Given the heavy reliance businesses have on data, different sectors have emerged within the data science industry, which can often be classified as data gathering or analysis. Gathering data and performing analyses to calculate returns and opportunities are two entirely different things, and this is where business analytics professionals come into play.
Due to the great demand for data analytics across businesses and industries, business analytics professionals generally command a generous salary, especially with an advanced degree in relevant fields. According to PayScale, with a Master’s degree, you can expect an average salary of up to $\$74,000$. We’ve researched and analyzed the following salary averages for graduates in Master’s in Business Analytics:
A Master’s in business analytics often qualifies candidates for mid-level positions. That can result in a significant salary increase, as much as $\$20,000$. For example, entry-level business analysts make a median base salary of $\$66,000$ per year, according to our business analyst salary data, while mid-level professionals earn $\$88,000$.
Seniority can increase the pay of a Business Analyst. Here are the base salaries of a Business Analyst grouped into 6 seniority categories.
As with any advanced degree, this comes down to your personal situation and what you’re willing to put into it. Graduate programs offer benefits like:
But, there are various factors to evaluate before pursuing an advanced degree. These include:
Most Master’s degrees take at least two years to complete, and can run from $30k-$80k depending on the program. Your prospects in the long run will be better, but at the burden of assuming a significant upfront cost. Therefore, it’s better to evaluate the benefits through the lens of your specific career goals, rather than just getting a degree for the sake of it.
In comparing a Master’s in Business Analytics to one in Data Analytics, we found that the programs consist of very similar characteristics:
On the other hand, these degrees do have some fundamental differences, which include:
Data Analysts work with a wide variety of data, whereas the main objective of business analytics is to work with data that specifically communicates business insights.
According to BurningGlass.com, business analysts have 5% more demand and 8% higher salaries in comparison to data analytics.
Therefore, if you’re considering whether or not to pursue a Master’s in the field of Data Analytics, switching your focus to business analytics may ultimately be a better choice for specialization.
Here’s a look at some of the top data science jobs for Master’s in Business Analytics by average salary:
In data science, you analyze data with the help of various tools and programming languages, in order to provide actionable insights. Business analytics is a lot like this, just more focused on using data to come up with business-specific insights. If you’re transitioning from an entirely different industry or career in pursuit of a data science position, doing a Master’s degree in Business Analytics can open opportunities in the business sector that may be otherwise difficult to break into.
If you are still undecided, here are some insights from business analysts and experts within the industry. A professor at Carnegie Mellon’s Tepper School of Business notes that Master’s in Business Analytics (MSBA) candidates walk away with “the ability to attack and solve unstructured problems”. Other insiders note that graduating from an MSBA program offers greater “competencies” in data science and analysis, making you more competitive for employment.
A Master’s degree in Business Analytics will help in increasing your base salary, but only as far as the reputation and outcomes of your specific program, as well as how much work you ultimately put into building connections.