In today’s data-driven world, the role of a business analyst has become increasingly crucial. With businesses relying on data to drive strategic decision-making, professionals with expertise in business analytics are in high demand. Pursuing an MBA in Business Analytics not only equips individuals with the necessary skills to navigate complex data sets but also opens up a wide range of career options. In this article, we will explore the advantages of business analytics and highlight some of the exciting career paths available to MBA graduates in this dynamic field.
Advantages of Business Analytics
Business analytics offers numerous advantages that make it an attractive career path for aspiring professionals. Here are some key benefits:
1. Data-driven decision-making: Business analytics provides the tools and techniques to extract valuable insights from vast amounts of data. By leveraging analytics, businesses can make informed decisions based on evidence and trends rather than relying on guesswork.
2. Competitive edge: Organisations that embrace business analytics gain a competitive advantage in the market. The ability to analyze data effectively allows companies to identify new opportunities, optimise processes, and stay ahead of the curve in a rapidly evolving business landscape.
3. High demand and growth: The demand for business analysts proficient in data analytics continues to rise across industries. According to recent reports, the global business analytics market is projected to reach $512.04 billion by 2026, indicating significant growth and career potential in this field.
Article Contents Overview
Get to Know Business Analytics
What Does a Business Analytics Professional Do?
Why is Business Analytics a Good Career Option?
Career Opportunities In Business Analytics
Business Analytics Career Options With Expected Average Salary Range
Is It Worth It To Pursue An MBA In Business Analytics In 2023?
Top Sectors that Hire Business Analysts
Top Companies that Hire Business Analytics Professionals
How To Pursue a Career In Business Analytics?
Is There A Difference Between Data Analytics And Business Analytics?
What is Business Analytics?
Business analytics refers to the practice of using data-driven techniques and tools to analyse business operations and make informed decisions. It involves collecting, organising, and interpreting vast amounts of data to identify patterns and trends, which can help organizations optimise their performance and achieve their goals.
Business analytics can be applied to various domains, including finance, marketing, human resources, and operations management, among others. Its ultimate goal is to enhance business efficiency, productivity, and profitability through data-driven insights.
Also Read: Accelerate your career growth with VBS MBA in Business Analytics
About Business Analytics
In today’s competitive business landscape, data is king. The ability to gather, interpret, and leverage data has become a critical success factor for organisations across industries. Business Analytics has emerged as a game-changer in this context, empowering companies to make data-driven decisions that drive growth and profitability.
From identifying customer preferences to optimising supply chain operations, business analytics can provide valuable insights into virtually every aspect of business operations. With the rapid advancement of technology and the exponential growth of data, the importance of business analytics is only set to increase, making it a highly sought-after skill in the job market.
Who is A Business Analyst?
A Business Analyst is a master of the art of problem-solving. They are the go-to professionals when it comes to analysing business operations, identifying pain points, and devising solutions to drive organisational success.
Armed with a deep understanding of business processes and cutting-edge analytical tools, Business Analysts work closely with stakeholders to gather data, identify patterns and trends, and develop actionable insights. They possess exceptional communication skills and can translate complex data into clear and concise reports, enabling decision-makers to make informed choices.
What Does a Data Analyst Do?
A data analyst is tasked to provide data-driven insights. They are experts at collecting, processing and analysing data to uncover meaningful patterns and trends. With the help of advanced statistical tools and techniques, Data Analysts turn raw data into actionable intelligence, which in turn helps the business grow.
They work collaboratively with cross-functional teams to identify business problems and opportunities, develop data-driven solutions, and measure outcomes to drive performance.
Also Read: How MBA in Business Analytics can Shape your Future | Marwadi University
What Does a Business Analytics Professional Do?
The role of a Business Analytics professional is as intriguing as it is multifaceted. These astute individuals are charged with the critical task of sifting through mountains of data to extract valuable insights that can inform strategic decision-making. Armed with advanced analytical tools and techniques, Business Analytics professionals use their exceptional skills to turn raw data into actionable intelligence.
