Businesses increasingly rely on data to back their decisions — from product development to customer service to marketing and far beyond. This highly technical, detail-oriented, data-driven atmosphere offers a lot of benefits for individuals who can master data analytics for business purposes. This includes taking advantage of highly competitive business analytics salary opportunities.
Benefits of a Master’s in Business Analytics
An online master’s in business analytics covers the skills you need to stand out to potential employers and perform with distinction in data analytics positions. Such programs prepare you to:
Manage, maintain, and work with big data (disparate large data sets often housed using different tools)
Analyze data to draw business-critical conclusions
Identify business, market, competitive, and other trends
Solve organizational problems with the help of data
Provide data in user-friendly formats to stakeholders across enterprises so they can make better decisions or embrace continuous improvement
Business Analytics Career Outlook
According to IBM, the job outlook for business analytics careers is strong. In late 2018, IBM estimated a total of 364,000 openings for business analysts across the country. It expects that to jump to more than 2.7 million by 2020.
The U.S. Bureau of Labor Statistics (BLS) reports that analytical job roles are growing rapidly. Check out these growth expectations for various jobs in the field.
- Management analysts: 14%
- Operations research analysts: 27%
- Market research analysts: 23%
- Financial analysts: 11%
Growth in these related roles is considered faster or much faster than the average projected growth for employment as a whole in the United States.
One reason business analysts are in such high demand is that almost every industry has a need for them and is actively seeking them. Organizations in every labor, service, and product sector want to make better decisions to drive higher revenues and profits. And to do that, they need qualified professionals who can work with data sets that continue to grow in volume, importance, and complexity.
Shortages in the data analysis skill sets mean there are often more jobs than there are professionals to fill them, and that’s a gulf experts believe will only widen in the future.
As of 2018, it took 45 days on average to fill business analysis positions and 53 days to fill management-level positions in this category. That’s longer than the average for other types of jobs, which means these positions are often just waiting for the right applicant.
Business Analytics Salary Information
In addition to enjoying a strong job outlook and advantageous career stability, students who earn a degree in business analytics may be able to take advantage of highly competitive salaries. Check out these average business analytics annual salary numbers for a variety of positions — from entry level to the C-suite.
- Business analyst, IT: $68,218
- Director of business analytics: $124,367
- Management analyst: $83,610
- Operations research analyst: $83,390
- Market research analyst: $63,120
- Financial analyst: $85,660
*According to salary data collected and analyzed by bls.gov
How much you can earn as a business analyst or in a related position depends on factors that include your experience level, tenure, the type and level of the position, the type of company you’re working for, and your industry.
How to Attain a Business Analytics Position
Whether you’re seeking an entry-level position or looking to combine your leadership experience with a business analytics degree, the steps to finding work in this field are similar.
Begin with a degree program that teaches the skills you need. That often includes statistical analysis, SQL reporting, cybersecurity, and database administration.
Seek certification to round out your resume, especially if you’re looking to work in a specific industry or in IT. Potential certifications include:
- IIBA Certification of Competency in Business Analysis (CCBA)
- IIBA Entry Certificate in Business Analysis (ECBA)
- IQBBA Certified Foundation Level Business Analyst (CFLBA)
- PMI Professional in Business Analysis (PBA)
Ensure your resume includes the right keywords for the industry, and customize it when you apply to each job. Draw keywords from specific job postings to include in your resume and cover letter. This will increase your chances of making it through automated applicant tracking systems and into the interview process.
Leverage networks — including past professional acquaintances, school resources, online job boards, or LinkedIn and similar platforms — to discover business analytics opportunities and express your interest.
Don’t give up. While a degree doesn’t guarantee you a job, the field of business analytics is constantly growing, and there simply aren’t enough people to fill all those positions. If you’re qualified and persistent, your chances of landing a position are good.
Start Your Business Analytics Career Journey
Discover more information about how you can begin your journey to a career in business analytics. A great place to start is to check out Ohio University’s Online Master’s in Business Analytics program.