The volume of data collected and stored is estimated to double every three years, as an abundance of information floods in from digital platforms. Now more than ever, businesses require analytics experts who have the skills to connect new data to real-world business solutions. Earning a Master of Business Administration with a concentration in Data Analytics will prime you for a job in one of the fastest growing fields in today's economy.
The online MBA program in Data Analytics from the University of Southern Indiana offers students foundational knowledge in business administration, which includes coursework in leadership skills, information systems and technology, financial management and marketing strategies. The focus on data analytics provides students with instruction on techniques for extracting insights from data, as well as statistical sampling and hypothesis testing for real-world problem-solving that today's businesses demand.
Why an MBA in Data Analytics?
Interest in the highly focused, advanced degree in data analytics has skyrocketed with the growing amount of data collected. Graduates have little problem finding employment. Those with business experience can attain a USI MBA concentration in Data Analytics to help organizations improve their efficiency and identify new opportunities, making companies more profitable.
All industries need data analysts. One of the largest sectors with an urgent need is retail sales and marketing — fields that require analysts to translate data into successful marketing outcomes. As supply chains are now global, it is imperative that data analysts with managerial skills coordinate data and guide decision-making.
The health sector is another industry where the need for analysts is on the rise. Insurance companies and hospitals require analysts to keep costs in line and monitor compliance with the rapidly changing healthcare regulations. According to the U.S. Bureau of Labor Statistics (BLS), jobs in medical and healthcare management are expecting to grow 20 percent between 2016 and 2026. For a person with experience in a health-related field, an MBA allows graduates to transfer knowledge and experience in the health sector and start thinking like a business person with a health focus.
Job Outlook for Data Analytics
According to the BLS, the job outlook for operations research analysts is expected to explode over the next decade, with a projected job growth of 27 percent in the 2016-2026 time frame. The opportunities for those with an MBA are endless, with demand outpacing supply. According to U.S. News & World Report, the U.S. is facing a shortage of over 190,000 data analysts, and those with experience in addition to a graduate degree can command over $100,000 in starting pay.
As the amount of new data grows exponentially, the need for MBA graduates with strong technical skills in data analytics will continue to grow. Graduates with industry-specific knowledge who can analyze data and solve problems for companies will enjoy higher than average salaries and job growth well into the next decade.
Learn more about the USI online MBA with a concentration in Data Analytics.
Sources:U.S. Bureau of Labor Statistics: Operations Research Analysts
Have a question or concern about this article? Please contact us.