What is Business Analytics? Popular countries for MS in Business Analytics

Have you noticed how Netflix sends you suggestions based on your previous views or how Amazon shows similar products that you might be interested in based on previous purchases or talk about the Facebook ads showing on our Facebook pages, most of the time these ads are related to what we purchased or viewed online. These companies use huge chunks of data and business analytics tools to predict customer behavior and customize what we view or receive.

Business Analytics (BA) gives companies the quantitative data to understand market trends, improve risk management processes, drive innovations, improve customer acquisition and retention strategies and reveal hidden trends related to human behavior, etc. Such understanding helps companies make more informed business decisions, automate their processes and deliver better products to their customers. Business analytics is not new, companies have been using analytics for many years in the form of spreadsheets and manually calculating patterns and trends. Today, with the help of advanced software tools, BA is a much better and speedy process and delivers better analytical results enabling companies to work faster and be more flexible. This gives them a competitive advantage as well.

With more and more companies using business analytics, the need to hire professionals in this field is ever-increasing. The role of a business analyst includes but is not limited to understanding and analyzing business data, studying business models, caveats, and requirements, developing data quality metrics, financial modeling, forecasting, planning for business enhancement, pricing, etc and ultimately generating strategies for new processes and also check that these processes are implemented in an organized manner.

Know more about Business Analytics:

• Top Ten Schools for Data Science and Business Analytics Programs In the World
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A business analyst also serves as a link between several departments of an organization including top management, accounts, marketing, HR, and more. In addition, a business analyst is also required to engage in technical writing, problem-solving, team building, etc.  As the demand increases, competition increases as well. Therefore, as a job seeker, it is important to have an edge over other applicants. Having a proper qualification is highly crucial in addition to possessing skills such as technical skills, communication skills, business and domain knowledge, analytical and critical thinking skills, etc. Also, according to the Bureau of Labor Statistics, there will be a surge of 27% for Masters in Business Analytics (MS in BA or MSBA) related jobs by 2026.

The Masters in Business Analytics program is typically a multidisciplinary and immersive program, designed to solve business processes by integrating mathematics, computer science, and business management.  They are usually tailored for students especially engineering, computer programmers, mathematicians, statisticians, physicists, etc looking for career advancement or a career change.  

Business analytics or data science are among the most- highest paying and among the top 5 jobs today according to popular surveys such as Forbes, LinkedIn, and Glassdoor among other reports.  ‘Quant Crunch’, a study performed by IBM, Burning Glass Technologies, and Business-Higher Education Forum (BHEF), predicts that more than 39% of data scientist and analyst jobs will require a masters or Ph.D. The U.S. alone is expected to face a shortage of around 1.5 million business analysts by 2020. The median starting salary for a Masters in Business Analytics holder in the USA is reported to be around $95,000. From MIT’s Masters in Business Analytics 2018 batch, 100% reportedly graduated with full-time job offers with base salary ranges in $87-$190K.

Popular countries for Masters in Business Analytics

While choosing where to study, students must keep certain factors in mind such as employability, salaries, alumni network, career support, value for money, reputation, etc. Here are some of the best countries to pursue Masters in Business Analytics: -

USA

The USA is home to some of the best business schools and universities and demand for business analysts is the highest.  The country offers the highest salaries to data scientists in the world. The average salary is $120,721 annually.  Typically, Masters in Business Analytics programs in the US are STEM-designated programs which means international students enrolled in this program are eligible for a 36-month Optional Practical Training (OPT) and gain work experience. Popular universities in USA offering Masters in Business Analytics are:

Australia

Australia ranks second after the US for the highest salaries among data scientists in the world. The demand for data scientists is booming, In 2018 there was a 58% increase in job postings and there are no signs of a slowdown. New South Wales and Victoria reportedly are the top states for such jobs. Mining, Finance, Telecommunications, and Airlines are the top employers for data science or business analytics. Data scientists earn around $119,753 per year in Australia. Top universities in Australia the include University of Sydney, University of Melbourne, Deakin University, RMIT University, and University of New South Wales among others.