They work collaboratively with cross-functional teams to identify areas for improvement, develop data-driven solutions, and measure outcomes to drive organisational success. Whether it’s analysing customer behaviour, optimising supply chain operations, or forecasting market trends, Business Analytics professionals are at the forefront of driving business performance through data-driven insights.
Why is Business Analytics a Good Career Option?
For those with a keen eye for detail, an insatiable appetite for problem-solving, and a passion for data, Business Analytics is an excellent career choice. This dynamic field has become increasingly vital in today’s fast-paced and data-driven business environment. With organisations across industries relying on data insights to make strategic decisions, the demand for skilled Business Analytics professionals is on the rise.
Moreover, a career in Business Analytics offers ample opportunities for growth, career advancement, and high earning potential. Whether you’re an experienced professional or a recent graduate, a career in Business Analytics can be both challenging and fulfilling, providing a platform to work on exciting projects and make a meaningful impact on organisational performance. So, if you’re looking for a career that combines analytical rigour, innovation, and impact, Business Analytics may just be the perfect choice for you.
Also Read: Dive into the world of Analytics: Why pursue MBA in Business Analytics from BITS Pilani
Career Opportunities In Business Analytics
Business Analytics grads can land jobs in diverse sectors like consulting agencies, tech companies, research firms or the public sector. Some may opt to pursue an MBA for further studies, while others may secure employment with just an undergraduate degree. Here are some career options for business analytics graduates.
1. Management Consultant
A management consultant provides advice to businesses on their strategy, operations, and organisational structure. Consultants may work for consulting firms or be self-employed and typically work on short-term projects for a variety of clients.
2. Business Intelligence Analyst
A business intelligence analyst uses data analysis to identify trends, patterns, and insights that can help businesses make informed decisions. They may work in-house for a company or be employed by a consulting firm.
3. Product Manager
A product manager is responsible for the development and management of a product or product line. They may work with cross-functional teams to ensure that the product is meeting customer needs and is competitive in the market.
4. Operations Manager
An operations manager looks after the day-to-day management of a company’s operations. They oversee the production process, manage inventory, and ensure that all operations are running efficiently.
5. Marketing Manager
A marketing manager ensures the development and implementation of a company’s marketing strategy. They may work with advertising agencies, sales teams, and product managers to ensure that the company’s products and services are effectively marketed to the target audience.
6. Data Scientist
A data scientist uses statistical analysis and machine learning techniques to extract insights from large data sets. They may work in-house for a company or be employed by a consulting firm.
7. Financial Analyst
A financial analyst provides financial advice and analysis to businesses. They may work in-house for a company or be employed by a consulting firm.
8. Data Architect
Data architects are responsible for analysing a business’s data collection requirements and then designing and developing a data management system. They assess the most effective approach for gathering internal and external data while also simplifying data reporting systems. Additionally, data architects may be accountable for updating or resolving issues in the system.
9. Computer Systems Analyst
Computer systems analysts provide advice on both software and hardware systems. They assess existing systems to determine areas for enhancement or identify more effective ways for employees to use the software. Furthermore, computer systems analysts typically oversee the security of computer programs.
10. Statistician
Statisticians utilise mathematical concepts to generate reports and offer suggestions for improvements. They may operate across various industries, optimising the way companies collect critical data. Statisticians may also condense complex data into easily comprehensible reports to assist team leaders in making vital business decisions.
