Over the past few years, you may have noticed that programs related to data science and data analytics have surged in popularity. A decade ago, the field was relatively discreet.
This surge is partly due to big corporations’ reliance on data analysis to optimize their profits. The rise of the modern internet has played a significant role in bringing in more data for big businesses, corporations, and websites to utilize. As we continue to evolve into an increasingly digitized world, the need for data analytics would continue to grow.
In this Article
What does a Master’s in Data Analytics entail?
A master’s program in data analytics is designed to teach students how to extract meaningful insights from large data sets. Students applying to such a program would typically have strong STEM and/or business backgrounds because the study of data analytics has overarching ties to the world of business and math.
Some of the core courses that students will study in a master’s program include – advanced data analysis, applied statistics, data management, data visualization, modeling techniques, programming, and many more.
You can think of the study data analytics as a combination of statistics, programming, and business. Hence, your courses will include a wide array of subjects related to the fields above.
Should I pursue a Master’s in Data Analytics?
Whether or not you should do a master’s in data analytics is entirely dependent on your interests and capabilities. So far, I am sure you have figured out that the study of data analytics is very quant-heavy. You would work with large sets of numbers and would learn how to derive meaningful conclusions from them. Moreover, as mentioned previously, the study of data analytics is multi-faceted, which means that you would also need to study subjects like software engineering to some extent and topics related to statistics.
If this sounds like something you will be good at, then sure, you should go ahead and apply for the program. One of the good things about data analytics is that the skills you acquire from studying it are scalable across many different industries. Since more and more industries are starting to rely on data analytics, it’s application covers a wide variety of fields. Healthcare, travel, gaming, energy management, digital advertisements, internet search, marketing, business intelligence, business analytics are just some of the areas where you will be able to find work.
Is a Master’s in Data Analytics worth it?
As far as utility is concerned, it is evident that this field is critical to all industries around the world. It is a need of large Silicon Valley companies such as Facebook, Google, Apple, Intel, and other tech giants like Microsoft and Amazon to utilize data sets and maximize engagement and profits.
Such companies cannot compete at the very top if they cannot measure, store, analyze and extract insights from data generated by billions of people across the world daily. They employ people at the top of their game to develop better solutions to make their operations more efficient and maximize profits.
Hence, a Master’s in Data Analytics is worth it. Two years ago, The U.S Chamber of Commerce reported that the demand for data analysts was so high that analysts’ supply could not keep up. Keep in mind that the job market has only grown since then.
Moreover, if you are hesitant about going back to school for your master’s, then according to the Bureau of Labor Statistics, the jobless rate for master’s degree holders and higher is 12.5 percent lower than those with bachelor’s degree only. In a field where companies seek professionals with the highest qualification, a master’s will come in very handy.
How much can I expect to make as a Data Analyst?
According to Glassdoor, data analysts can earn anywhere in the range of $43,000 – $95,000, with the annual average being somewhere around $62,400. However, do keep in mind that several factors play into how much you can earn as a data analyst, such as your location and job title.
For example, living in a major city would likely lead to a higher salary. According to “indeed,” the five highest paying cities for data analysts are the following:
- San Antonio ($87,666)
- Des Moines ($82,272)
- St. Louis ($75,457)
- Dallas ($66,999)
- Atlanta ($66,657)
Moreover, your salary can also differ substantially based on whether you have expertise in a highly demanded field. For example, suppose you have a specialty in financial analytics, where you use data analysis to help investors and other companies to maximize profits. In that case, you can earn a median salary of over $85,000, according to the Bureau of Labor Statistics.
Hence, from a purely monetary standpoint, I think it’s fair to say that a master’s in data analytics is worth it. As far as employment is concerned, data analysts’ demand doesn’t seem to dwindle any time soon. Our world is hurling towards an increasingly digitized future. Companies cannot operate to their fullest without data analysts crunching those big numbers and coming up with better and more efficient solutions.
However, it all comes down to your individual preferences and abilities. As I mentioned earlier, it is a highly demanding field, and you must be OK with math, statistics, and computer science to excel at your course work and your job later on.