But this is a thing of the past. We are living in an age when efficiency is the crucial thing. Companies need to know where to invest each dollar while ensuring a good return on their investment. To do this, companies require business analytics knowledge. You can acquire this knowledge with an MS in data science.
But what does this actually mean? Which companies need business analysts, and what jobs can you do? After all, you want to know what you can do after getting your degree. Here’s what you should know.
The Importance of Data
The whole big data market size keeps growing. Even though it’s a new market, the numbers keep going up. Forecasts show that the big data size will go over $100 B by 2027. Simply put, big data isn’t just a trend that will go away.
It has a lot of potential, and it’s already driving many industries forward. Over 90% of companies today have some data analytics needs. Soon it will be impossible to run a business and keep up with competition unless you invest in data.
The growth of business analyst jobs supports this as the whole job market is expected to grow by around 14% from 2016 to 2026. The business analyst position has also been graded with an A- employability score. This means that there are many opportunities for future employment.
Jobs You Can Do as a Business Analyst
But this role isn’t one-dimensional. There are many different jobs out there an analyst can do based on industry, courses, additional experience, and training. You can choose from different career paths and specialize in a variety of fields.
Simultaneously, all of these jobs are business analytics at their foundation, but they include different tasks.
Becoming a Data Scientist
The role of data scientists is to put together raw data and find important connections to provide actionable insights. They rely on machine learning and various statistical techniques to find meaning within data and interpret it correctly.
All of this requires technical knowledge like SQL, Hadoop, and Python. This is also one of the most paid positions, with salaries smoothly going over $100,000 per year. It requires knowledge in computer science, statistics, and math.
Working as an IT Business Analyst
This role requires knowledge of business, software, and IT. It’s a more advanced role than a simple business analyst as it requires more business management experience and knowledge of software solutions.
IT business analysts need to make the right decisions while understanding how business processes work, how data requirements are set, and how operating systems fit into the whole equation. At the same time, they need to communicate with multiple stakeholders to get approvals for their projects.
The Role of a Business Analyst Manager
Collecting, implementing, and developing data requires a group of organized data analysts. The business analyst manager role is in charge of managing and overseeing their progress and giving them guidance.
They get research that helps improve decision-making and management. A business analyst manager also tracks project progress and individual development. When needed, they can mentor and train other analysts and help establish proper communication.
Quantitative Analyst Position
Quantitative researchers, quantitative developers, or quantitative analysts create mathematical structures to support financial decisions, help implement them, and review data that needs to be created. Simply put, they are in charge of using data to ensure minimal risks are taken by an organization.
Their average salaries are at $115,000 per year. This position requires a master’s degree and knowledge in computational finance, economics, and mathematics. This is why it’s one of the best-paid positions in business analytics.
What Solutions Architects do
Solutions architects create functional solutions for meeting technical requirements and solving a variety of business problems. They need to be able to understand and analyze groups of systems and how they interact together.
Once they’ve done that, they use technical knowledge to make the right changes within that ecosystem. This position requires a bachelor’s degree, but with a master’s degree, you can get a much better position and a higher salary.
The business analytics job market is going to continue to grow in the future. It’s a highly paid position, and almost every company today has a business analyst of some sort. It’s the right career choice if you can learn math, economics, and computer science. If you get a degree in this field, you are almost guaranteed to find a job.