Getting a Master of Business Administration (MBA) degree is like taking the fast lane to a better career. Your job opportunities and average starting salary will immediately increase substantially.
Every MBA is not created equal, though, and there is a range of specializations that may be worth pursuing. One increasingly popular and intriguing option is the Master of Science in Business Analytics (MSBA). Data and business intelligence now make the world go ‘round. This is why so many people are eager to advance their prospects and throw their hats in the ring.
So is it the right move for you? Here, we answer some of the most pressing questions for anyone wondering if an MSBA is the right fit for them.
What Is an MSBA?
A Master of Science in Business Analytics is a professional graduate degree under the umbrella of Science, Technology, Engineering and Math (STEM) that focuses on the practical business use and applications of everything from data science and business intelligence to statistics and computer science. It is an increasingly in-demand discipline that most companies today need across their entire organization.
Where Is an MSBA Offered?
While the nature of the MSBA means that is hasn’t been around as long as some other specialized MBA programs, major universities introduced programs years ago. By 2016, roughly one-third of the top 100 business schools were offering business analytics master’s degrees.
How Do You Pursue an MSBA?
Naturally, the leading universities in the United States can be difficult to enroll in no matter the program. They also tend to have very high tuition costs, as you can expect. Public schools, on the other hand, are usually more affordable. There are also now many credible and well-respected online programs that have allowed more students to complete their studies to earn this highly sought after degree no matter where they are physically located.
What Careers and Salary Can You Earn With an MSBA?
There are many MSBA careers available in the field. Even in 2018, more than half of all organizations reported a desire to hire MSBA grads, according to the Graduate Management Admission Council. Professional services firms, like Ernst & Young and Accenture, are major employers for grads. As for income, Payscale.com lists the following jobs and average salaries for 2021:
- Data analyst: $70,000
- Data scientist: $84,000
- Analytics manager: $88,000
- Senior business analyst: $88,000
- Data engineer: $92,000
Another benefit of an MSBA degree is that you aren’t locked into a single industry, like banking or finance. Companies and organizations in all areas including the public sector are in need of business analytics pros, so there will be opportunities almost everywhere you look.
Is an MSBA Right for You?
As big as business analytics are now, this is only the beginning. Companies are only now moving toward maturity on how they handle information and many are just getting started.
There are already many MSBA careers available, and this number will only grow in the years to come as automation, machine learning and artificial intelligence continue to develop. Among the major business fields, this is now squarely among the most interesting — and many schools offer programs, including online MSBAs.
Equipped with all this info, you should have a better idea if this is the right path for you.