Business Analytics Career Options With Expected Average Salary Range
Here’s a table showcasing the tentative salary expectations for career roles in business analytics based on experience level:
|
Career Role |
Freshers |
2 Years of Experience |
4 Years of Experience |
6 Years of Experience |
|
Management Consultant |
₹8,00,000 – ₹15,00,000 per year |
₹12,00,000 – ₹20,00,000 per year |
₹15,00,000 – ₹25,00,000 per year |
₹18,00,000 – ₹30,00,000 per year |
|
Business Intelligence Analyst |
₹6,00,000 – ₹10,00,000 per year |
₹8,00,000 – ₹14,00,000 per year |
₹10,00,000 – ₹18,00,000 per year |
₹12,00,000 – ₹22,00,000 per year |
|
Product Manager |
₹8,00,000 – ₹15,00,000 per year |
₹12,00,000 – ₹20,00,000 per year |
₹15,00,000 – ₹25,00,000 per year |
₹18,00,000 – ₹30,00,000 per year |
|
Operations Manager |
₹6,00,000 – ₹10,00,000 per year |
₹8,00,000 – ₹14,00,000 per year |
₹10,00,000 – ₹18,00,000 per year |
₹12,00,000 – ₹22,00,000 per year |
|
Marketing Manager |
₹6,00,000 – ₹12,00,000 per year |
₹8,00,000 – ₹16,00,000 per year |
₹10,00,000 – ₹20,00,000 per year |
₹12,00,000 – ₹24,00,000 per year |
|
Data Scientist |
₹10,00,000 – ₹18,00,000 per year |
₹14,00,000 – ₹24,00,000 per year |
₹18,00,000 – ₹30,00,000 per year |
₹22,00,000 – ₹36,00,000 per year |
|
Financial Analyst |
₹8,00,000 – ₹14,00,000 per year |
₹12,00,000 – ₹20,00,000 per year |
₹15,00,000 – ₹25,00,000 per year |
₹18,00,000 – ₹30,00,000 per year |
|
Data Architect |
₹10,00,000 – ₹18,00,000 per year |
₹14,00,000 – ₹24,00,000 per year |
₹18,00,000 – ₹30,00,000 per year |
₹22,00,000 – ₹36,00,000 per year |
|
Computer Systems Analyst |
₹8,00,000 – ₹14,00,000 per year |
₹12,00,000 – ₹20,00,000 per year |
₹15,00,000 – ₹25,00,000 per year |
₹18,00,000 – ₹30,00,000 per year |
|
Statistician |
₹6,00,000 – ₹10,00,000 per year |
₹8,00,000 – ₹14,00,000 per year |
₹10,00,000 – ₹18,00,000 per year |
₹12,00,000 – ₹22,00,000 per year |
|
Market Research Analyst |
₹6,00,000 – ₹10,00,000 per year |
₹8,00,000 – ₹14,00,000 per year |
₹10,00,000 – ₹18,00,000 per year |
₹12,00,000 – ₹22,00,000 per year |
|
Research Analyst |
₹6,00,000 – ₹10,00,000 per year |
₹8,00,000 – ₹14,00,000 per year |
₹10,00,000 – ₹18,00,000 per year |
₹12,00,000 – ₹22,00,000 per year |
|
Supply Chain Analyst |
₹6,00,000 – ₹10,00,000 per year |
₹8,00,000 – ₹14,00,000 per year |
₹10,00,000 – ₹18,00,000 per year |
₹12,00,000 – ₹22,00,000 per year |
Please note that these figures are approximate salary ranges and can vary based on factors such as location, company size, industry, and individual skills and qualifications.
Is It Worth It To Pursue An MBA In Business Analytics In 2023?
If you are interested in pursuing a career in business analytics and want to advance to leadership positions, an MBA in Business Analytics can provide you with the necessary skills and knowledge to succeed in this field.
