Management as a career is the new norm at present. The most commonly explored areas are Finance, Operations, Marketing, HR in MBA specializations. There is a particular area of specialization, seldom considered – MBA in Analytics. Even though there are a few interested students who are aware of the same, skepticism can be a barrier while considering MBA in Analytics as a career option.
Choosing specializations under MBA completely depends on the interests of the students. MBA Analytics is the best option for someone who exhibits a keen interest in understanding data and has a good command of mathematics and statistics
Why MBA Analytics?
Analytics has changed our lives for the better over a gradual period. Almost all fields are currently incorporating analytics. Agriculture, education, healthcare, IT, finance – analytics is a part of it all. The analytics tools are being deployed on a larger scale. However, there are still some areas and sectors that require the better deployment of these tools to flourish. It is in cases as such where MBA analytics comes into the spotlight. Managers proficient in analytics can inculcate new ideas and take better, smarter decisions. With this, the slow-paced sectors can be transformed beyond imagination.
Corporates are more into making decisions that are data-driven. Hence, the demand for managers who are proficient in applying modern management techniques and are equipped to utilize statistical methods to make better business decisions is at an all-time high.
Ultimately, the MBA Analytics program focuses on combining management principles along with analytics tools to generate actionable insights. Therefore, someone who is an engineer by profession can excel in this field but considering this branch of MBA to be only suitable for them is a misunderstanding. The ability to think critically is the only logical prerequisite.
- Two-years course. Some colleges also offer a one-year diploma.
- Entrance exams – GMAT, GRE, CAT, XAT, etc.; not many colleges in India have this field to offer to aspirants.
- The admission process is usually based on the entrance exam. Some colleges might require the student to participate in a Group discussion followed by a Personal interview or just one of them.
- The fees for this course in India are within the range of 5 lakhs to 18 lakhs.
The job roles taken up by students after completing MBA in analytics would be Data Scientist, Statistician, Predictive Modeller, Quantitative Analyst, etc. MBA Analytics has a huge scope and the potential to transform the weaker sections of society. It is indeed a field full of opportunities and would ensure a highly promising career in the long run.