Let us time-travel back a few decades to take a look at a successfully running business enterprise. Can you imagine a busy head office space where many shelves and cupboards are numbered and arranged, stacked up with innumerous files and ledger books? These ledger books carried hand-written data, based on which all the strategic plans for future expansion and profit generation were devised by the entrepreneurs.
Sounds a bit tricky, doesn’t it? Well, this might make you wonder what kinds of data sets are operated on by businesses now, in the digital era. Answers to this will blow your mind off.
Imagine yourself purchasing a product over the web. You enter your personal details, including location, e-mail id and mobile number, along with the type of product you prefer. This is a set of data, which goes into the host server and seller’s database. Your browser history, air-ticket booking history, displacement history via Google Maps, and even your bank transaction history are data sets. Where do all this data go, or who makes use of it?
These data sets are utilised by corporate firms to evaluate market trends and formulate strategic decisions. Data analytics has become a thing during this era of big data management. Consolidating and interpreting data can help in business management, which is why a new stream of expertise, business analytics, has found shape recently. Business analytics has now become a highly desired job profile and consequentially, a sought-after course choice.
What is MBA in Business Analytics?
Leading B-schools including IIMs provide MBA courses in business analytics. What is business analytics and how does getting an MBA with this specialisation groom you to your dream career? Let us examine it briefly.
If you are a person with keen interest in data, statistics, and business, then you might want to know what MBA course with specialisation in Business Analytics has in store for you. The course works hand-in-hand with data analytics, but focuses on a different plane. Business analytics is about extracting data, analysing it, and using it to benefit a company’s business prospects. In other words, a business analyst uses data analytics tools and utilises the resulting findings for major decision making in a corporate company.
If you haven’t forgotten the example of data dissemination discussed above, you would be clearly aware of the amount of data sets possessed by any company in question. A business analyst would interpret these data sets to identify useful cues. For example, the data sets on customers who have purchased a particular product can tell you more about the age-group, gender, and location of the interested public. Thus, it becomes easy to decide which product is desirable for which sect of people. A business analyst would then make significant decisions about which product shall be marketed among which group of people.
Hence, business analytics puts to use the tools of data analytics, and engages with the act of business management. MS or MSc in Data Analytics is largely focused on the extraction and consolidation of data using softwares and techniques, whereas MBA in Business Administration, as the course title indicates, deals with the administration process. Certificate courses are available to get guidance on the subject, but they cannot be paralleled at any cost with an MBA degree.
What is the syllabus of MBA Business Analytics course?
The course in Business Analytics is rooted on business managerial skills and technical expertise simultaneously. Formation of predictive models based on analysis is at the core, but, statistics, decision analysis, data mining and computer simulation happens to be some other decisive topics covered throughout the course. Students are trained in data visualisation, basic data analytics, applied statistics, industry application, spreadsheet modelling and analysis. Tools such as SQL and R also come under the broad syllabus. Since it is a package of administrative and technical expertise, students often acquire a holistic knowledge of the systems they work with. Practical work including internship and project are also part of the curriculum. Good institutions even provide opportunity to work with major players of the industry, as part of training.
Most of the institutions other than IIM’s provide MBA courses with specialisation in Business Analytics, which means, syllabus covered in the first year will be similar to that of other MBA programs. After being acquainted with the concepts of marketing, accounting, finance, HR management and operations management, students advance to their area of specialisation in the third semester. Following are the major common topics covered under the syllabus of business analytics in various institutions in India:
- Multivariate Data Analysis
- Business Analytics and Intelligence
- Supply Chain Analytics
- Marketing Analytics
- Model-Business Decision
- Corporate Valuation
- Strategic Thinking and Decision Making
- Reinforcement Learning
- Simulation Modelling
- Risk Management
- Strategic Management
- Ethical and Legal Aspects of Analytics
- Predictive Analytics
- Query Languages
- Data Mining, Data Cleaning
- Industry Applications Analytics
Where to study MBA in Business Analytics: Eligibility, Fee and Colleges
One of the major reasons for the MBA boom in India was the eligibility criteria to enter the course. A graduate who holds a degree in any discipline from any recognized university can apply for MBA. This condition holds valid for MBA in Business Analytics as well. Marks obtained by the applicant in qualifying examination will be considered in some universities, but, every applicant has to appear for a common entrance examination. Many examinations like CAT, MAT, GMAT, XAT, and CMAT are conducted to provide access to MBA courses. Some are common admission tests, and some are exclusive for certain universities. However, applicants have to qualify the test and an interview that follows to secure their seats.
IIM Bangalore, IIM Calcutta, LBSIM Delhi and Great Lakes Institute of Management offers exclusive MBA programmes in Business Analytics. On the other hand, in institutes like IIM Lucknow, SPJIMR Mumbai, MDI Gurgaon and XLRI Jamshedpur, students can study Business Analytics as a specialisation under their MBA course. Many others offer a chance to choose business analytics as an elective. However, apart from these, following are the other leading institutes:
- Indian School of Business, Hyderabad
- Alliance University, Bangalore
- IIT Kharagpur
- Symbiosis Centre for Management and Human Resource Development, Pune
- ISBR Business School, Bangalore
- School of Business, University of Petroleum and Energy Studies, Dehradun
Needless to say, MBA courses, especially Business Analytics courses can cost a bit more than many other courses. The above-mentioned institutes might charge an annual fee ranging from 1,20,000 to 6,20,000 rupees. However, the fee is justified when considering the immense opportunities the course holds in store.
Scope of Business Analytics MBA: Jobs and Salary
Let us put this straight – business analytics is transforming into a necessary component in all arenas, inside and outside the corporate world. Technology, health, communications, education, manufacturing and even government will make use of business analytics extensively. It is pretty evident that our country is facing a remarkable shortage in the number of qualified business analysts. Financial services, energy, oil and gas, telecom, social media, gaming – opportunities are escalating day by day. Top recruiters include corporate giants like Accenture, HP, IBM, TCS, Cognizant, Amazon, Google and Microsoft.
Interestingly, the job profile doesn’t get restricted to that of a business analyst – an MBA holder in Business Analytics easily qualifies to be hired as a marketing research analyst, big data analyst, business intelligence expert, data mining expert, financial analyst, operations analyst, personal finance advisor or a data warehousing expert. Career options are, in short, manifold to choose from. Career as a business analyst can draw you a salary up to 10 lakh per annum, which can be many times more if you get a chance to be placed abroad.Start free chat with an expert
What is most attractive about the MBA course in business analytics is that, you don’t need to look back and regret. According to the latest reports, placement rates are approaching 100% in the field. Assured job, secured life and filling salary makes the course even more desirable. With this rate of growth in our digital economy, the data production will exponentially grow in the coming years, creating even more space for analyst jobs. However, the choice shall be made wisely, since if you are not that kind of a person who enjoys playing with numbers, the job may tire you. Else, it is worth it to give a shot.
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We hope this article helped you become familiar with scope of MBA in Business analytics. You can reach out and have a free chat with our experts at Hikewise for personalised support and advice on how to build a successful career ahead.