collageBusiness Analytics is the process by which businesses use statistical methods and technologies for analyzing historical data in order to gain new insight and improve strategic decision-making. Do you want to learn about the latest findings on business analytics masters? Get ready!
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Masters in Business Analytics in Australia is a 2-year program costing 40,000 AUD to 77,000 AUD. The degree in business analytics equips a student with a combination of analytical skills for impactful business planning.
A steady increase in the demand of experts who can handle the amount of data which is being turned with every passing day in businesses, raises the need for graduates of masters in business analytics. What makes Australia a study destination for business analytics aspirants has been discussed below in detail.
Masters in Business Analytics in Australia
Masters in Business Analytics and related programs are becoming increasingly popular in Australia with recent news reports indicating that data analysts who have business know-how are in such great demand in Australia and their numbers are so low that their salary is almost three times Australia’s average salary.
In fact, the recent Skills and Salary Survey conducted by the Institute of Analytics Professionals of Australia (IAPA) found that the average salary of data scientists who work in social media in Australia is $190,000 per year. This gives you an indication of the wide scope of employment opportunities available to graduates of Analytics/Data Science programs in Australia.
Scope of Business Analytics in Australia
Given this scenario, it is no wonder that the Master of Business Analytics and related programs are offered by several top ranked Australian universities.
Here’s what we will be going over today:
- Top universities that offer the Masters in Business Analytics and related programs in Australia
- Programs that allow you to stay back and work in Australia on completion
- Industry and Government collaborations offered by different Universities
- Universities that offer the most affordable Master of Business Analytics program in Australia
Top universities that offer the Masters in Business Analytics in Australia
| University | Program | Rank* | Cost/ Fees per year | Years | Location |
|---|---|---|---|---|---|
| Monash University | Master of Data Science | 53 | A$ 36000 | 2 | Melbourne |
| University of Melbourne | Master of Business Analytics | 56 | A$ 49500 | 1 | Melbourne |
| University of Sydney | Master of Data Science | 73 | A$ 36500 | 1 | Sydney |
| RMIT University | Master of Analytics | 79 | A$ 25920 | 2 | Melbourne |
| Queensland University of Technology (QUT) | Master of Information Technology (Data Science) | 103 | A$ 26400 | 2 | Brisbane |
| University of Technology Sydney (UTS) | Master of Data Science | 109 | A$ 32540 | 2 | Sydney |
| University of South Australia | Master of Data Science | 182 | A$ 31500 | 2 | Adelaide |
| Deakin University | Master of Business Analytics | 215 | A$ 45000 | 1.5 | Melbourne |
| Deakin University | MIS (Business Analytics) | 215 | A$ 28520 | 2 | Melbourne |
| La Trobe University | Master of Business Analytics | – | A$ 28460 | 2 | Melbourne |
| Victoria University | Master of Business Analytics | – | A$ 23000 | 2 | Melbourne |
* The ‘Ranking’ refers to the 2015-2016 Times Higher Education Subject ranking for ‘Engineering & Technology’. Wherever the Times Higher Education Subject ranking is not available the QS Faculty ranking for ‘Engineering & Technology’ is used.
However, here’s the thing: Rankings are definitely not the only thing you should consider while choosing a university.
What else should you consider?
1. Which programs will allow you to stay on and work in Australia?
Firstly, if you are an international student and you plan to work in Australia or would even like the option of working in Australia on completion of the course then you need to ensure that you pick a course that meets the eligibility criteria for a post study work visa.
One of the most common criteria that students fail to take into consideration is the need to have at least two years of academic study in Australia at the Bachelors level or above in order to be eligible for the post study work visa.
As you can see from the table above, some of the top ranked Masters in Business Analytics programs are 1 year programs and international students will NOT meet the eligibility criteria for the post study work visa in Australia if they complete only a 1 year Masters program.
A detailed explanation of the eligibility criteria is available in our ‘Guide to Post Study Work Visas in Australia‘.
2. Industry ties offered by the University
Given the high demand for Analytics graduates, companies and even Government organisations are working with universities to set up courses, laboratories and data analytics centres. These partnerships provide a whole host of benefits to students ranging from greater work placements to easy access to the latest technology and cutting edge research. Some of the popular industry-university partnerships in the analytics field are highlighted below:
NVIDIA and Monash are collaborating to fund research students and provide them with industry relevant knowledge and access to technology. The heart of this collaboration is the M3 supercomputer, available through MASSIVE, a facility designed to process complex data and developed as part of a collaboration between the Australian Synchrotron, Monash University and CSIRO.
