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Why choose an MBA in Analytics & Data Science?

Admin | August 10, 2022

After graduation, individuals can opt for an MBA degree, which will open avenues for managerial roles. It is one of the best post-graduation options for students and professionals as it hones skills that help deal with complex problems and develops leadership qualities and innovative problem-solving perspectives. There are different domains for specialisation in an MBA programme, and you can pursue any of them according to your preference and skills. 

An MBA in Finance covers taxation, finance, market strategy, derivatives, and international finance. Individuals interested in making a career in finance will learn managerial skills along with various accounts, finance and portfolio skills. One can work as an accounts manager, finance manager, financial analyst etc.

An MBA in Marketing focuses on the international market, brand development, marketing strategies, etc. The popular job profiles under this branch are marketing manager, market research analyst, promotional manager, etc.

An MBA in Human Resources provides in-depth knowledge of the organisation’s human resource department. It includes recruiting, staffing, and management of the workforce. The popular job profiles are HR manager, compensation manager, consultant, etc. 

Another domain gaining popularity nowadays is MBA in analytics and data science. With the advancement in business and technologies, it has become necessary for enterprises to have professionals who possess in-depth knowledge in both business and technologies.

Scope in the Data Science domain

Today businesses and industries are flourishing using data analytics. Data has become a kind of asset that provides a competitive edge in the market. But for maximising the benefits, a professional who extracts information from the raw data is required. Data Science is a discipline in which scientific methods are used to extract valuable information from structured or unstructured data, and Analytics is the systematic analysis of the data.

The MBA Analytics and Data Science programme combines managerial skills with programming skills. In this changing world scenario, professionals with knowledge of programming and IT are more in demand. An MBA in Analytics and Data Science is an optimum mix of business and technology. 

The scope of Data Science is vast as data is the future, and every company is collecting data from users and consumers on a regular basis. Thus, they need professionals to manage and maintain the data collected. The data collected is primarily unstructured or semi-structured, and in its raw form, it does not provide any utility and benefits. An MBA in Analytics and Data Science will equip the professional with desired technical skills. 

The technical skills that individuals are usually equipped with during an MBA Analytics and Data Science programme are:

  • Structured Query language (SQL): It is an easy programming language to learn and is quite similar to excel. It is often used in programming for managing data.
  • Python: This programming and coding language is quite popular nowadays and is often used for website development, data science, etc. Its main feature is its simplicity, ease of use, and credibility. It is used for various purposes and is open-source software.
  • Data visualisation: Under this skill, unstructured and raw data is represented in charts, graphs, and maps. It helps in finding out new patterns and trends. 

The MBA Analytics and Data Science programme holds a bright future as it is a newly evolving domain. The primary industries that require Data Science professionals are:

  • Banking sector: They record data and analyse it to find out the new products to be launched and what policies should be issued to attract a new customer base.
  • Hospitals: They keep records of their patients and conduct surveys to collect new data from the general public to improve healthcare services.
  • Software Industry: They use collected data to understand the needs of the users and design software according to them. 
  • Data management services: These companies provide cloud services to their clients. Thus, they are responsible for safeguarding, securing, and maintaining data.
  • Retail stores and shops: They collect data from the market and using various technical skills, extract buying trends of the consumers. Thus, it helps them access which goods or services are more revenue-generating than others and where the stores should increase sales. Data Analysis also helps in understanding buyers’ shopping behaviour, thus, discount offers and perks are launched accordingly. 

Data Analytics uses more technical skills compared to business analytics. The primary purpose of data analytics is to categorise and arrange data in a meaningful manner and extract information from such data. In contrast, business analytics is more of an analysis of market forces and trends and drawing plans and policies accordingly.

Who should pursue an MBA in Analytics & Data Science?

 

MBA in Analytics and Data Science is a 2-year postgraduate programme. The course can be pursued by individuals with a knack for data analysis and who fulfil the minimum eligibility criteria. Different universities have different eligibility criteria, but below are the essential criteria one must meet.

  • One needs to be a graduate from a recognised institute or university and meet the minimum score criteria required by the institution you are applying to.
  • Similarly, candidates must attach the score of GMAT, TOEFL etc., if they are applying to international universities.

If you are someone who has an interest in programming and likes to extract information, this MBA specialisation is for you. Let’s have a look at the qualities that will be an added advantage in an MBA in Analytics and Data Science.

