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What is MBA in Business Analytics? Is it a lucrative career option in 2021?

MBA Business Analytics or Master of Business Administration Business Analytics is generally a 2-year program. It is a traditionally Master of Business Administration (MBA) degree with a concentration 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.

An MBA in Business Analytics will train you in both technical and management skills. At some of the Top MBA colleges for business analytics, students learn topics like – Data Mining, Decision Models, Visualization, data acquisition and preparation, and Customer analytics.

After completing your MBA Business Analytics degree, you can apply to jobs like business analyst, data analyst, data engineer, predictive modeler, etc.

MBA in Business Analytics

This article talks about why you should pursue an MBA in business analytics, its career options, and salary outcome. We also rank the top MBA Colleges in Business analytics and highlight their unique offerings. 

Here’s the outline of the article:

Want to pursue an MBA in Business Analytics?  A 740+ GMAT score will help you to stand out and make your MBA application more competitive as compared to other applicants. We can help you by giving access to quality online content to prepare.  Signup for our Free Trial and get free access to GMAT resources.

MBA in Business Analytics 2021

According to the E.Y. 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 concentration in Business Analytics or Big data.

Learn about Which MBA Specialization is best for you?

Full-Form

Master of Business Administration Business Analytics

Duration

2 years

Entrance Exam

GMAT, GRE, CAT, XAT, etc

MBA Business Analytics Subjects

Decision Analysis, Predictive Modeling, Project management, marketing analytics, data science, business intelligence, and many more

MBA Business Analytics Jobs

Data Analyst, Data Scientist, Business Intelligence analyst, big data analytics, market research analyst, and many more

MBA Business Analytics Salary

$115,802

Top MBA Colleges for Business Analytics

NYU Stern, Mendoza College of Business, Wharton School of business, NUS business school, and Tepper school of business.

Pursuing your MBA at top MBA colleges can help students analyze and sort big data a make efficient decisions.

Business analytics is an umbrella term that encompasses two district fields of practices:

  1. Business Intelligence
  2. Advanced analytics

Business Intelligence

Business Intelligence (B.I.) is typically descriptive, focusing on the tools and strategies utilized to identify, acquire, and categorize raw data on past or current events. It is a process of reviewing historical data to understand how a product line or department within a business has performed over a specific time. Some of the practices under Business Intelligence include querying, reporting, online analytical processing (OLAP).

Advanced analytics

It is a more recent development and involves in-depth statistical analysis, such as performing predictive analytics by applying statistical algorithms to historical data. It helps to predict how new services or product will affect sales. Some of the practices under Advanced analytics include cluster analysis, data mining, simulation algorithms.

Why MBA in Business Analytics?

Why mba in business analytics

An MBA tends to remain a lucrative career option even during the COVID-19 pandemic. Although there have been questions raised about the value of an MBA, the hiring projection of an MBA graduate is likely to rebound in 2021.

The students in MBA 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.

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 E.Y. 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.

Hiring Projection for MBA Graduates in Business Analytics 

In the Corporate Recruiters Survey 2019 by GMAC, 40% of the responding companies plan to hire graduates for data analytics/intelligence job functions in 2019.

The hiring projections for MBA Business Analytics is highest in the Asia Pacific region (50%), followed by the United States (40%), and Europe (36%).

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 core curriculum.

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.

Want to pursue an MBA in Business Analytics?  A 740+ GMAT score will help you to stand out and make your MBA application more competitive as compared to other applicants. We can help you by giving access to quality online content to prepare.  Signup for our Free Trial and get free access to GMAT resources.

Career Options

The careers in business analytics can range from analyst-level positions 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 after MBA 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 a 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:

    1. Communication skills
    2. Technical Skills
    3. Managerial Skills
    4. Decision-making Skills
    5. Analytical Skills
    6. Critical thinking Skills
    7. Negotiation Skills

MBA Business Analytics Salary and Employment Statistics

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 similar data where the 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:

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.

Top 10 MBA Colleges for Business Analytics

best mba business analytics colleges

Here is the list of top MBA colleges for Business Analytics 2021:

  1. NYU Stern School of Business
  2. Mendoza College of Business
  3. Wharton School of Business
  4. HEC Paris
  5. Fox School of Business and Management
  6. Tepper School of Business
  7.  Scheller College of Business
  8. Goizueta Business School
  9. NUS Business School
  10. Imperial College Business School

NYU Stern School of Business

GMAT Score: 732 

Location: New York, USA 

Tuition Fees: $76,780

MBA Salary: $140,000

Percentage of students placed in Business Analytics function: 0.90%  

Mendoza College of Business

GMAT Score: 671

Location: Notre Dame, Indiana

Tuition Fees: $58,030

MBA Salary: $144,000

Wharton School of Business

GMAT Score: 722

Location: Philadelphia, Pennsylvania 

Tuition Fees: $80,432

MBA Salary: $130,000

Percentage of students placed in Business Analytics function: 1.60%

HEC Paris

GMAT Score: 690

Location: Paris 

Tuition Fees: $84,750

MBA Salary: $116,504

Fox School of Business and Management

GMAT Score: 642

Location: Philadelphia, Pennsylvania 

Tuition Fees: $64,740

MBA Salary: $49,472

Percentage of students placed in Business Analytics function: 5.30%

Tepper School of Business

GMAT Score: 690

Location: Pittsburgh 

Tuition Fees: $70,000

MBA Salary: $115,000

Percentage of students placed in Business Analytics function: 4.10%

Scheller College of Business

GMAT Score: 681

Location: Atlanta 

Tuition Fees: $81,504

MBA Salary: $117,492

Goizueta Business School

GMAT Score: 690

Location: Georgia 

Tuition Fees: $134,200

MBA Salary: $127,248

Percentage of students placed in Business Analytics function: 3%

NUS Business School

GMAT Score: 669

Location: Singapore 

Tuition Fees: $47,450

MBA Salary: $63,000

Imperial College Business School

GMAT Score: 600+

Location: London 

Tuition Fees: $69,000

MBA Salary: $100,177

All the above-mentioned Business Schools require a good GMAT score. A 740+ GMAT score will help you to stand out and make your MBA application more competitive as compared to other applicants. We can help you by giving access to quality online content to prepare.  Signup for our Free Trial and get free access to GMAT resources.

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FAQs – MBA in Business Analytics

What jobs can I get with an MBA in Business Analytics?

Here are some of the career options available after MBA in Business Analytics:
1. Data Analyst/Scientist
2. Program and Marketing Manager
3. Market research Analyst
4. Management Analyst/Consultant
4. Big Data Analytics

Is an MBA in Business Analytics worth it?

Yes. 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 are familiar with concepts of data science and understand analytical tools.

Is an MBA worth it?

Yes. Getting an MVA can open the door to new and exciting opportunities. It can help you built your network, which matters a lot when it comes to the corporate world. But, an MBA is not a magic pill. There are certain factors you need to keep in mind while you calculate ROI on your investment. Here is an article that tries to answer this question by doing a cost-benefit analysis.

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9 thoughts on “What is MBA in Business Analytics? Is it a lucrative career option in 2021?”

  1. Great Article. Thanks for sharing this informative post. It guides me to choosing the best college for my career in MBA Business Analytics. Keep Posting.

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