Data analytics professionals are no longer just the corporate “math club.” Big data now drives the business industry, including corporations of all sizes, operations and functions.
Many universities are helping prepare data analytics professionals for the workforce with graduate degrees. Southeastern Oklahoma State University offers a Master of Business Administration (MBA) with a Concentration in Data Analytics online program.
Data Analytics Drives Business
A term popularized by McKinsey Global Institute in its May 2011 report, “big data” has become the most critical business asset. C-suite executives have grown to highly value information processing.
Analyzing data involves the organization, interpretation and structure of assets into contextual and, ultimately, actionable information for business leaders. It is precisely what enables professionals to solve problems, develop reliable projections and generate insights upon which critical business decisions are based. It is about getting innovations to market faster, shipping more cost-effective, increasing revenues and decreasing costs. Data analytics strategies and leadership are necessary elements for any competitive business.
There are three main disciplines within data analytics:
- Descriptive statistics quantitatively describe features in sets of data.
- Predictive analytics uses various statistical techniques, including predictive modeling, machine learning and data mining, to make predictions.
- Prescriptive analytics involves applying math and computational sciences to suggest decisions that take advantage of predictive analytics and descriptive statistics.
Distinct Job Markets Afford Diverse Opportunities
No matter which specific career path you choose after earning your MBA, you will likely utilize data analytics. Many working professionals choose to focus squarely on analytics, where opportunities for high-demand positions continue to develop. For these positions, training in a specialized MBA program provides a career advantage, developing problem-solving abilities, broad business acumen and soft skills such as communication and teamwork.
Graduates of the Southeastern online MBA with a Concentration in Data Analytics program are equipped to enter into analytics-enabled jobs and data science jobs. High-level executive roles in the analytics field include chief data officer, chief customer officer, human resources manager and marketing manager. PWC reports that 67% of the job openings are in this category and require business and data science training and experience.
Data science jobs include various types of data scientists, engineers and programmers who make data available to decision-makers and regularly collaborate on solving executives’ problems.
High Demand Awaits MBA Graduates
The high demand for data analytics professionals is projected to grow. The U.S. Bureau of Labor Statistics reports that the following median annual salaries and projected growth rates between 2019-29 for different data analytics jobs:
- Operations research analysts (related to a data analyst) earn $84,810 per year, with a 25% projected job growth rate.
- Market research analysts earn $63,790 per year with an 18% projected job growth rate.
- Management analysts earn $85,260 per year with an 11% expected job growth rate.
The median pay for each of these positions tends to be higher for MBA graduates than for those with bachelor’s degrees — the minimum education standard for some positions. Related occupations for mathematicians, statisticians, information security analysts and economists all have strong job growth and compensation projections as well.
Data collection and artificial intelligence (AI) is largely responsible for the industry’s recent boom, and corporations are feeling an urgency to invest in the technology. According to a NewVantage survey, “firms investing greater than $50MM is up to 64.8% in 2020 from just 39.7% in 2018.”
The need for data analytics talent is a problem; organizations want to invest in well-trained professionals. Southeastern’s online MBA with a Concentration in Data Analytics program was developed in conjunction with leading state and regional employers to fill current and expected pivotal roles. It does not take a data scientist to conclude that these numbers bode well for MBA graduates with data analytics expertise.
Learn more about Southeastern Oklahoma State University’s online MBA with Concentration in Data Analytics.
Sources:
Bureau of Labor Statistics:
Business Wire: NewVantage Partners Releases 2020 Big Data and AI Executive Survey
Forbes: A Long View on How Big Data and AI Have Transformed Business Culture
GetSmarter: Why Is Data Analysis Important in Business?
McKinsey Global Institute: Big Data: The Next Frontier for Innovation, Competition, and Productivity
PWC: What’s Next for the Data Science and Analytics Job Market?