October 8, 2023
Reading Time: 8 minutes

The Rise of Data Science and Data Analytics Careers

For the past decade or so, almost every single MNC, especially those in the tech sector have been reliant on big data and data analytics to drive their companies.

Table of contents

Author

Shivani Mani

Lead, Student Success - FundRight

Disclaimer: This isn’t just another blog. This is – perhaps – the only page on the Internet, where you’ll find information straight from Academic Directors, Dean of Programs, and Senior Professors from the world of Data Analytics.

So get yourself a steaming cuppa, flip open that notebook, read on and scribble (or paste) away what matters to you.

Here we go.

Data analytics is really complex. Try to wrap your head around this:

For the past decade or so, almost every single MNC, especially those in the tech sector have been reliant on big data and data analytics to drive their companies. Some companies that rely heavily on data analysis are:

Google,
Facebook,
Spotify,
Apple,
Netflix,
Instagram
Amazon, and a whole lot more.

You can also look at this article on “Companies That Use Big Data by ICAS”, the global professional body for chartered accountants; now there’s a field where you didn’t expect to see data scientists, did you?

In fact, that is an understatement. These companies run their lives off of big data.

For example, ICMR’s case study of the use of big data by amazon (Case Code: ITSY077) has found out exactly how Amazon has used big data to drastically improve performance; and this example is just one of many.

Thus, data science and the manipulation of its analytics with respect to business are going to be central to the success of any company here on out, and their fields are about to see a sharp upward turn.

“My predominant thought was that I am from a creative industry, but I want to get a business perspective, as well as a tech perspective [to], upscale my profile, that’s why I wanted to do a master’s [degree] that was data-driven.”

–Kiyaa Bagla, International Master’s Degree Student at The Robert H. Smith School of Business At The University Of Maryland.

Link:https://us02web.zoom.us/rec/share/SflAAogKQ7jxdhFDQqONRYSZl81hxr2GY1SS-U9ar0X74-LWjp845qNBPLJGuBxT.LkLtX4IaaPMtCybR?startTime=1671110955000

Passcode: H?Ohc^5!
Timestamp: 00:43:05

That said, business (or data) analytics and data science are two interrelated, but very different fields.

For instance, if you want pure metrics to help you make better venture/ business decisions, then a data science course will be a bit overkill, kind of like using a chainsaw to cut bread. The job will get done, no doubt, but do you really need it?

Source

Why Are These Fields Growing?

A fast-paced and ever-changing environment is pretty much a fundamental feature of data science and business analytics; as is summed up in these lines:

“Analytics is very fast moving right now. Even the tools, I teach some things now, that I don’t think even existed back in, or were at least not popular in 2016. That’s how quick this industry moves”.

–Prof. Dough Lehmann, Director of The Masters Of Science In Business Analytics, Miami Herbert School Of Business

Watch the complete webinar.

As you gleaned from this statistic that was shared earlier, big data-driven business analytics revenue is very close to hitting the 300 billion U.S. dollar mark, up from the 100 billion dollar mark it was at in 2015.

The big data business analytics revenue segment is projected to touch 684.12 billion US dollars by the year 2030, according to this report by Valuates.

Also, the United States’ Bureau of Labor Statistics predicts the creation of a wealth of new jobs in data science-related fields by 2026.

The same report by the bureau says that data scientist jobs will grow by 36 per cent by the year 2026. All one has to do is take a look at the number of students who opt for data science courses each year, and it doesn’t take a trained eye to see that there is going to exist a massive supply-demand gap within the next five years for data science-related positions.

In fact, as per past data from Linkedin, data scientist and analyst-related jobs have grown by over 650% since 2012, with glassdoor listing backing this claim up.

There is no clear answer to the question of why these fields are growing, but we can pass on a few speculations.

It may be due to the titanic leaps forward that have been made in the past decade in foundation sectors such as

AI,
ML,
Deep Learning,
Computational Intelligence, And
Computer Engineering.

