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Benefits of Doing MBA in Data Science Programme

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Jagpreet

06 January, 2023

Benefits of Doing MBA in Data Science Programme

Data is the new science! But is it really that new? Data Science as a concept first emerged in the 1960’s as a branch of computer science. But it was only after SAAS, that is software-as-a-service, got established in the year 2001, which further signalled the start of cloud-based tools and applications for many businesses. Later in 2008, data science started to gain popularity. And it is amazing to know that in recent times, a career in Data Science has become among the most sought-after job in the market, especially among many professionals. 

In fact, the domain is so popular that it has managed to link itself with the most popular degree in the world- MBA. An MBA in Data Science is a new course that many leading universities have started to provide to students who wish to kick-start their careers in this promising fie

What is an MBA in Data Science?

Data Science is concerned with understanding of the raw data to derive valuable business insights. MBA in Data Science is a multidisciplinary field that includes knowledge of diverse fields such as Mathematics, Statistics, Artificial Intelligence, and Computer Engineering combined with Business Management skills, so that you are well-equipped to analyse enormous data. In addition to this, the course also teaches you to create business insights and strategies on the basis of your data analysis. But why do companies require data science experts?

In recent times the importance of Big Data is increasing and companies want to revamp their businesses with data in order to improve their performance and decision-making.

MBA in Data Science is a new in-demand course that many leading universities are trying to include in their courses and even students are getting attracted by this new specialisation of MBA. It prepares professionals in solving complex business problems, handling big data and analysing their relevant solutions. 

MBA in Data Science and Analytics includes subjects like Machine Learning for Business, Data Analytics and AI, Data visualisation and many others. The course helps you develop expertise in handling business and making informed decisions.

Benefits of Doing MBA in Data Science:

Let us try to find out the benefits of doing an MBA in Data Science:

  • The Growing Demand

“Data is becoming the new raw material of businesses.”

The demand for Data Science has been increasing with time. The main reason behind this is the growth of digitalisation over the years. Today, every company and big advertisers around the world have big heaps of data stored in their database and there is a dire need to analyse this data before it gets lost in the ocean of information. Organisations want an effective way to handle this gigantic amount of data to make business strategies and thus, enhance the overall productivity of their operations. Data Analytics is a skill that is growing on a global scale.

  • You Can Expect a Higher Salary

Based upon the level of education, job location and experience, you can expect an average annual salary of 3-15 Lakhs as a business or data analyst. Today almost every company is looking for Data Analysts, it has become an important job role. You can also get the chance to work with some of the top recruiting companies such as TCS, Wipro, KPMG, Deloitte, and many others.

  • Valuable Skill Development 

In order to predict and understand upcoming business challenges, companies largely are in search of professionals who possess data analytics skills. Hence, if you wish to make a career in the world of data, you can surely enrol in a data science programme to gain the right skills. This skill will not only add value to your resume but also to your career ahead as this is a growing field and there is a very slim chance of data analytics losing demand in the upcoming years.

Career Opportunities after MBA in Data Science in 2022 

Data Science is a flourishing field in today’s data-driven world and has scope in a variety of fields such as fashion, IT, medicine, advertising, airline, e-commerce, manufacturing, insurance and marketing. The MBA graduates in Data Science can find employment opportunities in these fields with good salary packages.

Let’s see some of the career options that you can opt for after completing your MBA in Data Science programme:

  • Data Science Consultant
  • Business Analyst
  • Product Analyst
  • Data Science Manager
  • Statistician
  • Machine Learning Engineer
  • Chief Data Officer
  • Market Research Analyst

What is the use of Data Science for Businesses?

As we see that businesses today are driven by data and thus, there is an emerging need to systematically manage and analyse this data in order to gain the right insights and make the right decisions. Data Science and Analytics help professionals make intelligent decisions and solutions for the growth of businesses and answer the questions like what will happen, what can be done, why a certain thing happened etc.

The insights that data analytics provides us can make a great impact on businesses as they help in understanding consumer needs better and launching their products accordingly by analysing the data.

An MBA in Data Science can also prepare you for future jobs as the demand for Business Analysts is increasing with time and digitalisation.

What subjects are taught in MBA in Data Science Programme?

The following are some of the core subjects that are included in the syllabus of MBA in Data Science Degree:

Data Modelling  Data Mining Data Visualisation Big Data Analytics
Financial Analysis Statistical Analysis Optimisation Analysis Predictive Analysis
Risk Management Simulation Modelling Computational Methods Financial Accounting
The subjects, duration and type of programme varies according to the university one pursues from.

Takeaway

Data Science is an emerging field that has grown tremendously over the past few years. Therefore, an MBA in Data Science can offer you a promising career. In the course, you will develop relevant skills such as Data Modelling, Data Mining, Data Visualisation, Big Data Analytics, Financial Analysis, etc. that will help you make important business decisions in the future.


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