Big Data and Business: An MBA vs. Masters in Business Analytics
2016 was the “Year of the Data Analyst.” According to the U.S. Bureau of Labor Statistics, the job market for various data analyst positions is growing far faster than average—around 27 percent annually. In fact, 85 percent of Fortune 500 companies have either launched big data projects or are planning to do so.
Big data, which refers to the practice of analyzing extremely large data sets to reveal trends and patterns, is reshaping the business world—and it’s here to stay. Companies like Google and Amazon have dedicated significant resources to big data, and a report by PWC estimates that the big data market for financial services is expected to increase to $53.4 billion in 2017.
As for the job market for data analysts, the McKinsey Global Institute estimates that by 2018, the U.S. could face a shortage of 140,000 to 190,000 workers with “deep analytical skills,” and 1.5 million managers and analyst with the necessary “know-how” to interpret and apply big data.
In sum, the increasing emphasis on big data in business translates to a growing need for workers who are able to analyze data and communicate the results effectively. Because employers want graduates who can do this work, many business schools are rethinking their curricula and integrating data science.
