Best Master's in Data Analytics Programs: What You Need to Know

Signs are pointing to data analytics becoming a game-changer for modern businesses.

One survey discovered that 94% of companies believe data and analytics are crucial for their growth and digital transformation. In another survey, 92% of data leaders said they felt hopeful because data analysis helped their businesses grow and be more productive.

According to the U.S. Bureau of Labor Statistics (BLS), job growth for data analysts will explode in the next 10 years. The BLS projects jobs for data scientists, including data analysts, to grow by 35% from 2022-2032, much faster than the average for all occupations.

Most entry-level data analysts have a bachelor's degree. The best master's in data analytics programs open doors to diverse and high-demand career opportunities, with higher earning potential. These graduate-level programs provide advanced skills in data analysis, decision-making, and problem-solving.

Find out what you need to know about the best master's in data analytics programs.

What Is a Master's in Data Analytics?

A master's in data analytics provides the skills and knowledge to analyze raw data. It's a combination of statistics, computer science, data mining, and business intelligence. You'll learn how to extract valuable insights from data and help organizations make decisions based on that.

Typically, these programs take around 1-2 years to complete. You'll dive into core and elective coursework, and usually, there's a capstone project at the end. Once you graduate, you'll have a wide variety of career paths to explore, such as:

• Data analysis: Data analysts uncover valuable insights from data using various tools and techniques. These insights help organizations make data-driven decisions, such as predicting consumer behavior in retail, optimizing treatment plans in healthcare, or assessing risk in financial services.
• Data science: Data sciences perform more advanced data analytics. They use strong statistical and programming skills to develop complex models, algorithms, and predictive analytics to solve complex problems. For example, manufacturing and transportation industries use data science to predict equipment failures and optimize maintenance schedules.
• Data engineering: Data engineers design, build, and maintain databases that collect, store, and process data. Data engineers focus on ensuring data quality, scalability, and efficiency to support the needs of data analysts and data scientists.

Master's Degree in Data Analytics

How Much Does It Cost?

A master's in data analytics is a relatively new degree, so nationwide statistics on the costs are unavailable. But we can compare the costs of degrees in related fields.

According to the National Center for Education Statistics (NCES), the average annual tuition costs for master's degrees related to data analytics in 2020 were as follows:

• Mathematics and statistics: $19,649
• Computer and information sciences: $16,750
• Business, management, and marketing: $16,120

But, remember: These numbers are just averages. The actual costs can vary depending on factors such as the school, your status as a full-time or part-time student and if the program is online or in-person.

Admission Requirements of a Master's in Data Analytics

Admission requirements for a master's in data analytics vary, but most programs require a bachelor's degree. Some programs may prefer a degree in a STEM or business-related field — for example, engineering, accounting, or quantitative analysis.

Having a basic background in mathematics and computing can also be important. If you've taken calculus, probability/statistics, or even basic linear algebra courses, that can be a plus.

Another thing to keep in mind is your undergraduate GPA. While it can vary, maintaining a minimum GPA of 3.0 or higher is generally required.

Some programs may also consider relevant work experience, certifications, or additional coursework as factors for eligibility. These can strengthen your application and show your commitment and knowledge in the field.

But these are only common prerequisites. Specific program requirements may differ. So, checking with the schools you're interested in is always a good idea to get the most accurate and up-to-date information.

What Specializations Can You Study in a Master's in Data Analytics Program?

Many master's in data analytics programs offer various specializations or concentration areas. Specializations and concentrations are subfields of study within a discipline. If a subfield matches your interests and career goals, you can focus on it.

The following are common specializations a master's in data analytics program might offer:

• Data science
• Business analytics
• Healthcare analytics
• Social media analytics
• Data mining

Is a Master's in Data Analytics Worth It?

A master's in data analytics can be worth it for a few reasons. A graduate-level degree in data analytics can propel you beyond entry-level roles to more mid and senior level positions, which also offer higher salaries.

Data analytics is a fast-growing industry with a strong job outlook. Data analysts make very competitive salaries. According to the BLS, data scientists (including data analysts), earned a median annual wage of $103,500 in May 2022.

But, it's important to evaluate your options. You should consider if the payoff aligns with your personal, professional, and educational goals. Also, take the time to consider if the investment — which may range from $16,000-$20,000 per year — is worth it in the long run.