Business Analytics Jobs: A Career Guide
In today’s job market, business analytics skills are extremely valuable in a range of industries. There are a variety of business analytics jobs, so choosing to pursue the field doesn’t immediately define what your career will look like. Depending on the career path you choose, both the work you do every day and your career could branch into many directions.
Business Analytics Career Paths
The field of business analytics is diverse and growing. There’s no shortage of career opportunities for someone with a firm understanding of business and data.
Some business analytics career paths you could pursue include:
- Business and Marketing Analytics: Working in business and marketing analytics means you’ll focus on improving marketing engagement or optimizing business operations with data. The goal is to maximize profits and productivity to help organizations gain a competitive advantage in the marketplace.
- Data Science and Advanced Analytics: Those working in data science and advanced analytics use predictive modeling and other complex algorithms to understand trends and make predictions.
- Operations and Supply Chain Analytics: Professionals in operations and supply chain analytics work to optimize a company’s processes using data. This could include any function, from manufacturing to delivery. In this field, business analytics insights can reduce costs and improve customer service.
- Financial Analytics: Those working in financial analytics use data to gain insight into financial performance. This can help reduce costs, create budgets, forecast profits, detect fraud and make business decisions. These findings are significant to organizational success in many industries.
- Healthcare Analytics: Data professionals in healthcare analytics can use their skills to optimize patient outcomes and help leaders optimize healthcare delivery. The field of healthcare analytics can also help bring down the cost of healthcare.
No matter the specialty you choose, essential skills can serve you well in your business analytics career.
Essential Skills for Success in Analytics Jobs
A successful career in analytics requires an exceptional blend of business and technical skills. Some competencies you can expect to need for any career path you take include:
Technical Skills
Technical skills necessary for analytics jobs include understanding modeling technology and data visualization tools. Many roles also require proficiency in SQL or programming languages such as Python. Experience with customer relationship management (CRM) software is often essential. While the technology used is frequently changing, a deep understanding of technology and how to apply it will serve those pursuing a business analytics career well.
Business Acumen
Because so much of a business analytics career includes reviewing data and making recommendations to organizations, it’s vital to have an ample understanding of business. Business analysts must have a firm grasp of issues and opportunities within the industry as well.
Communication and Storytelling
Complex data can only affect organizational outcomes if an analyst can effectively communicate their findings. Much of what those working in business analytics do is storytelling, so they must take complex data and shape it into a compelling narrative. Communication skills can make a dramatic difference in the careers of those working with data.
Problem Solving and Critical Thinking
When it comes to data analysis, there’s no one-size-fits-all approach. Analysts must think critically and problem-solve in real time to ensure their insights and findings provide the answers needed.
These skills will serve you well in top business analytics jobs, helping you navigate any challenges you encounter and take advantage of opportunities in the field.
Let data drive your career path!
Top Business Analytics Careers
There are many roles you can pursue as an analytics professional. Some top jobs include:
Data Scientist1
Data scientists use analytical tools to form insights. They develop algorithms and work with raw data to create recommendations and feedback for organizations. They work in all phases of analytics, collecting, categorizing and analyzing data.
Demand for data scientists is growing quickly. According to the Bureau of Labor Statistics (BLS), employment of data scientists is expected to grow 36% between 2023 and 2033, resulting in 73,100 new jobs. The median pay in 2023 was $108,020. The highest 10% of earners made more than $184,090 that year.
Financial Analyst2
Financial analysts help organizations make decisions about money with the goal of making profit. They can assess the performance of investments, evaluate current and past financial data, determine a business’s value, assess employee effectiveness and interpret business trends.
Financial analysts made a median salary of $99,890 in 2023, according to the BLS. Demand for financial analysts is expected to grow 9% between 2023 and 2033, resulting in 37,900 new jobs.
Market Research Analyst3
Market research analysts evaluate customer preferences and other factors that affect the sales of a product or service. They keep their fingers on the pulse of what customers want and help organizations determine their target markets.
Demand for market research analysts is expected to grow 8% between 2023 and 2033, resulting in 74,900 new jobs, according to the BLS. The median salary for market research analysts was $74,680 in 2023, with the top 10% earning more than $137,040 that year.
Operations Research Analyst4
Operations research analysts use their analytical and quantitative decision-making skills to help organizations plan and solve problems. They develop prescriptive models and reports recommending their findings to leaders at organizations. They help management allocate resources, optimize supply chains and set prices.
The field is growing quickly. The BLS predicts that the demand for operations research analysts will grow 23% between 2023 and 2033, resulting in 28,300 new jobs. The median pay in 2023 was $83,640.
Other growing roles in specific industries or with specific goals include:
- Healthcare Analysts
- Sports Analysts
- Risk Assessment Analysts
Grow Your Analytics Career
No matter what direction your career takes, building a base of analytics and business skills that can help you navigate and grow in the ever-changing data-driven workplace is essential. Earning a master’s degree in business analytics is a fantastic place to start.
In our digitally driven culture, organizations across industries need trained data analytics leaders to collect, organize and analyze business information. With OHIO's online Master of Business Analytics degree, you will gain the technical expertise and business acumen to apply data findings to solve problems, make strategic investments and facilitate growth.
Our focus on strategy ensures that you understand the critical role of analytics in driving growth and making sound organizational decisions. When you graduate, you'll be a critical thinker and problem solver who can apply analytics techniques in various business contexts.
Related Resources
- Why is Data Analytics Important for Business? | 91ÊÓƵ
- How Augmented Analytics is Redefining Business Intelligence
Sources
- Bureau of Labor Statistics. Occupational Outlook Handbook. Data Scientists. Retrieved November 19, 2024, from .
- Bureau of Labor Statistics. Occupational Outlook Handbook. Financial Analysts. Retrieved November 19, 2024, from .
- Bureau of Labor Statistics. Occupational Outlook Handbook. Market Research Analysts. Retrieved November 19, 2024, from .
- Bureau of Labor Statistics. Occupational Outlook Handbook. Operations Research Analysts. Retrieved November 19, 2024, from .
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