Updated June 12, 2023
A career in Business Analytics
The following article provides an outline for Career in Business Analytics. Business analytics involves working with large data sets; this data can be of varied nature, like- consumer preferences, what they like-dislike, their buying patterns, and so on. Almost all industries, such as banking, telecommunications, FMCG, IT, auto ancillary, and insurance, among others, use it.
Companies use statistical and empirical models to extract meaningful conclusions from data, enabling long-term strategic business decisions. The success of a business depends on its ability to filter through tons of data and derive meaningful and useful inferences from it. Data forms the fundamental crux on which the company makes long-term decisions; below is the list of some top schools abroad and in India known for business analytics.
- MIT Sloan School of Management, USA
- Imperial College of Business School, UK
- University of Texas – Austin McCombs School of Business
- ESSEC, Paris
- ESADE, Spain
- Amity Business School
- MIT World Peace University
- Lovely Professional University
- Narsee Monjee Institute of Management
- Welingkar Institute of Management
Education Requirement for Career In Business Analytics
To pursue a career in business analytics and to be eligible to study it, a graduation is a must, preferably in Finance, Engineering, Economics, IT, or any other relevant degree. Some universities prefer students with some prior work experience, but it is not mandatory. Depending on the university, you may take various entrance exams like GMAT, GRE, CAT, and NMAT. Thus, it is advisable to shortlist universities of interest and understand their specific prerequisites.
Career Path and Job Position
As mentioned in the introductory paragraph, various industries use business analytics. Therefore, a degree in business analytics can open doors to different industries. This can be helpful for someone looking to shift from their current industry and explore new ones.
The skills acquired enable an individual to choose the industry and company of his/her choice and give them a lot of flexibility in choosing their employer.
Moreover, after a few years, once a person gathers sufficient experience, he will have plenty of opportunities for growth in the form of better pay and job status because the skills acquired will apply to various firms.
Below are some of the reasons for studying and pursuing a career in business analytics
- Make a better business decision: When a business can get good-quality data, it can leverage it to its advantage and make accurate decisions.
- Solid understanding of statistical theories: Business analytics will make your quantitative skills very strong; one will build a good understanding of statistical theories like Hypothesis testing, probability, linear and multilinear regression, and econometrics.
- Strong knowledge of technical skills: One will become well-versed in programming languages like R, Advanced Excel, Python, and SQL. One needs a good understanding of one or more of these languages as they assist in filtering enormous tons of data and making work much more manageable.
- Achieving cost savings for the organization by drawing meaningful inferences from data.
- Being at the forefront of the industry by analyzing meaningful trends from data.
- It aligns the operations of the organization with its strategic objectives.
- Easy availability of data: With massive growth and development in the technology sector and the introduction of social media platforms like Facebook, Twitter, and WhatsApp, tons of data is available cheaply; this is much more efficient than traditional means of collecting and collating data.
Career Positions and Options in Business Analytics
Upon completion of a degree in business analytics, an individual should be able to analyze large amounts of data efficiently and identify meaningful patterns and trends that can help the company increase revenue and achieve strategic goals.
Below is a list of potential positions that a candidate can opt to pursue his or her career in:
- Business Intelligence Analyst
- Business Insights Analyst
- Commercial Insights Manager
- Business Analyst
- Data Science Manager
- Data Engineer
- Risk Analyst
- Data Analyst
As we can see from above, it is a very diverse list, and such positions exist for various companies across different industries. This more or less guarantees that a person will land a job after completion of this degree.
Salary (US Data)
Given below is the salary:
|Entry Level Business Systems Analyst
|Intermediate Level Business Systems Analyst
|Senior Business Systems Analyst
|Expert Business Systems Analyst
|Business Systems Analyst – Consultant
|Entry Level Business Data Analyst
|Intermediate Level Business Data Analyst
|Senior Business Data Analyst
|Business Process Consultant
|Business Development Director
Career Outlook in Business Analytics
The US Bureau of Labor Statistics predicts that individuals with business analytics skills will see a 14% growth in job opportunities between 2014 and 2024. This represents a 14% increase in demand over ten years. This indicates that the need for a business analyst is high, and this is the course to do for the young generation who want to step into the corporate world.
Hence we would like to conclude this article by stating that business analytics is a process of methodical exploration and study of data aided by statistical tools.
- Companies need a business analyst to make strategic decisions by studying and filtering the heaps of data.
- Companies using data to formulate strategies and study market trends treat their data as a corporate asset and try leveraging it for growth and revenue generation.
And lastly, successful business analytics depends on the quality of data (data should come from reliable sources), the skills of the business analyst with a strong understanding of technology and business, and an organization committed to data have driven decision-making.
Frequently Asked Questions (FAQs)
Q1. Is business analytics a good career?
Answer: Yes, business analytics is generally considered a good career choice. It offers a challenging and rewarding career path with strong demand for skilled professionals across various industries. Additionally, the field is rapidly growing and evolving, providing continuous learning and professional development opportunities.
Q2. Does business analytics require coding?
- Business analytics does not always require coding, but having programming skills can be beneficial. Business analysts can perform many tasks using software tools requiring little coding. However, knowing programming languages like Python, R, and SQL can enable them to build customized solutions and automate processes.
- Additionally, coding skills can make collaborating with data scientists and other technical professionals in the field more accessible.
Q3. Who is eligible for business analytics?
Answer: Anyone with a strong foundation in mathematics, statistics, and computer science can be eligible to pursue a career in business analytics. Most employers require a bachelor’s degree in a related field like data science or business administration, and candidates with advanced degrees such as a master’s are highly valued. Practical experience in data analysis and using specialized software tools and platforms are also highly desirable.
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