MBA in Data Science
MBA (Master of Business Administration) degrees are graduate degrees with business as their main focus. Although business-focused, MBA degrees offer many specializations, including Data Science. In today’s market, gathering and storing data is not the main issue anymore. It is what to do with that data that concerns people more. An MBA in Data Science teaches you two important elements: gathering data and what to do with it.
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The process of converting data is quite a challenging process. As such, the MBA in Data Science program has adapted its curriculum to provide prospective students with enough hands-on learning experience that enables them to convert data into actionable insights. You can use this knowledge and experience to help your organization make better decisions with data. Typically, an MBA in Data Science takes two years to complete.
Why an MBA in Data Science?
In a business world that is ever-expanding, an MBA in Data Science provides a range of opportunities, including:
Unlocking the Power of Data
Data plays an important role in making better and more informed decisions. An MBA in Data Science will teach you how to access, combine, and manage data and make decisions that benefit your entire organization. As a business leader, you will need tools to interpret and analyze data to stay ahead of your competition and, more importantly, of customers’ expectations.
As there will be more and more data to interpret and analyze in the future, Data Science will grow in popularity and importance in five years. In addition to more data, in the next five years, people will also have specialized tools to work with the data of specific industries. The future of Data Science will also lead to greater collaboration between professionals who are not fully acquainted with the ways of data science and Data Scientists.
Dynamic Career Options
One of the most in-demand careers today is Data Science. An MBA degree, on the other hand, implies that you are an expert in your field. A combination of the two is a great way to impress future employers. Considering that your MBA curriculum will be based on your area of interest, Data Science, you will learn all the management skills needed in your working domain. Ultimately, your MBA in Data Science will improve your theoretical and practical knowledge and increase your career prospects.
Some of the highest-paying, in-demand job roles you can pursue after an MBA in Data Science include the following:
- Data Analyst
- Market Research Analyst
- Management Analyst
- Business Intelligence Analyst
- Product Analyst
- Data Science Consultant
- Data Architect
Choosing Data Science as a specialization is a great opportunity because of its upskilling opportunities. This program helps you understand, organize, and develop successful business strategies. It also develops a strong foundation in mathematics and statistics, data visualization, communication skills, and problem-solving — skills that all recruiters value.
Other skills that you will develop during an MBA in Data Science and use after graduation include the following:
- Cloud Computing
- Machine Learning
- Database Management
- Knowledge of Different Analytical Tools
- Attention to Detail
One of the main benefits of obtaining an MBA in Data Science is the competitive salary this field offers. After graduation, you can expect to earn an average salary of over $100,000 annually. Data scientists bring an immense amount of value to the table due to the fact that organizations are realizing the power of big data and how it can benefit their organizations. However, you must know that experience, industry, region, and education impact your salary potential.
Salary of Data Scientists in some of the best countries for data science jobs:
|Country||Average Salary Per Year|
|The United States||US$ 130,000|
|The United Kingdom||£75,000 (~ US$ 93,300)|
|India||₹7000000 (~ US$ 85,400)|
|Switzerland||CHF 117,000 (~ US$ 131,680)|
|Germany||€74,000 (~ US$ 81,530)|
|Australia||AU$ 115,000 (~ US$ 76,540)|
|France||€77,000 (~ US$ 84,830)|
|Canada||CA$ 91,000 (~ US$ 66,920)|
|China||元 585,000 (~ US$ 84,500)|
|Singapore||S$ 84,000 (~ US$ 62,840)|
Best Business Schools for an MBA in Data Science
Eligibility Criteria for an MBA in Data Science
The minimum eligibility criteria for an MBA in Data Science include the following:
- Undergraduate degree from a recognized university.
- Excellent academic record.
- Entrance Exam Scores (GMAT, GRE, etc).
Note that each university is responsible for setting the admission requirements for the course they offer. Thus, once you find your target university, check if you meet the requirements that make you eligible for admission to their MBA in Data Science program.
Cost of Tuition for an MBA in Data Science
The cost of tuition for an MBA in Data Science depends on a number of factors. If you pursue your degree in a more developed country, you might have to pay higher tuition fees. Also, if you are an international student, you might be subject to a higher cost of tuition, as many universities do not charge national and international students the same. One of the most important factors is the university you choose to attend. Prominent private universities usually charge much higher tuition fees than smaller public universities.
See below for an overview of the cost of tuition for an MBA in Data Science in different countries:
|Country||Cost of Tuition|
|The United States||Up to US$ 120,000 / Year|
|The United Kingdom||Up to £87,000 / Year (US$ 98,260)|
|Canada||Up to CA$ 95,000 / Year (US$ 63,110)|
|Switzerland||Up to CHF 115,000 / Year (US$ 117,000)|
|France||Up to €120,000 / Year (US$ 132,470)|
|Spain||Up to €129,540 / Year (US$ 143,000)|
Top Data Science Recruiters
The demand for Data Scientists is rising and is expected to grow in the upcoming years. Studies show that between 2023 to 2033, there will be a 36% growth in the employment rate of Data Scientists. As Data Science is considered one of the highest-paying fields in today’s job market, many students opt for an MBA in Data Science with the aim of securing a rewarding career.
If you are wondering which company pays data scientists the highest salaries, see below:
|Company||Average Salary Per Year|
Frequently Asked Questions
Which is Better, a Master’s in Data Science or an MBA?
An MBA in Data Science gives you a broader business education and teaches you how to convert data into business insights using various tools and technologies. In a nutshell, an MBA gives you the best of both worlds, business, and data science knowledge development. A Master’s degree in Data Science, on the other hand, focuses more on data science and does not offer the business education you can find in an MBA degree.
Related: Graduate Data Science Programs.
Which One is Better, MBA in Data Science or Digital Marketing?
One of the things that Data Science and Digital Marketing have in common is the demand for a passion for solving problems and learning continuously. However, which one is better is usually determined by your skills. Data Science might be the right choice if you have a strong mathematics and computer science background. Digital Marketing, on the other hand, might be a better fit if you possess strong communication skills and creativity and want to build a career in marketing, public relations, advertising, or a related field.
Related: MBA in Digital Marketing.
What Pays More, Data Science or Software Engineering?
Careers in Data Science and Software Engineering are some of the highest-paying in today’s job market. However, although Data Science is a new field, the salary a Data Scientist graduate earns is higher than that of a Software Engineer. A Software Engineer earns an average of US$ 102,000 annually, while a Data Scientist earns around US$ 120,000.
Related: Graduate Software Engineering Program.
What is the Difference Between an MBA in Data Analytics and Data Science?
Although both Data Analytics and Data Science have the same fundamental resource, that is, data, their goals differ. An MBA in Data Science aims to teach you how to interpret data using algorithms, statistics, and technology. On the other hand, an MBA in Data Analytics aims to teach you how to find solutions to problems while analyzing existing datasets built primarily by Data Scientists.