Organizations globally depend on data to make business decisions, from product development to marketing to customer service and beyond. The businesses receive large amounts of data daily that they need to analyze, interpret and use to upscale their operations, attract more revenues, and stay ahead of the competition.
As a result, all these organizations need professionals who can use the data streaming in and help them benefit from them. And that’s where professional business analysts’ skills come into practice and the primary reason you may consider taking an analytics degree. The best part is that several universities now offer the analytics degree online, so you can study the course while continuing with your full-time job or other commitments in life.
Why Should You Study Business Analytics?
1. Promising Career Outlook
Business analysts have an advantage over other industry professionals due to their career sustainability across all countries in the world. For instance, there are thousands of business startups daily, with every organization receiving a commendable amount of data to analyze and utilize every day. Thus, creating a great demand for business analysis professionals.
Similarly, business analysis also appeared in LinkedIn’s list of the skills that companies required most in 2019. Additionally, the US Bureau of Labor Statistics shows an impressive outlook for the job market across various business analysis professionals. Here are some examples:
- Financial analysts – 11%
- Operations research analysts – 27%
- Market research analysts – 23%
2. Competitive Salaries
Organizations require the skills of business analysts for their growth. However, the job market of these professionals doesn’t measure up to their supply. As a result, these jobs attract higher salaries even at the entry-level compared to the average across different industries.
Operation research analyst, for example, commands a median annual salary of $86 200 with an hourly rate of $41.44 in 2020, according to the Bureau of Labor Statistics. Their job outlook projects at 25%, which is much faster than the average.
3. Varying Career Opportunities
Analysts are in demand in various industries to perform a spectrum of responsibilities. As a result, a degree in business analytics opens your scope to an endless list of career opportunities.
Similarly, you’ll encounter different challenges requiring varied approaches, allowing you to widen your skills and abilities. Some of the most common job opportunities of business analytics include:
- Data analyst architects
- Data engineers
- Marketing analyst managers
- Financial analysts
- Fraud analyst
- Retail sales analysts
- Data visualization analysts
- Data scientists
If it interests you, you may also opt for more advanced options such as Artificial Intelligence, Machine Learning, and Deep Learning.
4. Higher Demand, Low Supply
The demand for data analysis experts keeps growing daily, while their supply is relatively low. For example, a study conducted by the EMC Digital Universe revealed that 1.7 MB of new data for every human being on earth would be created after every second by 2020.
Thus, organizations need a skilled workforce to utilize all this data in their favor and create more opportunities for collecting revenue. However, a recurring theme among senior management across different sectors shows a shortage of professionals with the knowledge required to capture, scrutinize, and generate valuable insights from the enormous data.
A business analytics degree has a high projection on both job opportunities and salary potential. As a result, it may be a wise decision to take on the course. However, ensure that you enroll in an institution with a promising potential for variety and skills. Choosing an internationally recognized business school will put you on a better stand.