These jumps in technology have made the fields of data science and by extension, business analytics much more reliable and accurate, especially when it comes to the creation of the following:

Predictive Models,
Metric Analysis,
Data Mining,
Visualization Models, and
Data Operationalization

All of these are a big part of both fields of study.

The difference is that data science is concerned with a much broader scope of things than business analytics, even though both fields of study use massive sets of available data to better understand information and then subsequently solve problems at hand.

Grasping the concepts of what data science and business analytics are in the first place will go a long way in understanding what path to take in the future.

You can take a glance at this infographic to better understand in a visual manner the different fields relating to data science:

What Is Business Analytics?

“A business Masters is a specialized concentration in a specific business area, giving you robust skill sets, in that key area.”

–Lian Kish, Assistant Director, The Robert H. School Of Business At The University Of Maryland

Link:https://us02web.zoom.us/rec/share/SflAAogKQ7jxdhFDQqONRYSZl81hxr2GY1SS-U9ar0X74-LWjp845qNBPLJGuBxT.LkLtX4IaaPMtCybR?startTime=1671110955000

Passcode: H?Ohc^5!
Timestamp: 00:10:23

To cut a very long story short, the field of Business Analytics is concerned with three things:

Collecting Data (Lots Of It),
Transforming This Data Into Metrics And Insights,
Assisting Management In Making Sound Business Decisions Through These Metrics.

Business Analytics has traditionally been a small part of management, but in recent years (the past decade or so) has seen over a two hundred per cent increase in the time period from 2015 to 2022.

The global leader in analytics, Statista, has published this factsheet that says big data business analytics revenue in 2022 crossed the 270 billion U.S. dollar mark.

Seeing this rise, it is but natural that business analytics and big data analysis have gradually become their own super specialty career options within STEM (Science, Technology, Engineering, Management) sectors.

Thus, business analytics today looks very different from the pen-and-paper reviews of a decade ago – now including things like

Data Aggregation,
Computational Modeling
Sequence Identification, And
Subsequent Analysis And Utilization Of The Outcomes Of That Analysis.

Source

What Is Data Science?

“With analytics, technology, globalization, and digital transformation, [data science] is really changing the way we do business and are those next driving factors [of progress].”

–Ashley Accordo, Director For Graduate Business Programs, Miami Herbert School Of Business

Link:https://us02web.zoom.us/rec/share/NCyAaIr-YX0r8cE1zdpcKxc8vXRHN5CqO4tfhnISZ3NsNXEviRqfM4CyI8aWkh64.f744zqM1B4qZPBQs?startTime=1671544811000

Passcode: =Q*7@Mqy
Timestamp: 00:28:41

Data science is the creation of insights and metrics from large volumes of data, and is primarily used in identifying prevalent trends in a particular area or sector.

One of the primary (currently most popular) applications of data science is the creation of predictive models.

Just like the field of business analytics, data science also has applications that will help venture management make better business decisions.

And, just like business analytics, data science also draws from fields like:

Computational Engineering,
Statistics,
Mathematics,
Computational Intelligence
Deep Learning,
AI, and
ML

Source

The Scope Of Data Science And Data Analytics

And now, we come to the inevitable question of what is the scope of degrees in these fields.

To put it simply, what can you, as a student, accomplish with a data science degree?

Let the Miami Herbert School of Business field that question:

“I get asked a lot about this when I speak with prospective students. It’s some variation of ‘What Can I Do’, or ‘What Do Your Students Do?’ and it is always difficult for me to give a good answer because, honestly, I feel like they do so many different things.“

–Prof. Dough Lehmann, Director of The Masters Of Science In Business Analytics, Miami Herbert School Of Business

Link:https://us02web.zoom.us/rec/share/NCyAaIr-YX0r8cE1zdpcKxc8vXRHN5CqO4tfhnISZ3NsNXEviRqfM4CyI8aWkh64.f744zqM1B4qZPBQs?startTime=1671544811000

Passcode: =Q*7@Mqy
Timestamp: 00:19:21

With all indicators pointing to an upsurge in both the number of jobs as well as the popularity of data science courses or business analytics courses, one would assume that the field would soon get saturated; but this is absolutely not the case.

