Welcome to the Information Age, a time for thriving tech startups, innovative smartphones and a dramatic shift from an economy primarily fueled by industrial production to an economy ruled by information technology. This digital revolution has ushered in a variety of high-paying master’s in business analytics jobs that employ skilled individuals who can analyze and interpret data and turn these figures into actionable steps for large businesses and organizations.
Despite talks of “big data” extending from Silicon Valley to corporations across the country, people are still questioning, “is a master’s in business analytics worth it?” It turns out these graduates are sought after by forward-thinking enterprises and the median master’s in business analytics salary lands somewhere between $116,132 and $123,945 (Salary.com, 2019). Learn more about this comprehensive program and the six relevant jobs the graduates become eligible to apply for.
What is a Master’s in Business Analytics?
Raw data or “source data” is not valuable to a company until someone is able to translate and visualize this data into insightful information and practical next steps. A master’s in business analytics teaches students how to turn structured data into strategic insights that further a business’s overall objectives, marketing efforts, and even general operations. This program combines a variety of skill-building classes to create real-world results and employment opportunities. A master’s in business analytics salary is rewarding due to the number of successful companies that seek employees who not only offer data analysis but can pair data analysis with business strategy. As a graduate, you’ll be qualified to use data to:
· Improve decision making
· Use data to improve marketing
· Present and visualize data
· Become a more effective project manager
· Use financial instruments to improve outcomes
The Top 6 Jobs for an MBA in Business Analytics
1. Business Analytics Manager
One of the most common jobs you can enter after graduating with an MBA in Business Analytics is a position as a business analytics manager. This is a leadership role that involves managing a team of data analysts and using a combination of customer or market research and business data to ideate performance-enhancing business opportunities. The day-to-day responsibilities include a combination of team management, analytics, and business strategy. This position is often available at large data-centric companies that aim to use customer data to create cutting-edge products and services. The average base salary is high and reflects the impactful role this position plays in furthering a business’s success.
Average Base Salary: US $120,600
Salary Range: US $106,900 - 135,400 (Salary.com, 2019)
2. Business Intelligence Manager
A business intelligence manager is similar to, but not synonymous with, the role of a business analytics manager. A business intelligence manager is responsible for analyzing existing raw data, whereas the business analytics manager will use business intelligence reports to visualize this data and create a practical business plan. This role is more heavily focused on the actual analysis of data rather than strategic application. This position is also more concerned with data being analyzed in real-time and applied to current operations. The average salary and salary range of a business intelligence manager exceeds that of a business analytics manager and is an excellent opportunity for candidates with an interest in data science and math.
Average Base Salary: US $127,700
Salary Range: US $110,600 – 141,100 (Salary.com, 2019)
3. Marketing Manager
A marketing manager is responsible for creating advertising or sales campaigns that help a company sell its products or services. Depending on the organization, a marketing manager could be involved with creative projects, data research, advertising initiatives, and even sales tactics. A marketing manager with an MBA in business analytics is able to use concrete data to support strategic thinking. Large companies, such as Amazon, Uber, or Microsoft, seek employees who use notable market research studies and are able to analyze their findings to draw insights about customer behaviors.
Average Base Salary: US $102,300
Salary Range: US $89,200 – 120,400 (Salary.com, 2019)
4. Customer Insights Analyst
An excellent career opportunity for a graduate with an MBA in business analytics is a job as a customer insights analyst at an enterprise. This leadership role combines data analytics with market research to inform business decisions and support revenue growth. This is an essential role in a competitive company that values a data-centric strategy to improve a customer’s experience with any given product or service being provided. This role is more concerned with communicating and visualizing data so that a marketing manager is able to use the organized insights to create advertising and marketing campaigns.
Average Base Salary: US $70,600
Salary Range: US $62,900 – $83,400 (Salary.com, 2019)
5. Management Analyst
A management analyst supports organizational success by using data to protect against losses, enable the performance of individual departments, and make sure businesses are running smoothly and efficiently. The individual in this role must use data visualized in spreadsheets to point out trends and create recommendations that will improve products, the distribution of products, marketing strategies, and more. A typical MBA in Business Analytics program will teach students how to present and visualize quantitative and qualitative data to succeed in a role of this nature. A management analyst can manage a specific line of products or an overall brand, which makes it a promising career path.
Average Base Salary: US $93,200
Salary Range: US $48,700 – $137,900 (Salary.com, 2019)
6. Personal Financial Advisor
A personal financial advisor is tasked with helping individuals achieve their financial goals with a custom portfolio. They are responsible for collecting a self-analysis from their clients and interpreting their clients’ goals, estate, tax returns, budgets, and other financial information to create the best possible investment plan. A personal financial advisor is then required to track the success of this plan, amending when necessary. A master’s in business analytics provides detailed training on the accounting, finance, and human resources skills necessary to succeed as a financial advisor. A financial advisor is able to earn a commission based on the success of their clientele’s portfolio. A master’s in business analytics will allow an advisor to leverage their analytical skills to achieve success and land a significantly higher salary through commission.
Average Base Salary: US $259,600
Salary Range: US $52,300 - 466,900 (Salary.com, 2019)
Pursue a Master’s in Business Analytics
A master’s in business analytics prepares students for a variety of high-paying jobs that combine data analysis with business strategy. This program is an excellent addition to a resume to show future employers that you have experience translating complicated statistics into customer behavioral insights, marketing strategy, financial implications and even sales tactics that could increase revenue for innovative businesses and large enterprises. Contact us to learn more about our accredited online MBA in Business Analytics and get started.