Here’s a table providing a list of MBA colleges in India offering an MBA in Business Analytics, along with their fees, accepted entrance tests, average salary, and top recruiters:
|
MBA College |
Fees (Approx.) |
Entrance Test Accepted |
Average Salary (Approx.) |
Top Recruiters |
|
Indian School of Business |
INR 25-35 lakhs |
GMAT/GRE |
INR 25-30 lakhs |
Deloitte, Amazon, Microsoft, Goldman Sachs |
|
Indian Institute of Management, Ahmedabad |
INR 23 lakhs |
CAT |
INR 20-25 lakhs |
Accenture, McKinsey & Company, Google, KPMG |
|
Indian Institute of Management, Bangalore |
INR 23 lakhs |
CAT |
INR 20-25 lakhs |
IBM, Deloitte, PwC, Fractal Analytics |
|
Indian Institute of Management, Calcutta |
INR 27 lakhs |
CAT |
INR 20-25 lakhs |
Microsoft, Amazon, PwC, KPMG |
|
Indian Institute of Management, Lucknow |
INR 19 lakhs |
CAT |
INR 18-22 lakhs |
Deloitte, Ernst & Young, KPMG, American Express |
|
Xavier School of Management |
INR 18.5 lakhs |
XAT |
INR 15-20 lakhs |
Accenture, Deloitte, Amazon, KPMG |
|
SP Jain Institute of Management & Research |
INR 16 lakhs |
CAT/XAT/GMAT/SPJAT |
INR 12-15 lakhs |
Fractal Analytics, Accenture, Deloitte |
|
Great Lakes Institute of Management |
INR 14.9 lakhs |
CAT/GMAT/XAT/CMAT |
INR 10-12 lakhs |
Mu Sigma, Dell, Cognizant, Accenture |
|
NMIMS School of Business |
INR 19.76 lakhs |
NMAT |
INR 12-15 lakhs |
Deloitte, Mu Sigma, Capgemini, Amazon |
Please note that the fees mentioned are approximate and may vary. The average salary figures are also approximate and can vary based on various factors such as job profile, industry, and individual skills and experience. The list of top recruiters provided is not exhaustive and represents some prominent companies that recruit from these institutions.
Top Sectors that Hire Business Analytics
Graduates with a Business Analytics degree can find themselves employed in various sectors such as Consulting firms, tech corporations, business firms, educational sectors, sports industries, finance, banking, manufacturing, healthcare, etc.
Top Companies that Hire Business Analytics Professionals
Business analytics professionals are sought after by top companies such as McKinsey & Company, Boston Consulting Group (BCG), as well as multinational corporations like Accenture, Deloitte, TCS, Oracle, Infosys, and KPMG.
How To Pursue a Career In Business Analytics?
If you are interested in pursuing a career in business analytics, here are some steps you can follow:
- Get a Bachelor’s Degree: A bachelor’s degree in business, mathematics, statistics, computer science, or a related field can provide a solid foundation for a career in business analytics.
- Learn Relevant Skills: Business analytics requires proficiency in data analysis, statistical modelling, programming languages like Python and R, data visualisation tools like Tableau, and knowledge of databases and SQL. You can acquire these skills through online courses, boot camps, or certifications.
- Gain Work Experience: Look for internships or entry-level positions in companies that use business analytics. This will give you hands-on experience and help you develop your skills further.
- Get Certified: Certifications can help you stand out in the job market and demonstrate your expertise.
- Keep Learning: The field of business analytics is constantly evolving, so it’s important to stay up-to-date with the latest trends and technologies. Attend conferences, read industry publications, and take additional courses to expand your knowledge.
- Network: Attend industry events, join professional organisations, and connect with professionals in the field to build your network and learn from others’ experiences.
- Apply for Jobs: Once you have the skills and experience, start applying for jobs in companies that use business analytics. You can search for job postings on online job boards, company websites, or professional networks.
Also Read: What You Should Know Before Starting A Career In Business Analytics?
Is There A Difference Between Data Analytics And Business Analytics?
While both roles involve working with data to inform decision-making, they focus on different aspects of business operations.
Data analysts are primarily responsible for collecting, processing, and analyzing data to identify trends, patterns, and insights. They use various tools and techniques, such as statistical analysis, data mining, and machine learning algorithms, to extract valuable information from datasets. Data analysts work with data from various sources, such as customer, sales, or operational data.
On the other hand, business analysts are responsible for identifying and analysing business problems and opportunities and developing solutions that address them. They work closely with stakeholders to understand business requirements, gather data, and conduct research to identify the root cause of issues. Business analysts use their analytical skills to propose recommendations and solutions that align with business goals and objectives.
While there is some overlap between the two roles, data analysts tend to focus more on technical data-related tasks, while business analysts focus more on the business implications of the data and its impact on organisational performance.
