Why Pursue a Career in Predictive Analytics?
A career in predictive analytics has the potential to be long and rewarding, and there is currently great demand and a lack of supply for individuals with the required skills. There is great focus and attention towards the world of big data at the moment and predictive analytics in many ways is closely linked.
However, the focus in this particular field is on using past and present data to predict future outcomes and to create strategies and solutions that are going to prove beneficial in both the short and the long term. A career in this field may be as an in-house expert or as an independent consultant and both types of job have the potential to be very rewarding and prosperous.
What is a Master’s in Predictive Analytics like?
It is possible to find both full time and part time programs for the master’s in predictive analysis. Also due to the fact that the majority of people taking on a master’s are working professionals, many institutes provide their classes in a fully or partially online format. One such example is that of the Master of Science in Predictive Analytics offered by the School of Continuing Studies at Northwestern University. This particular school is accredited and was ranked 12th in a list of the nations best Universities according to U.S. News and World Reports. There are plenty of options when it comes to searching for institutes offering a Master Degree in Predictive Analytics but one of the most important criteria is that it be accredited.
What is the Typical Curriculum of a Master’s in Predictive Analytics?
A combination of compulsory core subjects along with chosen electives is typical practise for all master’s in predictive analytics. Areas of focus that you can expect to come across include predictive modeling, data-mining, marketing analytics, web analytics and risk analytics.
What Pre-requisites Do I Need to Attend a Master’s in Predictive Analytics?
The entry guidelines vary from school to school but the typical prerequisite to attend a master’s in predictive analytics is at the very least a Bachelors degree from an accredited College or University. Some applicants will need to show proof of coursework in statistics, computing or similar subjects and the majority of schools also expect the submission of GRE test scores. In order to gain a more accurate idea of the prerequisites you will need to research into the most suitable accredited schools that match your requirements and future objectives.
Who Should Consider a Master’s in Predictive Analytics?
As with any form of work or education in analytics, a predictive analytics masters is going to have a heavy focus on statistics and mathematics. Technology is another huge part of the course and applicants should be IT savvy with some experience in databases and computing.
What Are The Career Opportunities in Predictive Analytics?
According to informationweek.com the next big push in terms of job openings for IT professionals is going to focus on that of statisticians and predictive analysts. This is a growing trend due to the fact that decision makers want to gain insight into what is going to happen next rather than what has already occurred. Anyone with experience and provable skills in this area is more likely to quickly make their way up to a managerial or decision-making position.
What Salary Ranges Can I Expect with a Master’s?
The salary gap between staff and managers was $29,000 in 2012 according to informationweek.com, and for most managerial positions a masters in predictive analytics is required.