When you have a strong interest in business and big data, a business analytics MBA might be a great educational choice. This MBA program helps you develop the knowledge and skills you’ll need in the business world while also teaching you the skills necessary for analyzing and using data to make business decisions. Learning more about MBAs in business analytics can help you decide if this is the ideal degree program for you.
What Is Business Analytics?
Business analytics refers to the use of data in order to make knowledgeable and informed decisions in a business setting. Business analysts gather data from various sources to provide organizations and companies with insight on how they’re performing and how they might improve their performance. This data can also be used to help organizations and companies become more efficient and productive. The use of business analytics can help businesses become more competitive, as well.
What Is the Difference Between Business Analytics and Data Science?
Business analytics tends to focus on using applied knowledge and skills in the business world, while data science involves more technical aspects, such as programming, algorithms, and machine learning. While both include the use of math and technical skills, business analytics also includes business skills, such as management and communication. Data science can be used in settings other than business, such as academics, while business analytics is used in business settings. Another difference between the two is the use of mostly structured data in business analytics and the use of both structured and unstructured data in data science.
What Is an MBA in Business Analytics?
An MBA in business analytics is a Master of Business Administration degree with a specialization or concentration in business analytics. As an MBA graduate with a major in business analytics, you’ll have the business and technical skills needed to analyze data for business purposes. This kind of degree program teaches students business fundamentals and principles, along with technical skills in data analysis.
MBA Business Analytics Coursework
What kinds of classes can you expect to take in an MBA business analytics program? When you’re in this type of degree program, you’ll take classes that teach business and technical skills. Some of the business classes you can expect to take include leadership and management, economics, finance, operations management, and accounting. To learn more about the data side of business analytics, students in the program may take classes in database management, marketing analytics, data mining, social media analytics, prescriptive analytics, and data science.
Can I Earn a Business Analytics MBA Online?
Some schools offer MBA programs with concentrations in business analytics that are fully online. With this kind of program, you can work through your degree program without having to rearrange your work schedule, often at your own pace. A fully online MBA business analytics program allows you to work on developing the skills needed for this kind of career and gain the right knowledge to excel in this field. Keep in mind that some schools also offer a hybrid mix of online and on-campus classes if you prefer to have in-person instruction at times.
What Can You Do with an MBA in Business Analytics?
When you have an MBA in business analytics, you’ll be prepared to take on a job that allows you to use your technical and business skills. Business analytics MBA graduates have a wide range of career paths to choose from. Depending on your career interests, you might work as a marketing manager helping your company create highly effective marketing efforts. If you’re more interested in finance, you can work as a financial analyst or personal financial advisor. Other careers that are available include management analyst, supply chain analyst, management consultant, business intelligence analyst, and operations analyst.
Increased Job Opportunities
Having an MBA in business analytics can open up more career opportunities for you. A general MBA helps you find business opportunities in management across industries and departments, but a business analytics MBA concentration means you’ll be prepared to work in roles that involve analyzing data. A general MBA won’t teach you the skills needed to handle this kind of work. With the demand for business analysts on the rise, an MBA in business analytics is a valuable degree to have. Whether you work as part of a company or offer your services to different businesses as a consultant, you should find plenty of opportunities available.
Develop In-Demand Skills
An MBA in business analytics helps you learn important skills needed to succeed in a business environment while handling data. Some of the skills you’ll be developing in this kind of program include analytical and critical thinking skills, which are important for helping you make informed decisions based on data. You’ll also develop math and problem-solving skills that are needed for understanding data and finding solutions to issues or problems. An MBA in business analytics program also teaches you communication and interpersonal skills which are needed for explaining the results of data analyses to others.
Salary and Job Outlook for Business Analytics MBA Graduates
What do MBA graduates with a business analytics concentration make, and are there a lot of jobs available? According to the Bureau of Labor Statistics (BLS), business analysts or management analysts had a median pay of $93,000 per year as of May 2021. This can range from $50,190 at the lower end to more than $163,760 at the higher end. Keep in mind that the salary for business analysts can vary considerably, depending on the kind of industry you work in and other factors, such as how much experience you have.
As far as job outlook, BLS shows that business analysts or management analysts have a growth rate of 14 percent through 2030. This job outlook is higher than the average for all careers.
What Is the Difference Between an MBA in Business Analytics or a Master’s in Business Analytics?
An MBA in Business Analytics is a business degree with a focus on using data analytics and other technical skills to make business decisions. Business is at the center of this degree program rather than data.
A Master of Science in Business Analytics is a scientific degree with a focus on data as it applies to running a business. This type of degree program gives students a more in-depth understanding of the technical side of business analytics, such as algorithms and programming.
What Is the Difference Between an MBA in Finance or MBA in Business Analytics?
An MBA in Finance is a degree with a concentration in financial areas of business. This kind of degree prepares you for a career in the finance industry, such as a financial analyst, financial manager, accounting manager, or chief financial officer. Courses that are part of an MBA in Finance often include financial accounting, investments, international financial management, and financial institutions and markets.
An MBA in Business Analytics prepares you for a career in a wide range of industries, including healthcare and marketing, rather than only the financial industry. During an MBA in Business Analytics program, you might take courses in accounting and finance, but you’ll also take classes in operations, ethics, economics, leadership, marketing, management, and more.
If a business analytics career sounds like the right fit for you, finding a quality MBA program is the next step. With an MBA concentration in Business Analytics, you can build a satisfying career that combines your business and technical skills. Please contact the Gary W. Rollins College of Business at The University of Tennessee at Chattanooga to learn more about our MBA program which offers multiple concentration options. We offer a 100% Online MBA program and a Flexible MBA program that includes both online and in-person classes. Our MBA program with a Business Analytics concentration can help you gain the skills needed for a business analytics career.