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Is an MBA in Business Analytics a good option?

Published on : 16/05/2024

Data stands as arguably the most crucial asset in modern business landscapes. A staggering  94 percent of companies like Forbes underscore the significance of data and analytics in propelling their business growth strategies forward. Given this pivotal role of data, pursuing an MBA in Business Analytics is the way forward. For those aspiring to contribute to digital transformation, understanding analytics and data mining is paramount.  An MBA program equips individuals with fundamental management competencies necessary for progression into leadership positions, furthermore delving into business analytics specialization presents an exceptional opportunity to future-proof one’s career and grasp the potential of leveraging big data in business contexts. This blog is your comprehensive guide to understanding the MBA in Business Analytics, MIT Vishwaprayag University’s (MITVPU)  dedicated program, and the career opportunities with this degree. 

What does an MBA in Business Analytics entail?

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An MBA in Business Analytics is a comprehensive two-year postgraduate program designed to equip students with the skills and techniques necessary for effective analytics. It focuses on honing managerial competencies, rendering graduates to become invaluable assets for any organization.

Business analytics encompasses processes and methodologies that translate data into actionable insights, guiding strategic business decisions effectively. Given its pivotal role in driving business success, specialized concentration in Business Analytics has become commonplace within MBA programs.

Through an MBA in Business Analytics, students gain proficiency in various analytical methods, utilizing them to collect and analyze data for generating business insights across different functional domains within an enterprise. The curriculum extensively covers explanatory and predictive modeling, statistical analysis, quantitative methods, and evidence-based management.

Furthermore, the program delves into areas such as business delivery, data visualization, and performance management. Today, Business Analytics finds application in diverse spheres, ranging from solving complex business challenges to optimizing resource allocation and maximizing profitability.

Reasons to pursue an MBA in Business Analytics:

  • Business Acumen

In the era of Big Data, professionals in analytics are expected to transcend numerical data and statistical theories. Companies seek analytics experts and consultants with strong business acumen, capable of comprehending client requirements from a business standpoint to devise solutions. Pursuing an MBA in Business Analytics provides a balanced fusion of business insight and analytical proficiency.
  • Diverse Career Pathways

An MBA in Business Analytics presents students with a myriad of career paths. Graduates can venture into roles such as analysts, business intelligence managers, marketing analytics specialists, analytics consultants, analytics managers, operations research analysts, and market research analysts, among others. Furthermore, the MBA curriculum primes students for leadership positions early in their careers.
  • Practical Exposure

MITVPU’s MBA program in Business Analytics incorporates robust capstone projects and internships, providing students with immersive hands-on learning experiences. Employers seek analytics professionals equipped with practical skills honed through tackling real-world business challenges at scale. Renowned colleges boast faculty members with extensive industry experience and domain expertise, guiding students toward promising career paths.
  • Suited for Working Individuals

For analytics professionals aiming for career advancement, a management degree can be a significant asset. Numerous institutions offer part-time and weekend MBA programs in analytics tailored for working individuals. These flexible courses cater to professionals who wish to enhance their skill set without interrupting their current employment commitments.
  • Transition

There is a growing trend among sales, marketing, and IT professionals to transition into analytics careers. Pursuing a full-time MBA in Business Analytics equips individuals with the necessary domain knowledge, including statistics, programming, and business concepts, facilitating a successful career shift.

Why Opt for MITVPU MBA in Business Analytics?

MITVPU, affiliated with the renowned MIT Pune, now welcomes admissions for the academic year 2024-25 in Solapur. Our curriculum stands out for providing an MBA in Business Analytics while complying with NEP 2020 requirements and providing both single-entry and multiple-exit options.

At MITVPU, we place a high value on hands-on learning via interesting projects, useful labs, and real-world internships that enable students to make a difference in the world. Our committed teachers, staff, and management are committed to developing the next generation of innovators, entrepreneurs, and leaders.

To apply for admission this year, please review the eligibility criteria and admissions process outlined below:

Eligibility Criteria:

Candidates must have completed their 10+2 in science with a minimum of 45% for the general category and 40% for those from Maharashtra State’s Backward Class categories, Economically Weaker Sections, and Persons with Disability to be eligible for the program.

Candidates must have taken the MHT-CET, JEE, or PERA-CET and received a score that was above zero. As an alternative, applicants who received the required number of points in their Engineering and Technology Diploma are also qualified.

