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MBA in Business Analytics Specialization
Published Date: 04-30-2020
Curious about an MBA in Business Analytics?
In the age of data-driven business, collecting data is no longer the issue. Now, the focus is on having people within an organization who understand how to interpret that data and extract information that can improve business outcomes.
Those earning an MBA in Business Analytics fulfill that role. It’s a degree that allows students to develop expertise in the use of data analytics to drive better business solutions.
It’s increasingly seen as a critical job for organizations in almost every industry. According to a global study by MicroStrategy, 52% of organizations already interpret data to provide insight and contextual intelligence into business operations. And 71% expect to increase spending in data and analytics in the coming years.
An In-Demand Profession
The U.S. Bureau of Labor Statistics (BLS) is considered the most reliable source for job numbers across the country. While the agency does not track “business analytics” specifically, the BLS anticipates a 14% increase between 2018 and 2028 in jobs for management analysts, one of the jobs available for those with an MBA in Business Analytics. More than 118,000 people are expected to join the profession.
Earning an MBA in Business Analytics prepares graduates to take on jobs across every major industry, as data is used in business, government and nonprofit agencies. Industries that rank among the biggest employers of business analysts include finance, technology, health care, media and entertainment. Many business analysts also start their own business as consultants.
The Use of Business Analytics
The MicroStrategy study found that business analytics are used in a variety of ways. The most frequent are improving cost and process efficiency, developing data-driven strategy and change, and improving financial performance.
As noted in the Harvard Business Review, using data-driven strategies places organizations at an advantage over those who still use opinion and “gut instinct.” Having data-backed solutions has made business analysts bigger influencers within their organizations in recent years.
While graduate students learn the details of business analytics, in general they fall into three areas:
Descriptive analytics. Historical data is analyzed to find trends and patterns
Predictive analytics. Data is used to forecast outcomes based on current operations and possible options.
Prescriptive analytics. Data is used to find the best course based on outcomes in tests using different strategies.
Data analytics can be applied to everything aspect of an operation, from marketing campaigns and manufacturing processes to finding the best methods for recruiting, hiring and training employees. In general, business analytics make an organization more efficient, effective and profitable.
What You Learn in an MBA in Business Analytics Program
At Carroll University, students in the MBA in Business Analytics program take courses in areas such as economics, accounting, decision-making and business law. Students also can elect to take courses that provide a deeper dive into areas such as data analytics, predictive analytics and modeling.
The program is offered in a hybrid format that includes both online and traditional classes. Students can complete the program in as little as 22 months.
MBA students also become members in the Carroll University Analytics and Business Intelligence Consortium, giving students the chance to expand their professional network and gain experience learning the latest trends in business.
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