The number of graduate programs in data analytics—and GMAT test takers sending scores to them—have boomed over the last five years.
More companies than ever before are leveraging big data analytics to discover business value in their data. A 2011 McKinsey & Company report
estimates that by 2018, the United States alone could face a shortage of between 140,000 and 190,000 workers with “deep analytical” skills as well as 1.5 million or more data-literate managers.
GMAC research on employer hiring trends also shows significant growth in employer demand for skilled individuals to fill data analytics roles. Globally, 51 percent of all companies surveyed in the 2015 GMAC Corporate Recruiters Survey planned to hire business graduates in 2015 to fill these roles, up from 44 percent in 2014. By industry, more than half of the companies GMAC surveyed in 2015 across sectors planned to hire recent business school graduates to fill analytics positions.
Both business schools and prospective students have responded to the rising employer demand for analytics professionals. Since GMAT testing year (TY) 2011, the number of business candidates pursuing data analytics degrees—as well as the number of business schools offering such programs—has increased considerably.
The number of GMAT examinees directing their score reports to Master in Data Analytics or Business Intelligence programs reached a record high of 3,249 in TY2015, up from just 265 examinees in TY2011. The number of programs receiving GMAT scores has also grown significantly from 7 programs in 2011 to 48 in 2015, an increase of nearly 600 percent.
Of the 11 Master in Data Analytics and Business Intelligence programs submitting survey responses to the 2015 GMAC Application Trends Survey, 9 programs were launched more than one year prior to the survey. Of these programs, all indicated that application volume was up significantly from the previous year. Seven of the 9 programs indicated application volume was up more than 21 percent compared with the previous application cycle.
Master in Data Analytics and Business Intelligence programs are among the most selective specialized master’s degrees offered by business schools today with a median estimated acceptance rate of only 29 percent, compared with Master of Accounting (60%), Master of Finance (44%), Master in Management (48%), and Master in Marketing & Communications (46%).
For more on employer demand for business school graduates with data analytics skills, download the 2015 Corporate Recruiters Survey Report
. For more on the growing number of applicants to Master in Data Analytics programs, check out the 2015 Application Trends Survey Report