In a data-driven world, one of the fastest-growing sectors for job opportunities is business analytics. An advanced degree program like the online Master of Science (M.S.) in Business Analytics program offered by the University of North Carolina Wilmington (UNCW) will prepare you to compete at the highest levels in this field. Plus, business analytics expertise has widespread professional applications in a range of industries and functions, including healthcare, technology, marketing, supply chain management, transportation and cybersecurity.
Business analytics is the examination and investigation of data to gain insights for use in decision-making and planning. Data can be a valuable resource for businesses, but only if they employ the right people to prepare, examine and analyze it. Those educated and trained in business analytics will be able to take advantage of a variety of well-paying career opportunities.
Opportunities and Job Growth in Business Analytics
According to the U.S. Bureau of Labor Statistics (BLS), opportunities in professions that involve business analytics are expected to increase by varying amounts, depending on the role and industry. But, in general, business analytics jobs are projected to grow at a faster than average rate over the next decade.
For example, BLS predicts a growth rate of 23% in operations research analyst jobs from 2021-2031, 19% growth in market research analyst jobs and 11% growth for management analyst jobs. For comparison, the average growth rate for all occupations is projected at 5% from 2021 to 2031.
Topping the job growth spectrum in business analytics occupations are data scientist jobs, with BLS projecting an astounding 36% increase in employment from 2021 to 2031. This places the data scientist occupation as the 6th fastest growing occupation in the U.S. as of 2022 projections. Job growth in the data sciences highlights the widespread need for analytics-savvy professionals across industries.
As BLS explains, data scientist job growth "is expected to stem from an increased demand for data-driven decisions." Organizations leverage the advanced analysis data scientists provide to "make informed decisions and improve their business processes, to design and develop new products, and to better market their products." Business analytics exists squarely in the middle of the data sciences and business decision-making, resulting in the indispensable nature of related professional roles.
As mentioned earlier, business analytics occupations offer substantial compensation. For example, BLS reports the median annual pay for operations research analysts in 2021 was $82,360. Median pay for management analysts was $93,000 that year. Data scientists earned a median 2021 annual salary of $100,910.
Convenience and Affordability
UNCW's online M.S. in Business Analytics program is highly affordable and designed to allow working professionals to complete their degree in as few as 12 months. Total tuition and fees for North Carolina residents is $17,358.90, compared to the average $62,300 price tag for M.S. programs (according to the Education Data Initiative). That amount doesn't include lost wages if you must leave your job to attend classes on campus.
UNCW's M.S. in Business Analytics students learn the advanced analytics skills necessary to examine, understand and communicate complex business strategies, decisions and recommendations. Core coursework in this degree program focuses on descriptive analytics, predictive analytics, prescriptive analytics, programming for analytics, databases for analytics and data visualization. Students will be exposed to a variety of business analytics case studies and applications.
Students build a solid foundation in analytics technical skills and applications. They become skilled at generating impactful visualizations and reports specifically customized to a target audience. A range of electives, including an optional internship, will prepare you to focus on specific industries.
What Kinds of Students Could This Degree Be a Good Fit For?
Whether you are interested in earning an advanced degree in order to climb higher in your chosen field, or you want to make a career change, an advanced degree in business analytics can help you achieve those goals. Students in UNCW's program come from a range of backgrounds, including business, physics, mathematics, engineering, computer science, statistics and economics.
UNCW's M.S. in Business Analytics program is accredited by the Association to Advance Collegiate Schools of Business (AACSB International). In addition, UNCW does not require a GMAT or GRE score, so you can get started right away.
Learn more about UNCW's online M.S. in Business Analytics program.
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