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What Salary Can I Expect With a Data Analytics Master's?
Big Data has changed the way companies do business. The sheer volume of data available—about customers, competitors, product demand, and so much more—has the power to help companies make better day-to-day choices and more strategic long-term business decisions. But the data itself is only as useful as how organizations interpret and analyze it. That’s where data analytics professionals come in. These positions are crucial for turning massive amounts of data into actionable business intelligence. But how do you get ahead in this evolving career?
The Real Value of a Master’s Degree in Data Analytics
Getting your master’s in data analytics gives you the hard skills to collect, manipulate and analyze data and turn it into models that can be used to solve business challenges. Here’s why getting your master’s degree is crucial in this field:
- Master’s degrees are the new norm. It’s becoming an essential requirement for advancement, with 89% of employees in analytics positions with less than three years of experience possessed a graduate degree (Burtch Works)
- Master’s degrees have a large impact on salary. According to a 2018 Burtch Works study of data analytic salaries, professionals with a master’s degree earn a median base salary of $92,500.
Want to know if this career might be right for you? Let’s explore the types of individuals who excel in this career and the types of jobs they pursue.
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Signs A Data Analytics Master’s Degree Might Be Right For You
Not everyone starts their career in data analytics. There are many professionals who transition into this career path. As long as you have good problem-solving skills, are passionate about using new tools and technology and curious about data, you can consider this program. While you do not need a specific undergraduate degree to pursue a master’s in data analytics, two key aspects of this master’s program are math and computer programming. As such, students with a background in STEM tend to be most prepared for the rigors of a master’s degree in data analytics. Here are six signs you may enjoy this career:
- You enjoy math and statistics
- You like finding trends or patterns
- You like computer programing
- You like to support claims and opinions with proper data
- You like working in cross-functional teams
- You always want to learn new things
If your answers are predominantly “Yes,” a master’s in data analytics might be right for you.
6 Top Paying Jobs For Candidates With a Master’s in Data Analytics Degree
Many professionals are intrigued by the high earning potential of a career in data analytics. While salary should never be your sole motivator for pursuing a career, it’s a top consideration for many professionals.
We’ve compiled a list of six of the top paying jobs a master’s in data analytics would prepare you for. See if one of these career paths is something you’re passionate about.
Data scientists collect information from a variety of sources, consolidate it and analyze it to better understand how a business performs. Then, they build AI tools to automate certain processes so others can easily access and manipulate the data to make business decisions. Job Responsibilities:
- Mining data using cutting-edge methods
- Processing, cleansing and verifying data integrity for accurate analyses
- Using machine learning techniques to build and optimize data models
Average Salary: $95,948 (Payscale)
Senior Database Administrator (DBA)
A senior DBA acts as a leader within computer engineering teams to develop database architecture that accomplishes the goals of specialized computer programs. Job Responsibilities:
- Design, plan and build databases that satisfy business requirements
- Write and troubleshoot complex database procedures
- Develop strategies and processes to spur innovation
Average Salary: $105,178 (Payscale)
Director of Analytics
Directors of analytics dedicate significant time and effort to performing statistical analysis based on market data and research. They identify trends based on accumulated data to find risks or opportunities for their company and make performance recommendations to help accomplish business goals. Job Responsibilities:
- Manage a team of analysts and their project workload
- Work with company leadership to identify and fulfill information needs
- Analyze and validate findings to create reports and presentations to share information across the organization
Average Salary: $126,762 (Payscale)
Business Intelligence Manager
Business intelligence managers provide data solutions related to accomplishing business goals in their organization. They are responsible for managing a group of analysts who use a variety of statistical methods to help increase profitability. Job Responsibilities:
- Extract data from across the organization to implement into strategic decision-making processes
- Report on analytics and their financial impact for a variety of data-driven projects
- Manage developers to meet the needs for end-user data, dashboards and tools
Average Salary: $101,578 (Payscale)
Information Security Manager
Information security managers create strategies to increase network and internet security across organizations. They manage a team to make sure data can be easily accessed, while keeping it confidential and secure. Job Responsibilities:
- Develop and implement security policies and audit plans to understand security risks and business needs
- Review software updates to ensure data and infrastructure are protected
- Lead security testing, including forensic investigations and mitigation processes
Average Salary: $111,877 (Payscale)
Data architects design, structure and maintain data, usually into a systematic database. They make sure data is accurate and accessible for other members of the organization or project team. Job Responsibilities:
- Create strategies and processes for each division of the enterprise data model
- Collaborate with business leaders and IT partners to plan a holistic data strategy
- Develop and maintain storage of all data architecture outputs
Average Salary: $114,648 (Payscale)
Choosing the Right Master’s in Data Analytics Program
Whether you’re currently in a data analytics role or looking to transition careers, getting your master’s in data analytics is a great way to advance your career in this growing field. When choosing a master’s program, make sure it aligns with your needs and career goals. If you’re a working professional, choosing an applied, hands-on master’s in data analytics program will give you real-world skills you can apply to your current job, while preparing you for advancement. Franklin University combines cutting-edge theories and best practices with technical knowledge and practical skills to help you excel in the data analytics profession. This program is designed specifically for the needs of working adults, with flexible, online coursework and the ability to complete your degree in as few as 19 months. Explore the Franklin M.S. in Data Analytics degree to discover if this program is the right fit for you.