Analytics relies on the study of data to provide real-world insight into problems affecting businesses. In 2011, research by MGI and McKinsey’s Business Technology Office found that a retailer utilizing big data could improve their profit margins by over 60%. [4]

This means that a Master of Science in Analytics is already invaluable in many workplaces. In fact, the Harvard Business Review announced in 2012 that data scientists would have the “sexiest job of the 21st century,” owing to increased demand for analysts and statisticians. [5] While the wording may have been tongue-in-cheek, the demand is very real. As such, many master’s programs have been developed in response to the anticipated shortage of analysts.

The McKinsey research estimated that there would be a need for 140,000 to 190,000 people with deep analytical skills and 1.5 million managers and analysts with big data knowledge. [6] Tableau Research reported how a senior lecturer in business analytics at the University of Texas believed large firms’ “crushing need for talent” was the principal reason for the creation of their master’s in analytics program. [7]

For those who are interested in a potential lucrative salary and job security, a master’s in analytics is highly recommended.

Different programs have different objectives. Some tracks focus on particular areas of analytics for those with considerable experience to date and can include any of the three main disciplines: [9]

Descriptive

Descriptive analytics is used to summarize historical data regarding the performance of a business or organization. It also uses algorithms to interpret customer behavior to make predictions about future activity. Approximately 80% of business analytics is descriptive.

Predictive

Predictive analytics utilizes methods such as statistical analysis, data mining, data modeling, game theory, and even machine learning to gain insight and make predictions about future events or trends.

Prescriptive

Prescriptive analytics blends descriptive and predictive techniques to assess possible outcomes or steps to take. It suggests what course of action should be taken and then uses a feedback system to evaluate the outcome of that action.

All three elements combine to produce great insight and hone decision-making skills.
In general, a master’s in analytics program — whether taken online or on campus — gives you the ability to identify key patterns and trends, including:

• Making specific and targeted recommendations based on comprehensive evaluation
• Increasing your acumen of vast quantities of data
• Presenting your findings
• Developing your skills for practical use in the business world

This program is for those looking to take their career using data to the next level. This can include management positions, such as leaders of finance and analytics teams.

Those eager to gain better and more in-depth insight into how analytics can be used for decision-making and strategy will benefit from this degree.

Following this program, students can enter the workplace or specialize in specific areas such as business analytics, predictive analytics, applied analytics, and data analytics.

There are a number of career paths available to master’s program in analytics graduates in a variety of industries. All of these provide stimulating and rewarding opportunities to help improve business strategy across job sectors. Here are some of the most popular career options available to those with a Master of Science in Analytics degree:

Operations research analyst

Operations research analysts are often employed full time and use their expert analytical know-how to enable organizations to identify and solve difficult issues within the business or workplace and make better and more efficient decisions.

The BLS forecasts that technological advancements mean companies will seek to appoint more operations research analysts in order to improve business strategy, planning, and decision-making. They will be expected to use analytical software to turn data into practical suggestions for improvements in operations and logistics.

Areas where this demand is expected to grow include government departments and the armed forces. The median pay for an operations research analyst is $78,630 per year.

A bachelor’s degree is the minimum requirement along with significant experience in business and/or related fields of industry, such as government departments or the armed forces. Those with master’s and Ph.D. degrees will find it easier to gain access to these roles.

California, Texas, Illinois, Florida, and Virginia top the list of states with the highest levels of employment in this sector. [36]

Management analyst

Otherwise known as management consultants, management analysts improve organizational efficiency and profitability through streamlining resources to increase revenue.

Demand for these roles — particularly in a consulting capacity — is expected to grow, especially within the health care and insurance sector as well as government departments looking to cut spending. The BLS also anticipates that markets will become fiercer, requiring more analyst roles, especially for businesses in need of a strategy to expand overseas.

The median pay for a management analyst is $81,320 per year, and it is possible to achieve this role with at least a bachelor’s degree in business administration.

