Online Manipal Editorial Team | September 24, 2022
- Business Analytics has emerged as a popular discipline due to its high demand in the business sector.
- MBA and MSc. in business analytics can lead to great career opportunities.
- With the help of business analytics, it becomes easier to manage and regulate business-related tasks.
Looking forward to knowing the difference between MBA and MSc. in Business Analytics? Continue reading and learn all about it. So, we all know that data analytics has broad ramifications for businesses. To advance in the big data era, however, you do not necessarily have to be a data scientist. Companies in every sector require managers and leaders with business degrees who are proficient in analytics and can draw significant conclusions from data.
According to a recent study, 94 percent of businesses believe data analytics are crucial to their digital transformation and corporate growth, and they intend to boost their expenditure on business intelligence and analysis in future.
Businesses are looking for MBA and MSc. graduates with a strong business analytics background who can acquire, understand, and offer practical suggestions from the vast amounts of data they produce. Companies also want data analysts to be business-savvy and able to communicate their results to management and peers from various angles. This is one of the biggest reasons why MBA and MSc. in business analytics are two of the most prominent programs.
But, if you are confused about what’s best for you, we have tried to establish a clear difference between them.
Read more: How to start a career in business analytics
What is an MBA in business analytics?
One of the most sought-after MBA specializations is MBA in business analytics. This Business Analytics program lasts two years, and it looks into the data analytics aspect of managing a business. How to use data analytics tools and statistics is covered in this course. Moreover, the program covers management techniques, technical skills, and business principles.
Hiring managers prefer individuals with business analytical skills, and having an MBA in the field gives one distinct advantage. In addition, lack of skilled business analysts raises the value of this degree. The best part is that you’ll have the chance to gain practical experience while pursuing your degree.
You must hold an undergraduate degree in the first place if you are willing to pursue MBA in Business Analytics. Moreover, most universities require candidates to have a work experience of at least two years before applying for the program.
An applicant interested in applying for an MBA in Business Analytics should have a knack for technology, a sense of strategy, and an analytical mindset. A person who enjoys making decisions and taking the initiative is also a good match for this program.
The MBA in business analytics syllabus includes the following subjects –
- Big data analytics
Big data analytics is the frequently challenging process of poring over large amounts of data to find information. It is a type of advanced analytics which comprises complicated applications with aspects such as predictive models and statistical algorithms. Big data analytics technologies and software can help organizations make data-driven judgments that can enhance the results of their business operations.
- Analytics using R and Python
In this, you get to learn about two programing languages, R and Python. Not just this, but you further learn to use those languages for various business analytics tasks.
- Digital and web analytics
Digital and Web analytics entail gathering, evaluating, and analyzing data from websites. Web analytics tools can offer a wealth of useful data regarding the source of website traffic, the navigation and interaction patterns of site visitors, the most popular content and web links, and how visitors leave a website.
- Financial analytics
Financial analytics helps to foresee potential future financial situations and provide solutions to particular business problems. Financial analytics seeks to influence corporate strategy through verifiable, dependable knowledge rather than gut instinct.
- Marketing analytics
The analysis of data for marketing purposes is known as marketing analytics. Companies can better comprehend what motivates consumer behavior, hone their marketing strategies, and maximize their return on investments by employing analytical and technological procedures for marketing-related information.
- HR analytics
The gathering and use of talent data for HR analytics are done to enhance important business and talent consequences. Professionals in HR analytics assist HR leaders in creating data-driven information to guide hiring decisions, enhance workforce operations, and foster great employee engagement.
Careers after MBA in business analytics
Pursuing a master’s in business analytics in India can help you explore a wide range of career options to choose from, and some of them include:
- Business analyst
Business analysts support data-driven decisions that maximize a company’s effectiveness. They implement alterations to businesses and corporations by using data to generate business insights. They can find problems in practically any part of an organization, including IT procedures, organizational structures, or workforce development
- Data analyst
Data analysts seek solutions to customer-related issues by analyzing large data sets. Additionally, a data analyst informs the administration and other parties of this information. These people are employed, throughout a wide range of sectors, with the expertise and abilities to transform raw data into useful information to make business choices.
- Operations analysts
Operations analysts are the professionals that study rules and processes, analyze data and produce reports with recommendations to enhance how a firm runs. The task of an operations analyst is to locate and resolve problems that affect how well business operations perform.
- Predictive modeler
A predictive modeler creates meaning and order from enormous datasets’ disarray. The work of a modeler to yield objective data that contains recognized patterns. Handling data as it is found, cleaning it up, and organizing it to fit the job at hand are all part of the work.
- Marketing analyst
A marketing analyst is a specialist who examines data to aid a business’s marketing initiatives. The marketing analyst may use the information they unearth to assist a corporation in making better business choices, such as boosting sales or improving marketing initiatives.
