The Rise of Masters Programs in Data Analytics and Related Fields

05-07

By http://accepted.com

As companies and institutions are increasingly able to collect vast amounts

of information about their suppliers, processes, and customers, they have sought

to recruit professionals who are able to extract, represent, and interpret this

「big data,」 transforming it into usable patterns that can help them enhance

their performance. This newfound ability and need have given rise to the fields

of data analytics, data science, business intelligence, and business analytics, each of which provides its own nuances and approaches to the

opportunities presented by unprecedented amounts of information and the

computing power to analyze it.

Do You Need This Degree?

While many of the skills necessary for a career in data analytics can be

acquired in ways other than a masters (e.g. books, online free courses,

「bootcamps」 and certificates), the career impact of attending a graduate program

in data analytics cannot be underestimated. As a general rule, the most

desirable companies to work for will look for a track-record in the field and/or

reputable educational credentials. While self-taught candidates can eventually

acquire excellent job experience, it may take years to build a portfolio that

will take them beyond the first cut when being considered by the top companies.

Self-education is also not for everyone, and faculty at top graduate programs

will guide you through the intricacies of the different disciplines involved in

data analysis and expose you to cutting-edge ideas in relevant fields.

Why Companies Like These Degrees

According to PwC』s report on the job market, two-thirds of the job openings

for data scientists and business analysts require expertise outside of data

analysis itself; more than just analytics skills, most companies are looking for

「business people with analytics skills.」 While you certainly can learn data

analysis skills on your own, masters programs with a strong track record in

business, statistics, engineering, and computer science are well positioned to

provide the multidisciplinary preparation that the top companies demand from

their new hires, while access to elective classes in other areas can help you

round up your skill set with a view to your target industry. Burtch Works Executive Recruiting found that, as of 2017, 89%

of data scientists with less than three years of experience had earned a

graduate degree, and that the proportion of early-career data scientists that

enter the job market with a masters degree has steadily increased from 48% in

2015 to 64% in 2017. These numbers indicate that masters-level qualifications

are becoming the de-facto norm in the field.

Just as with any other graduate degree, the quality of the program matters.

The benefits of obtaining a graduate degree from a reputable program goes beyond

the credibility of your credentials and learning from top experts in the field,

but also can include access to internships arranged in partnership with the

industry』s big players, state-of-the art infrastructure, electives in other

areas that will round out your preparation for your intended field,

well-established alumni networks, support from career-services, on-campus

recruiting, and so on.

Explosive Growth for Data Analytics Masters Programs

Masters programs in data analytics are relative newcomers to the field of

graduate management education, but their growth has been nothing but

explosive. In its 2015 edition, GMAC』s Application Trend Survey reports

only 11 respondents for Masters in Data Analytics, going up to 16 in 2016. In the 2017 edition, the number of respondents jumped to 36, with

potentially many more programs that did not respond to the survey. According to

GMAC』s survey, in every one of those years a large majority of programs reported

growth in applications over the previous year. About three-quarters of the

reporting programs planned to admit more students, but even with this increased

capacity, the average ratio of applications per available seat was 5 to 1, which

means that the acceptance rate is even lower for the most coveted programs; for

example, MIT』s Master of Business Analytics has an admission rate of less than 4%.

In their report 「The Quant Crunch,」 IBM estimated that by 2020 there will be

over 2.7 million jobs for data professionals in the U.S. alone. According to the

American Bureau of Labor Statistics, the yearly growth rate for jobs in this

area is expected to reach 11% by 2024. As demand for professionals in this field

continues to rise, and as general awareness of the availability of graduate

degrees in data analytics becomes widespread, programs are becoming increasingly

selective in the evaluation of application packages and, consequently,

applicants are becoming savvier about the way they go about the application

process. For example, at Accepted we have seen a dramatic increase in the number

of clients seeking advice for applications to masters programs in data analytics,

data sciences, and business analytics within the last year. Everything seems to

indicate that this trend will continue, and that admission to these programs

will become ever more competitive.

以上內容摘自：

https://blog.accepted.com/the-rise-of-masters-in-data-analytics-and-related-fields/