Is a Master’s in Data Analytics Worth It? Path to a Data-Driven Future

Earning your master’s degree may be worthwhile if you’re looking to advance your career opportunities. As an investment, there are numerous benefits to earning an advanced degree, particularly in data analytics.

Will it help your career overall? How much is a master’s program in data analytics? How long will it take to complete? Can you continue working while earning your master’s? Explore these questions and the career benefits, salary increases, and in-demand skills you can gain within this dynamic field. Learn if this degree option aligns with your goals and possible careers in data analytics here.

What Can I Do With a Data Analytics Master’s Degree? 

The short answer is a lot. The data analyst job market is experiencing rapid job growth, which is expected to continue. In fact, the U.S. Bureau of Labor Statistics predicts that data analyst jobs will grow by 23% between 2022 and 2032. 

What is the reason for the in-demand opportunities in data analytics? For one, businesses increasingly rely on data analyst positions to help optimize performance by reducing costs and identifying where efficiencies can help with production. In practice, data analysts unearth valuable, actionable insights when they meticulously sift through vast volumes of raw data. 

In the online master’s in data analytics program at New Mexico State University (NMSU) Global Campus, we provide the tools and expertise necessary to excel in this field. From mastering data mining techniques to refining data visualization skills, our program empowers you to transform complex information into actionable intelligence. 

Pursuing this degree will take you on a journey to both personal and professional development. Let’s discuss how it can impact your career trajectory.

Is Data Analytics Worth It?

To assess whether a master’s in data analytics is worth it, consider identifying the specific roles and responsibilities that interest you — data analyst, business intelligence analyst, marketing analyst, or the more technical data scientist roles. Defining your target career will gauge a master’s program’s relevance.

What is the Cost of a Data Analytics Degree?

Master’s degree costs vary by institution, program length, and delivery format (online or on-campus). Consider all expenses: tuition, fees, living expenses, and potential income loss if studying full-time. 

Explore financial aid options like scholarships, assistantships, or employer sponsorships. With NMSU Global campus, prospective students can explore financial aid options and speak with a dedicated advisor from the admissions team who can help you navigate paying for your master’s degree in data analytics. 

Are Online Master’s Degree Options Cheaper?

We know that earning a master’s degree can help you grow your career prospects and earnings. For data analytics graduates, you can also expect a deeper understanding in the field and may gain qualifications for leadership roles. But is earning your master’s in data analytics online more affordable than traditional learning? 

According to the National Center for Education Statistics (NCES), from 2012 to 2022, master’s degree graduates in the field of computer and information sciences and support services grew 145%, making it one of the fastest-growing master’s degree options among graduates nationwide. According to a separate study by NCES, 53.5% of postbaccalaureate students took online (distance learning) courses in 2022. More than half are taking advantage of online programs for their master’s and doctoral degrees.

When discussing the true cost of obtaining a degree – whether undergraduate or graduate – students should consider weighing online vs traditional learning options. According to an article by the Education Data Initiative referencing nationwide reports on the cost of online education vs traditional education, online degrees resulted in lower overall expenses. Why? Online instruction alleviates overheads such as parking permits, health services plans, transportation costs, and used car payments. Additionally, online master’s programs more easily allow for flexibility, giving students the option to continue exploring and earning in the workforce as they earn their degree.

If you’re considering a master’s degree, exploring online options could be a smart way to reduce costs and fit your education into your busy life.

Compare Salary Projections and Job Outlook

The median annual salary for operations research analysts, including data analysts, was $83,640 in 2023 (Bureau of Labor Statistics). However, it’s important to remember that earning potential depends on several factors:

• Industry: Compensation can vary significantly depending on the industry in which you work. For instance, data analysts in the tech sector may command higher salaries compared to those in healthcare.
• Location: Geographic location plays a role too. Areas with a high cost of living often offer higher salaries to compensate.
• Experience: As you gain experience and expertise, your earning potential increases.
• Research: Explore the demand and typical salaries for data analysts in your desired industry and location to get a more current and specific idea of potential salaries.

