There’s data in everything we do, and its presence doesn’t look as if it will be waning anytime soon. From suggested streaming content and product recommendations, our data follows us like a shadow—and businesses are ready to collect, search, and analyze it to make smarter company decisions backed by the evidence it provides.
The demand for capable professionals to perform these tasks has been growing tremendously, with roles for operation research analysts projected to increase 23% in the next decade, according to the U.S. Bureau of Labor Statistics. That’s nearly five times as fast as the average growth predicted for all occupations.
Likewise, master’s degree programs in business analytics are increasingly popular, as indicated by the nearly 10% year-over-year enrollment growth among schools in Fortune’s ranking of the best online master’s in business analytics (MSBA) programs. And, in fact, the online master’s in business analytics program is the “most popular” online degree offered at Syracuse’s business school, says Don Harter, director of business analytics at Syracuse University.
“Analytics tends to be extremely fast-growing. There are not enough students or employees trained in these areas at this time, and so it’s a rapidly growing area with great opportunity,” Harter tells Fortune. “As a result, many of the career changers are looking for an opportunity to do something new, innovative, and with great growth potential.”
The need for understanding data is sure to grow, too, says Gaurav Shekhar, the master’s of business analytics director for flex and online programs at the University of Texas at Dallas.
“A good decision is always backed by solid data and solid trends behind it,” Shekhar says. “I think the differentiator between organizations now and in future is how well they use data. And that’s why they need people who can speak and understand the language of data very well.”
But is a master’s in business analytics right for you? Here are some things to consider if you’re in the market for continuing education in business analytics.
The worlds of data and business can converge in business analytics, providing a two-for-one educational experience that can put you a step ahead of the rest—one of the reasons pursuing a master’s degree can prove worthwhile.
“Businesspeople understand their business objectives, and technical people understand the technology, and business analytics brings the two together,” Harter says. “The training a business analyst program gives is the ability to communicate with both populations and apply technology to solving business problems.”
In terms of data science skills and business context, Georgetown University’s approach falls right in the middle, says Sudipta Dasmohapatra, senior associate dean of MBA programs and professor of practice in business analytics at Georgetown’s McDonough School of Business. Dasmohapatra is the former director of the MSBA program and oversaw its launch in 2021.
“We offer so much more than just the business functions or the practice and theory side—we actually combine both of these and then offer values-based decision-making,” Dasmohapatra says. “And that’s kind of the core of Georgetown and core of McDonough.”
Like Georgetown, Carnegie Mellon University provides an educational “sweet spot,” says Kevin Dietrick, director of the MSBA program at Carnegie Mellon University’s Tepper School of Business. Tepper is No. 1 in Fortune’s ranking of the best online master’s in business analytics programs.
“This is a program for folks who are looking to gain data science skills for their career alongside necessary business skills that will help them do a better job at their organization, advance in their career, et cetera,” Dietrick tells Fortune. “So it is this really nice hybrid program that hits on both; it fits sort of a nice sweet spot right in the middle.”
A degree for a hot market can boost your potential, and Dasmohapatra says students know this. “I think potential students have already realized that in the marketplace, they are finding that their current job now needs to have some understanding of data. Because if they are not using that, then they are going to be behind the rest, and this gives them a competitive advantage over other folks that are not doing the program,” she tells Fortune.
Business analytics grads can enter a variety of different roles in industries like consulting, retail, tech, marketing, and supply chain analytics, Dasmohapatra says. Common positions can include business intelligence analyst or engineer, data modeler, solution architect, data scientist, or data visualization expert, notes Shekhar, adding that many organizations now have a chief data officer (CDO) position, as well.
“Most organizations have a CDO office and chief data officers. So that chief data officer requires people who are working on very data-focused roles,” Shekhar says. He adds that data skills can provide a necessary component in a shifting industry.
“The way the industry is looking at any roles, they are trying to fine-tune those roles to add an element of data analytics. And whether you’re a fresher or you’re the chief executive, there is a need for you to have some understanding of how data works,” Shekhar tells Fortune.
Meanwhile, an MSBA can be the bridge some people need to climb the ladder or pivot careers, Syracuse’s Harter says. “We’ve even had some students do complete shifts from nonanalytical roles into analytics by pursuing this degree.”
Similarly, Tepper business analytics students often see a career advancement postgraduation. “I think 84% of our students who graduated in 2021 secured a promotion or some sort of new position within three months of graduating from the program. This is the pivot point that launches them into the next phase of their career,” Dietrick notes.
Further, an MSBA can help job candidates add to their skill set.
“A degree for them is a way to upskill themselves,” Shekhar says. “Learning is a continuous thing, but a degree definitely gives you a very structured approach to learning new skills that also helps professionals in continuing their education in a way that they are able to still be very relevant to their organization and still be relevant in their careers.”
Moreover, even those people at the top of organizations look to keep learning. “We see a lot of senior executives spending time through certificate programs and through degrees,” Shekhar says. “It’s not too late to start. But they’re doing it just because they want to be better decision-makers, not because they want a fancy degree.”
New job opportunities may mean a pay bump, too, Harter says. “An MSBA allows you to jump into a high growth area with high potential salaries that might more than justify the investment in a program like this,” he says. “The salaries for analytics are often significantly higher than normal accounting, marketing, supply chain, or finance positions.”
Dasmohapatra agrees. “We have data that indicates that there is a big shift and an upward shift in base salaries as well as in the other types of career outcomes,” she says. “I can tell you with confidence that almost 80% of the students—before they graduate or finish the program—have made a transition into that type of career that they have been looking into.”
While time commitment, cost, and workload are factors to consider—and a pay increase is always sweet—Shekhar says that more than anything, a degree in business analytics can be transformational. “There is nothing like education that can change the course of an individual or their family or their future generations.”
While there are many ways to learn new skills, universities provide “a very safe” structure for learning, Shekhar says.
“Academic institutions definitely have an upper hand in terms of creating skills that really augment an organization’s value in a very short amount of time,” he notes. “You learn quickly, you learn without wasting too much energy and resources, and you learn in a streamlined way that you’re able to become productive. People have to think about academic institutions as providers of experience that nobody else can, and that’s the value we propose.”
Likewise, programs that attract other working professionals will be built in a way to help students meet the demands of coursework and a job successfully, helping balance the intensity and sacrifices you may need to make. “The workload is manageable, it’s flexible,” Dietrick says. “You have the ability to continue your career, continue building your family while you’re working towards completing this degree. It is an area of strength for us at Tepper.”
Though a degree can be costly and a large time commitment, Dietrick says a master’s degree in business analytics is worthwhile.
“The return on the investment is there on both sides,” he adds. “Our students—just in terms of career advancement and promotion opportunities—they’re getting what they’re looking for through the program. And then, more on the at large side, we’re talking about the work we do as a society—I think that the value add is clearly there.”
Check out all of Fortune’s rankings of degree programs, and learn more about specific career paths.