Years of work experience in information technology, human resources, and management or business will also help a candidate succeed, as might the Certified Management Consultant designation.

California, Virginia, Florida, New York, and Texas all top the list of states with the highest level of employment in this sector. [37]

Financial analyst

A financial analyst helps guide businesses when it comes to making investments. They assess the market and the performances of various types of investment including stocks, bonds, and shares. They typically have a very strong grasp of markets across geographical locations.

As investment portfolios and financial products become more complex and while opportunities for investment overseas expand, a growing number of financial analysts will be needed. These positions may arise increasingly in hedge funds and private equity groups.

Strong analytical skills are required as well as at least a bachelor’s degree and experience in a financial or business setting. For more advanced positions, a master’s degree will be required.

The median salary for a financial analyst is $80,310, and the top states for employment in this sector are New York, California, Texas, Massachusetts, and Illinois. [38]

Market research analyst

A market research analyst helps businesses to better understand which products and services will be successful, identify the customers who will buy them, and determine the best price for sale.

Jobs growth in this area will be driven by the increasing reliance of retail and hospitality industries on data and market research. Market research analysts will be called upon to analyze trends and identify patterns and customer insights to predict future behavior. This data will be used by companies to better target customers through marketing strategies.

A bachelor’s degree is the minimum requirement for this position as well as strong skills in analytics and mathematics. A master’s degree may be required for senior positions.

The median salary for a market research analyst is $62,150, and the top states for employment in this field are California, New York, Texas, Pennsylvania, and Florida. [39]

Statistician

Statisticians are required to use data to help address and solve problems in engineering, technology, health care, retail, finance, and related fields.

Data used by statisticians is gathered from digital and mobile devices, which can be used by those looking to better improve their business processes, products, and offerings, as well as marketing.

With an aging population, the BLS also forecasts that increased research into medical treatments will require a rise in clinical trials, requiring the services of statisticians.

Statisticians work closely with data analysis software, so experience with information services and computer programming may prove invaluable. A master’s degree is the minimum requirement to gain entry into this field, and candidates will need a strong background in analytics and mathematics.

The median pay of a statistician is $80,110 per year. The states topping the list for the highest levels of employment in this field are California, Maryland, Massachusetts, Pennsylvania, and Texas. [40]

Studying for a master’s in analytics program can endow students with a vast range of practical and theoretical skills:

• Students should be able to apply statistical theory and methodology to real-world problems.
• After completing the program, graduates may be on the path to a career in data analytics and be able to demonstrate industry knowledge, practical experience, and focused analytical and quantitative knowledge to recommend positive solutions in a broad range of sectors.
• Other skills the Master of Analytics teaches include clear and engaging communication, analytical database knowledge, and the tools to design, develop, and maintain these.
• Students also can master competencies such as analysis, synthesis, and evaluation of statistics.

Most Master of Analytics degrees include required capstone courses. A capstone course is a project that requires intensive independent study over one or two semesters. The student will choose the research topic and be facilitated by an adviser. These courses often present students with the opportunity to undertake industry experience with a sponsoring organization or public body.

For those looking to tailor their learning to their particular interests, choosing a program that is already aligned with a desired discipline — such as market research analytics — or the ability to choose elective courses is important.

If you would rather gain a more generalized insight into all aspects of analytics, a standard analytics program might be best for you.

A detailed curriculum is usually listed on a program’s webpage, which also provides information on different tracks available.

However, those degrees simply named “Master of Science in Analytics” will generally provide a standard track, whereas those with “descriptive,” “predictive,” or “prescriptive” in the title will be more focused in that area.

Experiential learning opportunities enable students to put their theoretical knowledge to practical use in an industry setting.

This is particularly essential for a Master of Science in Analytics student because their long-term objectives are to work in an in-house or consulting capacity, providing insights to businesses to forecast growth, analyze risks, and streamline resources and funds to provide a more targeted and efficient model for success.

