Businesses rise and fall in a second. This is the bitter truth that one has to live it. However, that doesn't mean one shouldn't plan and execute their dream of owning a big business. Businesses rely on data. You have probably heard of words and phrases like 'Big Data. And that is where precisely business analytics experts come in.
They are responsible for segregating, cultivating, and investigating clusters of raw data sets. A business analyst expert focuses on the business criteria and works to ensure constant improvement and to suffer minimal losses.
What is Business Analytics?
Business analytics refers to a wide field of data-driven analysis of a company's performance and the expected future insights. A business analyst studies and researches the market reaction to the product or service the company has introduced in the past and makes necessary investigations to strengthen the company's structure.
They become the face of the company behind the screen. From hiring and recruitment to inventory management and risk assessment, they plan to oversee the smooth fruition of business operations and processes of the company. They also lead the sales and marketing report and make available forecasted demands and backup plans for any possible turnaround or risks in the market. Business analysts combine statistical and empirical data to create innovative strategies for a business to thrive better.
Is there Scope for Business Analysts in Australia?
Australia, the 'Land Down Under, is one of the biggest nerve centres of education where business analytics students understand and work in real-time situations throughout their degree. Due to the growing demand for students from this field, many government institutes collaborate with giant tech companies such as NVIDIA, IBM, etc., to set up research centres, laboratories, etc., to aid in the students' experiential learning.
The average fee for a 2-year master's program in Business Analytics in Australia costs $30,000 to $50,000, depending on your location and choice of university. The average annual salary for a Business Analyst in Australia is $81,401, according to PayScale's data in the year 2019.
What are the best universities for Master's in Business Analytics in Australia?
1. The University of Melbourne
- Duration of the Course: 1 year
- Course Period: Full Time
- Course Fee: A$55,000
- Delivery: On-Campus
2. Monash University
- Duration of the Course: 1.5-2 years
- Course Period: Full Time
- Course Fee: A$70,000
- Delivery: On-Campus
3. University of Western Australia
- Duration of the Course: 1.5-2 years
- Course Period: Full Time
- Course Fee: A$77,200
- Delivery: On-Campus
4. Deakin University
- Duration of the Course: 1.5-2 years
- Course Period: Full Time
- Course Fee: A$70,000
- Delivery: On-Campus
5. Macquarie University
- Term of the Course: 1 year/1.5 year/2 years
- Course Period: Full Time
- Course Fee: A$76,000
- Delivery: On-Campus
6. LaTrobe University
- Duration of the Course: 1.5-2 years
- Course Period: Full Time
- Course Fee: A$68,800
- Delivery: On-Campus
7. University of Technology Sydney
- Duration of the Course: 2 years
- Course Period: Full Time
- Course Fee: A$61,344
- Delivery: On-Campus
8. RMIT University
- Duration of the Course: 2 years
- Course Period: Full Time
- Course Fee: A$51,840
- Delivery: On-Campus
9. Victoria University
- Duration of the Course: 2 years
- Course Period: Full Time
- Course Fee: A$46,000
- Delivery: On-Campus
Read More - Comprehensive Guide to Studying Business Analytics in Australia
What is the Eligibility Criteria to pursue Master's in Business Analytics in Australia?
Eligibility Requirements -
International students must score an average of 60% or above in their bachelor's degree in the relevant field (e.g., Science, Engineering, Data Science, Computing, IT, etc.)
Language Proficiency -
International students will be required to submit proof of their language proficiency in English. A TOEFL score of 102 or higher is required, and an IELTS score of 6.5-7.0 is needed, depending on the university.
In the case of unfulfilled UG degree requirements, the applicants will be asked to submit their GMAT score, wherein the accepted score is 550 or more.
Documents Required at the Time of Application -
- Resume/CV
- Academic Documents
- Sample of written work/Statement of Purpose
- Any other prior experience/certificates
- Two confidential letters of recommendation or as specified by the university.
What are my Career Options as a Business Analyst in Australia?
With the entrepreneurial era making waves in the business world, the demand for business analysts is increasing each day. With a degree in business analytics, you can be sure to enter a world of varied possibilities. Not only 'Big Data' departments, but also other fields such as Finance, Marketing, Sales, etc. hire business analysts specific to their cause and requirement such as Financial Analysis, Marketing Analysis, Sales Analysis, Product Cycle Management, Client Services, Human Resources, Accounting Analysis, Operations Analysis, etc.
Equipped with this degree, you can also find relevant jobs in Australia, where you can earn nearly AU$80,000 to AU$90,000. Additionally, your ability to think on your feet and spontaneous decisions will make you an excellent fit for a Subject Matter Expert (SME) or Solution Architect.
The average tuition fee/course fee for a master of business analytics in Australia will vary between A$40,000 to A$70,000. One can expect an average salary of A$56,100 - A$161,000 per year. Many Fortune 100 companies look for fresh degree holders of business analytics. Additionally, one can also choose to do an MBA in Business Analytics and attract companies such as Facebook, Google, American Express, HCL, Amazon, etc.
Furthermore, suppose you wish to sit for placements after a master's in business analytics. In that case, you can indeed become an excellent fit for qualitative analyst or modeller, financial analyst, market research analyst, etc.
Frequently Asked Questions (FAQ)
1.) Is Business Analytics a promising career in Australia?
It has been reported that business analysts are paid 7-10% higher than in other jobs sectors. Companies such as Integrated Business Technologies (IBT), Covalense, Taylor Fry, Logi-Tech. Deloitte, Accenture, etc., are perpetually in need of fresh hires.
2.) Which university is best for Business Analytics in Australia?
The University of Melbourne has been one of the top choices for students worldwide to pursue a career in business analytics in Australia. Apart from that, Deakin University, LaTrobe University, Monash University are some of the best choices to pursue this degree.
3.) Are business analysts in demand in Australia?
Even with the pandemic hampering the flow of businesses, the industry has now a great affinity to hire business analysts. Moreover, with the exponential growth of the Internet of Things (IoT), this career has seen a boost thanks to the dynamic skills of statistical and analytical analysis. Not only do these improve the company's problem-solving plans, but they also enhance their decision-making meetings and plans.
4.) What is a business analyst salary in Australia?
A business analyst can earn nearly A$100,000 per year in Australia, which is 5-7% higher than other jobs in other parts of the world. On top of that, the average lowest salary is still higher, i.e., A$18,000 annually. The company's profits will also channel into one's salary increments and promotions.
5.) Can I pursue a master's in business analytics with a different bachelor's degree?
If your bachelor's degree is in any field relevant to business analytics, such as IT, Computing, Data Science, Engineering, etc., you may not face any hindrances. However, if you are unable to fulfil the university's requirement even after that, you may be asked to undergo the GMAT test and score 550 or more to be eligible for this master's degree.