Is a Masters in Data Analytics Worth It?

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Aspiring individuals willing to create a career in Data analytics often consider pursuing a professional degree. This article will describe the answer to whether a degree in data analytics worth it or not with logical explanations. We have covered some suitable alternative options to getting entry-level Data analyst jobs.

Is a Masters in Data Analytics Worth It

Is a Masters in Data Analytics Worth It?

Having a degree in Data Analytics opens the path to a variety of Job roles in this domain, with high-paying salary packages and stable employment opportunities. Let’s understand three factors that every Data Analyst seeking a degree should know.

#1: Lucrative Compensation

Mostly Job roles for which a Data Analyst degree holder gets qualified after pursuing Bachelor’s, Master’s, or Ph.D. are highly paid. According to data published by Labor Market Analytics Firm, the Average Salary package for Data Scientists stays around $120,200

According to the US Bureau of Labor Statistics, mainly US employees with Master’s degrees in Data Analytics ( or related fields ) make a median weekly salary of $1,497 than $1,248 (employees with Bachelor’s degrees). If you’re willing to upgrade your Data Analyst career role with a good package, seeking a degree can be an intelligent decision. 

#2: Job Security

Availability and Demand factor plays a significant role in ensuring Job security. Harnham survey showed that approx. The Data Analytics job market is expanding exponentially, and demand is all time than available qualified candidates. 81% of Data Analysis professionals find job security even when Top MNCs do mass layoffs. Candidates with a Professional degree in Data Analytics are in great demand.

#3: Job Prospects

A significant % of Data Analytics professionals working in different profiles with different sectors have Advanced Bachelor’s/Master’s Degrees in domains such as Mathematics, Statistics, Computer Science, Physics, Finance, etc. 

After getting a Degree in Data Analytics, one can apply for Different entry-level job roles, which are as follows.

Data Analyst

Most Graduates enter Data Analytics as Data Analysts. The average salary for Data Analysts in the United States is around $75,000/year. Most companies set the minimum eligibility criteria of being a Graduate to fill the entry-level position of Data Analyst.

Data Scientist

Many Top MNCs select candidates for the Data Scientist position with a Master’s Degree in backgrounds like Science, Engineering, IT, Mathematics, etc. Companies offer an Average salary package of INR12,00,000/year in India and $128715/year in the US.

Logistics Analyst

For the entry-level position of Logistics Analyst, you require a Bachelor’s/Master’s degree in Logistics, business management, or Supply Chain Management. According to Indeed, a logistics analyst’s average salary in the US is around $62938/year.

Big Data Architect

Getting a Bachelor’s degree in Information Systems, computer science, mathematics, or statistics can equip you with the fundamental knowledge to work as a Big Data Architect. Also, you may require a Bachelor’s degree to stand out amongst other competitors while competing for the job position of Big Data Architect.

Machine Learning Engineer

Machine Learning forms a significant sub-domain of Computer Science. Having an education background in Mathematics, Computer Science, computer programming, etc., is crucial to get an entry-level job as a Machine Learning Engineer.

According to Indeed, a Machine Learning Engineer gets an average salary of $125,672.

Business/Analytics Translator

Companies look for an educational background in Business and Analytics while hiring for entry-level Business/Analytics Translator positions. It’s best to hold a Bachelor’s degree in Business before applying for this role.

Types of Data Analytics Degrees

Data Analytics Bachelor’s Degree

Three main reasons why you should get a Data Analytics Bachelor’s Degree.

  • You can become eligible for top-management positions in the later stages of your career.
  • You can stand out in the application forms because many companies may demand a Bachelor’s degree.
  • High Probability of getting higher salary packages.

Be ready to invest four years if you’re planning to pursue a Bachelor’s degree in Data Analytics. Currently, Educational institutes don’t offer a specialized course in Data Analytics. You can pursue a degree specific to the industry in which you plan to make a career. You can choose a degree in the following domains to learn all the fundamental skills necessary for every Data Analyst.