Switzerland

Switzerland is among the top 5 countries in Europe for business analysts and data scientists. Professionals in this field earn more than CHF100,000, among the very few countries that pay higher median salaries than the US market. Popular programs in Switzerland for data science and business analytics include those offered by ETH Zurich – Swiss Federal Institute of Technology, University of Zurich, University of Geneva, The Swiss Data Science Center, and Ecole Polytechnique Federale De Lausanne (EPFL).

Netherlands

A recent study from European big data recruiting firm Big Cloud shows that the Netherlands is among the top 3 countries in Europe with the highest salaries for data scientists and business analysts. Switzerland and UK are in first and third places reportedly. Qualified masters in business analytics holders with some experience may expect average annual salaries of around Euro 70,000. Amsterdam tops the list with the highest job opportunities in this sector. Popular universities include Vrije Universiteit Amsterdam, Erasmus School of Economics, Eindhoven University of Technology and School of Data Science Amsterdam.

United Kingdom

When it comes to Europe, the UK hosts some of the top-ranking universities for Masters in Business Analytics and related programs. International students can also benefit from a two-year post-study work option after completing their master's. The UK is also among the top-paying countries for business analysts. Top universities in the UK include Imperial College London, University of Warwick, The University of Edinburgh, University of Bath, Aston University, The University of Manchester, Cardiff University, and The University of Liverpool to name a few.

Ireland

A strong presence of some of the world’s top tech companies such as Accenture, Google, Twitter and Facebook, etc in Ireland and their requirement for experienced graduates with a Masters in Business Analytics degree or a PhD brands the island nation as a top attraction for those who wish to flourish in their business analytics career. According to Skills Ireland, there will be a demand for Big Data/Analytics in the range of 49,000-62,000 in Ireland by 2020 and the numbers will keep increasing. Top schools in Ireland include University College Dublin (UCD), National University of Ireland Galway, University College Cork, University of Limerick, and Letterkenny Institute of Technology to name a few.

France

France is home to some of the top-ranking schools for business analytics programs in the world. The country, particularly Paris with a low cost of living and high per capita rate for data analytics jobs is a top pick for professionals in this field. Numerous tech companies such as Facebook, IBM, Amazon, Samsung, etc have their offices and AI research labs in the city creating demand for data scientists. Popular schools for business analytics programs include ESCP Paris, ESSEC-CentraleSupelec, Emylon Business School, IESEG School of Management, ESC Clermont Graduate School of Management among others.

Germany

Germany has growth opportunities and high incomes for data scientists or business analysts. Home to companies such as BMW, Siemens, Avira, etc investing in data-heavy research work, qualified data scientists can expect good opportunities. Berlin and Munich are among the top cities with good demand for business analytics and data science professionals. Popular universities include SRH University Heidelberg, FOM University of Applied Sciences, University of Ulm, University of Dusseldorf, and Heilbronn University among others. Most programs are however taught in the German language. Candidates looking for a program taught in the English language only can consider SRH University Heidelberg.

Spain

While salaries for business analysts in Spain are not quite as high compared to other European counterparts, the job opportunities are bright and Spain is among the most popular countries in Europe for data science jobs according to a report by Big Cloud.  Many universities in Spain offer world-class master's degrees in the area of big data which indicates the demand and requirement of such a qualification. The median salary can be in the range of Euro30,000 to Euro60,000 annually. Top universities include IE Spain, the University of Barcelona, Barcelona Technology School, the Autonomous University of Barcelona, Menendez Pelayo International University, and Comillas Pontifical University to name a few.

Singapore

The Singapore government’s steps towards transforming the highly wired island country into a smart nation is turning the country into a Big Data hot pot. The rise of machine learning and AI in every sector, from telecommunication to hospitality is creating demand for data scientists. The Data Scientist job is among the top 5 emerging jobs in Singapore. Along with the demand, salaries have also improved though it is not as high as many other counterparts. The average pay for an experienced data scientist and business analyst in Singapore is S$92k per year. Popular universities for considering Masters in Business Analytics in Singapore include the National University of Singapore, Nanyang Technological University, and Singapore Management University. In addition, candidates can also check foreign university degrees.

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