  • Love for data: Some of us are not intimidated by bulky unstructured data. Such individuals enjoy analysing and studying them. People with such an attitude will surely succeed in this domain.
  • Maths background: Though individuals from a non-technical background can also pursue an MBA in Data Analytics, individuals with an understanding of mathematical concepts or an engineer will find it much easier to understand and relate to the topics in this specialisation.
  • Already a professional: If someone is already working in the data science domain, this MBA will help them advance their career and climb the corporate ladder. Having hands-on experience will provide an edge for advanced learning.
  • Career change: Marketing, Management and IT professionals seeking a career change and planning to start a career in data science or analytics can pursue this MBA in Analytics and Data Science course, which will open new doors of opportunities. A working professional can opt for an online MBA in data analytics as they won’t have to take a break from their work this way.
  • Individuals involved in the decision-making process: An MBA in Analytics and Data Science is a duet of technology and management. The top management or decision-making individuals deal with numerous data and interpretations for making well-informed decisions for the organisation. This MBA will help in learning skills that will help analyse data, extract valuable information and use data visualisation to assess trends and patterns.
  • Someone looking to upskill: Stagnation is not suitable for any individual and will hinder the growth of your career. In this dynamic business world, technologies and business strategies are evolving at a high rate. A person can choose an MBA in Analytics and Data science to upskill and get a head start with their contemporaries. 
  • Individuals managing operations: Individuals who overlook an organisation’s operations or manufacturing process will be able to use data science to understand product requirements and demands. They would be able to find out defects in the goods and the reason behind them. Data science will help in improving existing products or introducing a new product. 

 

Data Analytics and MBA? Why should you pursue an MBA in Analytics & Data Science?

There are enormous opportunities for individuals in this domain and the several advantages of it are listed below::

  • Emerging domain: Data has become a core part of how businesses function today. Companies are collecting vast amounts of data, so there is a requirement for professionals who can apply analytical skills and extract useful information from data, study patterns and changes that will help in forecasting future scenarios in the business environment. Thus there will be a huge demand for MBA in Analytics and Data Science professionals in the domain.
  • In-demand skills: Individuals need to have a complete understanding of the industry in which it is working to analyse data and perform the data analytics work. The factors which influence the industry’s environment and who are the key players in that particular industry are some of the areas that the individual must be aware of while working as a professional. In addition to analytical skills, one needs to be equipped with good communication and interpersonal skills to cooperate smoothly with the other team members. Thus, an MBA in Data Analytics will help in developing a set of technical and soft skills.
  • Focus on techniques and tools: The role of a data analyst is to analyse and extract meaningful information from the raw data. They use various statistical tools and techniques for analysing data. The MBA in Analytics and Data Science programme will provide knowledge about such tools and techniques to individuals to help them to analyse data efficiently.
  • Business understanding: Companies are searching for professionals who look beyond numbers and stats and can analyse them properly. A professional with the skills to understand business and its environment will better understand data. The MBA in Analytics and Data Science course helps individuals develop skills that help in understanding business and its primary objectives, along with other technical skills. 
  • Variety of opportunities: An MBA in Analytics and Data Science curriculum provides a firm base for students who want to start their careers in various roles and industries. One can choose to become a data scientist or consultant, and so on. Opportunities are limitless for individuals who pursue this programme. 
  • Real-life case studies: The MBA programme teaches students how to implement the expertise gained during the course in real-life situations. A prospective employer will prefer a candidate who knows how to use their skills in real scenarios for problem-solving. 
  • Forecast the future: The experts in data science will be able to use data and foresee future trends in the market. That will help make strategic decisions and modify the organisation’s goals if required.
  • Global opportunities: Data science and analytics are globally emerging fields. One with an MBA in this domain and relevant work experience can opt for job opportunities abroad. 
  • Technical skills: The main difference between MBA in Analytics and Data Science and other domains is that the other domains are solely focused on managerial aspects. But data science clubs technical skills and managerial skills. A person will learn technical skills like SQL, Python and data visualisation. 
  • Professional development opportunities: Working in data science and analytics will expose professionals to the ever-changing environment. It helps them meet the need for change and to strike a balance between different departments. They will use various tools and techniques. It also provides opportunities to constantly update skills and learn new skills from other departments and people. MBA in Analytics and Data Science provides various opportunities for the self-development of professionals.
  • Varied job roles with lucrative salaries: As more and more companies are using data for their decision-making. The need for data science professionals will keep on increasing. As there is a shortage of such qualified professionals, companies are ready to pay high salaries to the professionals. Following are the job roles for an MBA in Analytics and data Science graduate:
    • Data analyst: Their main function is to convert unstructured data into something meaningful and that will help in taking managerial or operational decisions.
    • Data science manager: They are responsible for handling huge amounts of data. They use statistical and machine learning techniques and provide solutions to the production or marketing team.
    • Product analyst: They study the market and keep checking on the product to continuously assess the product life cycle. They target the product market, collect data, and analyse it. They are responsible for framing marketing strategies for the product.
    • Data science consultant: The main responsibility of a data science consultant is to solve database problems by using machine learning. Machine learning plays a vital role in catering for their services.
    • Business analyst: The primary role of the business analyst is to study and analyse past and current data for making improved business decisions. The reports by the business analyst are used by decision-makers of the organisations.
    • Data engineer: Primarily, software engineers work as data engineers, but a person with MBA in Analytics and Data Science can work in this job role too. They collect data from different sources and prepare data for analytical and operational use. 
    • Data architect: These professionals make policies, procedures and technologies that an organisation follows for collecting, storing, and organising the data. 
    • Business intelligence analyst: Their work area is to study data and provide reports for finance and marketing activities. Their reports provide insight into the market and show trends and patterns. It facilitates making finance and marketing-based strategies. 
    • Database administrator: Their main role is to create systems to securely store data and manage the smooth running of the database. They make sure that data is accessible only to an authorised person. 