Graduates/final-year candidates from any discipline, with a minimum of 50% marks or equivalent are eligible candidates. For candidates in reserved categories, the requirement is relaxed to 45% marks or equivalent.

 Valid scores from CAT, MAT, XAT, or any state entrance examination are considered.

Admissions Process:

Admission notifications and advertisements  will be published on the MITVPU website. Prospective candidates can fill out the online application form at the MITVPU official website by paying the non-refundable entrance fee of ₹ 1500/- for MBA. Shortlisted candidates will proceed further for the personal interview based on their rank and score. The selected candidates will be communicated by email or call.

For international candidates, admissions will be based on marks or grades obtained in the qualifying exams (as per eligibility) and seat availability.

Role/Position Salary (in INR)
Data Scientist 17.11 LPA
Computer Scientist 16.2 LPA
ML Engineer 9.5 LPA
AI Engineer 12.4 LPA
Data Engineer 8.35 LPA
Data Architect 7 LPA
Research Scientist 6.5 LPA
Algorithm Engineer 5.4 LPA
Data Analyst 4.9 LPA
Computer Vision Engineer 4.5 LPA

Disclaimer: The figures are subject to change depending on the industry and the job market trends.

Program Structure

The MBA in Business Analytics curriculum emphasizes data mining, predictive analytics, visualization, operational analytics, financial analytics, NLP, descriptive analytics, R, Python, and business statistics. The MBA in Business Analytics cultivates essential skills such as:

  • Effective product planning
  • Understanding product architecture
  • Facilitating communication among teams
  • Ensuring timely product delivery
  • Enhancing decision-making and critical-thinking abilities
  • Problem-solving through brainstorming sessions

Business understanding is typically acquired through professional experience, whether in business or data science roles. An MBA degree, particularly in India, provides a comprehensive understanding of how various data science tools are interconnected and applicable in solving business challenges. MBA students, especially in the Indian context, thus should exhibit enthusiasm for learning both business and technology.

What career prospects await graduates with an MBA in Business Analytics?

The employment landscape for data analytics graduates is rich with opportunities, and employer demand continues to soar — projected growth in the global data analytics market stands at 27.3 percent by 2030 predicted by Fortune Business Insights.

From industry giants like Microsoft to consulting powerhouses such as McKinsey, a plethora of companies hire business analytics graduates to fill pivotal roles including:

  • Business Intelligence Analyst
  • Big Data Analyst
  • Management Analyst/Consultant
  • Market Research Analyst
  • Data Scientist
  • Marketing Manager

Is investing your time and resources in an MBA in Business Analytics a wise decision?

An MBA isn’t just about acquiring information; it demands strategic acumen, business intuition, and the adeptness to engage with technical intricacies across various departments and industries. These competencies empower organizations to transform data into actionable insights and drive tangible results.

The verdict? Undoubtedly, pursuing an MBA in Business Analytics holds immense value. Today’s businesses seek actionable, quantifiable insights for informed decision-making, and data analysis serves as a crucial conduit for such insights. Furthermore, technological advancements continue to augment the speed and efficacy of business analytics. According to the American Labor Statistical Office, approximately 11.5 million jobs are projected to emerge in this field by 2026, underscoring the immense potential and demand for skilled professionals in business analytics globally.

Frequently Asked Questions (FAQs)

The MBA in Business Analytics stands out as a sought-after MBA specialization, blending traditional MBA core principles with a strong focus on analytics. Throughout the program, you’ll delve into essential business concepts, all while gaining insights into approaching business challenges through a data-centric lens.

The potential career advancements, heightened earning potential, and expanded job prospects resulting from an MBA in Business Analytics, coupled with the invaluable skills and expertise gained, underscore its significant return on investment. This makes pursuing an MBA in Business Analytics an exceedingly worthwhile endeavor.

The demand for MBA programs specializing in Business Analytics is on the rise in India, reflecting a corporate and mindset shift towards data-centric decision-making and market competitiveness. Upon graduation, students are presented with a multitude of career paths and job prospects within the realm of Business Analytics.

An MBA in Business Analytics fosters the development of influential business leaders by imparting essential knowledge in social media analytics, market data science, database management, regression analysis, data mining for business analytics, and other relevant business domains.

MBA Business Analytics graduates typically earn an average salary ranging from INR 4-12 LPA (Source: Payscale), and they have a diverse array of career paths to choose from, such as data analyst, technical team leader, data scientist, data mining expert, and more.

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