When it comes to Master of Science in Analytics programs, most programs offer some kind of practicum, often a six-hour credit session in the summer following the end of the program. There are usually two options from which to choose.

• Internship: This gives students the opportunity to work on an analytics project on site with an organization. They will acquire the knowledge and skills to do a specific job role and problem-solve an industry issue while gaining vital practical job skills and experience.
• Cross-disciplinary project: This option gives students the opportunity to work with other students from different pathways or tracks within the program.

The nature of this project is interdisciplinary, so students will come together on campus to work on an analytics problem presented by a company. The intended outcome is for all students to bring their own specialization to the project so that knowledge is shared.

Many online programs offer this kind of experiential learning, while others might offer a short-term residency instead. Others might not offer any experiential learning. If you wish to gain practical experience, ensure your institution offers some type of experiential learning.

In some institutions, a practicum and/or industry capstone project will take part each semester, with students coming together to problem-solve industry-supplied coursework, with an internship taking place in the summer at the end of the program.

A school will usually arrange a practicum by appealing for sponsorship from companies and organizations. These can include financial, software, engineering, and marketing companies. They will also often help arrange internships, along with input from the student.

Analytics is a broad field, and students can take part in a variety of internship opportunities at world-renowned tech companies, in sports industries, with government, and more.

Practicum learning is important for master’s in analytics students because it gives them the opportunity to gain real-world experience. You will work in focused teams under the supervision of a faculty member and pool your analytics knowledge, mathematical theory, and business experience.

While there is no one governing body for accreditation of master’s in analytics degrees, the program will be accredited by the body that accredits the school or college under which it is taught.

For example, in the U.S., there are two key accrediting bodies that govern an analytics degree at the master’s level that is taught under a school of business. These are:

• The Association to Advance Collegiate Schools of Business (AACSB), which accredits degree programs in business administration and accounting at the baccalaureate, master’s, and doctoral levels
• The Accreditation Council for Business Schools and Programs (ACBSP), which accredits business, accounting, and business-related programs at the associate, baccalaureate, master’s, and doctorate levels worldwide

AACSB accreditation is the highest standard of achievement for business schools to aspire to worldwide. [20]

However, all schools, colleges, and faculties have their own accrediting body. Those Master of Analytics disciplines placed under engineering and computer science schools are accredited by bodies including the Accreditation Board for Engineering and Technology [17] and the Association of Technology, Management and Applied Engineering. [18]

Formal analytics study is a relatively new academic field, with the Master of Analytics degree only occurring in the late 2000s. However, the origin of study goes back much further than the rise of big data is merely a confluence of different analytical studies such as mathematics, statistics, computer science, and business.

With the advent of computer technology in the 1960s, data became a much more valuable resource. In 1962, John W. Tukey wrote “The Future of Data Analysis” and predicted that data science and analysis would become of “vital” importance in the decades to come. [24]

A more in-depth understanding of data and its application to everyday personal and corporate life grew as personal computers gained popularity in the 1980s and 1990s. By 1997, the journal Data Mining and Knowledge Discovery was launched, showing just how much this field had become an ingrained and much-respected area of educational research.

The term “big data” first started being used in the ’90s, showing the reliance of companies on the explosion of technology to gain insight and customer metrics, make predictions, and more. [25]

Since the turn of the century, advancements in software such as Microsoft Excel and Hadoop have made it possible to research and make sense of vast sets of highly intricate data. It has only continued to grow with the rise of personal devices, social media, digital marketing, and technology applied in a range of fields.

Now data can be used to track failures and plan for success, read customer information for better engagement and targeting, provide warnings of risk, understand patterns of usage, predict and respond to demands on resources, and provide personalized services. [26]

In short, “Business analytics is the determining winners and losers in most industries,” said Dr. Kenneth Gilbert, head of the University of Tennessee’s Statistics, Operations and Management Science department. [27]