What is Business Analytics?

“Business analytics involves acquiring new knowledge through an analysis of data and information from various sources, and employing that knowledge to develop and implement value-creating competitive actions.” (Sharma et al., 2010).

It is a new field in information systems (IS) research, the strategic value of analyzing customer data has led to the development of various business applications that are focused on increasing customer profitability and improving the efficiency of operations. With the increasing number of data-related problems that businesses face, business intelligence and analytics have emerged as an important research area that can be utilized by both practitioners and researchers. Industry studies have highlighted this significant development. 

According to a study, the ability to make profitable decisions based on large amounts of data is only possible with the help of business analytics. The tools used for analyzing and reporting on data often reside in databases and data warehouses. The outputs of the analysis can be derived through various models and statistical techniques, like data mining, visualisation, online analytical processing, statistical and quantitative analysis, and explanatory and predictive models. 

• What is MS in Business Analytics?
• Why do you need an MS in Business Analytics?
• Top 7 career paths after completing MS in Business Analytics
• Tips for getting a job after MS in Business Analytics in Canada
• 5 top colleges for MS in Business Analytics in Canada
• Admission Process
• Eligibility Criteria
• Application requirements
• Costs of Living in Canada
• Scholarships

What is MS in Business Analytics?

Business analytics is a field of study that uses data analysis techniques to improve decision making. The goal is to provide managers with information they can use to make better decisions.

Business analytics helps companies make better decisions through the collection and analysis of data. This allows them to identify trends, patterns, and other useful insights.

The course will cover topics such as:

• Data mining
• Predictive analytics
• Optimization
• Statistical modeling
• Data visualization

• Data mining- Data mining is a process that uses various techniques to find patterns, correlations, and anomalies in large data sets to predict future results. This information helps to increase revenues, cut costs, improve customer relationships, and reduce risks.
• Predictive analytics- It is a branch of advanced analytics that uses machine learning and other statistical techniques to predict future events.
• Optimization- This aims to introduce students to the various theories and algorithms related to the optimization of data. Through a business analytics lens, students will learn how to formulate and implement optimization techniques in various data-related problems.
• Statistical modelling- It is a process utilized for generating statistical data and making predictions about the world. It is a mathematical representation of observed data. Instead of sifting through the data, statistical modeling allows students to identify relationships between different sets of data and make predictions about them.
• Data visualization- It is a process that translates data sets and metrics into visual representations such as charts and graphs, making it easier to comprehend the trends and outliers. 

Why do you need an MS in Business Analytics?

Business analytics is being used in various renowned industries such as (Amazon, Capital one and, P&G) finance, entertainment, e-commerce, and retail. According to a study, the ability to analyze and make informed decisions has helped companies gain a competitive advantage. Since the concept of business analytics is relatively new, it has plenty of scope to conceptualise new concepts how it can benefit organizations. It is an evolving research stream.

Top 7 career paths after completing MS in Business Analytics
 

1. Machine learning engineering- as a specialist field is still at an infant stage. Engineers working with data scientists develop algorithms and build programs to enable machines to make decisions without the need for humans. Typically, machine learning engineers have an undergraduate background in math, physics, or statistics, followed by a specialized masters or PhD.
2. Data scientist- If you are interested in data analysis and want to work with people who are passionate about this field, then you should consider becoming a data scientist. This role requires an employee to work with various departments and provide the necessary recommendations for decisions. Furthermore, analyse the risk attached to executing those decisions. They are required to document their crucial findings to the stakeholder whenever they deem necessary. 
3. Business Analyst manager- Prepare designs for functional specifications in coordination with the information technology department. Analyzing and developing business processes and procedures is necessary to achieve goals and minimize costs. This role will help you establish and maintain processes that are aligned with business goals. Work with the technical team to identify all the limitations in the existing process and develop new ones. Coordinate with clients and vendors to develop effective working relationships.
4. Statistician- The goal of statisticians is to compile, analyze, and evaluate quantitative information from surveys and experiments in order to help organizations achieve operational standards and find practical solutions to problems. To be successful in this field, you must have relevant qualifications and experience. Strong leadership and organization skills are essential to this role. Almost half (49 percent) of IE’s Master in Business Analytics & Big Data graduates go on to work in the technology industry. 
5. Chief Data Officer- In 2012, only 12 percent of the Fortune 1000 companies had a chief data officer. In six years, 67.9 percent of the surveyed firms had already established a CDO. Chief data officers are business-focused individuals with strong expertise in information technology and study the organizations’ data. They should have at least a bachelor's degree in mathematics or a specialist in statistical or econometrics.
6. Application architect- As an application architect, you should have a strong technical vision, good analytical skills, and a critical-thinking mindset. They work day in and day out to develop and test new software. You will need some experience in big data or programming languages. This will allow you to develop and implement strategies that take advantage of the latest analytical techniques.
7. Operations research analyst- This job is considered one of the best positions in the business world. An operations research analyst uses statistical modeling, data mining, and advanced math to develop effective and cost-efficient business decisions.

Tips for getting a Business Analyst job after MS in Canada 

If you are looking for a career in Business Analysis in Canada, the glad tidings come your way as the demand for these professionals is high. According to the IIBA survey, Canada is the most in-demand country for business analysts. The demand for business analysis is expected to grow at a robust 14% annual rate over the next couple of years. When it comes to choosing a career in business analysis, a bachelor’s degree is still very important. But, having impeccable grades or scores may not be the most important factor when it comes to hiring professionals today. Keep your target on learning the skills that are in demand in the market- 

1- Gain knowledge of the Business Analysis Process- A good resource for learning about the various facets of business analysis is the IIBA’s core standard. This document, which is a short but useful document, will give you a good idea of how it is performed.

