Top 4 Careers in Business Analytics in 2024

Data and information can lead to good insights and, in turn, good decisions. Separating businesses from data analysis is almost impossible due to the sheer amount of data. And the business analytics department helps with analyzing this data. Hence, business analytics has become a lucrative career option.

What is business analytics?

It is a process where data is analyzed to understand your efforts’ results and make future predictions and decisions. Someone working in this field is responsible for processing previously collected business data, analyzing the data, identifying trends, patterns, or causes, and giving useful insights for decision-making.

There are different components in business analytics, which are data collection, data mining, descriptive analysis, prescriptive analysis, and data visualization.

How does business analytics help businesses?

Business analytics is a type of data analytics designed specifically to help businesses, but how exactly does it benefit businesses? This would be a question most of you might ask. Here are a few ways:

1. Transform raw, unorganized data into actionable data that can be leveraged for decision-making
2. Help streamline processes for better productivity and operational efficiency
3. Regularize progress monitoring
4. Mitigate risk and handle setbacks
5. Obtain data-backed insights

What are the top careers in business analytics?

Business analytics is a broad field with various positions available that carry out different functions.

1. Data analyst: One of the entry-level positions in charge of collecting, cleaning, and interpreting large amounts of data. Data is collected through primary or secondary sources. They use different kinds of quantitative tools to complete their tasks.
   • Data analyst’s average salary: $72,136 per year.
   • Role: Data analysts are responsible for managing, collecting and analyzing data, generating reports, and identifying patterns or trends.
   • Skills required: Data collection, data visualization, data analysis, and data presentation.
2. Business analyst: A business analyst is someone who studies data specific to the business and derives insights that help the business. The type of analytics differs based on the type of business they would be working for. For example, business-oriented toward customer service would require its analyst to focus on customer satisfaction, while a product-oriented company might need to focus on direct or indirect sales. Their work can change even based on internal needs.
   • Business analyst’s average salary: $85,305 per year.
   • Role: Conducting analysis of businesses, finding ways to improve based on previous research, consulting businesses, overseeing suggested implementations, and putting forth training for employees.
   • Skills required: Commercial awareness, data analytics tools, communication and interpersonal skills, team management, project management skills, time management, etc.
3. Statistician: Statisticians’ primary job is to gather, analyze and interpret data using different statistical techniques and find applicability in the real world.
   • Statistician’s average salary: $93,682 per year.
   • Role: Collecting, analyzing, and interpreting data, designing processes for data collection, advising organizations on business strategy, and communicating with stakeholders.
   • Skills required: Analytical skills, technical skills, communication skills, and leadership skills.
4. Chief technology officer (CTO): This is an executive position you can get after getting an education in business analytics. This position is obtained only after proper education and lots of experience as a chief technology officer is supposed to give inputs on the company’s strategy based on the technological perspective. With the rapid changes in technology, these inputs are extremely crucial for a company’s growth and development.
   • CTO’s average salary: $274,159 per year
   • Role: Overseeing technological development, managing analyst’s department, disseminating technology for customers, vendors, and stakeholders for business improvement.
   • Skills required: Analytical skills, team management, organizational skills, and leadership skills.

How can you start your career in business analytics?

1. Get a relevant graduation degree: To start your career in business analytics it is best to get an undergrad degree in business specialization or information technology. This will help you get the right foundation for your career.
2. Get a master’s degree: To get to the top position, the fastest way would be to get a master’s degree with a business analytics specialization. A degree such as the Global Master of Science in Business Analytics (Global MS in Business Analytics) from the Richard DeVos Graduate School of Management will help you propel your career significantly in this field with 21st-century skills and capabilities and prepare you for your leadership journey across industries. The curriculum includes a blend of data management and leadership courses. Some of the courses are artificial intelligence and business analytics, forecasting and predictive analysis, and relational database management for leaders. A program like this also helps you to start your career in the US as it is a STEM (Science, Technology, Engineering, and Mathematics) designated program for Optional Practical Training (OPT) purposes. This allows the graduates of the program to apply for an additional 24 months of extension of OPT. Ultimately, it offers the potential for international students to work in the US for a total of 3 years before transitioning to a work visa (H1-B, etc.)
3. Supplement your learning with additional courses and certifications: This is an optional qualification. But in a career like business analytics, certification courses help you stay up to date with emerging technologies. A few valuable certificates would be the IIBA Entry Certificate in Business Analysis (ECBA), IIBA Certification of Capability in Business Analysis (CCBA), and PMI Professional in Business Analytics (PMI-PBA).
4. Get a relevant entry-level job: A career in BA is intense and technical. Without hands-on experience gaining momentum in the industry would be quite difficult. So it is important to get a good internship or an entry-level position in the industry.

Mentioned above are only a few of the careers that are available in the industry. If you aspire to pursue this career, there are various industries that you can work in.