As companies continue to expand their data operations to capture value from the massive amounts of data produced from business operations and the world at large each year, they’re not only looking to staff teams of highly skilled professionals able to transform raw data into business insights, but also to hire talented managers to get the best out of these teams as they translate the needs of the executive suite into actionable results.
For those looking to break into a career in business analytics or move up the career ladder into one of these management roles, a master’s in business analytics is an attractive opportunity — but is it worth it? Do the benefits of an MS in business analytics justify the costs?
In this article, we’ll dive into what you can expect from a master’s in business analytics program, the reasons to pursue one, and, finally, the kinds of job opportunities this degree can open up and the salary ranges associated with these opportunities.
What’s a master’s in business analytics?
A master’s in business analytics is typically a one- to two-year program focused on equipping students with the hard skills and practical experience needed to succeed in any number of data-focused professions like data analyst, business analyst, business intelligence analyst, or data scientist.
Master’s in business analytics curriculum
The core components of the curriculum for a master’s in business analytics program overlap substantially with an equivalent program in data analytics. Students can expect to cover topics in the following areas:
Computer science: database querying with SQL, coding with programming languages like Python or R.
Statistics: core methods of data analytics, including regression, decision trees, optimization, and potentially machine learning techniques such as supervised learning, unsupervised learning, and/or reinforcement learning.
Data management: data mining for big data; data collection, processing, and storage.
Data visualization: dashboards and other forms of data visualization using software like Tableau or matplotlib.
Students can also expect to apply these core skills in business-centered coursework, with potential courses including “Financial Accounting,” “Decision Strategies,” “Optimization and its Business Applications,” “Advanced Regression,” etc.
Finally, master’s in business analytics programs provide students with opportunities to gain real-world experience through one or several of the following opportunities:
Internships, practica, or immersion programs
Business- or industry-specific concentrations
Capstone projects
Student interest groups
Case competitions
Master’s in business analytics modality
Though master’s programs have traditionally required students to attend in person, online and hybrid options are increasingly being offered. In fact, across all master’s programs in the US, the share of students attending in either a remote or hybrid capacity has grown from just 13% in 2000 to 52% in 2016. The possibilities for online learning uncovered during the COVID-19 pandemic has undoubtedly only increased this shift.
The opportunity to pursue a master’s in business analytics online doesn’t merely make studying at a world-class university accessible to aspiring analysts around the globe, it also offers significant potential cost savings: the flexibility of online learning allows many to continue working or study without relocating, avoiding lost income potential and relocation costs.
Master’s in business analytics cost
According to educationdata.org, the average total cost of a master’s of science degree in the US is $61,200, though the cost of an individual program can vary widely depending on whether it is offered by a private or a public university and, if the latter, whether an attendee can take advantage of in-state tuition discounts.