According to the EY report 2019, there has been a 50% increase in how organizations intend to use analytics to drive broad -level decision making. Similarly, a report by Accenture points out the importance of Analytics in consumer packaged goods (CPG) and how companies should develop an enterprise-wide analytics strategy to harness the power of analytics. Thus, with business analytics gaining importance, many business schools are offering MBA specialization in Business Analytics/Big data. This article provides you with a list of the best analytics MBA programs available.
In this article, we rank the top MBA Business analytics programs and highlight unique offerings by the best analytics MBA programs. Here’s the outline of the article:
Top 10 MBA programs for Business Analytics
Listed below are the top 10 MBA programs for business analytics. While ranking the best analytics MBA programs few factors are taken into consideration such as Employment data, concentration, existing ranking, international balance, and location:
- New York University – NYU Stern School of Business
- University of Notre Dame – Mendoza College of Business
- University of Pennsylvania – Wharton School of Business
- HEC Paris
- Temple University – Fox School of Business and Management
- Carnegie Mellon University – Tepper School of Business
- Georgia Institute of Technology – Scheller College of Business
- Emory University – Goizueta Business School
- National University of Singapore – NUS Business School
- Imperial College Business School
In this article, we cover the first five best analytics MBA programs. Read Part 2 of this article for more information about the next set of five top MBA Business analytics programs.
While most of the business schools provide MBA specialization in Business Analytics /Big data, many of them are teaching the concepts of analytics in their MBA programs’ core curriculum.
For students who want to look deeper, some of the schools offer specialization in Business analytics.
Before highlighting unique offerings by best business schools in analytics, let’s look at the career options and the employment statistics after an MBA in business analytics.
What is MBA in Business Analytics
Business analytics is the process of collecting, combining, sorting, processing, and using statistical models and methodologies to transform data into business insights. It helps in determining which dataset is useful and how it can be leveraged to solve problems and increase productivity, efficiency, and revenue.
Business Analytics is a subset of business intelligence (BI).
Business Intelligence is typically descriptive, focusing on the tools and strategies utilized to identify, acquire, and categorize raw data on past or current events. Whereas, business analytics is more prescriptive, with models developed to clarify past events, create predictions for the future, and recommend actions to maximize outcome.
Pursuing the best analytics MBA programs can help students analyze and sort big data a make efficient decisions. Besides, the application trend report 2019 by GMAC points out a 53% increase in the volume of the total application for the Masters’ of Data analytics program.
Overall, 2 in 3 business school candidates consider a business master’s program type (67%), and the most popular among them is the Master of Finance (24%), Master of data analytics (14%), and Masters in management or Global management (14%).
The students in business analytics learn concepts that are important for the discipline, such as predictive analysis, marketing intelligence, econometrics, data and text mining, data visualization, and more.
Why MBA in Business Analytics
From marketing managers seeking data about customers to financial analysts calculating investment decisions, data has become a fundamental part of the business.
Many employers have started to recognize the importance of data and are looking for professionals who understand analytical tools and are familiar with concepts of data science.
According to the EY report, one of the key drivers to implement big data analytics is to understand customers better, followed by to improve products and services and to improve the management of existing data.
In the Corporate Recruiters Survey 2019 by GMAC, 52% of the responding companies plan to hire graduates for data analytics in 2019, compared with 37% that hired them in 2018.
The hiring projections for Master of Data analytics are rising in Europe and the Asia Pacific, with about 2 in 3 companies in each region planning to make hires among the pool of 2019 graduates. Also, about 48% of US employers plan to make hires in business analytics for 2019 batch graduates.
The same report also points out that the hiring demand for a recent Master of Data Analytics graduate is strongest among employers in Technology (72%), Energy/Utilities (63%), Consulting (61%), and Healthcare (57%).
The below table represents the Industry Wise 2019 Hiring projections vs. 2018 actual hiring for Master of Data Analytics:
|Industry-wise Hiring for Data Analytics||2018||2019|
Data for the above table collected from the Corporate Recruiters Survey 2019 – GMAC.
