Working with Big Data: Why Business Intelligence Analysis is the Hottest Career Option

Big data is quite literally huge right now - and trained professionals who know how to use data to figure out commercially useful information are in very high demand. Companies in all industries all around the world are constantly becoming more and more reliant on good business intelligence analysts and data scientists to help boost their profits and manipulate the data to give them an edge over their competition.

Data scientists and business analysts work together in order to turn raw data into useful and actionable information. While both work towards a similar goal, they fill roles that are different. Both of these professionals are highly sought after in today's business world, but which is the better choice? Which pays more? Although careers in both data science and business intelligence can be very lucrative with high pay, a career in business intelligence is more likely to land you a six-figure salary sooner, since it requires less formal experience compared to data science.

What's the Difference?

Data scientists and business intelligence (BI) analysts may have a similar goal in mind, but they have different roles within organizations, which usually require both types of professionals in order to ensure that they can really optimize the use of the data that they gather. Business intelligence analysts tend to focus more heavily on interpreting past data, while on the other hand, data scientists mainly focus on extrapolating on the past date in order to make more accurate future predictions. The main role of a data scientist is to help shed some light on the uncertainty of the future by using data to provide the company with valuable information on projected sales and potential future performance.

On the other hand, the job of a business intelligence analyst is to interpret those past trends. Their work is more plan-based and meticulous, gradually putting together all the pieces of the puzzle to figure out the facts, rather than simply making predictions based on probability. But, both of these professionals are required in order to maintain the financial health of a company.

What's the Demand Like?

Both business intelligence analysts and data scientists are in very high demand, sharing excellent career prospects and opportunities with companies around the world in every industry struggling to fill positions for both professionals. Research from the McKinsey Global Institute found that in the U.S., there is a shortage of hundreds of thousands of professionals that possess this specific analytical knowledge and experience.

And unfortunately, this position has only been getting worse and is expected to worsen over the next few years. Companies are expected to need to fill millions more positions in big data and business intelligence analysis, and there's an acute shortage of professionals who come equipped with the necessary quantitative and analytical skills for the job.

However, for you, that's great news. If you are interested in a career as a business intelligence analyst, there have never been more opportunities and companies willing to welcome you with open arms as there are right now. To pursue a lucrative career in big data, you'll need to obtain an advanced degree in statistics, math, computer science, engineering, or business intelligence, and you'll need to be a professional with excellent communication skills and a great business sense. An MBA in business intelligence can be an excellent choice for a professional who already possesses a bachelor's degree and is looking to enter the field of big data - click here for more information.

Even if you are a new graduate entering the field of big data, career prospects are excellent - but after you have built up a few years of work experience, you can expect your job prospects to increase even further.

How Much Can You Expect to Earn?

On average, the starting salary for a data scientist is around $80,000; however, after some years of experience, is it not uncommon for professionals to be taking home around $150,000. But, while the starting salaries for data scientists may be higher, it's often easier to get a higher salary sooner while working as a business intelligence analyst, because the barrier to entry into data science is far higher compared to the barrier into business intelligence analysis.

Those who want to pursue a career as a data scientist will need to pursue a doctoral degree at least in a relevant field meaning that not only do these professionals spend more time studying than business intelligence analysts, but they also enter their career with a higher level of student loan debt.

As a result, many people would agree that business intelligence analysis can be the more lucrative of the two options. Lower barriers to entry mean that you can be working as a business intelligence analysis professional sooner, with only a master's degree in the subject required to enter the field. As a result, a career in business intelligence is much cheaper and takes a lot less time to prepare for, allowing you to start gaining real-life work experience and earning more sooner. And, the demand for business intelligence analysts is just as high as it is for data scientists, so there should be no problems with career prospects after you graduate.

What Do Business Intelligence Analysts Do?

Business intelligence analysts are a crucial part of making use of the huge amount of data that companies now have access to. The intelligence analyst will evaluate the company's data along with competitor and industry data in order to come up with ways to improve their position in the market. They explore their company's own procedures, systems, and functions in order to find any areas where the company has a chance to boost profit margins and efficiency.

In addition, the business intelligence analyst must also consider various ways in which a company can develop new policies regarding the collection of data and analysis of data while ensuring that the data is used with integrity. In some companies, the business intelligence analyst is also responsible for hiring other data specialists.

In order to become a business intelligence analyst, you'll need to possess the following skills:

• Excellent presentation and communication skills

• Leadership skills

• Teamwork skills

• Creative problem-solving and critical thinking

• Ability to adapt

• Data mining and analytics

• Data privacy and security

• Data architecture and database design

• SQL

• Data visualization

• Proficiency in ETL (extract, transform, load)

• Cloud computing and data storage

How to Prepare for a Career in Big Data?

Whether you're graduating high school and in the process of applying to college, or considering getting an online degree to change your career or improve your career prospects, what can you do now to lay strong foundations for a lucrative career in data science?

1. Undergraduate degree: If you're starting out as an undergraduate, you should look to earn a degree in a relevant subject to this field such as math, computer science, data science, engineering, economics, information systems, or any other field that will provide you with a clear insight into organizational processes and business operations. Before entering the profession, you will need to have a solid understanding of data, so look for elective classes in subjects such as data mining, database design, data architecture, etc.

2. Internships: Most companies will expect a business intelligence analyst to have some work experience before they are prepared to hire. However, when you're studying or a graduate, this can feel like an impossible situation. An internship is one of the best ways to begin your on-the-job training that will boost your career prospects. The financial industry is an excellent option for aspiring business intelligence analysts.

3. Work experience: Consider a job working as a data analyst, data report writer or business analyst after graduation. Find opportunities to model and analyze data, query SQL and define the scope of projects - experiences that will help you gain crucial industry contacts.

4. Professional certification: Microsoft's Certified Solutions Expert in business intelligence is one of the best professional certification options for aspiring business intelligence analysts. Gaining professional certification allows you to demonstrate that you possess the necessary skills to design and use SQL to deliver solutions based on data.

5. Pursue an advanced degree: It's recommended to pursue an advanced degree after gaining some years working as a business intelligence analyst. Typically, a master's degree in business administration (MBA) with a concentration in business intelligence is preferred by employers hiring for this role, although sufficient work experience and professional certifications can be an alternative.

The world of big data is only expected to grow even bigger as companies are provided with an ever-increasing amount of data on their customers, competitors and industries. As a result, the demand for good business intelligence analysts is higher than ever. The job market for business intelligence analysts is expected to grow exponentially over the next few years, and business intelligence analysts can find work in a wide variety of different fields from education to healthcare to retail or law enforcement.

If you are looking for a lucrative career with high job demand and excellent rates of pay, business intelligence analysis could be right for you.