MBA in Business Analytics: Salary, Scope, Fees, Benefits, Career & More

Master of Business Administration or MBA as the name suggests is an academic course that deals with the universe of administering a business. This program offers specialized knowledge in several streams. An MBA in business analytics is meant for those who aspire to build a career by guiding establishments in the best business practices. This course will empower you with a stronger understanding of data analytics tools.

What is MBA in Business Analytics?

An MBA in Business Analytics is a program that explores the data analytics component of running a business. This course teaches how to leverage statistics and tools dealing with data analytics. The syllabus includes material on business fundamentals, management practices and technical skills.

Surveys have shown that hiring managers look for candidates with business analytical skills and an MBA in the same definitely gives an edge. At the same time, a dearth of qualified business analysts also adds value to this degree.

In this blog, we will explore the various facets of this degree in terms of the scope of the course, fees, admission procedure and eligibility. You will also get to know about the career prospects, salary estimates and job opportunities. This blog will also inform you about the interesting facets of an MBA degree.

Why MBA in Business Analytics?

In today’s data-driven business landscape, the intersection of business acumen and analytical skills has become a cornerstone for organizational success. An MBA in Business Analytics offers a unique blend of managerial expertise and data-driven decision-making, providing a holistic understanding of how to leverage data for strategic advantage.

This advanced degree equips professionals with the skills to extract actionable insights from vast datasets, enabling informed decision-making that is crucial for navigating the complexities of the modern business environment. The demand for professionals with the ability to analyze and interpret data continues to surge, making an MBA in Business Analytics not only a pathway to career advancement but also a strategic investment in staying ahead in the rapidly evolving business landscape.

Related Blog: 12 Reasons Why Business Analytics Is Important in Digital Age

MBA in Business Analytics: Course Highlights

This program is designed to train you in business fundamentals, the technical aspects and the soft skills required to be an effective business leader. Some of the topics that are covered in this course are accounting, finance, marketing, international business relations, human resources and management.

Let us look at some of the finer aspects of this course.

• Course Level – This course is conducted at the post-graduation level.
• Duration – While a full-time course is conducted over 2 years, online courses conducted for working professionals usually run over 15-16 months.
• Examination Type – Exams are conducted in semesters.
• Eligibility – Graduates with a 50% score from any recognized university are eligible for the course.
• Admission Process – Admissions are conducted on the basis of entrance exams.
• Major Entrance Exams – The major entrance exams conducted for admission are CAT, MAT, XAT, CMAT, NMAT and GMAT.
• Course Fee – The course fee ranges between Rs 5 lakh and Rs 15 lakh for a year.
• Average Salary – A person with an MBA degree in Business Analytics can fetch an average salary of Rs 8 lakh to Rs 16 lakh per annum.
• Top Hiring Companies – Some of the prominent companies known to hire MBA in Business Analytics graduates are Morgon Stanley, Genpact, Amex and Mahindra & Mahindra.

MBA in Business Analytics: Eligibility Criteria

A candidate keen on applying for an MBA in business analytics must have an aptitude for technology, a flair for strategy, and an analytical mind. Someone interested in decision-making and taking the lead is also a good fit for this course.

Let us look at the other eligibility criteria:

• Bachelor’s degree from a recognized university with a 50% aggregate score.
• Students who have appeared for the final exam but are waiting for results can also apply.

MBA in Business Analytics: Admission Process

Like other courses, the admission process for most MBA programs is based on entrance exams. The exams sought by the colleges may differ, but the level of the examination remains more or less the same.

Let us look at the crucial steps in this process.

1. Apply for entrance exams as per the college’s requirements.
2. Take the entrance test
3. Upon clearing the written exam, be prepared for Group Discussion and Personal Interview rounds.
4. Once you have cleared all the rounds, enrol in the college of your choice.

MBA in Business Analytics: Salary in India

An MBA in any sector guarantees a job with a higher salary package. In the case of Business Analytics, according to Payscale, the average annual salary for an MBA in Business Analytics graduate in India ranges from ₹4 Lakhs to ₹12 Lakhs per annum.

MBA in Business Analytics: Entrance Exam

All MBA aspirants have to clear the entrance exams. The rest of the selection process depends on whether the student has secured the cut-off in the entrance test. These entrance exams vary from institute to institute.

Let us look at a list of the entrance exams.

• Common Admission Test (CAT)
• Management Aptitude Test (MAT)
• Graduate Management Admission Test (GMAT)
• Xavier Aptitude Test (XAT)
• Common Management Admission Test (CMAT)

MBA in Business Analytics: Major Research Project Topics

This program requires all students to complete capstone projects. These projects are to be prepared from a set of topics. The subject’s deal revolves around business intelligence and analytics software. 

Here are a few topics that are commonly taken up during this program.

• Amazon Web Services Analytics
• Data Warehouse Administration
• Real-time Business Intelligence
• Collaborative Business Intelligence
• Data Governance

Top 5 reasons to choose MBA in Business Analytics

Companies must chart their growth plans carefully to remain on the path of progress. Companies need skilled professionals to forecast sales and other measurable parameters. This information goes a long way in understanding and influencing consumer behaviour. An establishment needs business analysts for these purposes, and an MBA makes one a frontrunner for such roles. Therefore, this degree is valuable for all professionals who wish to grow in business analytics.

