Companies in all industries need business analytics skilled professionals. The Bureau of Labor Statistics estimates the need for business analysts to grow 14 percent from 2016 to 2026 as companies seek to improve efficiency and control costs with analytics.
According to the Bureau of Labor Statistics, management analysts (a common job title for business analytics roles) held approximately 876,300 jobs in 2019. The median annual wage for management analysts was $85,260 in May 2019. The lowest 10 percent earned less than $49,700, and the highest 10 percent earned more than $154,310.
The largest employers of management analysts included:
- Professional, scientific, and technical services: 32%
- Government: 17%
- Self-employed workers: 15%
- Finance and insurance: 12%
- Management of companies and enterprises: 5%
- Other: 19%
South Carolina Residents
According to the South Carolina Department of Employment and Workforce, management analyst positions are expected to grow at least 11 percent over the next 10 years (“Hot Jobs in the State of South Carolina 2016-2026").
How can I apply business analytics to my major and career field?
Some examples of application areas include:
The MSBA degree provides hospitality management students with the skills needed to gather, analyze and interpret data related to hotel, restaurant, club and theme park management to build high return on investment strategies and optimize these organizations’ operations. By earning an MSBA, hospitality management students can expand their career opportunities.
Two of the most common types of business analysts in the hospitality and tourism field are hospitality analysts and revenue management analysts. Hospitality analysts are responsible for managing and processing metrics to ensure a hospitality organization’s deliverables are aligned with its business objectives. They are responsible for compiling, analyzing and interpreting labor and revenue analytics. They also develop dashboards and prepare reports and recommendations for executives. Other activities may include conducting audits of room inventory, market mix and pricing strategy and monitoring distribution channels to ensure effective selling practices.
Revenue management analysts in the hospitality industry oversee revenue management and distribution strategy of hotels and manage day-to-day yield operations with property level teams. They often work in conjunction with operations and marketing professionals to develop pricing strategies and forecast revenues for the company or organization portfolio.
Graduates of the MSBA program will have the skills needed to help organizations understand the preferences and behavior of customers by measuring the effectiveness of communication and marketing strategies and identifying factors that impact demands and needs. Most organizations are searching for marketing insights from the data they have. They realize that data analytics tools can be used to improve decision-making and help managers develop strategic plans that lead to increased sales profit and customer satisfaction. By earning an MSBA, marketing and communications students can expand their career opportunities.
The most common type of analyst in this field is the marketing/communications analyst. The increase in the collection and analyses of “big data” – large volumes of data – both structured and unstructured, such as social media comments or online product reviews, can provide insights on consumer behavior and preferences. Big data and social media analytics allow companies to devise personalized strategies within marketing campaigns to target new prospects that are truly interested in their brands.
Marketing/communications analysts typically need a bachelor’s degree in marketing, communications, public relations or a related field. Typical activities include collecting and analyzing data on existing and prospective customers, competitors and products or services to help identify issues and opportunities to increase sales or revenue, as well as to inform future marketing and communications strategies.
Job Outlook: According to the U.S. Bureau of Labor Statistics, market research analysts are expected to experience a much-faster-than average job growth of 20% from 2018 to 2028. The median annual wage for market research analysts was $63,790 in May 2019. Salaries vary based on location, level of education and experience.
Students with a degree in public health can increase and widen their job prospects by gaining skills in business analytics. The MSBA program prepares students to identify and analyze data, visualize the data and communicate data-driven recommendations in a wide range of positions in healthcare organizations.
The most common type of analyst in this field is a public health analyst. The job responsibilities of public health analysts vary depending on the employing organization, the required health research and immediate economic challenges. Public health analysts may conduct site visits to assess the performance of health policies or they may conduct large-scale data analysis to improve decision making. No matter the organization, public health analysts are committed to understanding how major health issues affect individuals, families and communities and using data to recommend new policies to support positive health outcomes.
Public health analysts with a business mindset can transform raw data into actionable insights that can help solve specific health and business challenges. MSBA graduates learn an evidence-based approach to policy assessment that is particularly valuable for large communities with diverse populations. Skills obtained in the program can be used to improve decision-making and help healthcare executives develop strategic plans that lead to not only improved health outcomes but also increased cost effectiveness.
Job Outlook: The U.S. Bureau of Labor Statistics projects a 33% increase in job growth for public health jobs that have specialized skills in statistics and data analytics through 2026. According to recent data from PayScale.com, the median salary of public health analysts is approximately $62,163 per year. Salaries vary based on location, level of education and experience.
The amount of data generated by the sporting and entertainment industries has fueled the need for data analysts. These organizations are searching for business insights from the data they have from entertainment events and sporting events. Data analytics tools can be used to improve decision-making and help sports and entertainment managers develop strategic plans that lead to increased profits. By earning an MSBA, students in the sports and entertainment management field can expand their career opportunities.
The most common type of analyst in this field is the sports and entertainment data analyst. Sports and entertainment data analysts analyze industry components such as player performance, venue selection, business performance and talent recruitment. Through predictive and prescriptive data analytics, sports and entertainment organizations can make high return on investment decisions regarding the performance of a particular team, player or event.
Job Outlook: According to data from ZipRecruiter.com, the national average salary for jobs in sports analytics is approximately $93,092 per year. Salaries vary based on location, level of education and experience. According to salary.com, the average salary for an experienced data analyst at companies like Live Nation Entertainment in the United States is $91,401 as of 2020.