Studying how to run businesses is essential for growing to the top in any career. Learning about technology as it pertains to business is an excellent way to stand out in job applications.
Studying business intelligence—a new and interesting field in business—is a great way to tout oneself as a necessity for any successful company.
Meanwhile, for an overview of what to expect in this article, kindly click the table of content below.
Having knowledge of information systems and how to explain the data found is an extremely desirable skill set in the world of competing businesses.
The information found in the databases of any business comprises valuable answers on what a business can improve on in order to stay successful.
Getting an MSc in Business Intelligence offers some job security with well-paying careers in a much-needed area for any type of business.
The massive generation of data is changing the way that companies and governments do business. Leading organizations are tapping into Big Data & Business Analytics to transform their businesses and uncover new sources of value in their industries.
Further, the specialization in this sector will open the door to work in: marketing, consumer behavior analysis, manufacturing and operations, finance & control, human resources, IT, and logistics.
What is Business intelligence?
Business Intelligence (BI) applies to technologies, applications, and practices for the collection, integration, analysis, and presentation of business information. The purpose of Business Intelligence is to support better business decision-making.
Broadly speaking, business intelligence is the extraction of insights from raw data to help in business decision-making.
However, BI has traditionally involved cataloging and analyzing data from past actions, and generating a consistent set of metrics to both measures past performance and guide business planning.
Now BI leverages a variety of technologies, processes, and software to identify, extract, combine, and analyze the abundance of data that is created by—and can inform—day-to-day business.
Also, functions of BI technologies also include the development of dashboards, online analytical processing, data mining, querying, complex event processing, business performance management, benchmarking, predictive analytics, prescriptive analytics, and reporting.
What Can I do with a Business Intelligence degree?
Business intelligence professionals work with business and technology. Positions in the area merge computer science work with quantitative analysis and the application of business principles.
Successful business intelligence professionals need intellectual curiosity, the ability to visualize information, and a big-picture perspective. The careers below are only a few of the types of business intelligence positions available.
Often called management consultants, these business intelligence professionals help organizations improve efficiency, reduce costs, and increase income.
Management analysts manage data, interview stakeholders, examine financial reports, and suggest organizational changes.
Further, a master’s in business intelligence provides aspiring management analysts with the necessary background in analytics, data, and finance.
Median Annual Salary: $82,450
Projected Growth Rate: 14%
This set of professionals work in industries such as business, logistics, and healthcare. They resolve problems by using excellent analytical and mathematical methodologies, such as predictive modeling and simulations.
Moreover, operations analysts also use databases and statistical software to create models of future trends and analyze the effects of potential scenarios.
Median Annual Salary: $81,390
Projected Growth Rate: 27%
Financial analysts aid guide the investment decisions of individuals and companies using knowledge of the current performance of investment channels such as stocks and bonds.
These analysts analyze and assess investment performance data, study current financial trends, suggest investment strategies, and write reports for corporate or individual clients.
Further, financial analysts can focus on the buy-side or sell-side of investments.
Median Annual Salary: $84,300
Projected Growth Rate: 11%
Computer Systems Analysts
Also known as systems architects, computer systems analysts advise companies on acquiring new technology, help them keep hardware and software up to date, and also enhance technological functionality for better cost-benefit ratios.
They may concentrate on programming or software quality assurance.
Median Annual Salary: $88,270
Projected Growth Rate: 9%
Database administrators create financial data and customer records to protect information from unauthorized access while making it available to company leaders.
These professionals manage the operations and security of a company’s database and oversee the development of new data management systems and tools.
Also, their work may emphasize system architecture or specific applications.
Median Annual Salary: $87,020
Projected Growth Rate: 11%
How long does it take to get a Master’s in Business Intelligence degree?
Most master’s in business intelligence programs need 30-39 credits. Full-time students typically obtain their MS in business analytics in one to two years. However, students can graduate in more or less time, depending on circumstances such as program format and admission status.
Cohort-based programs expect students to move through a designated series of classes with a small group of peers. This means students in each cohort graduate at the same time. Other schools allow students to pick classes each semester.
While this can mean some students miss out on their fancied classes, it allows learners to take more courses per semester and graduate more quickly. Learners with work or family obligations can also take a smaller number of courses each semester, although this may result in a higher total cost.
Business Intelligence Salary
People working as business intelligence analysts look for designs and trends in data and generate financial and market intelligence reports by questioning available data repositories.
They may analyze geographic and seasonal trends as well as overall market performance in order to provide suggestions for action. Their reports may be tailored to the needs of specific users.
