September 24, 2012, 7:16 AM — Colleges and universities are moving swiftly to create advanced degree programs in analytics to manage Big Data.
The schools have all seen the McKinsey Co. report warning of a mega shortage in analytical talent of as many as 190,000 people by 2018. They have also heard about the need directly from big employers, such IBM and SAS.
Schools, for years, have provided many training opportunities in analytics. But these new advanced-degree programs are using business intelligence and other analytical tools to turn social media, sensor, purchase transactions, mobile and other sources of Big Data into useful information for business and government.
Among the new programs is one at the McCombs School of Business at the University of Texas. It is now accepting applications for its Master of Science in Business Analytics, which will begin in the fall of 2013.
"There is lot of demand for people who can say something meaningful about the data that is accumulating," said Prabhudev Konana, chair of the Department of Information, Risk, and Operations Management at the University of Texas.
The university expects to begin the program with 50 students, but it anticipates demand from qualified students above that.
Based on student inquiries so far, "getting 50 (students) is not going to be the issue, figuring out where we want to cap it might be the bigger issue," said Michael Hasler, the director of the program at the university. It will be an 11-month, full-time program.
What may be the pioneering program was started in 2007 at North Carolina State University, which has enrolled 84 students in its class a 2013. It just recently finished expanding its facilities to meet demand. There were 272 applications for this class.
According to data it publishes about its class enrollments and graduates, every student in the North Carolina 2012 analytics class of 38 students received a job offer. The average base salary for those students was $89,100.
For students with prior job experience it was $100,100. Moreover, 60% of its most recent graduating class received a signing bonus, with an average amount of $16,000.