MBA In Data Analytics: Eligibility, Roles, Salary & More

As the world leaps towards digitization, the creation of data is going to increase manifolds. Consequently, companies need people who can analyze and manage this humongous data and derive actionable insights from the same. Keeping the industry shift in mind, the need for technical skills and specialization in Data Analytics and Big Data as a field of study has increased. And this is why courses such as MBA in Data Analytics have gained importance over the years.

Facts & Figures: The global data analytics market size grew by over USD 41.39 billion in 2022. It is projected to cross USD 300 billion by 2030, with a projected CAGR of about 30% in the forecast period 2022 to 2030.

Data analysts have expertise in translating and gauging insights from large volumes of unstructured data. These insights are then utilized for magnifying sales, mitigating risks, optimizing operations, etc. To cater to the growing demand of the market, there are many colleges that have joined the list of institutions providing specialized postgraduate programs or MBA in Data Analytics. 

In this article, we will be understanding the roles, skills, and scope of an MBA in Data Analytics for those who want to make a strong career in this field. We will also go through the eligibility criteria for MBA in Analytics and explore the salary structure of data analysts in India. 

MBA in Data Analytics: Quick Overview

While many IITs & IIMs are offering Masters in Data Science, many other colleges are specifically offering MBA in Data Analytics for students across streams. Some of these institutes are as follows:

MBA in Data Analytics: Eligibility

Data science is a fast-evolving field. As per various reports, the scope of this field is only going to go further in the coming years. But is it a good enough reason to go for this career? Should you really go for MBA in Data Analytics? The answer is not very complex. 

The basic eligibility for pursuing MBA in Data Analytics is a Bachelor's degree in any field. Ideally, this course would be a good option for the following candidates: 

• Those looking for advancing career opportunities
• Engineers (especially IT or Computer Science) looking to transition into the data science field 
• Entrepreneurs who seek to strengthen their business strategies

Required skills for MBA in Data Analytics

Your keen interest in MBA in Data Analytics should be the prime motivation behind taking up this course. However, other than this, here are some other technical skills as well as soft skills that may be required to pursue this course. After all, the motive is to become a good data analyst and not just a regular data analyst, right? Here are the skills that one must have:

Are Business analysts the same as data analysts? Both business analysts and data analysts work with data. However, the difference between business analyst and data analyst is that business analysts utilize data to make strategic business decisions while data analysts collect data and identify useful information from it. They then translate their findings into actionable insights.

Job prospects of MBA in Data Analytics: Roles & Salary 

There is no job in the world that doesn’t involve the use of data. But the amount of interaction and work involved with data is different across profiles. There are plenty of career options that will open up after your MBA in Data Analytics. Read further to know various job profiles related to data analytics across fields.

1. Marketing

• Marketing Analyst: The job of a marketing analyst involves primarily dealing with data. They are responsible for keeping a check and studying the market conditions to understand the expected sales of a product or a service. They are the guiding forces for a company informing the companies about the products to be developed based on the demand, the customer base, the price that they are willing to pay, etc. 
• Market Researcher: A market researcher deals with a lot of data on a daily basis. They collect a large amount of data from customers, competitors, and other entities that the business interacts with and then convert it into useful information with various statistical tools that can help business leaders in making informed decisions.

Salary Trend: The average salary for a Market Data Analyst  ranges from INR 4 LPA to 6 LPA in India. 

2. Operations

• Logistics Manager: The logistics manager is responsible for managing the entire distribution system. They have to ensure that stock requirements are fulfilled, the cost is optimized and the right product is delivered to the right customer at the right time, this is also referred to as operations management. All this involves data as well as the use of IT systems to keep a track of every step and analyze it later to increase efficiency.
• Supply Chain Analyst: The analyst deals with data and makes use of quantitative and analytical methods to understand the trend in depth and thus make changes in the supply chain processes. They collect the data, analyze it to look for the problems, and then suggest recommendations that can be undertaken by the company to improve the process.

Salary Trend: Data Operations Analyst salary in India ranges between INR 2 LPA to INR 10 LPA in India. 

3. Finance

• Investment Banking: This is a field that involves understanding the market and market trends. They are responsible for managing the funds of a company so that the companies can get maximum returns on the same. 
• Consulting: The role of a consultant is to provide solutions to the problems being faced by a business and help in improving its performance. All this is not possible unless a great deal of research is done by the consultant about the customers, competitors, market, and every possible entity. The data collected is analyzed using statistical tools to come to solutions.
• Risk Management: The job of a risk manager is all about understanding the risk that a business may face, assessing it, and then quantifying it in order to protect the companies and help them mitigate the effect. 

Salary Trend: The average salary of a Finance Data Analyst ranges from INR 5 LPA to INR 12 LPA in India.

4. Information Technology

• Information Technology Analyst: Apart from designing IT solutions, IT Analysts are involved in creating solutions for collecting and analyzing market data, customer inputs, and the information shared by the clients.
• Database Administrator: The job of a database administrator is to ensure that all the relevant data of a company is collected, managed and secured. This involves limited use of big data or data analytics but their focus is on protecting the big data of the companies.
• Data Analyst: The role of a data analyst is to manage the data and use it to solve the problems is based on. The focus is on giving insights to businesses based on the data provided by them so that decision-making processes can be made more efficient. The conclusions derived when backed by data are considered more believable and achievable.

Salary Trend: The salary ranges for this role from INR 4 LPA to INR 10 LPA in India. 

Big data and data analytics offer a huge scope for individuals to grow. With a specialized course in this field,one can have plenty of doors of opportunities opened for them. So if you are too planning to make or switch your career MBA in Data Analytics might be a good option to explore. 

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