Business is consistently among the most popular college majors that students pursue, outpacing health professions, social sciences, and psychology. There are many reasons for this. Some students are drawn to business because their earning potential after graduation is roughly $30,000 more than other majors. Others are interested in pursuing a business degree because they want to understand the inner workings of the business world, the data that drives business decisions, and play a part in helping companies grow. These students may consider pursuing a degree in Business Analytics and Intelligence over a general Business Administration degree. But what exactly is Business Analytics?
What is Business Analytics?
Out of all business school graduates, those with a degree in Business Analytics are in particular demand, simply because the field is highly specialized. Business Analytics is the science of using historical data to develop mathematical models that help companies or organizations make decisions for their future. Business Analytics enables data-driven decision-making by modeling outcomes using predictive analytics. Business Analytics is used in a variety of industries including medicine, technology, retail, and real estate. Companies have access to more data than ever, making Business Analytics professionals highly sought after.
What do Business Analysts Do?
In very simple terms, business analysts collect data and analyze it. There are a few different kinds of business analytics. Descriptive analytics uses data to track and identify historic trends within a company or organization. Predictive analytics uses the data analyzed in descriptive analytics to identify likely outcomes or events. Prescriptive analytics is then used to help organizational leaders make decisions for their future. Most business analysts work primarily in descriptive and predictive analyses. However, their training does prepare them to work in prescriptive analytics as well.
Signs You Should Consider a Career in Business Analytics
If you’re intrigued by the prospect of working in Business Analytics but you’re still not quite sure, here are a few signs that this field could be the perfect fit.
You Love Math
Though business analysts use modeling software to help them in their work, they must also be very good at math. Business Analytics degrees require students to take classes in accounting, statistics, finance, algebra, and pre-calculus. Additionally, they’ll be expected to take economics courses that will require math work. If you love numbers and are looking for a field that uses math to solve very real-world problems, Business Analytics is a great option to pursue.
You are Good at Identifying Patterns
At the heart of Business Analytics is the identification of patterns. Business Analysts should be able to collect data and recognize patterns found therein. If you find that you’re naturally able to solve puzzles quickly and enjoy identifying patterns, you should think about earning a degree in Business Analytics.
You Enjoy Working in a Team
Business analysts work closely with their co-workers and supervisors to help improve their company’s growth and output. If you enjoy working within a team to solve problems, this may prove to be a good career for you.
Careers in Business Analytics
Graduates with a Business Analytics degree are highly skilled and versatile. As such, there are a variety of career paths they can pursue. These are just a few of the diverse and interesting careers available to students who graduate with a Business Analytics degree.
A data analyst designs and maintains data systems and databases. They collect data and use statistical tools to interpret data, making note of patterns and trends. They then prepare reports for their leadership team that can help them make decisions about the future of their company. These positions are in high demand and pay well, with the average annual salary ranging from $60,000 to $138,000, depending on experience.
Operations managers oversee the management of quality assurance programs, hiring and training new employees, monitoring and analyzing internal processes for their level of effectiveness, and create strategies to improve productivity. They use data points to help them fulfill these duties. On average, operations managers can expect to earn $80,000 per year.
A financial analyst can work as investment advisors for individuals or for companies. They can use their skills to analyze the profitability of their company’s competitors and to determine the likelihood of a merger being profitable. They interpret historical data to identify industry and economic trends, and to forecast future trends. They may also work to determine fair market values for company stocks. These positions can vary in salary. On average, financial analysts can earn $79,624 per year.
Business Analytics is challenging, rewarding, and for those interested in the data-driven side of business, the perfect field to explore. If you’re on the fence, consider your own innate skills and interests. If you love math, technology, and working as part of a cohesive team, a career in Business Analytics might be well worth considering.
Curious how University of Bridgeport can help you begin a career in business analytics? Learn more, here!