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What Can You Do With a Business Analytics Degree?

28 Jan
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Data analysis drives almost all strategic decisions for modern businesses. Business analysts examine raw data, process it and use it to identify trends and draw conclusions. There is a tremendous variety of positions available for business analysts in almost all industries.

Although you can work as a business analyst with a bachelor’s degree, you’ll have access to many more opportunities if you pursue a master’s degree. People with a master’s degree can move up to managerial or other upper-level roles that may be out of reach to those with only a bachelor’s degree.1

So what can you do with a business analytics degree, exactly? This article will go into detail about potential career paths for those who hold master’s degrees in business analytics and discuss typical salaries for different positions.

Top Career Opportunities in Business Analytics

Business analytics degree jobs span a wide array of positions and industries due to their broad applications. There are both established and emerging roles in many industries.

What can you do with a master’s in business analytics? The following are roles that master’s graduates are likely to have access to.

Common Job Roles

Business analysts use their skills in established roles such as financial analyst, where they make recommendations about how to increase revenue. Business intelligence analysts study data to optimize the products, services and systems of an organization. Data scientists use their mathematical skills to build models that can help businesses solve complex problems.2

Emerging Roles

The field of business analytics is changing rapidly due to advancements in technology, particularly artificial intelligence. Advancements in AI technologies such as natural language processing, deep learning and unsupervised learning can be incredibly complex and difficult to implement in daily business operations. An analytics translator serves as a link between data engineers and business stakeholders to help effectively implement advanced technology and drive innovative solutions.3

Another emerging role in business analytics is that of a machine learning specialist. These professionals design and train programs to learn from data, including performing tasks such as recognizing patterns and making predictions.4

Industry Demand

While companies in almost any industry may benefit from improved performance and optimized operations by hiring a business analyst, aspiring analysts may find more opportunities in certain specific industries over others. According to the International Institute of Business Analysis, 24% of business analysts work in the banking, finance and insurance industries. The information technology industry employs 20% of business analysts, while 8% work in government, and 6% work in the healthcare and pharmaceutical industries.5

Expected Salaries for Business Analytics Professionals

According to the Bureau of Labor Statistics (BLS), the average starting salary for management analysts, which includes business analysts, is $99,410 annually. This can vary depending on factors such as your location and position.6

According to Indeed, the average salary for a business analyst, which includes those with bachelor’s degrees, is $85,098 annually. Business analysts in Miami have a higher annual salary at $99,536, while those who work in Charlotte earn considerably less at $67,555.7

Top Locations for Business Analytics Jobs in the U.S.

Business analysts are in demand all across the U.S. However, the states with the most openings for business analysts include California, Virginia, Florida, New York and Illinois. Although some cities in these areas pay more, they often have a higher cost of living as well. When you’re considering where to live and work, you should balance the cost of living with your salary potential, as well as less quantifiable factors such as quality of life.8

Cities that serve as tech hubs such as New York City and Dallas will have a thriving tech scene where you’ll have ample opportunities. These cities also typically include a diverse population, higher salary rates, and strong technology infrastructure.8

Key Skills Employers Look For

To be an effective business analyst, you need a mix of hard and soft skills. Hard skills include data management skills and technical proficiency in programming languages such as Python, R and SQL, as well as data visualization tools. To make sense of the raw data and to understand how it can solve business problems, you’ll need analytical thinking and problem-solving capabilities.9

Understanding the data is only part of the job. You’ll also have to explain your insights to business leaders and other stakeholders, so you’ll need exceptional communication and storytelling skills.9

How to Secure a Job in Business Analytics

After you’ve graduated from your business analytics master’s program, tapping into your professional network can help you find a job. The connections you make in school will help. If you attend a program with a strong alumni network, you can reach out to see if they know of any job opportunities. You can also attend industry networking events, job fairs at your university and other professional gatherings to make connections.10

A compelling resume and cover letter will help you stand out from the crowd when you begin sending applications. Your resume should highlight your education, work experience, and relevant professional skills. Aim to create a resume that shows what you can contribute to an organization. Since many companies use AI screeners, make sure your resume includes relevant keywords. Tailor your cover letter to each position you’re applying for; be specific about your experience and how it relates to the role. Use it as an opportunity to expand on and personalize the information in your resume.10

Challenges in the Business Analytics Job Market

As more professionals recognize the value of data-driven decision-making, business analytics has emerged as a sought-after field. However, obtaining a business analytics degree is just the beginning. The job market presents various challenges that require both strategic planning and adaptability for those who wish to stand out.

One of the primary hurdles is the high level of competition for top roles. With many aspiring analysts vying for positions in prestigious companies, it’s crucial to not only possess technical skills but also to demonstrate unique value through projects and industry connections. Networking and building a portfolio with hands-on experience can give candidates an edge over others in the job market.

Staying updated with rapidly evolving technologies is another daunting challenge. The field of business analytics is dynamic, with new tools and methods constantly emerging. Professionals must commit to lifelong learning to stay relevant.11 Pursuing certifications, attending workshops, and participating in webinars are excellent ways to stay on top of technological advancements.

Many recent graduates face the stumbling block of experience requirements. While fresh degree holders are equipped with theoretical knowledge, many employers seek candidates with professional experience who can hit the ground running. Graduates can overcome this by seeking internships, project-based roles or even freelance work to build a practical and solid understanding of analytics in real-world scenarios.

Future Trends in Business Analytics Careers

The landscape of business analytics is poised for significant transformation as technological and societal factors continue to influence the industry. Staying ahead of these trends can position professionals to take advantage of new opportunities.

A notable trend on the horizon is the rise of artificial intelligence (AI) and automation in analytics. These technologies are set to redefine how data is processed and insights are generated. As AI integrates into analytics practices, there will be a growing demand for professionals who not only understand analytics but can also develop and manage AI tools. Mastering machine learning and AI will become essential skills for the next generation of business analysts.12

With data breaches and privacy concerns making headlines, there is an increasing focus on the ethical use of data and privacy.12 Organizations are actively seeking individuals who can navigate the complexities of data ethics and ensure compliance with privacy regulations. Understanding legislation like the General Data Protection Regulation (GDPR) and other data protection frameworks will be increasingly important.

The demand for interdisciplinary roles that combine analytics with business acumen is on the rise. Employers are looking for candidates who can bridge the gap between technical analysis and strategic business decision-making. This requires honing skills beyond core analytics, such as leadership, communication and industry-specific knowledge, which will expand career opportunities in diverse sectors.

Use Your Skills to Drive Business Innovation

An Online Master of Science in Business Analytics from William & Mary can help you develop the knowledge and skills you need to analyze data and derive insights that can power business strategy. You’ll learn from industry leaders and can graduate in as little as 15 months. This program is 100% online, so you won’t need to relocate to advance your career. In the first five months of your program, you’ll earn a Foundations in Business Analytics certificate, so you may be able to see an almost immediate impact on your career prospects.

Schedule a call with one of our admissions outreach advisors to learn more about getting started in the Online MSBA program.