Data analytics is a great field to get into, in part because the global market is expected to experience a 30 percent CAGR (compound annual growth rate) by the year 2023, making it an industry worth approximately $77.64 billion at that time.
To give you some perspective on how impressive this level of growth is, the healthcare industry has an anticipated 5 percent CAGR for the same period of time. Even the rapidly growing higher education market is no match, with a CAGR of 12 percent.
While one option is to earn your bachelor's degree in this growing field, another is to go one step further and seek your Master's Degree in Business Administration (MBA) with a Data Analytics concentration.
You can achieve this goal either by attending traditional, on-campus classes or by getting an online MBA in Data Analytics, the latter of which offers the convenience of taking courses at a time that works best for you.
Regardless of which type of program you choose—traditional or online MBA—you may be wondering about your career options with an MBA in Data Analytics. Here are a few to consider.
1. Higher-Level Roles in Business Administration
The Bureau of Labor Statistics (BLS) shares that many business roles require only a bachelor's degree to enter. Among them are budget analyst, cost estimator, human resource specialist, and logistician. Additionally, median pay for all of these roles combined is roughly $68,350 per year.
However, if your goal is to work in higher-level roles in business administration, giving you more of a managerial position, the BLS indicates that some of these require that you have your masters. Pay is typically higher as well, with the average annual wage for individuals in management closer to $104,000 per year.
2. Operations Research Analyst
You can also take your MBA in Data Analytics and work as an operations research analyst. This enables you to use your more advanced analytical and mathematical skills to help companies solve some of their biggest operational issues.
For example, Forbes reports that, in 2020, the college sports industry is expected to face quite a few major operational issues as they try to balance revenue needs with the well-being of their student-athletes. So, if this is an area of interest to you, you could potentially use your data analytics degree to help these collegiate sports organizations overcome these challenges.
The average median pay for operations research analyst is $83,390 per year ($40.09 per hour) according to the BLS, with an additional 28,100 operations research analyst positions expected to open up by the year 2028.
3. Computer Systems Analyst
Maybe you're more interested in using your knowledge and skills to help make computer systems more effective or efficient. In that case, you can use your traditional or online MBA in Data Analytics to work as a computer systems analyst.
In this role, you may be tasked with helping companies decide what types of emerging technologies to install or understand if their current computer system needs to be overhauled or replaced. Installation and testing of these systems would be your responsibility as well.
The BLS indicates that the median pay for computer systems analysts is $88,740 per year, or $42.66 an hour.
4. Software Developer
Another way to use your data analytics degree is to choose a career in software development. In this type of position, you would spend your days creating the applications and systems that many individuals and companies have come to rely on, sometimes on a daily basis.
For example, if you have an interest in helping people file their taxes, you could create a program that enables them to do so in a way that maximizes their deductions and their returns. Or perhaps your passion lies in gaming? In this case, you could use your software development skills to create a new line of online games.
The average annual pay for software developers is $105,590 per year according to the BLS. This breaks down to approximately $50.77 an hour.
5. Mathematician or Statistician
The BLS places mathematicians and statisticians in the same category and reports that both generally require that you have a master's degree to enter the profession. So, why not take your traditional or online MBA in data analytics and work in one of these roles?
In both positions, you can expect to use your knowledge of applicable theories and techniques to help companies in a variety of ways. For example, you could use your mathematical skills to help automobile manufacturers create a more aerodynamic vehicle or your statistical skills to help drug companies create a more effective healthcare treatment.
The median pay is $88,190 per year for mathematicians and statisticians both, or $42.40 per hour.
Get Your Online MBA in Data Analytics at Saint Leo University
Saint Leo University offers an online MBA in Data Analytics, providing students web-based access to the knowledge and skills required to work in this growing field.
This 36-hour online data analytics degree program includes courses such as Advanced Data Analytics, Business Intelligence, Statistics, and Web Analytics.
To learn more about Saint Leo's online MBA in Data Analytics, you can either read more about it by clicking here or by contacting our admissions department at (877) 622-2009. Your future in data analysis awaits.