MASTERS IN BUSINESS ANALYTICS SALARY
Introduction
What do the majority of graduates aspire these days? Most of them dream about getting placed in the top and reputed multinational company with a high paycheck. But to get to the top of the corporate ladder, one needs to have a few years of managerial experience and an MBA. But is MBA the only way forward, or is there a way through which you can fast-track the process?
Well, the degrees like Masters in Management, Masters in Finance and Masters in Business Analytics are some others Masters level degree which has gained popularity over the past years.
Master’s in business analytics is a newcomer in this scenario. Businesses today are swimming in large chunks of data and this has increased the popularity of big data-related jobs. Nearly all the industries including financial services, retail, FMCG, healthcare, travel, technology, internet leverage analytics to gain a competitive edge over the competitors. Big companies and institutions are looking for talented and ambitious experts who can use this data effectively to make decisions, reveal insights, and make predictions. Thus, Masters in Business Analytics programme puts students on the leading edge of a burgeoning industry hungry for top-notch talent.
Master’s in business analytics primarily involves the study of a mixture of computer science and business management principles. It requires an individual to have data quality sense, a good business understanding and have a data-driven decision capability. The purpose of the MSBA program is to expand students’ knowledge and skills in collecting, organizing, and interpreting data that has an influence over business operations. It focuses on using quantitative and statistical approach to solve the business problem. With the continuous growth of big data, business analytics careers are in demand and universities are expanding business analytics master’s programs.
Jobs and Careers After MS Business Analytics
You may have come to a fair understanding of the importance of business analytics and a business analyst in the current scenario, but you might be wondering about job titles once you complete your MSBA degree. There are various roles and job responsibilities available after Masters in Business Analytics program. So, we have discussed below different career opportunities in which an MS Business Analytics have the potential to land into.
1. Data Scientist– Data scientists mainly focus on maths, statistics, understanding the trends, solving the complicated data models etc. They are responsible for dealing with data mining and analyzing large chunks of data extracted.
- Average salary: $120,931
- Top cities hiring: New York, NY, Chicago, IL, Washington, DC
2.Data Analyst– Business Analyst or the Data analyst need to build up the visual representations of the data and provide appropriate information to decision makers in the organization. A business analyst works on different tools and techniques to understand complex data models.
- Average salary: $65,470
- Top cities hiring: New York, NY, Chicago, IL, San Francisco, CA
3.Pricing and Revenue Analyst– A revenue analyst’s primary job is to analyse a company’s finances. Their insights on financial data will help boost revenue growth.
- Average salary: $58,540
- Top cities hiring: New York, NY, Chicago, IL, San Francisco, CA
4. Operations Research Analyst- An operation research analyst is responsible for helping the organisation in identifying and solving operational problems and making better decisions.
- Average salary: $68,571
- Top cities hiring: New York, NY, Washington, DC, Chicago, IL
5. Business Intelligence Analyst- Companies hire or consult with Business Intelligence Analysts, also referred to as BI Analysts, to help maximize the benefits of their data collection. Business executives depend on these services to make data-driven decisions for the company.
- Average salary: $79,613
- Top cities hiring: New York, NY, Washington, DC, Chicago, IL
6. Market Research Analyst – Market research analysts study market conditions and examine potential sales associated with a product or service. These essential professionals help companies understand the demands of their consumers, who will buy a product and how an item should be priced.
- Average salary: $60,429
- Top cities hiring: New York, NY, Chicago, IL, San Francisco,CA
7. Management Consulting Analyst- The management analyst is a consultant that helps businesses be better at what they do. Sometimes management analysts work for a consulting firm, but they may also work independently or start their own firms.
- Average salary: $75,091
- Top cities hiring: New York, NY, Washington, DC, Chicago, IL
8. Big Data Analytics Specialist – A Big Data Analytics Specialist manages the company’s big data and they have the ability to quickly obtain results from large datasets.
- Average salary: $65,470
- Top cities hiring: New York, NY, San Francisco, CA, Chicago, IL
Salaries after Masters in Business Analytics from Top Business Schools
Recruiters from top companies find it a challenging to recruit Business analyst for their firms because of the availability of nearly half of the executives in the industry. This clearly indicates that there aren’t enough people developing these skills and pursuing these degrees to keep up with the industry demand. Thus, due to the increasing demand for an analytics skillset, universities are expanding their data science and analytics master’s programs. We have presented below the list of popular schools offering Masters in Business Analytics programme along with the mean salaries offered by them annually.
| University | Location | Mean Salary (per Year) |
| MIT Sloan School of Management | Cambridge, Massachusetts, United States | $110000 |
| University of Texas | Austin, Texas, US | $ 88,705 |
| USC Marshall School of Business | Los Angeles, US | $85,000. |
| University of Minnesota Carlson School of Management | Minneapolis, Minnesota, US | $84,754 |
| Melbourne Business School | Melbourne, Australia | AUD 83062 |
| Warwick Business School | Coventry, UK | £33495 |
| Michigan State University Eli Broad College of Business | East Lansing, Michigan, US | $85200 |
| Purdue University Krannert School of Management | West Lafayette, Indiana, US | $98500 |
| IE Business School | Madrid Spain | €40800 |
| Arizona State University | Tempe, AZ | $77,000 |
| Boston University | Boston, MA | $77,000 |
| Merrimack College | North Andover, MA | $82,000 |
| Oklahoma State University | Stillwater, OK | $81,000 |
| Saint John's University | Philadelphia, PA | $90,000 - $100,000 |
There can be numerous factor that will impact your salary goals. We have discussed majorly how location, industry and prior work experience creates an impact on the salary of a Business Analyst.https://www.payscale.com/research/IN/Job=Business_Analyst%2C_IT/Salary
The location and the cost of living at that particular location can be one of the major factors influencing your salary. Whether you are located in Asia, Europe or America your salary can vary vastly on this basis. However, there are many remote companies which do not take location into consideration while determining the amount of salary to be paid. This means you won’t have to worry about taking a pay cut if you wind up moving somewhere with a lower cost of living.
The amount of salary paid may also be different depending on the industry. Some industry pays better than others. Sometimes, even within the same industry, the pay might differ a lot. Moreover, the industries such as banking, finance, technology and consulting usually pay much better when compared to others.
Gaining more and more experience in the related field after acquiring MSBA degree will also be useful in enhancing your salary.
For Example- A Market Research Analyst in Chicago with a master’s degree and location but having 6 years of work experience would likely have an average salary of $63,000 per year. (Source: PayScale)
Conclusion
Business analytics truly is an interesting and popular program that can shape your career and help you to become a business professional and come up innovative strategies, all the while being paid a hefty salary. Another item worth noting is that completing the MSBA program opens up the doors to a lot of career opportunities across the globe because companies are often connected with universities. Thus, enabling you to work in your dream city, whatever it be.