Big data and data science are trendy terms in today's business industry. The large quantity of data being produced holds great promise for businesses. To function effectively and stay competitive, they must utilize analytics for making decisions.
If you are interested in resolving business issues and putting data-driven plans into action, pursuing a postgraduate business degree specializing in analytics could be the perfect fit for you. There are a variety of career paths available after completing an MBA in Business Analytics. Therefore, let's investigate the benefits of enrolling in this program and why it has become so popular in recent years.
Due to an incredible increase in data over recent years, the field of business analytics is reaching new peaks. Most companies are leveraging business analytics to enhance their global business operations. It's not surprising that now is the perfect moment to pursue a career centered around business analytics.
Career Explorer predicts that the United States will have over 120,400 business analysts in the upcoming decade. Nonetheless, the availability of data scientists for these positions will severely impact the supply chain, as there will be fewer than 200,000 professionals. The research also forecasts a 26 percent rise in demand for these positions worldwide by 2026.
Check Out: Admissions Open For Business Analytics 2025
The Chronicles of Analytics
Analytics has existed for a time beyond our recollection. One of the first purposes was to maintain records. During the 1800s, Frederick Winslow Taylor, an American mechanical engineer and one of the earliest management consultants worldwide, utilized analytics in business operations.
His developed principles were meant to enhance industrial productivity, leading to him being known as the 'Father of Scientific Management.' Another interesting instance showing the significant influence of mathematics and science occurred during World War II, as data analysis played a role in reducing the casualties of the war. Since that time, technology has progressed and is now used in business analytics.
Economies worldwide have thrived thanks to the digital revolution. Modern organizations can provide smooth experiences for both their employees and customers. Business intelligence, decision support systems, data warehouses, and enterprise resource planning, also known as ERP systems, are a few examples of such functions.
When you browse the internet for information on MBA business analytics, including job opportunities, news on MBA in business analytics colleges in India, MBA analytics jobs, business analytics jobs, or salary for MBA business analytics, you will discover that professionals in these roles, such as data scientists, are highly regarded in the job market. This is because these profiles assist a company in combining data to decide how to use it effectively for operations.
Launching A Career In Business Analytics
One can begin a career in business analytics or data analysis by obtaining a competitive edge to open up more opportunities in the field. A business analyst usually begins with strong IT and business capabilities. Over time, it is important to develop a thorough understanding of both the industry and the specific market segment.
All industries, including manufacturing, healthcare, finance, biotech, banking, and retail, are experiencing a rise in the need for data structures to be easily accessible in a more efficient manner, which can help you excel with the appropriate skills.
A range of top institutions provide the course in both full-time and part-time options. Certain programs are available through the Internet only, whereas others may necessitate physical attendance on campus. The program's duration ranges from 15 months to 24 months.
A bachelor's degree from a recognized university with a minimum of 50% aggregate marks is usually the required qualification. For certain situations, providing scores of exams such as CAT, MAT, CMAT, etc. is required. Moreover, for an executive MBA in business analytics, having previous work experience is also necessary.
7 Best Career Paths After Completing an MBA in Business Analytics
Seeking an MBA exposes a variety of professional paths. Studying business analytics will boost your credentials. There are many career options available after obtaining an MBA in business analytics. See below for the 7 most popular career paths following completion of an MBA in business analytics.
1. Data Scientist
The US Bureau of Labour Statistics has consistently stated that data-driven professions will experience fast growth in the future. This turns "data scientist" into an attractive career with excellent opportunities for growth and earning potential. Data scientists are paid between INR 3.8 to 42.3 LPA depending on their profile and level of experience. These are a few responsibilities of data scientists:
- Examining data patterns and trends to uncover fresh insights.
- Creating data structures and suitable algorithms for forecasting results
- Utilizing ML and AI methods to improve the accuracy of data.
- Using popular data analysis tools such as Python, SAS, and SQL in analyzing data trends.
2. Market Research Analyst
These professionals, also known as market researchers, assist companies in gaining a competitive advantage in the business realm. They collect, evaluate, and refine data to reveal valuable business insights. Keeping track of survey answers aids them in creating marketing plans. Additionally, they proactively monitor social media posts to identify possibilities for marketing. The average salary for them falls within the range of INR 1.8 to 13 LPA.
- Developing creative methods and tools for collecting data
- Using tools for data modeling and tracking datasets
- Improving marketing strategy through the use of data.
- Conducting product testing and research for brand management
3. Risk Analyst
Individuals frequently link uncertainties with economic data. Yet, in the modern, fast-paced society, there are risks connected to everything. In addition to economics, they are also in charge of evaluating operational risks. Risk analysts work together with market researchers to advise them on potential risks associated with strategies. You have the potential to make an average annual income ranging from INR 2–18.7 LPA. Let's examine the key responsibilities of risk analysts:
- Assessing the possible dangers linked to financial, operational, and compliance activities.
