A career in Data Analytics isn’t just a passing fad. It is an emerging and expanding field with lucrative positions waiting to be snatched up by qualified candidates. In fact, the Bureau of Labor Statistics (BLS) predicts that jobs for computer and information research scientists, which includes data analysts, are expected to grow an incredible 22 percent from 2020 to 2030, much faster than average across occupations.
These days, companies are swimming in data and simply begging for well-trained people to join their teams, interpret the massive amounts of data, and point them in the right direction.
So, is a Data Analytics degree worth it for you? Let’s look at three things you can expect in the job market after completing a degree in Data Analytics.
#1: Lucrative Compensation
Since the job demand far outweighs the number of qualified candidates currently available, companies are throwing money at these positions. While the types of jobs you’ll be qualified for vary slightly, all of them are well-paid. For example, according to the Bureau of Labor Statistics (BLS), the median salary of a data scientist in May 2021 was $100,910. This salary alone makes a Data Analytics degree worthwhile.
#2: Job Security
You’ll have a job. No question about that. In fact, with the rise in demand for data analysts, you’ll have your pick of jobs. Beyond that, many companies offer programs that will support higher education options for you in the future. Down the line, you may find yourself pursuing a master’s or doctorate degree that’s fully funded by your employer.
There’s not just space for data analysts in entry-level positions, there’s a myriad of career choices, options, and growth available for someone with a degree in Data Analytics and a curious mind.
#3: Job Prospects
After completing your degree, you won’t just have a job waiting for you. You will also be presented with options for an interesting and lucrative career. Here are just a few of the entry-level positions you might consider after finishing a degree in Data Analytics.
A data analyst is the perfect entry position for many new graduates. And with a typical starting salary hovering around $50,000 it’ll be sure to pay the bills as well.
A data scientist is another typical entry position for those beginning their work in data analytics, usually after earning a master’s degree. The average salary of this position is higher, at $108,660 per year, according to the Bureau of Labor Statistics (BLS).
With your degree, you can also enter data analytics as a logistics analyst. The salary range for this entry-level position is between $44,000 and $83,000. The BLS reports a national average wage of $79,230 per year.
Big Data Architect
We all hear about “big data,” usually in a negative way. Becoming a big data architect can help you not only understand how big data works, but also be part of the solution to use data ethically and responsibly. The average salary of this position comes in at $119,249.
Machine Learning Engineer
The Machine Learning Engineer is a specialist role still in its infancy. While the job description may still be in flux, the average salary is high, coming in at $110,739. Although, typically this role will require a background in math, physics, or statistics as well as a specialized master’s degree or PhD. Something to look forward to!
Last, but certainly not least, on our list is the Business/Analytics translator. This position combines basic knowledge in both analytics and business, with an average salary of $53,552.
Data Analytics vs. Business Analytics
Students of Data Analytics often also consider a degree in Business Analytics. Which degree you choose depends on what you’re planning to do after graduation. While they are different, there is quite a bit of overlap between the two and you may find yourself in some of the same classes with Business Analytics majors.
While Data Analytics focuses primarily on understanding and interpreting data, Business Analytics, at its core, is a field of study designed to examine an organization’s data and performance, in order to make data-driven decisions that will improve the business.
While Data Analytics and Business Analytics majors have a lot of skills in common, Data Analytics will send your career in the direction of data management, data science, and machine learning. Meanwhile, Business Analysts often accept positions in financial analytics or budget analytics. Ask yourself: Do I want my career to be more science-driven or business-driven? And you’ll have your answer for which degree to pursue.
The University of Bridgeport is a recognized institution in Connecticut, offering high-quality education in many fields, including Data Analytics and Business Analytics. If you’re curious about how UB can advance your career, reach out to an admissions specialist today.