Masters in Business Analytics


What is Business Analytics

Business Analytics is a combination of Data Analytics and business processes. Business Analytics refers to the skills, and practices for continuous iterative exploration and investigation of past business performance to gain insight and galvanize business planning. Business analytics focuses on developing new insights and understanding of business performance based on data and statistical methods.

Business analytics depends on sufficient volumes of high quality data. The difficulty in securing data quality is combining and reconciling data across different systems, and then deciding what subsets of data to make available. Business analytics uses statistical analysis, modeling to help decision making.

Some universities include MS in Business Analytics in their Engineering schools while some include it in their business schools. Keeping this in mind, you have to check whether your university will require you to submit a GRE or a GMAT score.

In USA, it is considered a STEM course.


Requirements to Study Business Analytics

Basic requirements include:

  • A background in statistical mathematics
  • Some knowledge about technology (You would be required to have knowledge of databases, statistics, programming, along with strong economics, finance and business background. )
  • GMAT (or GRE) score
  • TOEFL/IELTS/PTE
  • 2-3 years of work experience in relevant field


Core Subjects in Business Analytics

Various subjects include:

  • Data Visualization.
  • Big Data Analytics.
  • Marketing Analytics.
  • Predictive Modeling.
  • Programming for Analytics.
  • Supply Chain Analytics
  • Energy Analytics

Specialisations in Business Analytics

Specializations include:

  • Customer Analytics
  • Operations Analytics
  • People Analytics
  • Accounting Analytics


Cost of Studying Business Analytics

Although the fees vary from university to university, the average tuition fees and monthly cost of living for master’s in Business Analytics in different countries are:

Masters in Business Analytics in USA: $43,466 ; $1,000

Masters in Business Analytics in UK: £28,300  ; £1,500

Masters in Business Analytics in Canada: CA$46,400 ; CA$1,500

Masters in Business Analytics in Australia: AU$32,000 ; AU$2,000


Job Prospects after Masters in Business Analytics

The main job of a business analyst would be to act as the bridge between the technical and business sides of the company. They need to have a deep understanding of the business aspects as well as be able to make conclusive decisions based on data reports.

The average salary given to business analysts in different countries is given below:

Country

Average Salary of a Business Analyst

USA

$60,000

Canada

C$58,000

UK

£30,431

Australia

AU$81,758


2019 Top Universities for Masters in Business Analytics

Arizona State University
National University Of Singapore
Southern Methodist University
University of Melbourne
University of Minnesota, Twin Cities
University College Dublin
University of Edinburgh
Rensselaer Polytechnic Institute
University of Warwick
University of Texas at Austin
Michigan State University
Massachusetts Institute of Technology
University of Southern California


More Universities to target for Business Analytics in 2019