MBA Analytics & Data Science syllabus

The syllabus for the MBA in Analytics and Data Science programme may slightly vary from university to university. But most of the topics are usually the same. It includes core MBA topics like Management, Leadership, Economics, Finance, Marketing and Operational Management. These topics are combined with technical topics like Database management, Social media analytics, statistical techniques, Data science, programming etc. 

The MBA programme will teach the following topics in the span of two years. 

Year 1Year 2
EconometricsApplied Business Analytics
Financial Analysis and ReportingFoundation Course on Predictive Analysis
Macroeconomics in the Global EconomyFoundation Course in Descriptive Analysis
Foundation course in Business AnalyticsStochastic Modelling
Spreadsheet ModellingEthical and Legal Aspects of Analytics
Applied Statistics for Decision MakingSAP FICO
Organisational BehaviourSocial and Web Analytics
Applied Operations ResearchSAP HCM
Project ManagementR Programming
Research MethodologyProject Work

Read more about the MBA analytics and data science syllabus

MBA Analytics & Data Science salary

The average salary of an MBA in Analytics and Data science is ₹6 lakhs per annum. Let’s check on the different roles and their average salaries.

Job roleSalary
Data Analyst₹ 4.7 LPA
Data Science Manager₹ 30.0 LPA
Senior Product Analyst₹ 12.5 LPA
Data Science Consultant₹ 19.0 LPA
Business Analyst₹ 7.0 LPA
Data Engineer₹ 8.1 LPA
Data Architect₹ 23.0 LPA
Business Intelligence Analyst₹ 7.0 LPA
Database Administrator₹ 10.2 LPA

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Gain data skills with an online MBA from Online Manipal 

Manipal University Jaipur (MUJ) is an UGC recognised and NAAC A+ rated university. It offers MBA programmes in various domains, including an MBA in Analytics and Data Science. Manipal University Jaipur’s online MBA programme includes the finest academic curriculum, advanced learning management system (LMS), and expert faculty. Once you enrol for the programme, you get free access to paid courses from Coursera in addition to the vast e-learning material.

The recorded classes help in multiple revisions and revisiting any concept that you might have missed earlier. The self-paced learning programme makes it convenient for working professionals to complete their MBA without quitting their work. Any graduate or professional can pursue an MBA in Analytics and Data Science from Manipal University Jaipur. It will help in opening up new avenues for freshers and help professionals make a career change or advance their career to climb the corporate ladder. 

The course fee is around INR 1,50,000 for two years which is around INR 37,500 per semester. Moreover, Manipal University Jaipur provides easy payment and finance options. It provides no-cost EMI, thus, helping in making education accessible to everyone. There are scholarships for defence personnel, government employees, and differently-abled and meritorious students. There are also certificate programmes that can be accessed along with an MBA programme. These certifications will help you upskill and enhance the value of your resume and provide an edge in the competitive job market. 

The online MBA programme from Online Manipal also provides placement opportunities with the top companies in the industry. A few such companies are Accenture, Amazon, Bajaj Finance, Axis Bank, Dell, etc.

Conclusion

With technological advancement, the way of doing business has changed immensely. Today, business and technology are interwoven, and it is impossible to do business without IT services. In the past, only a few global giants used data for their business’ decision-making and strategy formation. But now, every business is relying on data to understand their clientele pattern and generate revenue. With this trend in the industry, there is a huge demand for professionals who are skilled in analytics and data science. It is estimated that the industry will gradually grow, which will create numerous job opportunities globally. 

MBA in Analytics and Data Science is a perfect mix of technical and non-technical skills. It includes topics like communication, statistical methods, different programming languages, and analytical tools in its curriculum. Data science is a research-based field, and it is used in various industries and businesses. A graduate with an MBA in Analytics and Data Science can choose to work as a data scientist or in the finance or banking sector. In today’s rapidly evolving business world, MBA in Analytics and Data Science will provide a head start for individuals to advance their careers. Since it is an emerging field, the competition is comparatively low compared to other MBA specialisations. So stay ahead of the competition with an online MBA in Analytics and Data Science from Online Manipal.

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