Everything You Need To Know About Online Certification Courses To Improve Career Options In Business Analytics
Here is a list of online courses that can help improve career options in business analytics:
1. “Introduction to Data Science in Python” – Offered by the University of Michigan on Coursera, this course introduces the basics of data manipulation, analysis, and visualisation using Python.
2. “Data Science and Machine Learning Bootcamp with R” – This comprehensive course on Udemy covers the fundamentals of data science, machine learning, and business analytics using R programming.
3. “SQL for Data Analysis” – Offered by Udacity, this course focuses on teaching SQL skills specifically for data analysis purposes, including querying, manipulating, and analysing data.
4. “Tableau Training and Certification” – Tableau offers a variety of online training courses that teach data visualisation skills using Tableau software, which is widely used in the industry.
5. “Python for Data Analysis and Visualization” – This course, available on Udemy, provides hands-on training on using Python libraries such as Pandas and Matplotlib for data analysis and visualisation.
6. “Machine Learning A-Z™: Hands-On Python & R In Data Science” – This highly popular course on Udemy covers the fundamentals of machine learning and provides practical experience in building and implementing machine learning models using Python and R.
7. “Business Analytics Specialization” – Offered by the University of Pennsylvania on Coursera, this specialisation consists of multiple courses covering topics such as data analysis, customer analytics, and marketing analytics.
8. “Data Visualization with Python and Matplotlib” – This course on Udemy focuses specifically on data visualisation techniques using the Matplotlib library in Python.
9. “Data Analytics for Business” – Offered by the University of Colorado Boulder on Coursera, this course introduces fundamental data analytics concepts and techniques and their application in business decision-making.
10. “Big Data Analytics” – This course, available on edX, provides an overview of big data analytics and covers topics such as data processing, analysis, and visualisation using tools like Hadoop and Spark.
These courses offer valuable knowledge and skills in business analytics, equipping individuals with the tools needed to analyse and interpret data effectively, make data-driven decisions, and enhance their career prospects in this field.
FAQ
1. What is Business Analysis?
Ans: Business analysis is the process of identifying business needs, analysing problems, and recommending solutions to improve business operations and achieve organisational goals. It involves gathering and interpreting data, conducting thorough assessments, and using analytical techniques to identify improvement areas or growth opportunities. Business analysis plays a crucial role in enhancing efficiency, making informed decisions, and driving successful outcomes in various industries.
2. What are the skills required for a career in Business Analytics?
Ans: The skills required for a career in Business Analytics include analytical thinking, problem-solving, data management, statistical analysis, data visualisation and soft skills like communication, interpersonal & others.
3. How long does a business analytics program last?
Ans: The duration of a Business Analytics degree in India typically ranges from 1 to 2 years, depending on the program and institution.
4. What are the different Business analytics degree programs available here?
Ans: The different types of Business Analytics degrees available in India include Bachelor’s, Master’s, and Diploma programs.
5. What is the eligibility criteria for a Business Analytics degree in India?
Answer: The eligibility criteria for a Business Analytics degree in India may vary from one institution to another. However, most institutions require a bachelor’s degree in a related field and may also require work experience.
6. Name some top institutions offering Business Analytics degrees in India.
Ans: Some of the top institutions offering Business Analytics degrees in India include I Indian Institute of Management Bangalore and the Indian Institute of Technology Delhi.
7. What is the average salary of a Business Analytics professional in India?
Ans: The average salary of a Business Analytics professional in India varies depending on the experience and industry. However, an entry-level analyst can earn around INR 4-5 lakhs per annum, and a senior analyst can earn over INR 15 lakhs per annum.
8. What job roles can I opt for after a degree in Business Analytics?
Ans: The job roles available in Business Analytics include data analyst, business analyst, data scientist, analytics manager, and more.
9. Is there a demand for Business Analytics professionals in India?
Ans: There is a high demand for Business Analytics professionals in India due to the increasing use of data-driven decision-making in businesses.
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