Businesses today rely heavily on data to make informed decisions that drive their success. Data is collected, organized, and analyzed to help companies allocate budgets, set quarterly priorities, and develop future products. To handle this vast amount of data, companies employ a team of experts who work with data on a daily basis. Among these experts, data scientists and data analysts are common titles. However, those who focus more closely on the business and decision-making aspects are known as business analysts.
According to the U.S. Department of Labor, job classifications related to data science and business analysis are growing at rates much faster than the national average. As companies continue to rely on increasing levels of data, the field of business analytics is expected to grow significantly in the coming years.
One of the pathways to a career in business analytics is through pursuing a graduate degree in the field. Fortune Education has released a ranking of the best online master’s programs in business analytics for 2024 to help prospective students navigate their educational options.
In a discussion with experts from top tech companies, the importance of business analytics and its interaction with data was highlighted. The experts emphasized the key skills required for a successful business analyst, including technical skills like data wrangling and visualization, storytelling abilities, and curiosity. Soft skills were also deemed crucial in setting a good analyst apart from a great one.
The experts also stressed the importance of doing thorough research before choosing an educational pathway in business analytics. While formal education can provide a well-rounded foundation, individuals have also found success in the field without formal training. Striking a balance between hard technical skills like programming and data visualization, and soft skills like communication and problem-solving, is essential for a business analyst’s success.
Fortune’s ranking methodology for the best online master’s in business analytics considered factors such as selectivity, demand, and success rates of programs. Selectivity was evaluated based on the strength of the incoming class, including undergraduate GPA, work experience, and acceptance rates. Demand was measured by the number of applicants and out-of-state tuition rates, while success was assessed through retention and graduation rates.
In conclusion, the field of business analytics plays a crucial role in helping businesses understand and leverage data to make informed decisions. As companies continue to rely on data for their operations, the demand for skilled business analysts is expected to grow, making it a promising career path for those interested in data-driven decision-making.