A McKinsey Global Institute report estimated 4 million positions in the U.S. alone, where employers require analytical skills and pointed out a shortfall of 1.5 million data-savvy managers and analysts.
With an increasing number of employers hiring data-driven candidates and a shortfall of data-savvy managers and analysts, business schools have started offering MBA specialization in Business Analytics and are teaching the concepts of analytics in their MBA program core curriculum.
A Poets & Quants analysis of the top 100 business schools in the year 2016 found out that 36 schools had business analytics master’s degrees, sometimes called customer analytics, marketing analytics, etc. This number has grown to at least 50 schools in 2019 and is increasing rapidly as more and more colleges are offering specialization in analytics.
Thus, an MBA program that specializes in Business Analytics or Big Data is valuable because it allows students to understand how to sort, collect, and understand the implications of data and how to leverage it to meet strategic goals.
Scope of MBA in Business Analytics
The careers in business analytics can range from analyst-level position to business intelligence managers, and the concept applies to various business functions such as marketing, operations, supply chain, and more. Some MBAs find jobs as analysts, while others put their skills to use in financial or consulting organizations.
In McKinsey’s survey, 58% of the respondents at top-performing companies say that their organization had deep functional expertise across data engineering, data science, data architecture, and analytical transformation.
Besides, top-performing organizations have four times as many analytics professionals and one and a half times more functional experts than other companies.
Listed below are career options available in business analytics:
- Management Analyst/Consultant
- Data Analyst/Scientist
- Business Intelligence Analyst
- Program and Marketing Manager
- Big Data Analytics
- Operations Research Analyst
- Market research Analyst
- And many more
After having an idea about what is business analytics and the career options available, you might be wondering about the skills that are required to become a business analyst.
According to the GMAC Corporate Recruiters Survey 2019, more than half of the recruiter’s rate data analysis and interpretation skills essential after problem-solving and working with others’ job skills. Analytical reasoning, Business Analysis, and Data Science are few of the skills that are required by companies in 2019, according to the LinkedIn report.
The list below highlights skills that are required to pursue a career in business analytics:
- Communication skills
- Technical Skills
- Managerial Skills
- Decision-making Skills
- Analytical Skills
- Critical thinking Skills
- Negotiation Skills
Salary and Employment Statistics after MBA in Business analytics
Based on LinkedIn data, a Data scientist job position is ranked number 1 in terms of the most promising jobs of 2019 with a median base salary of $130,000 in the US.
Glassdoor reports a similar data were Data Scientist job profile is ranked number 1, for the best jobs in America 2019. The below table shows the median base salary for various career options in business analytics, according to Glassdoor:
|Career Options||Median Salary||Job openings|
According to Salary.com, the business analytics manager earns a yearly salary between $112,032 and $119,572, which means the average wage to expect after a master’s degree in this field is $115,802, making it one of the most promising careers.
Best Analytics MBA Programs #1 NYU STERN School of Business
With 2.1% of the MBA batch 2019 placed in data analytics function, the NYU STERN school of business ranks number #1 for the best analytics MBA programs. It offers an MBA specialization in business analytics, as well as a dual degree with an MBA and Master of Science in business analytics (MSBA).
Business Analytics Curriculum
There are two core curriculums at NYU Stern – Financial accounting & reporting and Statistic & data analysis. Apart from its core, students at NYU Stern can select up to three specializations, which includes business analytics.
The specialization in business analytics teaches the use of models and data to support decision making in business. Students learn how to model relationships as the impact of advertising on sales, how changes in task characteristics can influence time to completion, and how historical data predict stock returns.
Some of the topics are – Data Mining for business analytics, Decision models, Econometrics, Risk management systems, Research for Customer Insights, and many more.
As business analytics can also be applied to financial functions, NYU Stern offers another specialization called Financial systems and Analytics. It provides knowledge about the processes, systems, and models prevalent in the financial services industry.
The specialization targets students who are seeking careers in information technology where data plays a crucial role in managing risk, such as sales, trading, analysts, operations, etc.