SAS Australia, a leading provider of business analytics software and services, has entered into a collaboration with University of Melbourne for research and to launch the Master of Business Analytics program at the university.
SAS Australia has also entered into an agreement with La Trobe University to launch the Masters in Business Analytics program and establish the SAS Analytics Innovation Lab at La Trobe University. La Trobe has had a relationship with SAS since 2007 with the company providing work placements, sometimes at SAS itself but more often with the company’s customers, as well as scholarships, technology and support for teaching and research.
RMIT University has opened a AU$1.5 million data analytics lab in collaboration with National ICT Australia (NICTA), the information and communications technology research centre of Australia. This joint initiative builds on the university’s collaborations with organisations like Google and ANZ.
The first Centre of Excellence in Business Analytics in Australia, the IBM Centre of Excellence in Business Analytics is located in Deakin University and plays an important role in Deakin’s new program in Business Analytics. The centre gives Deakin students access to IBM’s Analytics certification programs, technology and tools and helps in developing much needed business analytics skills.
The New South Wales Government’s data analytics centre will be hosted by the University of Technology Sydney (UTS). This is the first whole-of-government data analytics centre in Australia and will be hosted at the UTS Data Arena.
3. Affordability of the program and costs
And finally we come to affordability of the program, a key deciding factor for many students. Fortunately, this is a fairly straightforward aspect and does not require much analysis so we have just sorted the list provided earlier on the basis of annual tuition fees.
Most affordable universities for the Masters in Business Analytics in Australia
| University | Program | Rank* | Cost/ Fees per year | Years | Location |
|---|---|---|---|---|---|
| Victoria University | Master of Business Analytics | – | A$ 23000 | 2 | Melbourne |
| RMIT University | Master of Analytics | 79 | A$ 25920 | 2 | Melbourne |
| Queensland University of Technology (QUT) | Master of Information Technology (Data Science) | 103 | A$ 26400 | 2 | Brisbane |
| La Trobe University | Master of Business Analytics | – | A$ 28460 | 2 | Melbourne |
| Deakin University | MIS (Business Analytics) | 215 | A$ 28520 | 2 | Melbourne |
| University of South Australia | Master of Data Science | 182 | A$ 31500 | 2 | Adelaide |
| University of Technology Sydney (UTS) | Master of Data Science | 109 | A$ 32540 | 2 | Sydney |
| Monash University | Master of Data Science | 53 | A$ 36000 | 2 | Melbourne |
| University of Sydney | Master of Data Science | 73 | A$ 36500 | 1 | Sydney |
| Deakin University | Master of Business Analytics | 215 | A$ 45000 | 1.5 | Melbourne |
| University of Melbourne | Master of Business Analytics | 56 | A$ 49500 | 1 | Melbourne |
* The ‘Ranking’ refers to the 2015 Times Higher Education Subject ranking. Wherever the Times Higher Education Subject ranking is not available the QS Faculty ranking is used.
Scope of MBA in Business Analytics
The growing importance of Big Data across all parallels of the industry is driving companies and organizations to adopt both Business Analytics and Business Intelligence. Data in its raw form is of no use until it is analyzed and interpreted to uncover valuable insights. This is precisely where Business Analytics comes in.
Business Analytics refers to the study of Big Data by leveraging statistical and operations analysis, forming predictive models, employing optimization techniques, and communicating the results to all the stakeholders involved – team members, business partners, and customers. It focuses on quantitative methods and evidence-based data for business modeling and data-driven decision making.
Usually, commercial organizations use Business Analytics to:
- Analyze data gathered from disparate sources.
- Monitor KPIs and respond to changing trends in real-time.
- Use advanced analytical and statistical techniques to uncover hidden patterns in massive datasets.
- Communicate information to relevant stakeholders through interactive dashboards and reports.
Every company has three core goals – cost-optimization and reduction, maximizing customer satisfaction, and boosting profits. If leveraged correctly, Business Analytics can not only help companies accomplish these three objectives but also much more:
- Enhancing and speeding up the decision-making process.
- Making decisions that are aligned with the company business strategies.
- Responding to customer/client demands in real-time.
- Synchronizing financial and operational strategies.
- Keep pace with the latest industry trends to gain a competitive edge.
