Business Analytics is a relatively new and increasingly popular specialization in the field of management. Jobs in this field have seen explosive growth and great long-term potential thanks to the development of new technologies and the internet, which has made tons of usable data available to businesses. Professionals with an MBA in Business Analytics are trained on how to analyze the data and convert it into useful business insights that can, in turn, be converted into profit.
This is why an MBA/PGDM in Business Analytics is a must-have qualification for students looking to make a career in this field. If you are one of these students, here is some information about the various job profiles that you can apply for after getting a postgraduate degree/diploma in Business Analysis.
Career Options After an MBA in Business Analytics
As a Business Analytics professional, you should expect to work towards one of the following career paths, depending on your personal interest and the job profile that gives you the most opportunities for future growth.
1. Data Analyst
The job of a Data Analyst is to gather information from various sources to solve specific data-driven business queries. An MBA in Business Analytics teaches data analysts how to interpret this data and turn it into useful information that can inform long-term business decisions. This data is also used to interpret and predict consumer patterns and market trends. In addition to all this, the Data Analyst also reports the findings to the relevant departments and management.
Job Responsibilities of a Data Analyst
- Acquire data through direct and indirect sources
- Develop and maintain data collection systems and backup databases
- Analyze data and interpret results using the latest statistical techniques
- Identify patterns and trends within the data sets
- Reporting the results to management through easy to understand graphs and figures
2. Business Analyst
A Business Analyst shares some of the responsibilities of a data analyst but also goes beyond that into the business aspect as well. In this way, he/she acts as a liaison between management and technical departments. An MBA in Business Analytics is needed to understand the job requirements and fulfill them accordingly. These include performing financial and operational modeling, along with developing new models and strategies to improve the operational quality of the business.
Job Responsibilities of a Business Analyst
- Help design and maintain system processes
- Define business analysis requirements
- Evaluate information from multiple sources
- Outline problems, opportunities, and solutions based on consumer needs
- Communicate key insights and findings to various departments
3. Market Research Analyst
A Market Research Analyst as the name suggests studies current and past market conditions to determine the potential sales of any product or service. In other words, they help the management understand what kind of products people want, and at what price are they willing to pay for them. An MBA in Business Analytics is the perfect qualification for this post, as it teaches professionals how to perform this type of research by gathering data using a variety of methods, such as interviews, market analysis surveys, focus groups, public opinion polls, etc.
Job Responsibilities of a Market Research Analyst
- Define methods for data collection
- Collect data on consumers and competitors
- Analyze data using the latest statistical techniques and tools
- Identify market trends, best pricing/business models, and optimal sales methods
- Report key insights make recommendations based on them
4. Business Intelligence Manager
Business Intelligence Managers are in charge of assisting and improving businesses by providing data-driven solutions related to business practices/strategies with an overall goal of increasing productivity and profitability. BI Managers are also responsible for training and managing other analysts who often have their own MBA in Business Analytics. They work with this team of analysts to conduct different types of performance assessments and risk analyses on a regular basis.
Job Responsibilities of a Business Intelligence Manager
- Translate business requirements into technical queries
- Design and maintain BI solutions and reporting tools
- Keep a check on data quality
- Train and manage other data analysts
- Create reports and visual aids for management briefings
5. Data Scientist
A Data Scientist is responsible for collecting and mining complex data in order to find usable business-related insights for their organization. They even go so far as to create an advanced machine learning and AI tools to automate the process of collecting and treating the data. An MBA in Business Analytics is the perfect tool to learn the different skills needed to accomplish these tasks.
Job Responsibilities of a Data Scientist
- Identify valuable data sources and define data collection techniques
- Automate the data collection and processing methods
- Analyze the data collected to discover hidden trends and patterns
- Build AI models and machine-learning algorithms
- Communicate insights and propose solutions in regards to business challenges
Average Starting Salary After an MBA in Business Analytics
Of course, there are a lot of other job profiles as well that an MBA course in Business Analytics will make you eligible for. For now, here is some information about the average starting salaries for the job profiles we mentioned above.
Hopefully, this has given you an idea of what a career in the field of business analysis looks like, and whether it is a great choice for you.