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As the years go by, the business environment seems to be changing rapidly, calling for business leaders to quickly adapt and stay ahead. Doing business is one thing but understanding how it is done and how it should be done is more of importance and a challenge. Companies spend millions of dollars to dig deep into their businesses and look for patterns, trends, and factors affecting their revenue. A Master’s in Business Analytics online not only provides an executive or student with fundamental skills and cutting-edge business knowledge but also equips them to think out of the box and innovatively. According to a study by PricewaterhouseCoopers (PwC), by 2023, 69% of employers expect candidates with Data Science and Analytics skills to get preference for jobs in their organizations. Read on to discover more about what a Master’s in Business Analytics is all about, what it entails, and the career prospects it offers.
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Best Masters in Business Analytics Online Programs
Quite obviously, the best Business Analytics Programs are those that offer an entire package of targeted subjects, along with robust curricula. Finding the ‘best’ analytics degree is hard for an individual to do, which is why we have made out a list of Colleges that make the Rankings Table based on factors such as quality, faculty, infrastructure, range of subjects, reputation, value for money and more. Here are some of the best Colleges for an online MSBA Program:
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With the rising cost of advanced education, it is of course imperative to find a College that is of satisfactory repute and one that offers an affordable Business Analytics master’s. There are several such Colleges across the country, some of which have made it to our list depending on a host of key factors. Here is an online Master’s in Business Analytics ranking list of some most affordable Colleges:
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Understanding Masters in Business Analytics Programs
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
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:
From Analytics to Action
Communicating with Data
Theory of Finance
Valuation and Value-Based Management
Financial Markets and Financial Instruments
Analytics Software Tools in R
Quantitative & Qualitative Decision-Making
The list of electives is rather exhaustive, but include modules such as:
Analytics of Finance
Supply Chain Planning
Enterprise Transformations in the Digital Economy
Network Science and Models
Applied Machine Learning
Algorithmic Trading and Quantitative Investment Strategies
Risk Management or Enterprise Risk Analytics
Forensic Finance (Fraud Investigation)
Auditing and Assurance
Taxation and Tax Planning
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:
Analytical – Predictive, Prescriptive, and Cognitive
Interpersonal and Communication
Data Management & Collection
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.
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.
Masters in Business Analytics Online No GMAT/ GRE Programs
For students who are averse to taking up a standardized test, a Master’s in Business Analytics No GRE program is a compelling proposition. Some Universities do provide an option for a waiver of a GMAT or GRE score. These are highly dependent on individual Universities and/or their Programs, so those looking for such a waiver should always read the University Prospectus or Program Guidelines for details or make a request to the College for a waiver.
There are a plethora of Colleges, Educational Institutions, Private Tutors, and Educational Websites that offer online courses, but none of which are considered accredited Business Analytics courses. However, there are certain trade-offs that one must consider if one opts for such a course. A key downside to free Business Analytics courses is the certification of the program that is usually not very well accepted or recognized by the job market. Secondly, free courses typically do not have a structured curriculum or well-formatted instruction. Although most of these courses do not award a ‘Master’s Degree’ or equivalent, they are excellent for those who want to specialize in a particular topic of Business Analytics and take up Certificate Programs to add value to their pursuant degree. Here are a few options to choose from:
Coursera Coursera offers a wide range of Business Analytics and related programs, offered by industry stalwarts such as IMB and Google, and also famous Universities such as the University of Colorado Boulder and the University of Illinois. Most programs are paid, but there are a few that are free.
Class Central Class Central is another excellent go-to place for Business Analytics Courses, some offered directly and some through Coursera, FutureLearn, and edX.
Udemy Udemy is a popular destination for free courses, a few of which can be of immense value to students of Business Analytics.
SkillShare SkillShare is a widely acclaimed site that has courses in Business Analytics at varied levels. Many of these courses are short, covering specific topics within the subject.
1-Year Online Business Analytics Programs
Several Universities across the United States that offer a 1 year MS in Business Analytics as well as a 1 year MBA Business Analytics. These accelerated programs provide working professionals with the option to take a sabbatical off work and fast-track their studies to better their career prospects. While the upper limit to complete a shorter-term program is typically 3 years, some students have done so in as little as 10 months as well. The College’s program prospectus is the best place to know and understand timelines and other related requisites.
How to Pay for Masters in Business Analytics Online Programs
With ever-increasing tuition fees and the overall cost of Master’s Programs, students are well-advised to explore funding opportunities that are available for Master’s in Business Analytics Online Programs. From Scholarships to Grants to Government Aid such as FAFSA, the options are many. Business Analytics programs cost a lot and external funding goes a long way in reducing student debt. Here is a quick list of funding options to explore:
Many Colleges offer Scholarships either as a lump sum or as a waiver if a student meets certain criteria and conditions.
Working professionals should check with their employers for schemes and internal programs that fund their advanced education. Some Companies pay in full or in part for the Master’s Degree but may require some form of work commitment to be fulfilled.
Federal Loans are another good funding option to explore. The Government typically offers Unsubsidized Loans and Direct PLUS Loans for qualifying/eligible students.
Some Colleges split up the tuition fee into equated or incremental installments, making it easy for a student to pay for their education over an extended length of time, rather than having to pay in one go.
