Business analytics courses in USA

Q. After completing my BE (computer science), I have been working in an MNC as a software engineer for the past two years. I wish to study further to become a Business Analyst – either an MS or MBA in Business Analytics. I am planning to do it in the US. Could you tell me which universities provides courses in this field? I am going to take the GMAT this September. What GMAT score will be decent enough to get through to such programmes? And what are the intake periods for those schools? — Koyal Lamba

A.Business analytics is the discipline that makes extensive use of data, statistical and quantitative analysis, explanatory and predictive modeling, and fact-based management to drive decision making. Business analytics is being used to do everything from solving complex business problems to increasing the efficiencies in hospitals and medical centers to simulating sporting contests.

As per statistics released by the US Bureau of Labour Statistics, there will be a 24 per cent increase in the demand for professionals with business analytics skills over the next eight years, i.e. by 2020. An MS in Business Analytics is a relatively new course offering, with several universities having launched their courses in the past couple of years in response to demand from the industry and students (e.g. NYU Stern, Northwestern, University of Michigan – Dearborn College of Business).

Other prominent universities offering this course are Texas A&M, University of Texas at Austin – McCombs Business School

MS in Business Analytics programmes vary in duration – from 10 months to 15 months. Universities admit students from a wide variety of educational backgrounds — engineering, science, business, IT/computers or mathematical or statistics background, though students are required to have a strong mathematical/quantitative aptitude. While not all programmes require a GRE/GMAT score, if you have taken them and have a decent score (GMAT – above 600; GRE – above 150) then do submit it to aid your application. International students, in addition, need to take the TOEFL/IELTS.

Unlike the MBA programme, there is no strict requirement for work experience for admission to an MS in Business Analytics.

For admission to the Fall session in 2016, the application process will begin in September 2015, with the first round of application deadlines falling in October-November 2015.

Do I need to take GATE?

Q.I am pursuing BTech electronics and am interested in doing post graduation in technology or management from a foreign university. Can you please tell me if I will also have to take GATE besides appearing for TOEFL? — Sameer Thukral

A.GATE (Graduate Aptitude Test in Engineering) scores are not required for admission to postgraduate courses abroad.

For seeking admission into an MS or MTech programme, you need to take the GRE, particularly if seeking financial aid for studying in the USA. Some universities may also require you to take GRE subject tests in the concerned area, especially in areas of science and technology.

A good GATE score can be an add-on to augment your case, but it is certainly not mandatory. For MBA courses in the US, GMAT (Graduate Management Aptitude Test) scores are necessary. However, for Canada, UK and Australia, your GPA here and TOEFL/IELTS (International English Language Testing Service) scores would generally suffice. Admission to postgraduate courses in these countries is mainly based on academic merit. All the reputed B-Schools require at least 3-4 years of work experience over and above good GMAT scores.

However, do check out the specific requirements of the course for which you wish to enroll on the institution’s website.

Prospects in actuarial sciences?

Q.I am studying in Class XII commerce stream. I want to know about actuarial course and future prospects and the various institutions offering this course. Let me know if there is a possibility of distance learning programme in this. — Pranav Gulati

A.Actuaries are considered to be the analytical backbone of a country’s financial security programmes. They design and develop insurance products, assess the risk, fix the right product pricing and undertake asset and liability valuation.

Based at the insurance company’s headquarters, they calculate the premium by applying mathematical theories of probability, compound interest and statistical techniques to finance with long-term implications, such as life insurance or pension schemes.

In a fast changing world with new risks and the need for more creative ways of tackling them, the career offers ample opportunity for personal and professional growth and lifelong learning.

This profession offers considerable rewards in terms of intellectual challenge, professional status, job satisfaction and high earnings.

To qualify as an Actuary, you must be a Fellow Member of the Institute of Actuaries of India. This involves clearing a tough 16-paper exam conducted by the institute. Log onto www.actuariesindia.org for more information.

The Institute of Actuaries, London, also conducts exams in India. Those who qualify from ASI get exemptions from some subjects of this exam, and vice versa. Although not mandatory, an MSc in maths/stats would be an ideal qualification to enroll for the course. However, the minimum eligibility required is for you to have scored 85 per cent in maths in Class XII.