The Fubon Data Analytics and AI Initiative
The initiative by the Fubon center for technology, business, and innovation brings together managers, scholars, and students to conduct and distribute world-class research on data analytics, data science, and artificial intelligence for business.
The Fubon Centre hosts various events and offers networking opportunities to students in the field of analytics and AI.
NYU STERN Business Analytics Club
With 1094 group members, the goal of the club is to provide training and application of various programming languages and data visualization tools. The club offers opportunities for students to work with data analytics in a real word setting and understand its use across industries. Besides, it allows the members of the Stern community to interact with faculty and leading researchers in the field of analytics.
At last, the club sends emails and newsletters to its members regarding news and opportunities in the field of business analytics.
The major recruiting partners at NYU STERN are Google, L’Oréal, IBM, Louise Vuitton, PepsiCo, Microsoft, JPMorgan, Facebook, and many more.
Best Analytics MBA Programs #2 Mendoza College of Business
The Mendoza College of Business ranks number #2 for the best analytics MBA programs. It offers MBA concentration in Business analytics and is for students who want to have a strong background in cutting-edge quantitative methods.
Thus, if you wish to pursue a career as a marketing analyst, the school offers a “marketing analytics” course under “marketing” elective.
The IT, Analytics, and operations elective (ITAO) includes courses such as advanced statistical inference, predictive analytics, ethics of data analytics, spreadsheet decision modeling, data exploration, and visualization, and many more.
Information Technology, Analytics, and Operations
As per the website, the information technology, analytics, and operations department build upon the inherent synergies between data analytics, data governance, and the optimization of operational systems. At the graduate level, the department coordinates the MS in Business Analytics program offered in Chicago and Notre Dame.
The department also oversees the MBA/MS in Business analytics Dual degree provided by the university.
The dual-degree program provides two-year MBA students with the opportunity to graduate with both an MBA and an MS in Business Analytics degree, which is STEM-designated.
Read about What is the stem designated program?
Business Analytics Clubs
Notre Dame MBA Business Analytics Club‘s mission is to provide its members with an analytical mindset necessary to excel in strategic decision making. The club works towards its goals by increasing awareness of business analytics, helping students gain hands-on experience, promoting the ethical use of data, and contributing to the Notre Dame MBA program to improve its position as a top program in business analytics education.
It also hosts various events such as training sessions, networking opportunities, community partnerships, and cash-prize contests.
Apart from the business analytics club, students who are interested in the field of information technology, analytics, and operations can join the ITAO club. It provides academic support, internship opportunities, and networking. Besides, the club aims to start a speaker series on the topic of emerging technology.
At last, students who are interested in Sports analytics can join the Notre Dame Sports Analytics Club (NDSAC). The club promotes awareness of and opportunities in the area of sports analytics. It hosts speakers’ events that feature industry professionals who discuss career opportunities as well as current trends in sports analytics, sport science, and sports performance.
The hiring companies of recent MBA Grads are Amazon, EY, IBM, Intel, Johnson & Johnson, Cisco, Deloitte, and many more.
Best Analytics MBA Programs #3 Wharton School of Business
With 1.4% of its MBA batch 2019 placed in analytics/data science function, Wharton School of Business ranks #3 for the top MBA Business analytics programs. The mean salary was $140,000.
Wharton has recently launched an MBA major in business analytics that offers students an understanding of how to solve real-world problems by leveraging data. The business analytics major gives students state-of-the-art techniques and tools for solving business problems with real-world data.
Students explore topics such as visualization, multi-objective decision making, data mining, machine learning, optimization, data acquisition and preparation, decision analysis, text mining, etc.
Wharton Customer Analytics Initiative (WCAI)
The research center focuses on the development and application of customer analytics methods. Through their innovative research opportunity program and R&D “crowdsourcing” approach, WCAI enables academic researchers to help companies understand how to utilize the individual data they collect about customers through the application and development of new predictive models.
They host analytics accelerator challenges annually, where companies submit pressing marketing analytics problems. From those applications, up to three winners are selected, and a team of students led by a faculty member is assigned to the company.
