Is a master's degree in business analytics worth It?

If you're interested in harnessing and analyzing data to optimize business performance, a career as a business analyst may be well suited for you.

Business analyst jobs in technology, operations, marketing, and finance are projected to grow faster than the national average from 2023 to 2033, according to the Bureau of Labor Statistics (BLS).

A master's in business analytics can open the door to a wide array of career paths, so earning this degree could be a worthwhile investment for some individuals.

Learn more about the benefits and opportunities of pursuing this degree in this guide.

Benefits of a master's degree in business analytics

Earning a master's degree could be beneficial to some learners. According to a 2023 BLS survey, workers with a master's degree earned, on average, $244 more per week than those with just a bachelor's degree. Additionally, the Bureau reported that master's degree graduates experienced a 2% unemployment rate compared to 2.2% for those with an undergraduate degree.

In addition to more job security and higher earnings, a master's degree in business analytics could help you to:

• Learn in-demand skills in business analytics, data visualization, and machine learning.
• Make a career change if you have a bachelor's degree in another field.
• Specialize in high-demand areas like business intelligence or computer systems analytics.
• Increase your chances of being recruited for leadership or senior roles.
• Network with industry leaders and gain practical experience.

Are graduates of a master's degree in business analytics in demand?

Businesses and the public sector increasingly rely on data to make informed decisions that enhance productivity, efficiency, and profitability.

According to BLS projections, between 2023 and 2033, graduates with a master's in business analytics could work in some of the fastest-growing occupations nationwide.

For example, jobs for information security analysts are projected to grow by 32%, much faster than the average 3% for all occupations. Meanwhile, jobs for operations research analysts are projected to grow by 23%.

This increased projected growth spans across all analyst roles listed by the Bureau, making business analysts sought-after professionals in various industries.

As a business analyst, you could work in settings such as:

• Advertising and marketing
• Commerce and e-commerce
• Finance
• Healthcare
• Insurance
• Technology
• Telecommunications
• Manufacturing
• Retail
• Supply chain and logistics

Which business analytics field has the highest salary?

While the business analytics field has competitive salaries across industries, some roles have higher earning potential based on the specialty:

Source: BLS's Occupational Outlook Handbook

A master's in business analytics prepares you to become proficient in data analytic tools and quantitative analysis. However, it's important to note that these roles may require prior education or experience in certain specialties, such as financial services or information technology.

Master's degree in business analytics online program overview

Business analytics master's programs could help you bridge the gap between your bachelor's degree's area of expertise and specialized data analysis knowledge.

Individuals with bachelor's degrees in business administration, computer science, finance, or marketing could gain new skills by taking courses in big data management, data visualization, machine learning, predictive analytics, and statistical analysis.

Graduates can pursue business analyst roles where they can assess, predict, and recommend strategies to optimize business operations and ensure efficiency.

How much does a master's degree in business analytics cost?

The median annual tuition for a business, management, and marketing master's is $9,826, according to the National Center for Education Statistics. The actual cost depends on the program, its delivery format (online or in-person), whether it's a public or private institution, and whether you're an in-state or out-of-state student.

Prospective students should also consider expenses not covered by tuition, such as application fees, books, computer and course materials, living costs, and transportation.

Financial aid resources are available to help you pay for a master's degree in business analytics. The most common forms include:

• Grants
• Scholarships
• Work-study programs
• Employer tuition assistance
• Veteran benefits
• Federal or private student loans