Back in 2016, McKinsey made it clear that Business Analytics is a must for MBAs when the company stated that it was looking for MBAs who “understand the science behind decision making.” In a market where Big Data is everything, individuals who lack Data Analytics skills are at a clear disadvantage. Stating that Analytical talent is now “highly demanded,” Juan Jose, the Director of the Master in Business Analytics at IE Business School, maintains:
“In the near future, we will all need to develop analytical skills in order to succeed in our job…There is a demand for Big Data expertise.”
Demand for Business Analytics in different sectors of the industry
The increasing demand for MBAs with analytical skills has made Business Analytics a relatively new and popular specialization in the management domain. In MBA in Business Analytics, professionals are trained in data analysis and taught how to use the insights to drive company profit and revenues. Thanks to the Internet, social media and the growing proliferation of smart devices and IoT, jobs in this field of specialization are witnessing tremendous growth with long-term potential.
Scope of MBA in Business Analytics
MBA in Business Analytics is a two-year-long, postgraduate-level management education program. To be eligible for this program, you must have a Bachelor’s degree in any discipline with a minimum of 50% marks in the qualifying examination from a recognized college/university. Apart from that, you must also pass in any one of the National Eligibility Tests, including CAT, MAT, XAT, CMAT, GMAT, ATMA, SNAP, etc.
As we said, the scope of MBA in Business Analytics is growing as we speak and looks very promising. For an MBA in Business Analytics, one must be well-versed in:
- Data programming techniques,
- Statistical and Mathematical techniques/tools, and
- Linear programming using the various methods of operational research.
After pursuing an MBA in Business Analytics, you can get into three fundamental Analytical domains:
Descriptive Analysis
Descriptive Analysis uses data to understand both past and present situations. So, using Descriptive Analysis, you will have to analyze and interpret data to find solutions to past business problems and design future business solutions.
Predictive Analysis
Predictive Analysis uses data to assess the past business performance of a company/organization. In this role, you would have to analyze the past business performance to identify the shortcomings in the past business solutions and strategies to prevent them from happening in the future.
Prescriptive Analysis
Prescriptive Analysis focuses on formulating optimization techniques to enhance the present and future business productivity and performance. This helps boost the annual returns of a company.
MBA in Business Analytics – Job roles
After obtaining an MBA in Business Analytics, you can get employment opportunities for the following job titles:
- Data Analyst
- Data Scientist
- Big Data Analyst
- Business Analyst
- Qualitative Analyst
- Predictive Modeller
- Technical Team Lead
- Market Research Analyst
- Data Mining Expert
- Data Warehousing Expert
- Business Intelligence Expert
- Data Analyst SAS Programmer
- Business Analyst (Industry Expert)
- Business Analyst (Project Manager)
- Data Warehousing and BA Architecture
Companies usually offer these job roles to candidates according to their domain knowledge, skillset, and work experience. MNCs, retail and manufacturing companies, IT firms, e-commerce companies, consultancies, telecom companies, and Business Analytics and Intelligence firms create a high demand for professionals with an MBA in Business Analytics. Not only MNCs, even startups hire MBAs.
MBA in Business Analytics – Salary Packages for different job levels
Generally, freshers who enter in entry-level job roles like Data Analyst, Business Analyst, Big Data Analyst, and Market Researcher, to name a few, can earn a starting salary ranging between Rs. 2,50,000 – 5,00,000 LPA. The higher-end salaries are reserved for candidates hailing from reputed B-schools.
As for professionals who have gained around 5-8 years of industry experience, and have moved on to mid-level management roles, the salary package is anywhere between Rs. 7,00,000 – 15,00,000 LPA.
For senior-level professionals having around 10-15 years of work experience, the salary package becomes much higher. These professionals in managerial roles earn an annual package ranging between Rs. 18,00,000 – 30,00,000.
MBA in Business Analytics – Top Recruiters
While numerous companies hire MBAs in Business Analytics, here are the top few:
- HCL
- KPMG
- Wipro
- Deloitte
- Infosys
- Amazon
- Reliance
- Microsoft
- Accenture
- Tata Group
- Adani Group
- Morgan Stanley
- American Express
- McKinsey and Company
- Larsen and Toubro (L&T)
- Boston Consulting Group
Conclusion
The Analytics industry is growing exponentially in Australia and graduates of the Masters in Business Analytics are highly sought after. However, selecting the right Australian university is not easy. Multiple factors need to be taken into account – rankings, visa regulations, industry ties, costs and more.
MBA in Business Analytics is an up and coming area of expertise that is gaining increasing traction in all sectors of the industry. The specialization shows a positive and promising outlook, and for those of you who have long been skeptical about choosing this career path, you can go ahead and start your MBA journey in Business Analytics!
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