After this, students present implementable solutions to the companies, and then all the applications get an invite to the analytics accelerator summit.
Various students resources offered by WCAI are:
- Analytics mentorship program: it provides an opportunity for industry leaders to mentor and engage with students interested in analytics careers.
- Student Conference Co-Chairs: three Wharton MBAs are chosen to attend the annual conference as Wharton Student Conference Co-chairs.
- Free Technical workshop and online training
- Coffee chats with the top industry leaders, where students can engage in discussions about how customer analytics is driving business innovation and insights.
- Student Alumni networking opportunities
- Analytics Treaks where students visit corporate offices
- They sponsor DATATHONS, an intensive data competition
- WCAI partners with student clubs to enable analytics-cantered treks, networking events, conference panels, and more.
Wharton People Analytics
Wharton People Analytics (WPA) uses data to advance how organizations make decisions about people, and help leaders operate based on evidence rather than intuition. WPA has partnered with companies to offer internship opportunities to second-year MBA students and work under the guidance of the Wharton people analytics team.
Each year they select students for the conference team that looks after the sponsors, strategic planning and implementation of marketing and communication, competition planning, promotion and management, and program development.
The Penn Data Science group, founded in 2016, focuses on small projects with organizations, education on advanced analytics topics, and career-building. The club also hosts various events and competitions.
Similarly, the Wharton Analytics club’s mission is to advance careers, education, and community of Wharton MBAs interested in data and analytics across functions and industries.
The Wharton Analytics club conducts various workshops on SQL, Tableau, and other data and analytics tools. It hosts social events and invites speakers and industry leaders from companies like Facebook, Uber, and Google, who are discovering insights and creating innovations using data.
Few of the recruiting partners of Wharton MBA class of 2019 were Amazon, CITI, DAVITA, Deloitte Consulting, IBM, Procter & Gamble, Uber, and many more.
Best Analytics MBA Programs #4 HEC Paris
HEC Paris is one of the few European business schools that has added an analytics curriculum for its MBA program. In 2013, HEC Paris partnered with IBM to add business analytics courses to its MBA specialization in strategy. The specialization emphasizes the fundamentals of strategy formulation, with a focus on market uncertainty, big data, business analytics, geopolitical change, hyper-competition, and technology development.
HEC Paris Business Analytics Club
The HEC Paris Business analytics club raises awareness of the data analytics role in modern business through its blog posts. It connects students to data science practitioners and gives examples of data analytics across industries at a level appropriate for anyone with interest in the field.
The special issue of Knowlede@HEC highlights various research projects and teaching initiatives at HEC Paris in terms of business analytics and big data.
Additionally, the school also offers summer programs for statistics and business analytics and provides a degree in MSc in Big Data for business.
Some of the recruiting partners for HEC Paris MBA Class 2018 were eBay, Facebook, IAG, Johnson & Johnson, OYO, Nike, Rent-A-Car, PepsiCo, Philips, and many more.
Learn more about HEC Paris MBA class profile, employment report, notable alumni
Best Analytics MBA Programs #5 Temple University – Fox School of Business
The MBA core curriculum at Fox School of Business touches on many aspects related to big analytics and data. Besides, for students who want to get more insight into the field, the school offers a dedicated concentration in business analytics.
Department of Statistical Science
The department of statistical science offers several degree options for graduates, such as MSc in Business analytics. Students gain work experience and research through numerous internship opportunities.
The faculty at Fox brings together real-world experience to the classroom and engages in various activities, including publishing journals and books, consulting, and conferences.
Fox Global Center for Big Data in Mobile Analytics
The center is an interdisciplinary leader in big data in the mobile analysis. It aims to facilitate research, industry practice, education, and technology transfer in the cross-disciplinary domain of big data.
The center also host an annually big data conference where they engage industry and academic experts to discuss the potential of big data and the controversies related to it.
The major recruiting partners at Fox School of business are Amazon, KPMG, Mercer, Wawa, SEI, Deloitte, Marsh, and many more.
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