A Guide to the Specialized Master’s in Business Analytics
Welcome to MetroMBA’s Master’s in Business Analytics Guide. As the world’s best business schools continue to evolve, traditional MBA programs are being replaced or supplemented with specialized master’s degrees. For many schools, that means including a Master’s in Business Analytics program to provide graduate training specific to careers in financial analysis, statistics, and marketing.
Scroll down to find some of the world’s best Master’s in Business Analytics degrees offered by the world’s leading business schools: a list that continues to grow year by year. But first, what is a Master’s in Business Analytics, what does it take to graduate, and what career opportunities are available after graduation?
What is a Master’s in Business Analytics?
With the rise of big data, businesses are gathering more and more information. Analytics provide a way to understand and effectively put that data to use. Analysts use machine learning algorithms to process data to make conclusions. One of the best-known uses of analytics is Moneyball, the sabermetrics-based system used by many baseball teams since it was first introduced by the Oakland Athletics in 2002.
As analytics find its way into more fields, business analysts can be found across the business landscape, from sports to manufacturing to healthcare to consulting.
The goal of business analysts is to optimize efficiency for the organization, whether it is streamlining the production line or creating a new social media strategy, analytics is making sense of the great amount of data gathered daily in the business world.
In all business analytics programs, students will take courses on the following topics:
- Computer programming
- Mathematics (e.g., geometry, calculus, statistics)
- Machine learning
- Analytical techniques
As business analytics graduates inch closer to the professional world, the business- and finance-related courses that come packaged with their programs will help prepare them for their future careers.
The length of the program depends on how one decides to get a Master’s in Business Analytics. The best way for those interested may be through business analytics. The majority of business schools offer business analytics programs that can be completed in 10 to 12 months. In addition, many of these programs are STEM-designated, providing international students with an extra 24 months of optional practical training, providing a total of 36 months.
These programs teach the skills discussed previously and are tailored to prepare students for future careers as business leaders. For example, Duke University’s Fuqua School of Business offers four separate professional tracks—finance, marketing, strategy, and forensics.
There are other programs that offer MBAs with concentrations in business analytics. For example, The Wharton School at the University of Pennsylvania allows students to major in business analytics. Since analytics is only a component of the general program, Wharton students interested in business analytics must complete the two-year MBA program.
Students can complete the program either in person through full-time, part-time, online, or hybrid tracks. The options vary from institution to institution so you will need to decide what is best for you and your career plans.
As one might expect, it depends on where you complete your program. If you attend a public university, expect to spend more than $60,000 in tuition and fees for the program. This total could be less if you are a resident of the state. If attending a private school, expect to spend around $75,000 in tuition and fees. Neither of these amounts include living expenses such as housing, health care, and transportation.
There are many opportunities available in the business sphere for analysts. Most positions have the following names: business analyst, budget analyst, financial analyst, corporate strategy analyst, actuary, social media data analyst, business intelligence analyst, and machine learning analyst. According to the Bureau of Labor Statistics, the median salary for a financial analyst with a master’s degree is $85,660. Experience can increase this amount.