- Supply chain analyst
A supply chain analyst tracks the efficiency of the supply chain, spots threats and trends, and makes suggestions for risk-reduction strategies. They are crucial for the design and execution of major projects. To enhance the supply chain system, a supply chain analyst gathers data and then analyses it. They try to encourage excellent work from employees and drive down the price of materials utilized in projects.
What is MSC. in business analytics?
A Master of Science in Business Analytics program combines Data Science, Information Theory, Business Intelligence, and Computer Science. Its primary goal is to transform large amounts of data into actionable intelligence through the use of multiple quantitative and statistical methodologies.
Simply put, it is concerned with mining data to achieve specific commercial goals. It means that it is primarily concerned with predictive and prescriptive strategies rather than measuring historical performance. As part of their coursework, students learn in-demand coding skills in languages such as SQL, Python, Apache, Hadoop, R, and Spark. They also learn and improve social and communication skills.
The guidelines for an MSc. in Business Analytics degree vary from school to school. Hence it is best to confirm the admission criteria for the programs you’re interested in beforehand. In addition, here are some common documents one needs to have for MSc. business analytics programs.
- An undergraduate degree from a regionally approved institution or university (for domestic students) or a bachelor’s degree equal to that of the United States (international students).
- GMAT or GRE test scores.
- IELTS/TOEFL score (this acts as evidence of the English proficiency criterion for overseas applicants).
- Statement of Purpose.
- Letter of Recommendation.
- Filled Application form (provided by the program).
The MSc in business analytics syllabus includes the following subjects:
- Software engineering
Software Engineering is a discipline of computer science focused on engineering ideas and programing languages as they relate to software development. Students in this program learn about the many stages of the software development process.
- Machine learning
Machine learning is a subset of artificial intelligence (AI) that enables software applications to grow increasingly effective at predicting outcomes without overtly programing them to do so. Machine learning algorithms estimate new output values by using historical data as input. This subject will train you with the best algorithms to use in your business.
- Database management
Database management entails a variety of proactive strategies for mitigating the negative effects of data accumulation. It enables users to organize, save, and retrieve data from computers. In this curriculum, students get to learn about database administrators, data storage, management, and security practices throughout the data’s life cycle.
- Programing in R and Python
One of the most crucial skills for an analyst is programing language expertise. Data analysts interface with databases using SQL, but when it comes to cleaning, manipulating, analyzing, and displaying data, you should be familiar with both Python and R. In this course, students learn about both programing languages.
- Big data analytics
Big data analytics is the extremely complex process of examining large volumes of data to unearth information. Big data analytics is a type of advanced analytics that teaches complicated applications that include features such as forecast models, statistical algorithms, and what-if analysis driven by analytics systems.
Careers after MSc. in business analytics
Once you complete your MSc. in business analytics, you can choose from a variety of career options, including:
- Data scientist
Data is all around us, and it will only grow as we progress toward a digitally driven future. As a result, a career as a data scientist is ideal. A data scientist is a computer expert who can collect, analyze, and handle vast amounts of structured and unstructured data.
- Data analyst
In today’s world, another demanding career option is a data analyst. A data analyst collects, processes, and analyses huge datasets statistically. They learn how to use data to answer questions and solve issues.
- Business intelligence analyst
It is one of the most in-demand job options today. A business intelligence analyst analyses data to provide financial and market intelligence reports. These analyses are used to highlight market behaviors and trends that may have an impact on a company’s operations and future goals.
Statistics careers are frequently well-paying, with high levels of job engagement and a healthy work-life balance. A statistician is a business practitioner who uses statistics to address real-world business challenges.
Being a business analyst is an excellent career choice since it allows for life-long learning and challenges to bring solutions to business problems.
MBA or MSc. in business analytics: What’s best for you?
When it comes to choosing any degree program, there is nothing like right or wrong. Both programs are designed to help you enhance your career in different ways.
|MBA in Business Analytics||MSc. in Business Analytics|
|If you’re willing to strengthen your business skills, go for an MBA.||If you’re looking forward to becoming a specialist in Business Analytics, nothing is better than an MSc.|
|An MBA helps you develop general management skills, along with some knowledge in data analytics.||An MSc goes in-depth into data analytics.|
So whether you choose an MBA or an MSc. in business analytics, it depends on your skill set and professional goals. .
Explore your career with Online Manipal
There is no denying that the number of students aspiring to excel in business analytics is huge, making MBA and MSc. the two most desirable masters degrees. But, while taking admission in the course, it is important to make sure that you are choosing the right institution for it. You can’t just select any educational institution and risk your career, right?
If you are looking for an institute that will help you hone your business analytics skills, then you can opt for either an MBA with a specialization in business analytics or an MSc in business analytics by Manipal Academy of Higher Education (MAHE) available on the Online Manipal platform. MAHE is NAAC A++ accredited and with the help of experienced faculty, you can flourish in your career.
Overall, an MBA and an MSc will be quite effective in business analytics. While it is usually debated which degree is preferable, many businesses are more likely to appreciate your skills rather than the degree.
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