Why you should not miss the rapid growth in Data/Analytics field?
In four years of Scholar Strategy, one trend that is so glaringly clear is the rise of interest in Analytics and Data Science programs. This stems from the growth of number of jobs in this field in big enterprises and small businesses alike. Be it a software giant, pharma company, a SAAS business, a food tech or ed-tech company, analytics underpins every industry and sector. Thanks to the massive data science teams at FANG (Facebook, Amazon, Netflix, and Google) and their success, suddenly everyone wants to play the data game!
As large number of professionals enter this field and many looking to switch over, competition is on the rise as well. Which means that it can be very tricky to navigate the quantitative job landscape as an entry-level professional. Burtch Works Study reported that 86% of analytics professionals have at least a Master’s degree, and 18% have a Ph.D. No wonder, we at Scholar Strategy have seen an increasing number of applicants in MIS (Analytics), MS Data Science and MS Business Analytics programs. We already discussed the subtle differences between these in our previous post.
A new term that is becoming more ubiquitous is Predictive Analytics and a lot of jobs use it in their descriptions! It can be looked upon as a subset of Data Science which specifically deals with forecasting future business outcomes. It helps us predict what can happen based on the past events. As per adobe data blog, “for instance, your credit score is calculated using predictive analytics. Based on a predetermined predictive analytics model that includes data about how you have behaved in the past, your credit score predicts how creditworthy you are likely to be in the future.” Since a major application of data science in business is to predict and prepare for the future trends and customer behavior, predictive analytics is growing in demand.
Analytics has changed many industries, one of the major ones being Marketing. The way businesses attract customers and draw leads has changed significantly. In fact, the very way that businesses think of customer acquisition and focus on incoming vs outgoing interest, has grown because analytics makes it possible to measure the efficacies of different channels. This growth in data and ability to use it effectively for business decisions is one of the major transformations we have seen in past 5-6 years.
What does it mean for you and your career?
If you are looking to become a data analytics professional, you need to wade through the competitive waters to get a good analytics position. An advanced graduate degree can give you the differentiation and a good entry point in the market. But still, it takes effort and sagacity to get to a coveted analytics role in the market. To better understand this, we are holding a webinar on Studying and Recruiting in Analytics! Looking at the overwhelming response to our last Data Science webinar, we are focusing on providing more insider information by successful grads who are now working in the industry. And if you want to know what does it take to become an Analytics professional, do not miss it 🙂
Our series of webinars are being loved by the students! For more updates, join our Facebook group on MS Internships and Jobs now because that is where all the announcements are made!