Business Analyst Jobs Outlook
While an MBA is not required to be a business analyst it certainly gives you a boost. It helps increase the number of jobs you qualify for as well as qualifying you for a higher salary. On Glassdoor, many business analyst jobs require at least a bachelor’s degree, though an MBA is preferred. They also list a salary range, with the higher salary being much more attainable with a higher degree. Another positive aspect to specializing in business analytics is that there are many different fields a person can work in. Though specific requirements will of course vary, these positions all require utilizing data to analyze and improve business operations. Even with a certain industry, big enough companies will need analysts for various departments.
Most likely if you are considering this type of field, you have some kind of related experience. If not and you are looking to make a change, you should research different industries and their requirements, utilize any networking connections, and definitely consider completing an internship. MBA internships are often required, although if not it is incredibly beneficial to consider one regardless. They help you gain essential experience and in this case you can apply the skills you are learning and want to use in work after graduation.
Analyst Specializations
Like many other business degrees, there is a lot of variety for what someone with an MBA specialization in business analytics can do.
As businesses in various industries experience rapid growth they are seeking the best ways to manage that growth and optimize business operations. Due to this increasing demand, they are seeking qualified individuals with advanced knowledge and experience. Specializing in business analytics is a fast-growing, lucrative field. According to the U.S. Bureau of Labor and Statistics (BLS), there were around 876,300 jobs in 2018 for management analysts. They further cite projected growth from 2018-2028 for this field to be 14%, which is faster than average.
They further expect operations research analyst positions to grow by 26%. An operations research analyst can expect to use advanced mathematical and analytical methods. With increasing technology use in business, more people are specializing in information technology (IT). The BLS predicts the need for computer systems analysts to grow by 9% and information security analysts to grow by an incredible 32%.
Further, BLS expects jobs for market research analysts to grow by 20%. They emphasize math and analytical skills for this type of position. This works for a wide number of industries, of course, as market research is helpful for anyone.
What Business Analyst Jobs Exist?
Obviously a vast amount. The good thing about business analytics is that any industry can make use of it and many are clearly in need. A significant number of jobs will increasingly occur in industries like healthcare, sales, and tech. Even industries outside of tech still have significant need for IT analysts as we more continue to integrate technology into every facet of business.
A number of jobs found on Glassdoor include analyst positions at tech firms, law firms, healthcare companies, financial firms, and consulting firms, among many other options. Whether you know you will be switching careers or not, it is worth it to take the time to look into these positions. Research the requirements and speak with any connections you might have to find out more.
Many positions found on sites like Glassdoor or LinkedIn require at least a few years of experience and a bachelor’s, though of course they tend to prefer an MBA. They also list salaries anywhere from $29K to $150K+. The higher salaries likely go with either the experience alone or an MBA in combination with experience.
Choosing an MBA Program for Business Analytics
Whether you already work in the position and industry you want or not, it is still important to choose a school with a strong program for your specialization. Take the time to fully research each program. Further, talk to school recruiters, current students, or alumni as much as possible.
The need for analysts is growing significantly. Businesses from all industries are seeking to increase and optimize their operations. They need employees with the experience and education to help take them to the next level. Clearly an MBA has a significant meaning for all of the positions to state that they prefer candidates with MBAs. If you have the experience and desire to further your career, an MBA can help you get there. Look at our MBA guide for more information on MBA and top programs in the country.