In fact, there are multiple avenues available to prospective data scientists or would-be business analysts. Some of these are direct placement degrees (degrees specifically tailored towards these fields), or even booster courses/ diplomas, and the like.

The point is that there are myriad ways to get yourself into this hyper-growing market segment, and if you want to get in, now is the time.

After all, if you miss this particular bus, you are likely to get thrown under its wheels.

Put simply, a degree in data science or business analytics right now practically ensures that companies will lap you up.

Source

What Courses Unlock Jobs In These Sectors?

The great part about considering a career in, or related to business analytics/ data science is that every single MNC out there is going to want you. Also, if your desired career does not exist, you can just create it.

For instance, if you want to be a data scientist who is primarily a data miner, but also a predictive modeller, all one has to do is specialize in those areas in your chosen graduate/ postgraduate degree.

Example: The Miami Herbert School of Business offers all the above as elective courses in their MBA/ MS Business Analytics courses, and has a 94% placement rate to boot.

Another misconception that a lot of folks have is that you need to have a basis in computers, engineering, or mathematics to become a data scientist, but nothing could be further from the truth.

This misconception is best parried by this response:

“You do not have to be from a business background, you do not have to be from a STEM background. We’ve had folks come in from the medical field, from the entertainment industry, from sports management. So, it’s not where you’re coming from, it’s where you are going. If you want to add a business perspective to what you are already doing, [an MBA can help you].”

–Nathaniel Ropski, Recruitment Manager At The Robert H. Smith School Of Business At The University Of Maryland

Link:https://us02web.zoom.us/rec/share/SflAAogKQ7jxdhFDQqONRYSZl81hxr2GY1SS-U9ar0X74-LWjp845qNBPLJGuBxT.LkLtX4IaaPMtCybR?startTime=1671110955000

Passcode: H?Ohc^5!
Timestamp: 00:40:51

Source

Similar course options offered by:

Robert H. Smith School Of Business at The University of Maryland,
The Eller School Of Business At The University of Arizona, and
Brandeis University

also rank among the top options in the country, not to mention the fact that they are the best in class in their respective areas.

One of the only downsides to this situation is that data science and business analytics are two fields where candidates will be spoilt for choice when it comes to choosing their programs; which can actually be quite a problem.

How would one decide what program is the right fit for their needs? How would they finance their journey to the institution of their choice? What about visa issues?

Luckily for us, we live in the internet millennium where there exists on the web a multitude of free tools that can answer questions just like these.

A prime example of one of these free tools is SelectRight, an online portal that will help prospective Indian students find their perfect course overseas.

With an “application to admission” portal such as SelectRight, prospective international students will be able to estimate their application deadlines, approximate their course fees, and even get all of their study journey-related questions answered through the wealth of knowledge available on the platform.

Even if you think that you have all the information that is relative to your situation, it is never a bad idea to make good use of the resources that are available to you – after all, it’s free so the only thing you need to invest is your time.

To end off, here is an infographic that will give you a basic idea of the birth and death cycle, sometimes called the creation and reuse of data cycle:

Source

Final Thoughts

The fields of data science and business analytics are fast becoming a central component of business subsystems around the world.

Hand in hand with this rise comes the increase in job opportunities in related fields, which are predicted to triple by the year 2030.

All indicators in the segment point directly towards an upcoming, sharp vertical trend, both in terms of the supply of qualified candidates, as well as in the demand for these candidates.

The good news is that the demand for these scientists and analysts far outstrips the available supply, which is why data science degrees and business analytics courses are going to be in such high demand quite soon.

Careers in these and related sectors are extremely lucrative, and right now is the prime time segment to hop on the data science bus, because if you don’t, you will get thrown under its wheels.

Appendix

Sources:

Shivani Mani

Shivani, aka 'Sheen' brings in 15+ years of experience in banking & finance. An IIM-A alumna, she actively interacts with students & provides actionable solutions to their study abroad funding issues.

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