The University of North Carolina at Pembroke (UNCP) MBA with a Concentration in Business Analytics Online prepares graduates for rewarding positions in the fast-growing field of data analysis. In this program, students learn to gather, organize and optimize data in order to understand trends and forecast opportunities.
Big Data Applications Are Driving Demand for Skilled Professionals
Big data has become a primary means through which companies in all industries derive value — from e-commerce and retail to biotechnology and medicine. The public sector is equally reliant on big data, as we see in census reporting, taxation and even election strategies.
So what exactly is big data? Think of it as the output of thousands of massive-scale predictive models which run in pursuit of business goals like reducing manufacturing costs or delivering a superior online customer experience. These models are fed by a continuous flow of data from an increasing number of sources about consumers’ online and offline activities. Every time a patient visits an ER, a diner checks into a restaurant through Google, or a college student buys a book on Amazon, data is generated and synthesized. As constant connectivity through mobile devices is dramatically increasing data production, data storage is becoming less expensive. These current trends are enabling companies to store more data and do more with it.
By innovatively applying data analysis and management techniques, organizations are using big data to become leaner while increasing revenues and profits. In almost every business sector, the leaders are pioneers in their understanding and applications of data. There is a problem, however. Data is being amassed at an exponential rate, and the need for professionals with the skills to organize, extrapolate and monetize it is outpacing supply. Demand is growing at as much as 12 percent yearly. That is why business schools are working with major employers to develop programs that provide the big data training industries need. UNCP is on the vanguard of offering the needed training. How do we know? Our data analysts tell us so.
Career Options for Business Analytics MBA Graduates Abound
The market for data professionals is red hot right now, according to a 2017 CrowdFlower Data Scientist Report. Eighty-nine percent of data scientists are contacted for new job opportunities at least once a month, and 30 percent are contacted several times a week. These professionals are overwhelmingly satisfied with their career choices — 88 percent report being happy or very happy in their roles.
If you are considering a concentration in business analytics, you probably know some of the most common career options with this training. Computer and Information Research Scientists (Data Scientists), who study and solve complex problems earn a median pay of $111,840 per year according to the U.S. Bureau of Labor Statistics (BLS). The job outlook for this profession is 11 percent growth until 2024, faster than average. Management Analysts, who propose ways to improve organizational efficiency, earn $81,330 per year, with 14 percent expected job growth. Operations Research Analysts, who use analytical methods to investigate issues, solve problems and inform decision-making, are looking at 30 percent projected job growth until 2024, with a median pay of $79,200.
Training in business analytics opens the door to hundreds — if not thousands — of other rewarding career options you may not have considered. These are just three examples:
Digital Marketer: Digital marketing strategies are driven by data. Professionals in this industry apply their expertise to email marketing, SEO, direct marketing and social media marketing. The potential for more personal communications has made many digital marketing strategies more efficient for many organizations than mass marketing through television and radio advertising. According to the U.S. Bureau of Labor Statistics, Advertising, Promotions, and Marketing Managers earn a median annual salary of $127,560, with a 9 percent projected job growth.
Computer Security Analyst: Not a month goes by that we do not hear of a major data threat or breach. For example, the recent Equifax breach exposed half of American adults to the threat of identity theft. These professionals (also referred to as information security analysts and cyber security analysts) protect computers and networks from online attacks. Information Security Analysts earn a median pay of $92,600 per year and have 18 percent projected job growth.
Derivatives Analyst: As one example of the many analytics positions in finance — a field that is projected to outpace most others in job growth — this role forecasts prices of indirect financial instruments known as “derivatives.” These include futures, forwards and options. According to Glassdoor, the median pay for this position is $76,670. The broader Financial Analyst category earns an average of $81,760 according to the BLS, with 12 percent projected job growth.
Meet the Demand by Obtaining a Focused MBA
In addition to core MBA courses, the UNCP analytics program focuses on data analytics, time series analysis and business analytics. Working professionals can complete this degree in as few as 12 months. Among all of the available MBA options, this program offers one of the most time-efficient and cost-effective entryways into the rewarding field of business analytics.
Learn more about UNC Pembroke’s Master of Business Administration with a Concentration in Business Analytics Online.
Sources:
CrowdFlower: 2017 Data Scientist Report
Datanami: Tracking the Data Science Talent Gap
Education Week: In Analytics Economy, Demand for Data Scientists Outpaces Supply, McKinsey Says
Forbes: 30 Data Analytics Careers that Aren’t Data Scientists
Entrepreneur: 5 Lucrative Careers that Require Data Analysis Skills
BLS: Operations Research Analysts
BLS: Computer and Information Research Scientists
BLS: Advertising, Promotions, and Marketing Managers
Glassdoor: Derivatives Analyst
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