Types of Jobs in Business Analytics: Post-wise Salaries
Business analytics is the science of examining and interpreting data to gain valuable insights to improve a company’s performance. This involves collecting, organising, and analysing data using statistical methods to check patterns, trends, and relationships. These findings are then used to make better business decisions. In this blog, we will discuss the types of jobs in business analytics.
Role of Business Analytics in Large Companies
A vast amount of data is generated every second. Businesses that can effectively harness this data can gain a significant advantage. Business analysts play a crucial role in transforming raw data into actionable information. Analysts help companies make informed decisions about product development, marketing strategies, and resource allocation by understanding customer behaviour, market trends, and operational efficiency.
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Critical Skills for Business Analysts
A successful career in business analytics requires a blend of technical and analytical skills. Essential qualifications and abilities for types of jobs in business analytics include:
- Strong analytical skills: The ability to analyse complex data sets and extract meaningful insights is fundamental.
- Statistical knowledge: Understanding statistical methods is essential for data analysis and interpretation.
- Technical proficiency: Proficiency in data analysis tools, programming languages (such as Python or R), and database management systems is required.
- Business acumen: A solid understanding of business operations and how data can drive business goals is crucial.
- Communication skills: The ability to effectively communicate findings to both technical and non-technical audiences is essential.
- Problem-solving skills: The capacity to ident
Career Paths in Business Analytics
Business analytics presents various opportunities for professionals seeking fulfilling and challenging careers. Individuals with a strong business or information technology foundation can find suitable roles within this domain. Students can pursue a master’s in business analytics as a pathway to hold these positions. Entry-level positions in business analytics typically involve gathering, analysing, and documenting data. With experience and skill development, professionals can progress to more senior roles, such as senior IT analyst or project manager.
Some critical types of jobs in business analytics include:
- Data Analyst: Specialising in extracting valuable insights from data through statistical analysis and visualisation techniques.
- Business Intelligence Analyst: Developing and managing business intelligence systems to provide informative reports and dashboards for decision-making.
- Data Scientist: Employing advanced statistical and machine learning methods to create predictive models in data.
- Marketing Analyst: Analysing customer data to optimise marketing strategies and enhance customer acquisition and retention.
- Financial Analyst: Utilising financial data to assess economic performance, identify trends, and make informed investment recommendations.
- Operations Analyst: Improving operational efficiency by analysing processes, pinpointing bottlenecks, and suggesting enhancements.
Here is a list of some additional jobs after pursuing a master’s in business analytics, along with their average salaries:
| Jobs | Salaries (annual) |
|---|---|
| Business Analyst | $70000-$100000 (INR 58-82 Lakhs) |
| Data Analyst | $68000-$100000 (INR56-82 Lakhs) |
| Financial Analyst | $62000-$100000 (INR 51-82 Lakhs) |
| Marketing Analyst | $56000-$100000 (INR 46-82 Lakhs) |
| Supply Chain Analyst | $69000-$99000 (INR 57-82 Lakhs) |
| Big Data Analyst | $77000-$100000 (INR 64-82 Lakhs) |
| Predictive Modeller | $74000-$100000 (INR 61-82 Lakhs) |
| Technical Team Lead | $100000-$200000 (INR 82- 1 cr) |
| Data Engineer | $88000-$100000 (INR 73-82 Lakhs) |
| Corporate Strategy Analyst | $84000-$200000 (INR 70-82 Lakhs) |
| Operation Analyst | $64000-$100000 (INR 53-82 Lakhs) |
| Data Scientist | $91000-$100000 (INR 76-82 Lakhs) |
Average Salaries for Popular Roles
Countries have their salary structure for roles in business analytics. This salary structure depends on the experience level, job location and the job posts you are applying for. In the USA, the average salary for a business analyst ranges between $70,000-$100,000; in the UK it is £32,000 – £54,000. Here is a list of highest paying jobs after pursuing master’s in business analytics:
Business Analyst:
A business analyst helps improve business operations and processes, as well as helps solve business problems and make decisions. Their main task is to gather, analyse and document business requirements. Here is a list of countries and the average salary after MS in business analytics:
| Countries | Average Salaries (annually) |
|---|---|
| USA | $70000-$100000 |
| UK | £32000 - £54000 |
| France | €40000 - €52000 |
| Germany | €50000 - €66000 |
| Singapore | SGD 50000 - SGD 70000 |
| Ireland | €40000 - €60000 |
| Canada | CA$58,000 - CA$82,000 |
| Australia | A$90000 - A$100000 |
