Some eight years ago, the Harvard Business Review termed data science as the ‘sexiest job of the 21st century’. Since then, the US Bureau of Labor Statistics has reported a more than 16% growth in jobs in the sector.
But, to make it to the hot and happening jobs in the world of data science, one needs a master’s degree in business analytics and Big Data, and a PGDM in business analytics will definitely help make it. Some career paths that also pay well.
Machine Learning (ML) engineering is a new-age specialist job that’s in its infancy. ML engineers work in tandem with the organization’s data science team. Together, they build programs and write algorithms to deliver data-driven products and services that help machines make independent decisions, act upon them and thus improve user experience without human interference. The self-driving cars, the social media news feeds are examples of these. The consumer-facing firms or firms that offer data-based service, like Apple, Microsoft, Accenture et al. fall in this category. ML engineers come from backgrounds in mathematics, physics, or statistics in graduation and then specialise w Masters in Business Analytics or a PhD.
A job requiring superior analytical skills, it’s demanded by both the Public and private sectors. They use programming tools and design data frameworks that are secure while managing large electronic databases for companies and other organisations. A highly-technical role, it involves making sure that the data is relevant, accurate and accessible to the organization so that the employees can access the information such as the financial records or marketing information when they need them.
There is no dearth of sectors needing statisticians. Starting with the government, they are in demand across sectors including education, health, sport, finance, environment, market research, transportation, among others. They crunch numbers compiled from surveys and other experiments, analyse and evaluate them to help entities find practical solutions.
A ubiquitous job now, sectors, including pharmaceuticals, manufacturing, consulting, finance, education and the government, all need them. Data analysts are very inquisitive, and are highly analytical and play with numbers. Every business gathers data, including sales figures, gleans the data on logistics, data from market research and transportation costs. A data analyst analyses the data for clear insights for an organisation to help make better business decisions.
The Chief Technology Officer (CTO) works in the Corporate IT departments, consulting, and finance. The senior position needs an expert in technological trends and knows how to implement it when developing business strategies. CTOs are experts in strategic thinking and in conducting technological analysis to ensure the firm stands out in the highly competitive market. It demands strong leadership and organizational skills. The individual must know the technologies that can best harness the resources to build efficiency and ensure good user experience.
The Chief data officer (CDO) works in sectors like banking, in IT departments of companies, in consulting, healthcare facilities, finance, etc.. Their demand has been rising. To cite an instance, in 2012, only 12 percent of the Fortune 1000 companies (top 1,000 companies in the US) had a CDO. In six years, 67.9 percent of the surveyed firms had a CDO, according to the business magazine Forbes. The CDO has to strategically study a company’s data and study what is the most valuable asset. CDOs are business-focused and are IT experts.
Application architect or APP Architect
They work with computer manufacturing companies, software development firms and company IT departments. It’s a fast-paced role requiring technical vision, while providing valuable insights and solutions to software development, and also their use. The job demands one to be strong in skills like analysis, problem-solving and critical-thinking.. They carry out tasks including creating better apps, developing prototypes, running the software tests, and also creating technical documents for these application software. The job needs proven programming language and skills in architecture design. A master’s in business analytics and big data, for instance, from respected PGDM colleges in Mumbai such as the Vivekanand Business School, will equip you.
A project manager is needed in IT, engineering, marketing and construction. They use their business acumen that’s data-driven to not only plan, but also budget while overseeing project/s. For this, one needs to be organized and possess skills in leadership and critical-thinking. For this, one could take up a course in any of the MBA colleges in Mumbai.
Market research analyst
It’s a job seen across finance and insurance, manufacturing, and consulting services. They compile complex reports, spreadsheets, surveys and opinion polls in order to gather and evaluate significant market intelligence that can help an organization market their product or service in the best way possible. Data could be on consumer demographics, their spending habits and the sales trends, their needs, their interests, and their preferences. They need a good working knowledge of statistical software.
The Business Analyst Translator is needed in finance and insurance, and consulting services. As organisations turn to technologies like AI and ML for efficiency, these professionals help bridge the gap between the business team and the technology team. The teams may have opposing stands, causing some confusion, a lot of miscommunications and even massive errors. The business/analytics translators ensure they don’t lose focus.
A data scientist is needed by the government, IT departments, academia, retail, transport services, finance and e-commerce. They use algorithms, AI, ML and other tools, and mine complex data and turn them into meaningful, transparent information to help businesses improve their strategy and operations. Vivekanand Business School is the perfect place for a student to gain the right academic training given it’s features and facilities, that too, in the heart of a metropolis.
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- Hetal Palan