There has been a tremendous increase in the number of business schools increasing the provision of analytics training delivered in their respective MBA programs. Definitely, the Business School Graduates who know the art of analyzing big data are in big demand. For some time now, data analytics is helping to usher in a digital revolution and drive revenues. Also, the customer journey has become more important because the analysts now need to create and convey digital messages that can be easily understood in this realm. Analytics is the tip of iceberg. It’s the process of drawing insights that will help a manager make better decisions. An analyst need not be an expert in a particular field of science or technology, but should be decently proficient in: a particular domain, statistics and data management. MBA in Analytics covers interesting courses such as Econometrics, Forecasting Time Series Data, Risk Management Systems, Trading Strategies and Systems, Data Mining for Business Analytics and Research for Customer Insights. Thus, an MBA in Analytics is sought after because it is relevant to marketing, operations, consulting and other fields that integrate big data principles into business strategies. It renders the student capable of deciphering heaps of data into better decisions. The possible careers are in operations management, consulting and even marketing.
Qualifications needed for a Career in Analytics
Most of the employers seek for professionals who demand a Bachelor’s Degree in Statistics of Information Technology. It is essential that the Bachelor programs in information technology may offer a concentration or minor in data management. It is necessary to have basic foundation about systems analysis and design, emerging technologies, business practices and trends, IT project management and database management systems. The professionals must know how to handle mathematical analysis of information. The mathematical knowledge must include applied regression analysis, statistical mathematics, discrete data analysis, probability, linear algebra and programming. Apart from the educational qualifications, it is also needed to gain work experience in this field. The professionals can start with entry level professions such as statistical assistant or actuarial technician. Through the entry level jobs, the professionals can learn about the analytical softwares such as SAS or SigmaStat, financial analysis software like PolySystems Asset Delphi. Over the period of time, they should develop hold and knowledge of the Structure Query Language so that they can learn more potent ways of deciphering data and its assessment.
Skills needed for a Career in Analytics
Career Hierarchy in Analytics
If the candidate is strong in his/her skills related to Analytics, they can become Technical Individual contributor. These roles are few, mostly available with the very large corporations and highly paid. In addition to it, tracking and adapting technologies from other industries is a part of the landscape. Being a Business Analyst also means dealing with client interactions, scope of work definition, analytics and strategy recommendation. Finally, the position of being a Business Team Leader is also important. They have to track multiple series of project deliveries, management teams, review cycles, business budgeting and planning, increasing scope of current engagement, acquiring new projects. Nevertheless, the more the analyst gains experience along with global exposure, the more he/she is able to raise on the ladder of experience.
Pros of Career in Analytics
With more and more companies now using big data, the demand for data analytic specialists, also called as data scientists has increased. At the same time, the qualified big data analysts command impressive salaries. These professionals are a high-priority hire for employers. The more the professional is able to experience working in a culture with big data, cloud computing and algorithms, there is a much more nuanced increase in his demand. At the same time, the professionals can develop their decision making process and work towards synchronising financial and operational strategy. The professionals also get to learn how to provide a single, unified view of enterprise information which caters to their demands. Also, several global companies have vacancies for Analytics Professional and hence, it can really be very rewarding for professionals who choose it in the right time.
Cons of Career in Analytics
The career is all about jobs and numbers and does not deal with creativity in any form. Sometimes, getting a grip of the softwares can be equally difficult, especially in the initial stages. But apart from it, for those who really love coding and have a passion towards data analysis, the career in analytics can be really rewarding.
Who is the Career in Analytics Meant for:
The Career is meant for professionals who have a passion for algorithm. Additionally, they should also understand best-practice techniques, including: problem statement summaries, issue trees, interview guides, work plans, sensitivity analysis, and stress-testing recommendations. The professionals should also know how to design and use information systems to make the intelligent use of data. They must ensure that any recommendations and changes are appropriate and can be properly implemented. At the same time, they should know how to use data and build models that enable people to carefully consider options before making any changes, thus minimising risk.