjust products and services, and how to capitalize on every available opportunity to expand the company’s footprint in the business world.
Business Analytics fundamentally includes quantitative and analytical skills to look into Data – past, present, and projected, employ complex formulae for analysis and interpretation of such data, and use what is known as ‘Data Science’ to identify emerging trends, create value and provide direction for decision making.
Masters in Business Analytics Degree Types
In broad terms, there are two main Business Analytics Degrees – one being a Master’s of Science or MS in Business Analytics and the other being a Master’s in Business Administration or MBA with a concentration in Business Analytics. Both Degrees offer an in-depth study of Business Analytics and Data Science and present excellent career prospects in the corporate world.
MS in Business Analytics
Master of Science or MS in Business Analytics is a largely specialized degree in the field of Analytics and Data Science and is more technical in its approach. An MS in Business Analytics emphasizes more on Data than on Business and is therefore considered to be more ‘technical’ than ‘applied’.
Business Analytics MBA Programs
Master’s in Business Administration or MBA in Business Analytics (sometimes also referred to as MBA in Business Intelligence) is a traditional Master of Business Administration Degree with a concentration in Business Analytics. What this means is that MBA Business Analytics graduates will be administration professionals, but with added and enhanced knowledge of data analysis tools. This Program is more ‘applied’ than ‘technical’.
Specializations in Business Analytics Programs
Since Business Analytics and Data Science are by themselves a specialized subject, broken down from the larger dimension of Business Studies, there are only a few further specializations available for a deeper insight into a granular topic. Some such specialization programs that complement a Master’s in Business Analytics online program are:
- Customer Analytics Program
- Operation Analytics
- People Analytics
- Accounting Analytics
- Business Analytics
- Business Intelligence
- Data Analytics Programs
- Data Science and Business Analytics
- Big Data Analytics
Curriculum and Skills Gained in Masters in Business Analytics Online Programs
A typical Master’s in Business Analytics course curriculum offers a wide range of interesting and targeted subjects. Depending on the College and the Program, about 8 core courses are mandatory, along with anywhere from 3 to 6 electives. Typically, an MS in Business Analytics syllabus contains:
- Analytics Edge
- From Analytics to Action
- Machine Learning
- Digital Economy
- Communicating with Data
- Theory of Finance
- Valuation and Value-Based Management
- Corporate Finance
- Financial Markets and Financial Instruments
- Optimization Methods
- Analytics Software Tools in R
- Quantitative & Qualitative Decision-Making
The list of electives is rather exhaustive, but include modules such as:
- Analytics of Finance
- Consumer Behavior
- Supply Chain Planning
- Investment Management
- Enterprise Transformations in the Digital Economy
- Innovation Strategy
- Network Science and Models
- Applied Machine Learning
- Algorithmic Trading and Quantitative Investment Strategies
- Risk Management or Enterprise Risk Analytics
- Sustainable Finance
- Forensic Finance (Fraud Investigation)
- Business Ethics
- Auditing and Assurance
- Taxation and Tax Planning
- Performance Management
- Crypto Finance
- Artificial Intelligence
- Web Analytics for Business
- Data Mining for Business Analytics
Note: Core Subjects and Electives vary by College and Program. It is always advisable to read the Program Prospectus to see specific subjects/courses on offer.
Upon graduating from a Master’s in Business Analytics Program, students would have developed industry-sought skills such as:
- Problem Solving
- Decision Making
- Analytical – Predictive, Prescriptive, and Cognitive
- Interpersonal and Communication
- Data Management & Collection
- Data Interpretation
- Time Management
- Critical Thinking
Accreditation for Masters in Business Analytics Online Programs
Although accreditation is as important as the Degree itself, most students tend to overlook who the Program is endorsed by. Accreditation adds credence to the Degree Certificate and is a sure means of landing plum jobs in reputed companies.
Typically, Master’s Programs offered by Universities are accredited by some accrediting body or the other, but one should ensure that such is the case. AACSB International (The Association to Advance Collegiate Schools of Business is one such body that awards recognition to Master’s in Business Analytics Online Programs.
Know and understand why accreditation is very important when applying for a Master’s in Business Analytics Online Program.
Timeline for graduation from Masters in Business Analytics Online Programs
Generally, Master’s in Business Analytics online Programs take anywhere from 1 year to about 3 years to complete, depending on whether they are part-time or full-time. However, most Online Programs last an average of 12-15 months. Students can choose from 4 intakes: Fall, Winter, Spring, and Summer, but most Colleges make do with 2 to choose from – Fall & Spring.
Masters in Business Analytics Online Programs Admission Requirements
The Master’s in Business Analytics requirements, when it comes to admission, are quite the same as what is required for any other Master’s Degree. Apart from a completed application form, MS in Business Analytics prerequisites include academic transcripts, letter(s) of recommendation, standardized test scores (GMAT or GRE), a professional resumé, and a personal statement or statement of purpose. It is not uncommon for Colleges to ask for a GMAT score of 570 or above or a combined GRE score of 310 or above. Of course, there is the customary Application Fee that needs to accompany an application to a Master’s in Business Analytics online program.
Get a deeper insight into GMAT and GRE to see how they influence the admission process.