As businesses collect increasing amounts of data, they need professionals with the skills to interpret that data and offer strategic, evidence-based suggestions for growth.
With data analytics becoming progressively more critical to the success of businesses, Marymount University now offers a Data Analytics specialization within our respected Master of Business Administration program. Let's dive into some of the career options that are available to business leaders who have a background in data analytics.
What is data analytics?
Data analytics is the process of examining and analyzing data sets with the goal of discovering useful information, drawing data-driven conclusions, and supporting decisions. Since data exists in every industry and in every successful business, so does the need for forward-thinking business professionals who have the skills to drive decision-making with accurate data analysis.
Now, let's explore some career options that are perfect for professionals who have an MBA Data Analytics background.
1. Chief Financial Officer
A chief financial officer (CFO) is a professional who is responsible for managing the financial actions of a company. According to Investopedia, a CFO "has significant input in the company's investments, capital structure and how the company manages its income and expenses. The CFO works with other senior managers and plays a key role in a company's overall success, especially in the long run."
According to the U.S. Bureau of Labor Statistics, the job outlook for chief financial officers is expected to grow 7 percent by 2024. Similarly, the salary for a CFO is incredibly lucrative: "The average Chief Financial Officer salary in the United States is $373,850 as of July 30, 2019, but the range typically falls between $293,528 and $465,790. Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of years you have spent in your profession."
2. Business Analyst
Are you less interested in analyzing data and more interested in analyzing how the results of data can inform a company’s decisions? Do you enjoy collaboration and problem-solving? If so, a career as a business analyst might be perfect for you. Through your role as a business analyst, you will work to meed the needs of the organization’s stakeholders and design creative strategies to meet the challenges that arise within the company.
Business analysts will need strong communication skills in, as they are the ones who will be responsible for understanding the vision of stakeholders and communicating it to the IT professionals within the organization. Project management and project development are also a significant part of this job. Median annual pay is around $81,000, but those with experience can make over 100k.
3. Data Analyst
Although collecting data is important, being able to explain what this data means is just as valuable. Data analysts fulfill this role by interpreting data, identifying trends within it, and frequently transforming the data to be represented visually. If you’ve ever wondered how companies effectively estimate market shares, determine their staffing needs, or time their sales accurately, look no further — data analysts make all of this possible.
The annual median base salary for this career is around $60,000, but a senior data analyst can make $90,000 or more, depending on the industry. A career in data analysis also has huge potential for advancement — it’s common for data analysts to move on to become data engineers or data scientists once they gain more experience.
Marymount's Data Analytics Specialization:
Marymount’s MBA program, accredited by the Association of Collegiate Business Schools and Programs, is designed to enhance your problem-solving skills. You learn to ask questions that help hone your thinking – critically, strategically, ethically, and globally. You will gain knowledge of the complete business enterprise as well as the skills to make sound business decisions. MBA students can complete the program in just 36 credit hours — 45 credit hours with a specialization.
Marymount now offers MBA candidates two specialization options. Each specialty requires the completion of three additional courses specific to the field of study. Upon choosing to pursue one of these two specializations, MBA students can complete their coursework in 45 credit hours.
Join a Community of Professionals Passionate About Data:
As a future leader in the field of business, it's crucial that you strategically choose a respected graduate program. That's why we'd like to invite you to request more information or to attend one of our upcoming in-person or virtual events — to discover how the Marymount difference ties into your purpose.
Ready to boost your business career? You can start your online application today!