Let us look at some key advantages of enrolling in this course.

1. In-depth knowledge and superior skills: 

This degree will help you understand various topics like marketing, finance, macroeconomics, leadership and management. This proves crucial during crises while on the job and allows you to stand out.

2. Internship and real-world experience: 

This course provides the opportunity to secure an internship with reputed firms. Students, both freshers and professionals looking to switch careers, can thus gain valuable experiences. This program is also available for those who want to do the course along with their existing job. They can opt for part-time courses and even do it online.

3. Lucrative job market: 

According to reports, more skilled business analytics should be needed. This has naturally increased the demand for MBA pass-outs. B-schools and institutions have thus been able to place students successfully.

4. Senior Positions:

Candidates with an MBA in Business Analytics have an excellent chance to be directly placed in senior positions like management consultant, operations analyst and supply chain analyst.

5. High salaries: 

Business Analysts with an MBA can expect to receive wages of Rs 8-16 lakh per annum. These positions are also touted to be excellent regarding job flexibility and work-life balance.

MBA in Business Analytics: Syllabus & Subjects

The MBA in HR program is generally spread over 2 years. The course covers various topics, including statistical analysis and business intelligence. The topics covered over the four semesters include:

• Data Modelling
• Computational Methods
• Operations Management
• Research Methods
• Risk Management
• Data Mining
• Ethical and Legal Aspects of Analytics

Jobs After MBA in Business Analytics: Career and Job Opportunities

An MBA in business analytics opens up a range of lucrative positions across industries. You are also eligible to apply for various senior and leadership roles. According to the McKinsey World Institute, an MBA in Business Analytics is in high demand, with a projected shortage of 1.5 million analysts. This qualification opens doors to diverse employment and positions individuals for coveted leadership roles, including those in the C-suite. The versatility of an MBA enables graduates to excel in various corporate settings.

Below are some of the job openings for students of MBA Business Analytics:

• Marketing Manager
• Business Analytics Specialist
• Management Consultant
• Big Data Analyst
• Senior Data Scientist
• Predictive Modeller

Scope of MBA in Business Analytics

Companies rely on business analytics to interpret data to arrive at decisions per market scenarios. It helps them to monitor performance indicators and decipher the results. All these functions require people who are trained to understand these conditions and have the specializations to provide the company with in-depth analysis.

Let’s look at some of the exciting aspects of this job profile.

• This is a relatively new position in the management domain. Growing internet penetration and the advent of social media have increased the relevance of this position.
• This position’s three main analytical domains are Descriptive, Predictive, and Prescriptive.
• The sectors that prefer candidates with an analytical background include retail, IT, e-commerce, banking and telecom.

Scope of MBA Business Analytics in Government Sector

Business analysts are in demand in the government sector, too. Different departments in the government use their predictions to make informed decisions. Public sector companies hire data analysts and scientists, data mining experts and qualitative analysts.

MBA in Business Analytics: Top 10 Recruiters

This degree has proven a successful formula for climbing the corporate ladder. Several top companies take part in B-school placement rounds. Students passing out of Indian business schools also find good placements in global companies.

Some of the top recruiters in this sector are:

• Amazon
• Deloitte
• JP Morgan
• TCS
• Reliance
• Wipro
• Infosys
• ICICI
• L&T
• Aditya Birla

How to Choose the Right College for an MBA in Business Analytics?

When pursuing an MBA in Business Analytics, selecting the right college is crucial for a successful and fulfilling educational journey. Here are vital tips to consider:

• Accreditation
• Curriculum Relevance
• Faculty Expertise
• Industry Connections
• Internship and Placement Support
• Alumni Network

MBA in Business Analytics: Related FAQs

Q1. Why choose business analytics as a specialization in an MBA?

Business Analytics has turned out to be a lucrative career option. An MBA degree in the same provides an in-depth understanding of the functioning of the industry. This qualification opens up lucrative job placements in public and private sector companies.

Q2. Is an MBA in business analytics easy?

A master’s degree program involves specialized learning. In this case, students learn about the advanced aspects of data mining and interpretation. Anyone with a flair for analysis and numbers will find the course interesting.

Q3. Is an MBA in business analytics good?

Yes, an MBA in Business Analytics is highly beneficial. It equips individuals with a powerful combination of business management and analytics skills, positioning them for leadership roles in data-driven decision-making and providing a competitive edge in today’s dynamic business environment.

Q4. Who should do an MBA in business analytics?

Students with a flair for analysis and an interest in numbers can pursue this program. Apart from graduates, this course can immensely benefit working professionals looking for a change in career or upskilling opportunities.

Q5. Is an MBA in Business Analytics for Working Professionals?

Yes, an MBA in Business Analytics is well-suited for working professionals seeking to enhance their skills. Many programs offer flexible schedules or online options, allowing professionals to continue working while gaining valuable insights into data-driven decision-making.

Summary

We can thus conclude that if you have an analytical mindset, an MBA in business analytics can take you places. In this age of economic instability, business analysts are essential in helping companies return to the growth track.

ASM’s Institute of Business Management & Research offers the perfect opportunity for the best MBA degree in Business Analytics. Anyone with a bachelor’s score of 50% or more can apply.