- Utilizing statistical methods to analyze data to understand risk exposures.
- Recording the discoveries and suggestions of potential risks for stakeholders.
- Collaborating with other teams to develop risk management procedures.
4. Big Data Analyst
Big Data analysts specialize in managing extensive and intricate datasets. They interpret, evaluate, and keep track of datasets for future utilization. Mainly, they transform unprocessed data into valuable, practical findings that a company can utilize for financial gain. As a professional analyzing big data, you have the opportunity to secure positions with an average salary range of INR 2.5–17.5 LPA. Listed are the main duties of leading data analysts:
- Gathering structured and unstructured data from diverse sources for utilization.
- Cleaning the collected data to optimize its performance.
- Examining massive datasets using statistical instruments.
- Producing data in visual formats such as charts, graphs, and dashboards.
5. Data Analyst
A data analyst is a subset of a big data analyst. One of the best career choices post-MBA in business analytics. Notable data analysts are responsible for managing complex datasets. Nonetheless, data analysts support them in gathering and analyzing data. They have a crucial impact on elevating customer satisfaction and optimizing processes within a company. On average, data analysts have the potential to make up to INR 13 LPA. Nevertheless, this spectrum fluctuates according to your employer and level of expertise. The data analyst's roles include the following:
- Collecting data through various platforms and conducting surveys to gather information.
- Guaranteeing the high quality and precision of datasets.
- Preparing and processing the data before completion.
- Creating reports and presentations based on data analysis and performance evaluation.
6. Product Manager
Product managers play a role in the process of product development from start to finish. They oversee the advancement of products and are essential in ensuring their success. Product managers excel at connecting sales, engineering, marketing, and other departments. They are dedicated to achieving the objectives of the business, guaranteeing the prosperity of a product or service. A product manager can earn anywhere between INR 5.6 to 52 LPA depending on various factors. Let's explore the duties of a product manager within a company:
- Creating the product strategy through customer input, market study, and competitive evaluation.
- Managing the product's lifecycle roadmap and drafting outlines.
- Performing comprehensive market research to comprehend customer requirements for a product.
- Assessing the performance of the product and utilizing its metrics to improve feedback.
7. Supply Chain Analyst
Supply chain procedures play a vital role within a company. The supply chain analysts assess and improve these processes to increase efficiency in a company. They focus on cutting costs and increasing effectiveness through the use of data-driven insights. An MBA in business analytics can be the savior for those aspiring to become supply chain analysts. The salary midpoint for supply chain analysts differs from one company to another. Nonetheless, in this profession, you have the potential to make a respectable sum ranging from INR 2.5 to 13 LPA. These are some important responsibilities of a supply chain analyst:
- Collecting and analyzing information related to the supply chain process.
- Creating predictions of consumer demand to plan production and manage inventory.
- Collaborating closely with logistics and production teams to guarantee seamless supply chain operations.
- Recording the advancements of current discoveries.
Conclusion
Enrolling in an MBA program specializing in Business Analytics can lead to numerous well-compensated and fulfilling job prospects. With businesses increasingly dependent on data for making decisions, there is a growing need for professionals skilled in business analytics. If you have an interest in pursuing a career as a data scientist, market research analyst, or supply chain analyst, the skills obtained from an MBA program in Business Analytics will place you at the forefront of this fast-evolving industry.
Dr. D.Y. Patil Vidyapeeth’s Centre of Online Learning (DPU-COL) provides a top-notch MBA program in Business Analytics for individuals seeking to boost their qualifications and stand out in their field. DPU-COL is well-prepared to assist students in excelling in the dynamic field of business analytics, thanks to its thorough curriculum, advanced resources, and adaptable learning choices.
FAQs
What career opportunities can I pursue with an MBA in Business Analytics?
With an MBA in Business Analytics, you can pursue roles like Data Scientist, Market Research Analyst, Risk Analyst, Big Data Analyst, and Supply Chain Analyst.
What is the salary range for graduates of an MBA in Business Analytics?
Salary varies by role and experience, but positions like Data Scientists can earn between INR 3.8 to 42.3 LPA, while other roles may offer INR 2 to 18 LPA.
Do I need prior experience to apply for an MBA in Business Analytics?
While not always required, some programs, especially Executive MBAs, may prefer candidates with relevant work experience in analytics or business-related fields.
What skills are essential to succeed in the field of Business Analytics?
Essential skills include data analysis, statistical methods, proficiency in tools like Python, SAS, and SQL, and strong problem-solving and business strategy knowledge.
Is an MBA in Business Analytics worth the investment?
Yes, with the growing demand for data-driven decision-making in businesses, this MBA offers excellent career prospects, job security, and high earning potential.