In the job world, a bachelor’s degree is quite common. It’s more unusual to have a degree at this level around the topic of analytics as it relates to business, but a few people have this. However, at the master’s level, it’s even rarer.
Working in fields that benefit from a highly trained mind in Business Analytics is well rewarded both in Canada and over the border in the United States. The demand is growing rapidly as corporations look to make better use of big data to glean actionable insights from the customer and market information data.
In this article, we look at the various job opportunities open to someone with this qualification.
Data Analytics for a Bite of Big Data
The most obvious placement for someone who qualifies with an MSc in Business Analytics is to go directly to work in Data Analytics. As many as half of all graduates dive right into this big data arena where they’re needed the most.
The growing demand for their role and quite possibly several companies looking to hire them is an attractive prospect. They need to have graduated with a suitable master’s degree in the subject matter with a solid 2:1 or better grade. But more than that, job applicants require a keen eye for raw data, a deep interest in analytics, and must draw meaningful conclusions from datasets.
Consulting for Major Corporations
For graduates who have several years of experience working as a Data Analyst, there’s the possibility to go to work as a consultant for companies. This role relies on being comfortable as a freelance consultant spending time with several companies each year looking at their systems, the data derived from them and how to make the best use of it.
This type of person finds that working for the same company for multiple years tends to put their feet to sleep. They prefer to work on a freelance basis where their colleagues change, and they report to division heads or the CEO of the company.
It’s a high-pressure situation where consultants charge more but are expected to deliver meaningful results. Being adaptable to different people, personalities, computer systems, software, and analytical methodologies allows someone in this role to deliver usable results under a variety of different situations, restrictions, or limitations.
Auditing Results & Making Recommendations
When companies know that they have a data collection problem and need to make heads or tails of their current position, then a Data Auditor is usually what they need. While an IT technician or database manager handles the technical side of the database to keep it storing data reliably, they’re not adept at what happens with the data and whether it’s in a suitable format to be genuinely useful.
It can happen that a database architect will create a structure for a relational database that makes querying the database and generating reports from it to be highly problematic. When the table structure of a database is poorly conceived or cobbled together bit by bit over an extended period, often by different personnel, then some of the necessary logic may get lost along the way. This also can lead to difficulties in accessing and finding the most useful data to draw meaningful conclusions from it.
An auditor can review what’s there and how difficult it is to both access and use the stored data in its current format and structure. They can then make recommendations on changes to better facilitate the company’s data needs now and in the future.
Market Research Analyst
The role of a Market Research Analyst is a more specialist one. It’s an interesting role for a data analyst because they’re required to find ways to get the most out of market research information to prove their use to the organisation.
Research into different markets is essential for companies to best understand their potential customers and invest money into product development for things that people want. However, there’s often too much available information for both customers and markets which has become increasingly difficult to decipher and draw conclusions from.
Essentially, a market research analyst needs to be adept at sifting through the data stores to find connections that mean something. From these connections and eventual conclusions, companies avoid spitballing in the dark.
Supply Chain Management
A data analyst may find themselves working with the supply chain department. They might work to ensure that there’s a ready supply of either raw materials or parts to produce the company’s products to ship out to consumers, retail stores or suppliers. Any interruption to the smooth operation of their supply chain and production comes to a screeching halt.
Being able to look at data points across large, electronically managed supply chain systems provides the chance to identify potential issues like a bottleneck, excess inventory, or an upcoming supply issue. This is especially true when the current real-time data feed and/or analytical capability of the software being used is insufficient to readily identify such issues.
Getting the Right Qualifications
Whilst having a basic understanding of how databases work, the methods used to run queries on a database and run-off reports are useful, it barely scratches the surface of what a smart data analyst can do. To learn what’s required, it’s necessary to take a degree at a master’s level to acquire the right knowledge. This is what employers are now actively looking for to compete in a highly competitive marketplace. To learn more about what a Business Analytics master’s degree can offer you in better job prospects, click here.
Working in different facets of business analytics is exciting for the right person. Having a head for figures, keen attention to detail and a desire to derive the real meaning of datasets puts you on the right path. People might even think of you like a bit of a nerd for your aptitude for numbers and data, but in a corporate environment when applied well, that’s a plus point. It also comes with a high five-figure salary for many positions relating to Business Analytics, which is good to hear too.
Add Comment