Making decisive choices based solely on intuition can have a detrimental impact on businesses. Nowadays, many enterprises are leveraging the data they generate and collect to enhance decision-making processes related to product development, marketing strategies, and overall business tactics, given the exponential growth in data volume.
The realm of data analytics and artificial intelligence plays a crucial role in this domain, leading to the projection by the U.S. Bureau of Labor Statistics (BLS) that positions for data analysts will be among the fastest-growing occupations in the foreseeable future. To meet this demand and equip students with proficiency in cutting-edge generative AI tools like ChatGPT, the University of Minnesota has systematically revamped the course content of its yearlong graduate program in business analytics.
The updated Master of Science in Business Analytics (MSBA) curriculum is set to debut at the University’s Carlson School of Management in the academic year 2024-25. This curriculum redesign was informed by feedback from industry partners advocating for increased expertise in data analytics, as well as insights from alumni and members of the Carlson School’s advisory board comprising executives from local and national corporations.
According to Mochen Yang, an associate professor in the Carlson School’s Department of Information and Decision Sciences, decision-making in business without the aid of information analytics often relies on experience, intellect, or hierarchical authority within the organization. Yang emphasizes the competitive edge that businesses gain by leveraging business analytics and data analytics for decision-making, underscoring the shift away from intuition-driven decision-making towards data-supported methodologies.
Professor De Liu, who oversees the MSBA program, notes that the focus on developing AI competencies predates the emergence of ChatGPT. However, the evolving technological landscape and the emphasis on conceptual AI necessitated a comprehensive curriculum update. Responding to the heightened interest in the new curriculum, the University may introduce an AI for business certificate program for working professionals in the upcoming fall semester.
The BLS estimates a 35% growth in employment for information scientists through 2032, with approximately 17,700 job openings annually. The median starting salary for the MSBA class of 2023 stood at $120,000, marking a 20% increase from the previous year, with popular job titles including data scientist, chief data analyst, and business intelligence engineer. These graduates found employment predominantly in financial services, wholesale, and consulting sectors.
Employers are witnessing their workforce harnessing AI capabilities to enhance performance across various tasks, from coding to content creation and idea generation. The integration of AI into daily business operations not only enhances product offerings but also serves as a catalyst for innovation.
The revamped curriculum includes an advanced “Responsible AI” program aimed at equipping students with the necessary skills and ethical mindset to develop AI solutions that are not only technologically robust but also ethical, secure, and transparent. This program addresses issues such as analytic bias and provides hands-on training on building reliable AI systems.
Additionally, specialized programs like Advanced AI for Natural Language Understanding and Generative AI for Business Applications prepare students to navigate the complexities of AI technologies in real-world business scenarios. Practical experience is offered through the Carlson Analytics Lab, where MSBA students collaborate with faculty and industry partners to tackle business challenges.
The University’s MSBA program stands out for its comprehensive approach and emphasis on practical application, reflecting a commitment to producing graduates who can make a tangible impact in the business landscape. Todd Nelson, a freelance writer based in Lake Elmo, can be reached via email at [email protected].
