More and more businesses are integrating analytics into managerial practices and decision-making in order to compete in today’s data-driven business environment. This trend means professionals with expertise in applied data analytics and best practices in business management are highly sought after and well-compensated.
Yet the advanced study of data analytics is relatively new. Accordingly, there is a shortage of professionals with expertise in the area, especially those with management knowledge, experience and education. Addressing the need for professional development in this field, Florida Gulf Coast University now offers a fully online Master of Business Administration (MBA) with a concentration in Data Analytics. This degree program can prepare students to pursue a wide variety of jobs in a high-demand, evolving area of work. Here are five such jobs:
Data analysts carry out the sort of ground-level functions of an organization’s data operations. They collect, manage, organize and analyze data while rendering the insights gained into usable, understandable formats for different departments and management levels.
A data analyst job may be an entry or mid-level position. According to March 2020 information from PayScale, the average annual salary of data analysts is $60,123, with extra compensation (bonuses, commissions and profit sharing) totaling roughly $11,000. Professionals with more experience and higher levels of education may occupy the role of senior data analyst, commanding a higher average salary of $80,320, with extra compensation averaging about $14,500.
Data Analytics Manager
These professionals coordinate and oversee an analytics team or an organization’s entire system of analytics operations and data governance, depending on the structure of the organization. This position requires more cross-functional management knowledge and skills integrated with data analytics expertise. PayScale reports that the average salary of analytics managers is $94,859 per year, plus an average additional compensation of about $27,000.
Business Analytics Director
Business analytics management is similar to data analytics management and often consists of many of the same job responsibilities. But the business analytics director focuses on using insight gained from data analytics and various other analytical models and methods to drive strategic decision-making, improve efficiency and grow profits. Salary.com reports business analytics directors average $158,556 for yearly pay.
Computer and Information Systems Managers
This job is ideal for professionals with a background in computer science or information technology and systems combined with managerial skills and an advanced understanding of data analytics. These managers generally coordinate the entirety of an organization’s computer-related activities, including the integration of optimized systems such as a modern management information system. The U.S. Bureau of Labor Statistics reports a median salary of $142,530 in 2018 for computer and information systems managers.
Chief Data Officer
This executive-level position is ideal for professionals with extensive education and experience in integrated, applied data analytics and high-level management practices across all aspects of an organization. Chief data officers (CDOs) direct and oversee the big picture of an organization’s data governance structure and activities, from policy to system selection and integration. PayScale reports CDOs make an average salary of $180,458 per year, plus an additional $77,500 in profit sharing and bonuses.
The pay data listed above is as of March 2020.
Clearly, advanced competencies in data analytics have wide applicability to many jobs, especially when combined with management education and experience. Given the widespread and ever-increasing integration of data analytics into operations in most every industry, the demand for management-ready data analytics professionals will continue to grow.