Everything You Need to Know About a Career in Business Analytics

By Staff Reporter - 17 Nov '20 14:30PM

(Photo : Everything You Need to Know About a Career in Business Analytics)

Choosing a career is tough. Most of us have little idea of what we want to do for the rest of our lives when we choose our major at college, and these days an increasing number of us are opting to switch careers later in life. Sometimes this change is driven by external factors such as economic recessions, or lifestyle factors such as having children or moving house. Other times, however, it is something internal that drives us. Perhaps we want more job satisfaction, a higher salary, better progression opportunities, or an improved work/life balance.

One of the great things about today's job market is that we are no longer constrained to the same career for our whole lives. It's becoming easier than ever to go back to college as a mature student and either further specialize in our current field or retrain in a new one. An area that is particularly open to older students and those from a wide variety of academic or professional backgrounds is business.

There are, of course, a large number of subjects you can study within the field of business, including marketing, finance, management and entrepreneurship. However, one option that is particularly worth considering is a business analytics degree. This is a highly sought after skill in almost every industry these days, both because it's valuable and because the supply of qualified workers does not yet meet the demand for them.

In this article you can find out more about the field, why a business analytics degree is a good choice of qualification, and what a career in it might look like for you.

What is business analytics?

Let's begin with the obvious question of what business analytics actually is. It's a field that concentrates on data, which is arguably the most valuable resource a company has now. Businesses have access to a staggering amount of data, and yet it is virtually useless to them unless they know how to read and interpret it.

This is the role of business analytics. A business analytics degree teaches students how to gather and analyze data - in any industry and from any number of sources - and then use it to make better and more informed business decisions that are based on evidence. In order to do this, there are a number of different tools, techniques, and technologies you can use. These include data visualization, data mining, machine learning, and statistical analysis.

Business analytics can be applied to solve a number of different problems in a number of different ways. For example, historic or real-time data can be tracked and analyzed to identify patterns and trends in order to improve a company's understanding of itself. Data can also be used to predict future outcomes and make recommendations about which are the best actions to take in order to achieve business goals. All of this can lead to an increase in revenue, customer satisfaction, and operational efficiency. So, it's easy to see why business analytics is so important to businesses.

What sorts of careers can I have in business analytics?

When it comes to job prospects, graduates with a business analytics degree have plenty of options. Due to the fact that every industry generates data and would benefit from effective analysis of it, there are very few limitations on where you could work. So whether you'd prefer a small company or a large one, a traditional business or a start-up, to work in-house or as a consultant, or even to start your own business, there will be a career path to suit you.

Likewise, the industry that you work in could be almost anything, from healthcare or the media to finance or retail. This gives you the chance to combine your business analytics degree with your personal interests, your existing qualifications, or your previous work experience. Here are some of the job titles to look into to get a better idea of what's available and see if it appeals to you:

Data architect
Chief data officer
Business modeler
Performance analyst
Data integrity analyst
Account analyst
Enterprise analyst
Supply chain analyst
Statistician
Information analyst
Application architect
Consultant
Technology analyst
Business intelligence analyst
Data specialist
Machine learning engineer
Management analyst
Operations research analyst
Data scientist
Market research analyst
Marketing analyst

Remember that while you are studying for your business analytics degree, your college's careers advisors will be able to give you plenty of guidance on choosing the most suitable role for you. During the course, you may also be able to get some real-world experience, helping you narrow down the specific niche you'd like to work in.

Is business analytics a good field to work in?

The answer to this one is a definite yes. Many companies report that there is a lack of employees who are skilled in business analytics, meaning that those trained in the field are highly sought after. Therefore, if you have a business analytics degree, you will likely find yourself in high demand. Given that the amount of data being generated is growing exponentially, this trend is very likely to continue in the future.

Business analytics is vital for a company to be competitive in today's modern world and to be able to adapt to the rapid changes that often occur. Consequently, working in business analytics has a good chance of bringing you a high salary, good job security, and improved prospects for progression. Therefore, if you enjoy working with numbers and computers, and are not phased by statistics or large amounts of data, this could be an excellent career choice for you.

How do I get qualified in business analytics?

