What are the Career Options and Salaries for a Master’s in Data Analytics?
You’re thinking about your future and interested in studying data analytics. Smart idea. If there’s one thing in hot demand right now, it’s people who understand data and know how to interpret it.
That demand comes as a result of the advent of the internet, smartphones, social media and other technologies — all of which have led to the generation of an immense amount of data.
Just how much data is out there? A lot. Over 90% of data has been created in the last two years. It’s estimated that 1.145 trillion MB are created each day. Put another way, each human creates 1.7MB of data per second.
With so much data available, organizations everywhere are wondering how they can leverage their data to make better decisions and plans. The result? An overwhelming need for skilled workers who understand their way around data.
That need means attaining data skills is a smart choice.
Data Analytics or Data Science?
So, you like the idea of entering an in-demand field. No doubt your next step is deciding which master’s degree is right for you. You’ve heard about data analytics and data science and may wonder if there is a difference between the two terms and, if so, what is the difference?
The short answer is that while they are related, data analytics and data science refer to different things.
Data analytics refers to the science of analyzing raw data in order to make conclusions about that information. An array of tools, techniques, mechanical processes and algorithms are used to analyze data in order to help an organization inform its strategy and optimize its performance.
Data analytics tools and methodologies are used in different industries and in different ways to do things such as budgeting and forecasting, risk management, marketing and sales, and product development.
Data science involves building and using algorithms, statistical models, as well as custom analyses to collect and shape raw data into something that can be more easily understood. Data scientists use skills such as Machine Learning, Python, R, and Apache Spark to do their work.
Choosing a Master’s Degree Program in Data Analytics
If you like the idea of helping to guide strategy at an organization through data analysis, a Master’s in Data Analytics is right for you. A program such as Stonehill’s Master's Degree in Data Analytics provides students with the skills needed to analyze raw data and draw conclusions about that information.
The program can be completed fully online or in a hybrid format. Students can choose to attend part time and take up to two courses per semester or enter our one-year accelerated program. Full- and part-time students can start in the fall or spring semester.
What can you do with it? What type of jobs can you find and what kind of salaries do those jobs pay? Read on.
What Can You Do with a Master’s in Data Analytics?
There are lots of interesting jobs available for someone with a data analytics master’s degree. A data analytics degree can open the way to a career at nearly every sector, including:
- Finance
- Insurance
- Information management
- Manufacturing
- Scientific services
- Technology
- Education
- Engineering
- Agriculture
- Energy
- Entertainment
- Real estate
- And more!
Here’s a list of some positions you might hold after earning a Master’s in Data Analytics:
- Analytics architect
- Analytics manager
- Analytics specialist
- Analytics product manager
- Big data analyst
- Business intelligence analyst
- Business intelligence architect
- Data analyst
- Data engineer
- Data mining analyst
- Data scientist
- Marketing analytics manager
Organizations want employees who have acquired the ability to analyze and use data. Companies don’t want to wait for them to be trained.
Salaries and Outlooks for Master’s of Data Analytics
Salary.com is the leading SaaS provider of compensation market data, software and analytics. Over 25,000 organizations in over 140 countries participate in their HR-reported surveys.
Here is what Salary.com has to say about some — but certainly not all — of the positions that students with a master’s degree in data analytics go into:
| Position Title | Salary Range As Of 4/27/21 |
|---|---|
| Analytics Architect | $138,248 to $177,322 |
| Analytics Manager | $100,055 to $138,995 |
| Analytics Specialist | $63,549 to $81,029 |
| Analytics Product Manager | $113,015 to $140,360 |
| Big Data Analyst | $69,713 to $90,496 |
| Business Intelligence Architect | $73,033 to $87,453 |
| Data Analyst | $116,890 to $150,690 |
| Data Mining Analyst | $68,340 to $86,835 |
| Marketing Analytics Manager | $56,706 to $72,407 |
Earning a Master’s in Data Analytics is a Smart Choice
A study performed by Accenture, one of the world’s largest consulting firms, found that over 90% of their clients have data analytics goals in their strategic plans. However, when it came time to hiring employees with these skills, over 60% of searches failed.
By earning a master’s degree in data analytics, you’ll gain the skills necessary to fill the market gap. And because data is here to stay, you’ll also enjoy a high rate of job security. Now that’s a smart choice.