Working professionals who have an affinity for problem-solving and critical thinking may be weighing the benefits of pursuing a master’s in business analytics (MSBA) degree. This field is ideal for those who have an interest in using statistical models and analysis as a means of measuring performance and solving problems.
The online MSBA program at the University of Maryland (UMD) is designed to provide graduates with a well-rounded understanding of management-level analytics. The program also offers specific courses for students that wish to pursue a deeper interest in healthcare and marketing.
Graduates of the UMD MSBA program often find they have myriad career paths available to them. The most commonly chosen professions include management analyst, statistician and market research analyst.
Those who find themselves wondering what the average master’s in business analytics salary range is for these jobs may be interested to know the earning potential is significant.
Management analyst careers
Data from the U.S. Bureau of Labor Statistics (BLS) shows the May 2018 annual median wage for management analysts was $83,610; those with salaries in the top 10% of the range earned in excess of $152,760. Management analysts are responsible for making the organizations they work with more profitable by reducing costs and increasing revenues.
Job duties include:
- Gathering and analyzing information relating to the problem that needs to be solved
- Developing alternative practices and solutions
- Recommending new procedures, systems and organizational changes
- Checking with management to ensure changes have been implemented and to learn whether or not proposed changes have been effective
Management analysts are often self-employed consultants who work with organizations on a contractual basis. In most cases, they split their time between the client’s site and their personal office. The minimum education requirement for this job is a bachelor’s degree, although those who possess an MSBA may find they have additional job opportunities and earning potential. The BLS projects job growth in this field of 14% between 2016 and 2026.
Data from the BLS shows that the May 2018 annual median wage for statisticians was $87,780; those with salaries in the top 10% of the range earned in excess of $139,350. Statisticians are responsible for applying statistical and mathematical models as a means of solving problems in healthcare, engineering and other fields.
Job duties include:
- Determining which problems need to be solved
- Determining which data sets need to be used to find a solution
- Designing statistical and mathematical models that will be used to analyze and interpret data
- Using findings to improve business decisions moving forward
Statisticians typically work full time in an office environment, often alongside scientists, engineers and other white-collar professionals. Most people working in this role need a master’s degree in a related field, although some positions may be available to those with a bachelor’s degree. The BLS projects the number of statistician jobs to grow by 33% between 2016 and 2026.
Market research analyst careers
Data from the BLS shows that the May 2018 median annual wage for market research analysts was $63,120. Those with salaries in the top 10% of the range earned more than $121,080. Market research analysts are charged with analyzing market-driven data to determine a product’s or service’s potential sales penetration, providing businesses with key information on what consumers may want, potential target demographics and suggested price point.
Job duties include:
- Analyze and interpret sales and marketing trends
- Create and scrutinize various data collection methodologies, such as polls and surveys
- Transform complex analytical information into understandable formats, such as graphs
- Preparing reports and analytical results
Market research analysts often work full time in an office environment, and the deadline-driven nature of their work may require them to work additional hours. The minimum education requirement for this position is a bachelor’s degree, although those who have earned their MSBA may find the master’s in business analytics salary trends toward the top of the earnings range. The BLS projects the number of jobs in this field to grow by 23% between 2016 and 2026.
Key skills that help MSBA graduates be successful
The curriculum of the online MSBA program at the University of Maryland has been designed to help students be successful in their chosen career path. Core courses include Data, Models and Decisions; Database Management Systems; Data Mining and Predictive Analytics; and Decision Analytics. Advanced coursework includes class offerings in Social Media and Web Analytics, Big Data and Artificial Intelligence, Strategy Analytics, and Data Processing and Analysis in Python.
The UMD online MSBA program has been structured to help augment students’ analytical, problem-solving and communication capabilities, as these skills provide job-seekers with a competitive advantage.
Professionals who earn an MSBA degree are able to enter the job market with enhanced data management and analytics skills, which can help open the door to a wide range of career opportunities in marketing, healthcare and other industries.