The great value of big data in our information-based global economy is clear. So is the demand for business professionals who are able to analyze big data and gain critical insights to make important business decisions.
An MBA in big data or business analytics is useful to develop you into a skilled leader with a deep, wide perspective on business data. An MBA in business data will teach you how to analyze data patterns and put them into context. This will allow you to draw a direct line from information to end results.
In that process you will be able to look at technology that is used to bridge the gap between big data and analysis. You will then low how to correlate the most important information with critical business challenges.
Big Data and Analytics MBA Curriculum
A big data or business analytics MBA teaches you how to use data and models to make intelligent business decisions. Students commonly learn how to model these relationships, such as how certain marketing campaigns affect sales, how historical company data can predict investment returns, etc.
Some of the common classes that you can expect in this type of MBA program are:
- Data Mining for Business Analytics
- Data Visualization
- Decision Models
- Forecasting Time Series Data
- Introduction to Stochastic Processes
- Risk Management Systems
- Trading Strategies and Systems
- Regression and Multivariate Data Analysis
- Research for Customer I
Why Earn an MBA in Big Data and Analytics?
All MBA professionals on average earn 20% more than those with a bachelor’s degree, and 80% more than those who have no degree. But what about MBAs in big data and business analytics?
Specifically, the job market for MBAs with big data and business analytics skills is growing just as quickly as big data itself is. The McKinsey Global Institute report called Big Data: The Next Frontier for Innovation, Competition and Productivity reported in 2015 that the US will see a shortage of at least 1.5 million analysts and managers who can process big data and make business decisions on the results.
MBANoGMAT Fact: Big data is just getting bigger. A new International Data Corporation (IDC) report found that the big data and business analytics market will grow to $203 billion by 2020 – double the market of $112 billion in 2015.
The banking industry is believed to be leading the data drive, and the IT and business service sectors also will be investing billions into the latest business analytics technologies.
The need for these big data skills are in such demand that the Graduate Management Admission Council (GMAC) added an all-new integrated reason section to the GMAT examination. This new section was added after several years of research found that big data skills are critical for the success of many corporations today. Professionals with these data skills will have many jobs with good salaries to choose from.
Some of the job fields in the US needing MBAs will big data skills are:
Market Research Analysts
One of the most common, high demand jobs that you can attain with a big data MBA is market research analyst. A market research analyst studies market conditions to examine possible product or service sales. They assist companies to grasp the types of products that people want, who will buy them, and at which price.
Big data MBAs will have the skills that are so important for market research analysts, so that they can do these duties:
- Forecast and monitor sales and marketing trends
- Measure how effective marketing programs and strategies are
- Evaluate and come up with new methods to collect big data, such as opinion polls, surveys and questionnaires
- Collect data from the market, consumers and competitors
- Analyze large amounts of data with statistical software
- Transform complex data and findings into easy to understand graphs and tables
- Prepare detailed reports to present to management and clients
Market research analysts are very important today to help a company to determine where it is in the marketplace and how to compete better. Researching competitors, pricing, sales and marketing is vital to improving future business prospects. Being able to work with large amounts of data and interpret it is critical to success in this field.
The Bureau of Labor Statistics concurs that the demand for big data skills is high. BLS states that employment in this profession will soar by 19% by 2024, which is a lot faster than average. Employment seems to be driven by a greatly increasing use of market research and data across all types of industries.
To compete in a hyper competitive marketplace, companies need to understand the wants and needs of customers and measure how effective current marketing and business strategies are.
The median pay in this field is $62,150, but people with MBAs are higher paid, with a salary as high as $120,100 per year.
Operations Research Analysts
Another major job growth area for MBAs with big data and analytics skills is operations research analyst. These data crunchers utilize advanced mathematics, statistics and analysis to help companies make better decisions and solve complex business problems. Some of the most critical duties include:
- Identify and solve business problems in logistics, healthcare, accounting and finance
- Collect and organize data from several sources, including computer databases, customer surveys and sales archives
- Collect worker input about a particular business problem so that the problem can be solved
- Use statistics, predictive modeling and simulations to analyze data and develop business problem solutions
- Talk to managers and other stakeholders about how various courses of action can solve a business problem
It is very important for operations research analysts to use complex computer software well, including cutting edge statistical software, modeling packages and databases to solve business challenges. Analysts use these tools to simulate events and to determine the best possible courses of action. Analysts break down business challenges into several parts to analyze the effect that various challenges have on each part.
Big data MBA graduates should look for operations research analyst roles, because the demand in this field will soar 30% by 2024. Experts believe that technological advances will allow companies to seek greater cost savings and efficiency. Also, more demand should be seen for operations analysts in analytics so that business planning and decision making can be improved.
The median salary in this occupation was $78,000 in 2015, thus this is an excellent and growing opportunity for big data and analytics MBAs.
Online Big Data and Analytics MBA
You can develop your business data analysis skills with an MBA in Analytics and Information Management from Rutgers University. This two year, online MBA program will arm you with the business analytics skills that you need to succeed in a career in management of information systems and data.
This is a highly rated program that offers classes in internet security, database systems, effective data mining, enterprise resource planning, accounting and software engineering.
You will learn to understand how statistical analysis and data analysis can be effectively applied to managerial problems, with an emphasis on conceptual understanding.
You will also learn the potential and limits of statistics, and will gain an expert level of knowledge on Excel. Students also will work with comprehensive statistical analysis and data systems, including R and SAS.
Required classes include:
- Analytics for Business Intelligence
- Business Analytics Programming
- Business Data Management
- Data Analysis & Visualization
- Information Security
- Information Technology in the Digital Era
- Interpretation of Data
- Campus: Brunswick NJ
- Type: Non-Profit
- Accreditation: Commission on Higher Education of the Middle States Association of Colleges and Schools
- Tuition: $985 per credit hour
- GRE/GMAT Required: No
- Minimum Time Commitment: 24 months
- On Campus Requirements: Yes
- Programs Offered: MBA in Analytics and Information Management
By earning an MBA in big data and analytics, you will develop the critical data analysis skills to be hired into business analysis positions in large companies that offer tremendous job demand and salary potential.