Business analytics is the method of converting data into understanding to enhance the decision-making process for an organization. Data is analyzed to identify patterns, trends and causation to shape business decisions. Business analytics uses statistical and quantitative analysis to plan business models, identify relationships and emerging patterns with data mining and uses predictive modeling to predict performance, business needs and industry trends. As the overall volume of data has increased in recent years, business analytics has become more prevalent and vital for businesses. By consolidating data from different departments, organizations can create a unified view of how each section of the company affects the others. Predictive insights, scenario modeling and visualization, can show how the finance, marketing, sales and HR departments work together.
An online Master of Science in Applied Business Analytics from William Paterson University (WP) can help optimize your career as you lead organizations in extracting maximum benefit from big data. Students can gain groundbreaking skills to drive business growth by analyzing and transforming data into actionable insights.
Available Careers With a Master of Science in Applied Business Analytics
Earning a master’s degree in applied business analytics can prepare you for a variety of different career options. These can include positions that require advanced statistical, mathematical and technological skills. Here are a few potential career paths a graduate from William Paterson University’s online Master of Science in Applied Business Analytics program can pursue.
- Financial analyst. A financial analyst organizes information, gathers data, makes predictions, analyzes data, makes recommendations and writes reports. They identify opportunities and assess outcomes regarding business decisions by researching macro and microeconomic conditions. They need to stay current regarding recent developments in their field to prepare financial models to forecast economic conditions. The U.S. Bureau of Labor Statistics predicts the job outlook to increase by 6% through 2030, with an average yearly salary of $81,410.
- A controller manages a company’s accounting operations, including payroll, accounts payable, receivable and accounting. A controller is important to the daily financial health of an organization. They manage budgets, guarantee income tax compliance, reconcile accounts, maintain financial records, prepare forecast reports and coordinate audits. Many organizations prefer their controller to have a master’s degree and have advanced knowledge of accounting software. According to ZipRecruiter, the average annual salary for this role is $96,123.
- Data engineer. Data engineers collect data and then prepare and convert it into information. This information is then part of making informed business decisions and evaluating performance. They make structured and unstructured data accessible while working alongside data scientists. Data engineers must be skilled in programming languages, such as SQL, R and Python. The U.S. Bureau of Labor Statistics predicts computer and information technology occupations will grow by 13% through 2030 and PayScale shows the average salary at $93,560 per year.
- Data analyst. A data analyst evaluates, interprets and presents data to identify problems and answer questions. They supply information that provides insights about customers, and they work in the science, government, finance, medicine, business and criminal justice fields. The U.S. Bureau of Labor Statistics job outlook for operations research analysts should grow by 25% through 2030, with an annual salary of $82,360.
- Business intelligence analyst. A business intelligence analyst uses data to help organizations make business decisions. They use data to produce market and finance intelligence reports to show trends and patterns. Business intelligence analysts deal directly with data to find important insights and understand trends to show how a business might need to adjust its services or products. According to PayScale, the average yearly income for a business intelligence analyst is $71,267, but compensation can vary from the national average due to geographical location.
Graduates of WP’s online Master of Science in Applied Business Analytics will convert big data into identifiable insights, use appropriate tools and analyze situations with industry-trending technologies such as Tableau, Python, R and more.