Getting a Master’s in Business Analytics: Is It Worth It?
The Benefits of Earning a Master's in Business Analytics
When it comes to choosing to attend graduate school, prospective students often look for the answer to one question above all others: Is this degree worth it?
Often, prospective graduate students are searching out the certifications to substantiate their skills in certain areas, for the education to enable them to switch to a new career field, or for the career advancement opportunities that a master's degree can help them unlock.
For fields like data science and business analytics, the evidence is clear: Earning your master's can help you reach new heights in your career moving forward. Below, you will find the key reasons why students should consider pursuing their Master's in Business Analytics degree today.
Continued Job Growth
When it comes to attending grad school, students often opt to pursue a master's degree with greater career plans in mind—and that holds particularly true for students seeking their Master's in Business Analytics, a field with massive growth and opportunity potential.
But don't take just our word for it. The statistics on careers in data science and business analytics speak for themselves:
- Data is increasingly becoming the backbone for all business decisions1
- By 2020, it's estimated that over 2,700,000 professional data-related roles will go unfilled, according to IBM2
- 48 percent of leaders surveyed globally said it's particularly challenging to find and retain employees who understand computer analytics3
- Colleges and universities graduate only about 28,000 computer science students with bachelor's and master's degrees per year3
By earning your Master's in Business Analytics, you can put yourself in the position to fill these open roles, becoming one of the few with the prowess businesses need to succeed in the 21st century.
The Workplace Value of Our MSBA
Across numerous industries today, more and more CEOs are transforming their companies into data-driven organizations that use analytical insights derived from data to inform decisions at every level of their organizations.
In fact, 85 percent of CEOs place a high value on data analytics, with 80 percent considering it to be a vital strategic technology.4 If you want a career that allows you to provide insights that can directly affect the bottom line, data science might be the right choice for you.
Earning your master's degree will help prepare you to advise the C-suite on ways to improve overall business functions and the bottom line. But to be able to do that, you need to make sure you receive the right education and acquire the right skills, which leads us to our next value point.
Translating Data Requires the Right Context
Indeed, this evolution in conducting business calls for a new breed of employee—one who can not only organize and understand the mass quantities of unstructured data but also interpret the meaning of this information in a business context, translating their findings to redirect the bottom line.
According to The Burtch Works Study, the number one complaint from companies regarding data scientists is that they lack business skills and an understanding of business.5
For this reason, an understanding of data science is not enough on its own. Companies are looking for employees with a thorough comprehension of business and its functional areas as well, so they are able to translate their understanding of data into better high-stakes business decisions, thus transforming otherwise useless data into actionable insights.
By combining data science and business fundamentals, a Master’s in Business Analytics prepares you to provide the answers the C-suite needs.
Your Competition Has a Master's
In the United States, 92 percent of data scientists have an advanced degree,5 and so a master's degree is virtually required for a successful career in data science; from employers' perspectives, an advanced degree is the price of admission to this field.
With a Master's in Business Analytics, you can set yourself up to outshine and outperform your competition.
Ready to Speak the Language of Data?
If you're ready to earn your master's, check out William & Mary's new Online Master of Science in Business Analytics program, so you can learn to redefine the bottom line for your organization today.
1. Retrieved on December 22, 2017, from blog.linkedin.com/2016/10/20/top-skills-2016-week-of-learning-linkedin
2. Retrieved on December 22, 2017, from forbes.com/sites/louiscolumbus/2017/05/13/ibm-predicts-demand-for-data-scientists-will-soar-28-by-2020/#5b37ddc87e3b
3. Retrieved on December 22, 2017, from wired.com/story/impatient-with-colleges-employers-design-their-own-courses/
4. Retrieved on December 22, 2017, from pwc.com/us/en/faculty-resource/assets/pwc-data-driven-paper-feb2015.pdf
5. Retrieved on December 22, 2017, from burtchworks.com/files/2016/04/Burtch-Works-Study_DS-2016-final.pdf