  • Computer Science
  • Statistics
  • Applied Mathematics
  • Physics
  • Economics
  • Finance
  • Management Information Systems.
  • Psychology

Data Analytics Master’s Degree

According to a study by IBM in 2017, 6% of Data Analytics profiles require potential candidates to have a Master’s Degree. The % has increased in 2023 due to digitalization and the availability of different job profiles in Data Analytics. Going for the right post-graduate degree can enhance your advanced skills for specific sectors and specialize you in a particular field.

You can select different specialization areas in Data Analytics Master’s Degree – Machine Learning, Data extraction techniques, Statistics, AI, Predictive Modelling, Data cleaning techniques, Real-life application, etc. Be ready to dedicate 2 years of your life if you pursue a Master’s Degree. Developing Practical technical skills are essential for any Data Analyst job. Ensure to select a Master’s degree that provides you with the environment to practice the theoretically learned concepts.

Skills You Should Learn with a Data Analytics Degree

Many Bachelor’s or Master’s degrees include topics you may not require during Data Analytics job profiles. You might have to invest your significant time in topics that will be useless. Even if you pursue any Data Analytics Degree, ensure to learn the following skills together. It’s advantageous if your program already includes concepts to equip you with these skills.

Mathematical/Statistical skills – If your degree is in Mathematics, Statistics, or another domain that includes dealing with numbers, you will automatically come across all the relevant topics every Data Analyst uses. Mathematics and Statistics knowledge is crucial in Data Analyst because you will always deal with numbers.

If you’re pursuing a psychology degree, you can research standard topics of Applied mathematics and Statistics, which you will require for the Data Analyst Role.

Coding Skills 

Every Data Analyst must know widely used programming languages like Python and R with SQL to get into entry-level jobs. Coding knowledge is necessary for data collection, handling, and database building. You must stay updated with the latest software tools related to coding, Data Analyst use.

Soft skills

You will require soft skills such as active listening, speaking, presenting, critical thinking, teamwork, collaboration, and time management. Don’t stick to only learning concepts. Participate in practices where you regularly communicate with your colleagues and mentors to describe your insights.

Alternatives to a Degree in Data Analytics

Not every entry-level Data Analytics role demands learners to hold a degree. Here are some other ways to learn Data Analytics skills quickly without investing 2/4 years and money.

Data Analytics Certification Courses

Data Analytics Certification Course focuses explicitly on teaching technical and soft skills which can give you more practical exposure to Data Analytics. Prominent organizations like Google and Microsoft offer their own Data Analytics Certification to become job-ready for entry-level jobs in less than six or twelve months.

Here are some advantages of choosing a Data Analytics Certification Course.

  • Are of shorter duration compared to degrees.
  • Requires significantly less money investment.
  • Inculcates with the knowledge of foundation concepts and software tools widely utilized in Data Analytics without emphasizing non-relevant topics.
  • Don’t ask for experience and educational background to join.
  • Assists Data Analysts and aspiring learners in creating an industry-ready portfolio demonstrating all crucial skills.
  • Offers flexibility to invest learning hours as per convenience.

Data Analytics Bootcamps

Data Analytics Bootcamps are short-duration and customized practical training programs for learners to get entry-level jobs quickly in Data Analytics with all necessary skills. Here are some advantages of choosing Data Analytics Bootcamps.

  • More affordable than educational degrees.
  • Assists in getting hired in a comparatively short time.
  • Saves time in learning unnecessary skills.
  • Provides practical exposure to real live projects, including the latest software tools and advanced concepts specific to Data Analytics.
  • Trains learners in resume building, portfolio, job training, and placement.
  • Provides flexibility to invest learning hours as per learners’ schedule and convenience.

Mark Roberts is a freelance writer and tech enthusiast based in San Diego, specializing in internet security and Ai tools.

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