Business analytics is one of the fastest growing and highest-paying fields as companies harness big data to gain strategic insights. A master’s degree in business analytics can prepare graduates for high-demand jobs and career advancement.
However, the cost of a graduate program can be prohibitive without financial assistance. This guide provides an overview of scholarship options available to help fund a master’s in business analytics.
What is Business Analytics?
Business analytics refers to using data, statistical and quantitative analysis, explanatory and predictive modeling, and fact-based management to drive business decision-making and strategy.
Professionals in this field collect, analyze and interpret large amounts of data to identify patterns and hidden relationships that can help optimize processes, reduce costs, increase sales and profits, and gain competitive advantages.
Analytics skills are in high demand across many industries as companies generate more data than ever before from websites, apps, IoT devices, and ERP systems. Key roles include data scientist, data analyst, business analyst, marketing analyst, and more.
The U.S. Bureau of Labor Statistics projects a 28% growth rate for data analyst jobs through 2026, much faster than average. A master’s degree provides advanced training in areas like business intelligence, predictive analytics, data visualization, optimization modeling, and communicating insights.
What to Look for in a Program
When researching programs, consider accreditation, curriculum focus areas, affordability, reputation, career services, and scheduling flexibility. Most business analytics master’s programs take 1-2 years of full-time study, but some offer opportunities for part-time or online completion.
Look for courses covering quantitative business models and methods, database management, programming and scripting with R or Python, statistical analysis, data mining, data warehousing, predictive modeling techniques like machine learning and neural networks, project management, and communicating results through dashboards and reports. Hands-on projects allow students to apply skills on real-world business problems.
Interaction with professors doing cutting-edge research and an emphasis on practical experience through internships are highly valuable. Explore career outcome data like alumni salaries, placement rates, and types of employers hiring graduates. This context guides choosing the best-fit program for academic rigor and career progression.
With many schools’ master’s in business analytics programs exceeding $50,000 in tuition alone, scholarship assistance is crucial. Consider these options:
SAS Scholarship in Business Analytics
SAS, a leading analytics software company, awards scholarships of $5,000 each to master’s students studying business analytics, data science and related fields. Selection weighs academics, leadership experience, and career objectives outlined in essays. The award may be used for part-time or online programs. No work commitment is required.
Institute for Operations Research and the Management Sciences (INFORMS) Scholarships
INFORMS offers various scholarships of up to $10,000 for master’s students employing quantitative and analytical methods towards management problem solving. A 3.5+ GPA and compelling personal statement discussing analytical aptitudes and goals through studies in fields like business analytics qualify candidates.
Business Intelligence Scholarship
Business intelligence company Domo provides a $5,000 scholarship for master’s students pursuing careers using data and analytics. Selection considers academics as well as professional experiences gained through internships or previous roles applying BI and analytics. No work obligation post-graduation.
Inspirational Scholarship Program
Northwestern Mutual’s program awards renewable $5,000 scholarships for graduate study in various fields including business analytics. Selection weighs students’ service to others through volunteerism while maintaining a 3.2+ GPA. Essays detail how studies build upon past experiences serving communities.
Search engine optimization training company SEO University endows a $2,500 scholarship for master’s students committed to digital marketing careers. Applicants submit short essays outlining analytics and technical skills along with demonstrated interest in online marketing strategy gained through professional experiences or extracurricular activities.
Additional School-Based Awards
Top programs like Georgia Tech, University of Texas at Dallas, and Northeastern University also offer competitive, merit-based scholarships directly through their business analytics master’s programs. Internal awards range from $2,000-$10,000 annually based on undergraduate GPAs, GMAT/GRE scores, essays, interviews, and resumes highlighting relevant work or research experience.
To maximize chances, target multiple internal and external scholarships matching academic interests and career goals outlined in your applications.
Maintain a high GPA, score well on entrance exams, secure strong recommendation letters from analytics professors or employers, and emphasize relevant experiences through internships, projects or leadership roles.
Well-written personal statements are crucial to differentiate yourself from other qualified candidates. Relay precisely why the scholarship and academic program align with your analytical abilities and long-term ambitions for making impactful business decisions.
Following up in a thoughtful thank you note aids memorability. Preparation and persistence lead to identifying the optimal funding sources for a master’s in business analytics.
Big data is transforming organizations across industries, driving high demand for professionals with expertise in business analytics. A master’s degree from a reputable program cultivates core analytical skillsets applied through real-world coursework and hands-on experience.
Scholarship opportunities exist to help offset tuition costs and set graduates on a compelling career trajectory. With targeted research, essays highlighting relevant qualifications, and diligent application, talented students determined to study business analytics may obtain funding assistance.
This field offers exciting prospects for continual learning and fueling business growth through insights at many leading companies.