In order to get qualified to work in the field, a business analytics degree is the best option. Many different colleges offer the program, and there are options to study either full-time or part-time depending on your lifestyle. You can expect a full-time course to take about a year, and a part-time course about two years. There's also the choice to complete the degree online, which is especially worth considering if you have existing work or family commitments that make it hard to study on campus.

A business analytics degree will generally consist of a number of modules, some of which will be compulsory and others that you will be able to choose for yourself. This enables you to tailor the course slightly to focus on the aspects of the subject that interest you the most. The module list will vary from university to university. However, the following list gives a reasonable idea of the sort of topics you can expect to cover:

Data warehousing
Data modeling
Data mining
Applied deep learning
Data visualization
Prescriptive analytics
Predictive analytics
Financial data analytics
Machine learning
Network analytics
Python programming
Analytics capstone
Digital marketing analytics
Managerial decision making
Statistics and econometrics
Risk analysis
Natural language processing
Responsible innovation
Leadership skills
Game theory for business analytics

These will likely be taught through a blend of lectures, seminars, guest speakers, group projects, case studies, individual research, and workshops. You may also be required to sit exams and write a dissertation on a topic of your choosing.

What skills do I need to work in or study business analytics?

There are several different skills that will be useful to you if you are considering taking a business analytics degree and pursuing a career in the field. For example, you will need strong analytical skills and the ability to take a robust, evidence-based approach to problems. You will be using statistical methods to analyze large amounts of data, so being comfortable with numbers will also be an advantage.

Business analytics is a sphere that moves quickly, so it will be important for you to have the capability to quickly learn how to use new technologies and tools as they are developed. This will include ones that you have not covered in your business analytics degree. You will need to be confident in the use of programming languages too. In addition, much of the work involves finding solutions to problems. Therefore creativity, curiosity, the ability to think critically, attention to detail, plus being able to work calmly under pressure and to deadlines will also be key.

Similar to many job roles, communication is very important for business analytics. You will likely have to articulate your findings to a variety of stakeholders, as well as consult with people from different teams. Other so-called soft skills, such as time management, organization and leadership, will also serve you well in this industry. Finally, to really excel, you'll need to be passionate about what you do!

Don't worry if you don't yet have all these skills, however. Through the experience of studying for a business analytics degree you will naturally be working on all of them, whether directly or indirectly, and by the time you graduate you're sure to be more than ready to take on the challenges of whichever role you land!

Tips for studying as a mature student

When it comes to attending business school to study a graduate program such as a business analytics degree, you'll be pleased to know that being a mature student is not that uncommon. Many people who study business degrees are professionals who already have a few years of work experience under their belt, so you won't be alone. Having said that, attending college as an older student - whether it's an in-person or online program - is different from when you were a freshman. Here are some tips to help you adjust and make the most of the opportunity:

Get organized. As an adult, you likely have a whole host of other responsibilities in addition to your studies. To ensure you stay on top of things, have a system in place for your studying and stick to it. Keep your notes neatly filed, have your deadlines clearly marked in your calendar, and make sure you have all the information you need about your classes and assignments.
Create a study plan. Think about the time you have available for studying - whether it's every evening, weekends only, or something more random - and make sure that time is blocked off for the purpose. It can help to have a set routine and a dedicated study space at home if you have the room, where you can keep all your books and notes, and work without being disturbed.
Make use of support services. Your college will have professional support services available for all students, including some specifically for mature students. Don't be afraid to ask for help or advice if you need it - that's what the tutors and other staff are there for, after all!
Lean on your strengths. As a mature student, you actually have some advantages over your younger colleagues. You are likely to have a stronger motivation for studying, a better understanding of how you learn best, and plenty of life experience to benefit from. Start to see your age as the positive factor it is!
Connect with others. On a program like a business analytics degree, teamwork and communication is important. However, you can also try to connect with other mature students on different courses, for example by joining a mature students' union or social group, to bond over your shared experiences and share tips and advice.
Stay motivated. As with any study program at any age, motivation is vital for success. Make sure that you have a clear goal in mind for what you want to achieve by taking this business analytics degree, and focus on that whenever you feel overwhelmed. Breaking down your tasks into manageable chunks can also help.
Test the waters first. If you're still not sure whether you want to commit to a business analytics degree, you could always take a short course or two first to see how you feel about returning to studying. Some colleges even offer free online short courses, so there's nothing to lose by giving one of them a go. You'll probably be pleased you did!