Becoming a data analyst is a common career path with a master's in data analytics, but it's not the only one. Data analytics skills are versatile. They have crossover uses in many fields, from cybersecurity to finance.
Meanwhile, the importance of data analytics is growing. Data analytics is becoming the go-to tool for making business decisions. One study showed that 93% of companies want to invest more in data and analytics to make better decisions.
What does that mean? Many employers want skilled data analysts, even for jobs not focused on data analysis.
The following is a list of transferable skills that can be helpful in a variety of fields.
1 | Data Visualization
Visualizing data allows you to share insights and patterns with more people in a clear way. Most data analytics programs teach data visualization and provide practice with related software. This experience is helpful in marketing analytics, business intelligence, and graphic design.
2 | Communication
Analyzing data requires communication with both technical and non-technical audiences. In your master's program, you might have assignments to improve communication skills. These assignments can involve giving presentations, writing reports, or telling stories with data. You can use these skills for jobs where you explain things, influence decisions, or collaborate.
3 | Data Management
Data management handles the large amounts of data produced daily. Data management skills make data accessible and manageable. Properly storing data is crucial for cybersecurity, business intelligence, and database administration.
4 | Statistical Analysis
Statistical analysis helps draw conclusions from raw and unstructured data. Graduate programs in data analytics teach statistical analysis techniques and their real-world applications. These skills are transferable to market research, finance, healthcare analytics, and operations analysis.
5 | Programming
Programming skills help you understand programming languages, write code, and conduct data analysis. Programming is also important for other data skills, such as manipulating, computing, and analyzing data. You can apply these skills in data engineering, data science, and software development jobs.
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6 | Statistical Modeling
Statistical modeling is a way to use math to explain and predict information from data. It's useful in careers where data analysis, prediction, and decision-making are essential. These include data science, healthcare analytics, and social sciences.
7 | Ethical Considerations
Many master's in data analytics programs include coursework on the ethical use of data. Ethics, compliance, and regulations help protect data, build trust, and avoid biases. Skills in these areas can apply to various data-related careers, like cybersecurity and legal affairs.
8 | Problem-Solving
Master's in data analytics programs often emphasize logical reasoning and problem-solving skills. These skills are valuable in complex problem-solving roles, such as management consulting, strategy development, or research analysis.
9 | Probability and Statistics
Probability and statistics are at the core of data analysis. We use probability theory to understand uncertainty and randomness. We use statistical methods to draw conclusions and learn from data. Market analysis, data science, business analysis, and other fields use probability and statistics.
10 | Project Management
Data analytics programs often involve project-based work with specific objectives and deadlines. You can apply these project and time management skills to any role that requires coordinating tasks, managing resources, and meeting project milestones.
Frequently Asked Questions About Master's in Data Analytics
Are Data Analysts In Demand?
Skilled data analysts are some of the most in-demand professionals in the country. The U.S. Bureau of Labor Statistics (BLS) projects jobs for data analytics specialists, data mining analysts, and data scientists to skyrocket by 35% from 2022-2032. The rise is generally due to the world's widespread use of data.
Is a Master's in Data Analytics Worth It?
A master's in data analytics can be worth it for several reasons. According to the BLS, weekly earnings for master's degree graduates ($1,661) are about 38% more than the median ($1,123). Data analysts have the country's third-highest projected job growth, with a median annual wage of $103,500.
How Long Does It Take to Get a Master's in Data Analytics?
Most master's in data analytics degree programs will take about two years. The timeline may change depending on the program and if you're a part-time or full-time student. Some accelerated data analytics programs take one year or less. Part-time students take classes at slower rates but have more flexible schedules.