2- Business analysts need to be able to use various tools and have the necessary skills to complete their tasks efficiently. In this course, you will learn how to use various tools for modeling and state modeling. You can also get hands-on with other free tools such as Microsoft Visio, Lucid chart, BizAgi. Essentially, BAs have the following requirements to be fulfilled by using their tools-

• Managing requirements
• Modeling requirements wherever feasible
• Collaboration tools

3- There are plenty of resources online that can help you understand the domain that you are applying for. Doing so will help you understand the workings of the organization and make your decision easier.

You can find a high-level overview of most of the domains at APQC.org 

4- For professionals who have undergone education abroad, Canada offers various programs to acclimatize new or PR holders to the country's job market. You must hone these skills to square with your job role-

• Communication Skills
• Negotiation Skills
• Facilitation Skills
• Analytical Thinking Skills
• Problem-solving Skills

5- Update your resume- Avoid the common mistake of not updating your resume according to the job role you are applying to. It really makes a BIG difference!

Remember that before you meet with the recruiters, make sure that your resume reaches them. It will also help them gauge how honest and accurate you are in describing all of the information in your resume. Having the right words and terms will also help you stand out from the crowd.

ESSENTIAL REQUIREMENTS

1. Gain experience at an internship- An internship is a great way to bridge the gap between the academic and professional worlds. It provides practical skills and knowledge that can be utilized in the job market.  Startups are usually looking for people who are capable of tackling various problems and are willing to step up to the challenge. Working at a startup will teach you the ins and outs of the job.
2. Build a network through volunteering- Being a volunteer helps keep you engaged, and it provides an opportunity to connect with other professionals. Being a part of various online groups and forums in Canada will help you gather knowledge about business analysis and connect with potential employers. It will also help you make new connections. Becoming a member of an IIBA/BA chapter will allow those looking for a job to connect with like-minded individuals while they're still looking for their ideal job.
3. Certification- To be a preferred business analyst, earning a certification is very important. It can help improve your overall performance and provide you with market opportunities. Getting an IIBA certification is a sure way to enter the world of business analysis. Not only does it provide a solid foundation, but it also helps in gaining global certification. Since most freshers are not familiar with the fundamentals of business analysis, it is highly recommended that they get training from a seasoned coach.

5 TOP colleges for MS in Business Analytics in Canada (QS Ranking)

 
Admission process-

International students who wish to study in Canada must meet certain general criteria in order to be considered for admission. Students must first visit the program page of the institution they wish to study at for details. It is recommended to apply for the fall term for international students. 

MS in Business Analytics in Canada Eligibility

The general eligibility criteria for admission in business analytics courses in Canada are given below:

• Completed education of 16 years- 10+2+4.
• Completion of a four-year undergraduate program with exposure to linear algebra, statistics, and calculus.
• Hands-on experience in computer programming and data analytics.
• GPA of 3.0 on a scale of 4.0, suggesting the percentage score should be within 76-81% and letter grade as B or above. 

MS in Business Analytics in Canada Application Requirements

Applicants for master’s programs are required to submit various documents along with their application. The details for the documents required for admission in Masters in Business Analytics in Canada are listed below:

1. Transcripts: Certificates, mark sheets, and other documents from previous institutions must be submitted. Some universities ask applicants to submit original transcripts. However, some universities ask applicants to submit certified original copies of the transcripts.
2. Proof of Language Proficiency: International applicants from non-native English speaking countries must submit proof of language proficiency. Applicants can submit the score of standardized language tests. The minimum score requirements for studying MS Business Analytics in Canada are as follows:
     *IELTS: 7.0 (with a band score of 6.5 each). Carleton University accepts a minimum overall score of 6.5.
     *TOEFL (iBT): 100. Carleton University accepts a minimum overall score of 87.
3. Letter of Recommendation: Applicants for MS in Business Analytics are required to submit academic or professional letters of recommendation. Most of the universities require two-three LORs.
4. Resume/CV: An updated professional resume is required along with the application.
5. Supporting Documents: Statement of intent, personal essays are some of the additional documents that may be required for admissions. 

Pre-arrival Costs

Given below is a table indicating the one-time major costs involved for an international student planning to study abroad.

*Depends on the university

**150 USD for a Canadian Study Permit and 85 USD is Biometric fees.

Tuition fees for MS in Business Analytics in Canada

Cost of living in Canada

Canada is a well-known international study destination. One of the most economical options when it comes to studying abroad is Canada. The overall cost of living in Canada is lower than in other countries such as the US and Australia. Aside from tuition fees, living expenses in Canada vary depending on the city you choose to reside in.

Scholarship to Study in Canada

Numerous scholarships have also been made available to help Indian and foreign students save money on their studies in Canada. These are awarded on the basis of academic performance, potential abilities, and merit.

• The following is a List of Popular Scholarships available for Indian Students in Canada.
• Vanier Canada Graduate Scholarships
• Ontario Graduate Scholarship
• Lester B. Pearson International Scholarship Program
• President's Scholarship for World Leaders
• International Leader of Tomorrow Award
• University of Manitoba Graduate Fellowship (UMGF)
• The Seneca Renewable Entrance Scholarship of Merit for International Students
• Assist-on Scholarship
• Trudeau Foundation Scholarships

Canada is a country that offers a unique perspective on education. Its various dynamics help boost the country's economy. Through the help of these scholarships, students can live an exciting life in Canada. The government is especially concerned with education regulation, and several Canadian institutions rank among the world's top 100. The government has spent about AUD 300 million on scholarships, grants, and prizes to help students.