Weekly Business Insights from Top Ten Business Magazines | Week 295 | Shaping Section | 2

Extractive summaries of and key takeaways from the articles curated from TOP TEN BUSINESS MAGAZINES to promote informed business decision-making | Week 295 | May 5-11, 2023

Data Science Is the Hot New Master’s at B-Schools

By Robb Mandelbaum  | Bloomberg Businessweek | May 5, 2023

Listen to the Extractive Summary of the Article

Ross is among the latest business schools to offer a master’s degree in analytics, a field that in just a dozen years has grown to be one of the most popular programs at US business schools after the MBA itself. According to the Association to Advance Collegiate Schools of Business, 183 US business schools are granting analytics master’s degrees, and in 2021 they enrolled far more students than any other type of specialized master’s program. (The field is variously known as business analytics, data analytics or data science.) In 2021, almost 10,000 students graduated from such programs.  Three of the top 10 schools on the most recent Bloomberg Businessweek Best B-Schools ranking offer the master’s: MIT, Columbia and Virginia. Eight of the next 10 schools on the list offer it.

The rapid rise of the analytic master’s is a somewhat belated response to the defining hallmark of 21st century business: harvesting all sorts of data from the web and beyond. “The ability to use the internet for whatever you want and then capture that data has created a whole generation of new types of jobs,” says Caryn Beck-Dudley, AACSB’s president and chief executive officer. That data is mostly qualitative and unstructured, too messy and complex for earlier analysts—typically statisticians working with numbers—to subdue. And it’s multiplying. “Today, it’s much easier for organizations to pull data from different realms and analyze it in ways that we’ve never done before.

The coursework typically involves a highly technical mix of math and programming, and includes some study of the more traditional analytic disciplines taught in management science programs. Business management instruction varies greatly across schools.

3 key takeaways from the article

1. Ross is among the latest business schools to offer a master’s degree in analytics, a field that in just a dozen years has grown to be one of the most popular programs at US business schools after the MBA itself.
2. The rapid rise of the analytic master’s is a somewhat belated response to the defining hallmark of 21st century business: harvesting all sorts of data from the web and beyond.
3. The coursework typically involves a highly technical mix of math and programming, and includes some study of the more traditional analytic disciplines taught in management science programs. Business management instruction varies greatly across schools.

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Topics:  Education, Business Schools, Data, Technology