No doubt, inclination of students towards management as a career is increasing with every passing day. If considering of pursuing with MBA, then the areas explored are more or less the same in most cases which include Finance, operations, marketing, HR. But, what many aren’t aware of is MBA in analytics. And even if there are students who are aware of the same, they tend to be a little sceptical while considering MBA Analytics as a career option.
Which field under MBA to choose totally depends on the interests of the students. If someone shows keen interest in understanding data and has a good command on mathematics and statistics, then there cannot be better option than MBA analytics.
Why should one consider MBA Analytics?
No wonder, analytics has changed our life for better over a period of time. There’s possibly no field left that doesn’t incorporate analytics. Agriculture, education, healthcare, IT, finance, you name it and analytics has to be a part of it. The bigger picture is that analytics tools are being deployed at a larger scale. But, there are still some areas and sectors that require better deployment of these tools to be able to flourish. It is here where MBA analytics comes into play. Managers proficient in analytics can bring in new ideas and take better and smart decisions. With this, the slow-growing sectors can be transformed beyond imagine.
Also, corporates are more into taking decisions that are driven by data. This is why the demand for managers who are proficient in applying modern management techniques and can also utilise the statistical methods to make better business decisions.
Skills required
Though it is required for the students to know a bit of coding while taking up the option of MBA analytics, but one can get skilled in the same during the course of time. Ultimately, a point worth noting is that a MBA Analytics programme focuses on combining management principles along with analytics tools to generate actionable insights. So, someone who’s an engineer can definitely excel in this field but considering this branch of MBA to be only suitable for them is wrong. The ability to think critically is the base to get in here.
Details about MBA in analytics
• Usually, this is a two years course. Some colleges also offer a one year diploma in this field.
• To get into the top colleges, one is required to score well in any of these exams – GMAT, GRE, CAT, XAT, etc. Also, a point to note here is that not many colleges in India have this field to offer to the students.
• The admission process is usually entrance exam based. Depending on the scores, one can find the best college to study from. Also, some colleges might require the student to participate in a Group discussion followed by Personal interview or just one of them.
• The fees for this course in India is usually in the range of 5 lakhs to 18 lakhs.
• After successful completion of the course, one can expect a salary in the range of 7 to 20 lakhs depending on the location, skill set, experience, etc.
• The job roles taken up by the students after completing their MBA in analytics would be Data Scientist, Statistician, Predictive Modeller, Quantitative Analyst, Project Manager, Market Research Analyst, etc.
All in all, MBA Analytics has huge scope and has the potential to transform the weaker sections of the society. This is a field full of opportunities and would ensure a promising career in the long run.