Data Analytics is similar to other technical fields, such as computer science and engineering. While specific job titles and responsibilities may differ, the skills and tools can overlap. Understanding these connections can provide a broader picture of potential career paths and earning potential in the data-driven world.

What Can You Do With a Master’s in Data Analytics? 

A common misconception is that data analytics is valid only in financial, tech, or business industries. Data analysis can be beneficial in nearly every industry. Some industries that rely heavily on data sets and understanding projections based on numbers include travel and hospitality, healthcare, retail, marketing, and more.

A data analytics master’s opens up various career opportunities across sectors:

• Data Analyst
• Business Intelligence Analyst
• Marketing Analyst
• Operations Analyst
• Supply Chain Analyst
• Financial Analyst
• Data Scientist (entry-level)

With advancing technology, data is accessible in nearly every corner of internal operations. However, data collection is only valuable if skilled data professionals can translate and decipher it to provide actionable steps.

Various positions will examine different aspects of data. Depending on your interests and skills, your chosen course materials can help you build focus areas within a data analytics master’s degree.

Average Salary of Master’s Degree Earners in Data Analytics

Data analytics professionals with a master’s generally make competitive pay. PayScale reports that the average U.S. salary for a Data Analyst master’s degree is around $73,458 annually. Earning potential varies higher or lower based on role, company, and cost of living. As demand rises, salaries should remain strong.

Master’s in Data Analytics vs. Master’s in Data Science

While related fields, there are distinctions between these master’s programs:

• Focus: Data analytics emphasizes extracting insights from existing data to support decision-making. Data science develops new algorithms, predictive models, and data architectures.
• Curriculum: Analytics covers data mining, modeling, visualization, and business intelligence. Data science goes deeper into machine learning, AI, and computational theory.
• Careers: An analytics master’s prepares graduates for roles like analyst and business intelligence analyst. A data science degree leads to roles like data scientist, machine learning engineer, or research scientist.
• Programming: Both involve programming, but data science focuses more on coding/algorithm development using Python and R.

In short, a master’s in data analytics focuses on practical business uses of data, while data science involves developing new data methods and technologies.

Find out more about admission requirements, online program availability, and typical completion timelines for the Master of Data Analytics at NMSU Global Campus.

List of Companies Hiring Data Analysts

With data insights increasingly vital across industries, companies of all sizes actively recruit skilled data analysts. This demand is evident in the variety of data-focused roles offered by leading corporations, including Amazon, Google, Microsoft, and IBM.

These positions range from core data analyst roles to more specialized areas like business intelligence and marketing analytics, highlighting the diverse career paths available for those with data analysis skills.

For example, LinkedIn’s 2024 Global Talent Trends Report identifies analytics as one of the top 10 emerging skills globally, indicating a promising, growing field for data analytics specialists.

Other FAQs for Data Analytics

What languages are used?

Python, R, SQL, and Java are critical for data manipulation, analysis, and database management.

Can I earn this degree online?

NMSU Global Campus offers a flexible, fully online Master of Data Analytics program. 

What are the prerequisites?

Most programs require a related bachelor’s degree (i.e., math, statistics, computer science, engineering) with some prerequisites like calculus, linear algebra, and programming.

How long until completion?

Full-time students typically take 1.5 to 2 years; part-time students may take longer, depending on their course load.

What certifications exist?

Optional credentials like Certified Analytics Professional (CAP), SAS Certified Data Analyst, and vendor certs from Microsoft, IBM, and Google can boost credibility.

Your Data-Driven Future at NMSU Global Campus

The affordable, cutting-edge online Master of Data Analytics that NMSU Global Campus offers meets industry demands. It allows you to flexibly navigate complex data, uncover insights, and drive data-driven decisions across sectors.

Explore NMSU’s Careers in Data Analytics overview for insight into roles, industries, and opportunities in this booming field. Carefully evaluate your goals, finances, interests, and robust career prospects to determine if earning your NMSU master’s in data analytics is a worthwhile investment.

Want to be a data-driven leader? See how a master’s in data analytics equips you.