Business analysts learn skills that are useful in a variety of different financial areas. They specialize in reviewing and analyzing data, and determine how the results can best be used to drive decision-making and organizational planning. A Master of Business Administration (MBA) with a specialization in business analytics will provide a broad range of financial knowledge as well as the specific expertise needed to excel in this particular field.
Careers in Business Analytics
There are a large number of careers available to business analytics specialists, including the following:
| Career | Median Annual Salary (2020)* | Projected Job Growth (2020-2030)* |
|---|---|---|
| Marketing Manager | $142,170 | 10% |
| Personal Financial Advisor | $89,330 | 5% |
| Financial Analyst | $83,660 | 6% |
| Management Analyst | $87,660 | 14% |
| Financial Examiner | $81,430 | 18% |
Source: *U.S. Bureau of Labor Statistics
Business Analytics Career Descriptions
Marketing Manager
Marketing managers are in charge of sales and marketing, looking to maximize sales through market research, analytics, and social media. They oversee the development of budget plans, marketing campaigns, and advertising strategies. They are also tasked with formulating pricing strategies and planning promotions. A bachelor's degree may be enough for entry-level jobs, but some employers prefer applicants with master's degrees, so getting an MBA in business analytics can give you an edge over potential candidates.
Personal Financial Advisor
Financial advisors help clients with financial, education, and retirement planning. They use their analytic expertise to design investment portfolios, aid in tax planning, and often provide comprehensive financial plans covering employment, debt, education, taxes, savings, retirement and insurance. A graduate degree is not required to work as a personal financial advisor, but more impressive credentials such as an MBA in business analytics or a related field lead to a greater level of trust from the public.
Financial Analyst
Financial analysts work in the financial services sector collecting, monitoring, and analyzing data. They use this information to create models, identify trends, and recommend strategies. Typically, a bachelor's degree is sufficient to break into the field, but an MBA in business analytics will set you apart from the competition as well as provide you with skills and knowledge which can help you in performing your tasks.
Management Analyst
Management analysts work to maximize the efficiency of a company or institution. They analyze all aspects of the organization to determine trends and propose strategies with an eye toward increasing profits. A bachelor's degree is the minimum requirement, but due to strong competition for jobs in the field and for career advancement, a master's degree is highly recommended, so getting an MBA in business analytics may help open more career prospects.
Financial Examiner
Financial examiners are charged with monitoring an organization's compliance with government rules and regulations. They typically make use of strong accounting backgrounds and analytic skills to review processes, analyze financial operations, prepare reports, assess the impact of regulation changes, and develop compliance procedures. A bachelor's degree is the minimum requirement, but a graduate degree such as an MBA in business analytics may put you into consideration for upper-level positions.
MBA Program in Business Analytics
An MBA program with a business analytics specialization will cover a broad area of courses to prepare students for a career in business. Standard MBA topics include finance, accounting, economics, and marketing. Then you can choose specific courses relating to business analytics such as data mining, decision models, forecasting, and risk management systems.
A bachelor's degree is typically required for admission into an MBA program, with a minimum GPA provision. Completed coursework in mathematics, business, economics, and accounting will strengthen your application. You will need to provide transcripts, acceptable GRE (Graduate Record Examination) or GMAT (Graduate Management Admission Test) results, relevant work experience, and letters of recommendation. Most MBA programs require two to three years to complete.
Business analysts learn to use financial data and economic models to assess business operations and provide strategic planning and policy guidance. An MBA in Business Analytics can prepare you for a wide range of career paths and help ensure consideration for top positions in the field.