| New Zealand | NZ$80000- NZ$100000 |
Data Analysts
Data analysts collect large amounts of data and then process it to get important information, which ultimately helps them make good decisions. Their skills include data visualisation, critical thinking, programming, mathematics and programming skills. Data analysts have a job scope in insurance companies, credit bureaus, etc. Here is a list of countries which offer jobs to data analysts, along with this average salary:
| Countries | Average Salaries (annually) |
|---|---|
| USA | $68,000-$100000 |
| UK | £27000 - £42000 |
| France | €39000 - €50000 |
| Germany | €50000 - €65000 |
| Singapore | SGD 73,500-SGD 100000 |
| Ireland | €33000 - €51000 |
| Canada | CA$53000 - CA$77000 |
| Australia | A$80000 - A$100000 |
| New Zealand | NZ$74T - NZ$94T |
Financial Analyst
Financial Analysts assess financial opportunities. They work with business owners and senior staff, such as accounting and finance department heads. They assess financial data and use their findings to help companies make business decisions. Here is a list of countries and the salaries they offer for the financial analyst job role:
| Countries | Average Salaries (annually) |
|---|---|
| USA | $62000- $100000 |
| UK | £30000 - £50000 |
| France | €40000 - €53000 |
| Germany | €50000 - €70000 |
| Ireland | €33000 - €55000 |
| Canada | CA$55T - CA$76T |
| Australia | A$78000 - A$100000 |
| New Zealand | NZ$67T - NZ$90T |
Marketing Analyst
The main task of the market analyst is to gather and assess consumer, sales and competitors data. Their responsibilities include tracking advertising costs, researching consumer behaviour and analysing recent trends. They determine a company’s ROI by studying market data. Here is a list of countries and the salaries they offer for the market analyst job role:
| Countries | Average Salaries (annually) |
|---|---|
| USA | $56000 - $100000 |
| UK | £29000 - £48000 |
| France | €37000 - €46000 |
| Germany | €42000 - €60000 |
| Ireland | €35000 - €51000 |
| Canada | CA$50T - CA$83T |
| Australia | A$70000 - A$100000 |
| New Zealand | NZ$61000 - NZ$85000 |
Supply Chain Analysts
Supply chain analysts play a significant role in planning, analysing, and monitoring a company’s supply chain distribution, such as moving materials through the production cycle. They ensure the company’s supply chain and consumer demands are balanced. Here is a list of countries and the salaries they offer for the supply chain analyst job role:
| Countries | Average Salaries (annually) |
|---|---|
| USA | $69000 - $99000 |
| UK | £27000 - £38000 |
| France | €38000 - €45000 |
| Germany | €45000 - €60000 |
| Ireland | €35000 - €48000 |
| Canada | CA$52000 - CA$67000 |
| Australia | A$70000 - A$97000 |
| New Zealand | NZ$70000 - NZ$86000 |
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Conclusion
The job roles and the salaries after pursuing a master’s in business analytics are diverse and need your attention while hunting for a suitable job. These jobs provide you with bright career prospects. Try pursuing this degree from a reputed university to get a knowledgeable alumni network through which you can apply to these job roles without hustling.
FAQ
Which is better, marketing analytics or business analytics?
Marketing analytics and business analytics are both valuable fields, but they have different focuses. Marketing analytics concentrates on understanding customer behaviour and the effectiveness of marketing campaigns. Business analytics takes a broader view, looking at the entire organisation and how to improve its overall performance. It depends on your choice of which course suits you best.
Can a B.Com. student do a business analytics course?
Yes, a B.Com. student can pursue a business analytics course. A B.Com. background can be beneficial as it provides a foundation for business concepts. Many business analytics programs offer courses that build on existing business knowledge.
Why should you choose a business analytics course?
A business analytics course can be advantageous for several reasons:
- It equips you with valuable skills in data analysis.
- It helps you develop a data-driven mindset.
- It opens up various career opportunities.
Is it challenging to earn a master's degree in Business Analytics?
Earning a master’s degree in business analytics can be challenging, as it requires a strong foundation in mathematics, statistics, and computer science. However, with dedication and hard work, it is achievable.
Is an MSBA better than an MBA?
An MSBA will make you very competitive for demanding roles such as marketing analyst, business analyst, quantitative analyst, and data scientist. Depending on your background and goals, the MBA can help you prepare for various roles in organisation management and leadership, business analysis and strategy, marketing, sales, or human resources. With its thorough studies, an MBA also serves as excellent training for future business owners.
If you are an aspirant looking to study at your dream university, book an appointment with AdmitX today and start your applications early to avail yourself of all the benefits.