Scholarships for Masters in Business Analytics Online Students
One of the best ways to fund a Master’s in Business Analytics online is through scholarships. Most Colleges generally have their internal scholarships up for grabs, but some students can also tap in to aid from philanthropists or professional organizations. Here are a few to Scholarships and Grants to consider:
New York University’s Leonard N. Stern School of Business has an exhaustive scholarship database along with a few tools to assist with finding scholarships and applying for them. [Application Deadline: Varies]
Carlson School of Management, affiliated to the University of Minnesota, offers $400,000 in merit-based scholarships for qualifying students opting to join a full-time Master’s in Business Analytics Program. [Application Deadline: Varies]
Fisher Family Fund Fellowship has been set up by Tom and Judy Fisher with a typical award amount of $2,000, for students pursuing Data Science and Business Analytics within the College of Computing and Informatics. [Application Deadline: April 16, 2023]
MinneAnalytics offers scholarships to current undergraduate students pursuing a degree in a field related to data analytics. The award for each applicant amounts to $1,000, from a total pool of $100K. [Application Deadline: All Year]
Note: One should always stay vigilant and be aware of scholarship scams that are doing the rounds on the internet. Always trust known sources and resources and be careful when sharing personal information via e-mail or on an untrusted website.
FAQs about BUSINESS ANALYTICS Programs
Frequently Asked Questions
What is Masters in Business Analytics?
Master’s in Business Analytics is a graduate program for students and working professionals who want to improve their decision-making in business using insights derived from data analysis.
Where to study Business Analytics?
There are a host of Colleges that offer Master’s in Business Analytics Online Programs with varied subjects and specializations. Refer to the Rankings Table in this article.
Who can study Business Analytics?
Anyone who has completed a Bachelor’s Program and may have zero to some work experience may apply for a Master’s in Business Analytics Online Program. However, there are certain other admission requirements one must meet as well.
Is a Masters in Business Analytics worth it?
Going by the latest statistical data, yes, a Master’s in Business Analytics is certainly a worthy option for higher education, in that it offers excellent career prospects and professional growth.
What are MBA Analytics and Decision Science?
An MBA in Business Analytics enables a person to place business first and find insights from data “mined” or collected. Decision Science leverages the use of data as a tool, to make informed, strategic decisions and solve complex business problems.
What is the difference between Business Analytics and Data Science?
While Data Science is more inter-disciplinary and requires heavy coding and dealing with both structured and unstructured data, Business Analytics deals with mainly structured data for business applications and involves minimal coding.
Careers and Salary Outlook for Masters in Business Analytics Graduates
Students who have completed a Master’s in Business Analytics are usually recruited without much deliberation or delay. According to a report by PricewaterhouseCoopers (PwC), some 2.7 million new data science and analytic jobs are supposed to have been created by 2020. The demand for Business Analytics graduates seems to be increasing due to a shortage of people who combine expertise in their industry with the ability to understand, analyze, use and leverage big data to solve today’s business’ complex problems and assist in data-backed strategic decision making.
Some of the many career choices tied to a Master’s in Business Analytics online program are high-paying with enviable professional growth. A quick list of jobs available in the market includes:
Certifications and Licensing for Business Analytics Graduates
In most cases, the degree certificate awarded on completing a Master’s in Business Analytics is more than adequate to qualify for jobs in most industries. There are no special licensing requirements as such, but some in the medical or scientific fields may require a specialized certification by way of undertaking a short course and exam. Some sensitive government jobs may require a candidate to undergo additional training and certification, specific to the job profile.
Certification always adds value to a Business Analytics Degree by opening up even more career paths and ensuring better job prospects.
Additional Resources for Business Analytics Professionals
In a fast-paced and well-connected world, it is important for students and working professionals of a Master’s in Business Analytics online program to keep up to date with the latest in their field and also stay connected with important people in the industry. With businesses no longer restricted by geographical and physical boundaries, tapping into all resources available at one’s disposal to enhance knowledge and gain better perspectives is crucial for one’s education and career.
Here are a few resources on the internet that every Business Analytics professional should explore:
Fubon Center for Technology, Business and Innovation Fubon Center for Technology, Business and Innovation supports, facilitates, and enhances cross-disciplinary collaboration among its existing areas of excellence such as Fintech, Data Analytics and AI, and Tech Innovation.
Arcadia Data Arcadia Data offers products and solutions for business analytics but has a huge collection of videos, webcasts, and analyst reports on an array of data science-related topics.
Domo Domo is in the business of Data Integration, Business Intelligence and Analytics, and Intelligent Apps. Along with its commercial products and solutions, Domo has a vast resource library with articles, reports, guides, webinars, videos, and more, that can enhance the knowledge and skill set of any Business Analyst – student or professional.
BA Times BA Times is a huge repository of resources for Business Analysts. It hosts articles, white papers, conferences, and webinars and also offers useful templates and newsletters to stay up to date.
Modern Analyst Modern Analyst is a portal for businesses as well as business analysts. It offers training programs, directory listings, articles, etc., along with a wide network of fellow analysts.
IIBA International Institute of Business Analysis is worth its weight in gold when it comes to in-depth resources for Business Analysis. From certifications to events and career resources, IIBA is a one-stop destination for Analytics enthusiasts.
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