Data is everywhere, and with it comes a gold mine of information – one that can give businesses a competitive edge if they master the art of collecting, analyzing, and putting it to use. The rise of big data has led to a boom in business analytics careers in recent years, and with it, a growing number of professionals pursuing a master’s in the field. In fact, the U.S. Bureau of Labor Statistics considers analytics to be among the Top 20 fastest growing industries and anticipates a 30% increase in job demand over the next 10 years. So what can you do with an MS in Business Analytics? Take a look at these six careers on-the-rise and consider which one might appeal to you.
1. Business Intelligence Analyst
Average Salary: $117,000
Business intelligence analysts turn companies’ data into valuable insights executives can use to make sound business decisions. Using data visualization and mining software, they analyze information already being collected by organizations to find patterns and make important inferences about customer engagement, employee productivity, revenue, sales, and market trends. Utilized in a wide range of fields from healthcare and education to retail and law enforcement, the job market for business intelligence analysts is expected to grow by 14% over the next 10 years, making it a lucrative field on the rise.
2. Statistician
Average Salary: $95,570
Ranked #3 in Best Business Jobs by U.S. News and World Report, statisticians are one of the fast-growing careers in the United States with jobs expecting to increase by 33% over the next decade. While statisticians are often confused with data scientists, the fields have some key differences. Data scientists have a basic working knowledge of statistics, but tend to focus more on software programming and machine learning. Statisticians, on the other hand, develop statistical theories, design experiments, test and create sampling techniques, collect data, interpret it, and report on it to help solve real world problems. And unlike most professions, statistics can be applied to a vast number of fields or issues, like the environment, public safety, healthcare, and sports.
3. Financial Analyst
Average Salary: $83,660
Financial analysts keep their fingers on the pulse of the economy while staying current on business news, economic trends, and company strategy. Individuals working in this highly sought-after profession analyze data to discover potential financial investment opportunities and/or risk management problems and help their clients make a profit by recommending when to buy or sell their investments. Ranked #13 among U.S. News and World Reports’ Best Business Jobs, approximately 31,000 new jobs are expected to open in this popular field by 2030.
4. Operations Research Analyst
Average Salary: $82,360
A role tailor-made for business analytics graduates, operations research analysts use algorithms and advanced analytical models to help organizations solve complex issues. Using data mining, statistical analysis, and mathematical modeling, these high-level problem solvers can simulate outcomes, determine optimal decisions, and provide executives with the best solutions to their biggest challenges. The great news about this potential career is that it’s a part of a rapidly growing field, with the Bureau of Labor Statistics projecting a 25% increase in employment by 2029, a rate that’s much faster than the average occupation.
5. Sports Analyst
Average Salary: $82,953
If your love of numbers is only outweighed by your passion for sports, then a career in sports analytics could be a real homerun. In this unique field of applied statistics, duties vary depending on the medium and employer. Some sports analysts work with data and statistical modeling to find relevant stats and trends that are used to provide commentary during broadcasts. Others, like on-field sports analysts, analyze technical, tactical, physiological, and psychological metrics to improve players’ performances, while off-field analysts focus on the business and merchandizing of sports. Sports analytics is also used in sports gambling to help casinos and similar companies decide which odds to offer to customers.
6. Market Research Analyst
Average Salary: $63,920
Ever wonder why your favorite pair of jeans cost twice as much as a department store brand? Market research analysts know. Using data collected through surveys, focus groups, and competitor studies, these analysts examine data and market conditions to help companies determine their target demographics and how much consumers are willing to pay for a product. In a nutshell, they help brands understand what products people want, who will buy them, and at what price. Employment of market research analysts is projected to grow by 22% over the next decade, with roughly 96,000 job openings projected on average each year.
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