These professionals may generate programs and tools to facilitate their job. Knowledge of computer science and financial markets is needed for this position, as it’s a four-year degree in a related discipline. Professionals in this field generally make about $70,000 – $90,000 annually.
A Business Intelligence Analyst can earn an average wage ranging from 48000 – 72000 depending on the level of experience. Business Intelligence Analysts will usually get a wage of Sixty Seven Thousand dollars every year.
Business Intelligence Analysts have the best average compensation in Oregon, with an average salary rate of approximately $82290. Professionals that work in these jobs have the best average pay in Manufacturing, which has an average pay rate of $75010.
Online Masters in Business Intelligence
A Distance-learning master’s options provide many chances for career advancement. A fully online self-paced study offers employed students the time flexibility required to balance work and studies.
By using the latest improvements in communication technology, online masters open the way to new business opportunities by building networks of students with common goals.
Remote studies offer lower tuition fees while preserving content quality and teacher involvement as on-campus master’s programs.
Below are some of the Business Intelligence online programs and the schools that offer them
Full Sail University Winter Park, USA
Full Sail’s Business Intelligence master of science program teaches you how to collect and analyze Big Data to better serve the needs of your clients.
Using technology as a lens to focus your interpretations, you’ll create visual representations that convey information essential to any number of industries.
Capstone thesis projects threaded throughout the program will allow you to hone your newly acquired skills
Saint Mary’s University of Minnesota OnlineWinona, USA
Master your use of big data, presentation, and business to define the relationship between organizational problems and strategizing successful solutions. Affordable, convenient, and quick, the M.S. in Business Intelligence and Data Analytics prepares you to creatively analyze and solve business challenges in just 1 year.
INISEG Instituto Internacional de Estudios en Seguridad GlobalMadrid, Spain +1 More
The official master’s degree in Intelligence is an official degree of II livello (second level) of the Pegasus University of Italy, which gives way to the doctorate due to its adaptation and reception to the Bologna plan and the European Higher Education Area (EHEA).
With this master’s degree, the student can choose a mention in Economic Intelligence or in Security and Defense, depending on the elective subjects that he chooses.
ISEB – Instituto Superior Europeo de Barcelona – Barcelona, Spain
The Master in Big Data and Business Intelligence will allow you to obtain exhaustive knowledge about Big Data technologies and their application in the business world, with special emphasis on the analytical tools of the Business Analytics field.
With all this, at the end of the course, the student will be prepared to manage and interpret large amounts of data.
Business Intelligence degree cost
Tuition for a master’s in business intelligence typically costs about $16,000 – $30,000. The total cost depends on circumstances such as credit requirements, cost per credit, and the student’s eligibility for discounts.
Most business analytics master’s programs require 30-39 credits, and tuition usually costs about $530-780 per credit.
Public institutions generally offer special tuition rates for state residents, and many schools charge online learners in-state tuition rates, regardless of the student’s residency status. basically, private schools and for-profit colleges charge higher tuition rates than public institutions.
When planning for higher education, prospective students should consider costs other than tuition. On-campus learners may need to pay for housing and program fees, while online students must often pay a technology fee for each course.
However, many online learners can work full time while earning their degrees. Additionally, veterans and military members may receive tuition discounts, scholarships, and prior learning credits that can reduce tuition costs.
Can you get a master’s in business intelligence without knowing how to code?
Business intelligence is a technology-driven process, so people who work in BI need a number of hard skills, such as computer programming and database familiarity. However, they also need soft skills, including interpersonal skills.
FAQs on masters in business intelligence
What is business intelligence?
The term Business Intelligence (BI) refers to technologies, applications, and practices for the collection, integration, analysis, and presentation of business information. The purpose of Business Intelligence is to support better business decision-making.
What is the role of business intelligence?
Business intelligence (BI) represents the tools and systems that play a key role in the strategic planning process within a corporation. These BI systems allow a company to gather, store, access, and analyze corporate data to aid in decision-making.
What is data in business intelligence?
BI(Business Intelligence) is a set of processes, architectures, and technologies that convert raw data into meaningful information that drives profitable business actions. It is a suite of software and services to transform data into actionable intelligence and knowledge.
Does Business Intelligence need coding?
What Are Business Intelligence Skills? Business intelligence is a technology-driven process, so people who work in BI need a number of hard skills, such as computer programming and database familiarity. However, they also need soft skills, including interpersonal skills.
What is the salary for a business intelligence analyst?
Professionals in this field generally earn $70,000-$90,000 annually. A Business Intelligence Analyst can get an average wage ranging from 48000 – 72000 depending on the level of experience.
Business Intelligence Analysts will normally get a wage of Sixty Seven Thousand dollars every year.