A study by ASSOCHAM tells that only 7% of MBA graduates passing out from Indian institutes other than the premium B-schools are employable in reality. Not only this, out of the 15 lakh fresh engineers graduating yearly, 20-30% are unemployable or underemployed. The falling employability of graduates after a professional degree is not at all surprising. The Economic Times cites outdated curriculum as the major reason for employability crisis of MBA graduates. The digital disruption and exponential technological advancement are making the current professional courses irrelevant. If educational institutions do not regularly update their curriculum, the students are bound to suffer. Banking on new age professional degrees like MBA in Applied Data Science can be a career savior in the data flooded market.
What is MBA in Data Science?
An MBA with applied data science is all about acquiring the proficiency in analyzing and using the data in making viable business decisions. It creates relevant competency in using data strategically to solve business-related problems. Becoming a data science manager is much more than being able to use data for calculations and computation. A data science manager should be able to assimilate the data, interpret it and provide actionable insights into the business.
Why choose MBA in Data Science over Traditional MBA
With the abundance of data in the market today, companies are vigorously trying to utilize it for their business advantage. In their quest to gain a data-driven competitive edge, the organizations are proactively investing in professionals who are skilled in applied data science. Some of the reasons for precedence of MBA in Applied Data Science over traditional MBA are;
Increase in Demand for Data Science Skills
Aspiring Minds’ Future of Jobs 2018 reports only a 7% demand for general management skills as compared to around 34% demand for information gathering and synthesis. Data analysis according to the same report is amongst the top 5 job functions with increasing demand and a lower threat of automation. In another study conducted by Analytics Jobs around 78,000 positions which require data analytics professionals are open in India at present. Data science skills are undoubtedly ruling the employment market globally and investment in these skills will certainly give profitable returns.
The Management Edge
A research report by the Accenture Institute for High Performance finds that there is a global shortage of data scientists even when the demand for data scientist is rising. One of the reasons that the report cites for the scarcity is the “combination of skills” that data scientists require. The need for data smart managers are highlighted in a survey report which states that employers are specifically looking for an MBA/PGDM degree to fill about 8% of the analytical jobs. Companies are actively looking out for candidates who can lead through data. A technical degree alone cannot provide business insight, therefore, MBA in Applied Data Science the most feasible alternative today.
Relevancy in Job Market
The digital disruption has put organizations in a situation where they are struggling to implement data-driven business models. Professionals with a combination of data science and management skills are being offered exorbitant salary by the companies. For working professionals who are contesting to stay relevant in the dynamic business environment, it is a lucrative choice to reskill themselves.
With the evolution of data ecosystem due to digital disruption, data science-related skills are getting more valuable. Data savvy managers have an immense future in the coming years. Opting for MBA in Applied Data Science will enable individuals to increase their worth significantly and make them stand out of the crowd.
Watch this video to know more about Data Science –