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Why Study Data? Top Benefits for Your Career

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The hype around big data is growing, and for good reason. Big data has been around for the past two decades, but its popularity has skyrocketed since businesses started embracing AI and machine learning. Now, it has become part of almost every industry — from the aviation sector to manufacturing.

This trend isn’t going to end anytime soon. The popularity of data analytics is set to grow well into the future as more people realise the importance of data in business and in our daily lives. According to the Mckinsey Global Institute, 2.3 trillion gigabytes of data is produced every day

The market size of big data is expected to exceed $103 billion by 2027. Studying data is valuable for professionals at all stages of their careers. Not only can knowledge in this field open a range of career opportunities, but this is an area that is valuable for nearly every profession these days.

Whether you want to pursue a role in the data industry or progress your career in project management or cybersecurity, a qualification in data will be invaluable. Businesses are looking for people who can manage a large volume of data efficiently to serve customers better and get an edge over their competitors. This demand for data experts and analysts is only set to grow in the future.

why study data

Why Study Data?

Data Analytics is a Priority for Businesses

The main reason to study data is that data skills are in high demand. With more companies moving to big data, there is a shortage of data analysts and experts. This means that graduates with data skills can pick between exciting roles and demand a high salary.

A data analyst collects data from different sources, draws conclusions, and makes recommendations to help a company’s financial growth. It is a skill that companies need in their best employees. Even if you don’t want to pursue a career as a data analyst or data engineer, having qualifications in this area will make your resume stand out.

From healthcare to education, just about every industry is turning to big data to improve decision making. In today’s increasingly competitive landscape, companies incorporate AI and other data-based tools to streamline operations and offer more value to their customers. According to CETPA InfoTech, 77% of businesses believe that data analytics is crucial to their performance.

In fact, the performance of a company is measured by data analytics. This means the data analyst plays a pivotal part in decision making, marketing, and creating business policies.

Great Range of Jobs Available

Before you decide to study data, it’s important to get one thing straight – the roles available in the industry go far beyond just being a data engineer. Data engineering is a technical profession that focuses on data mining.

On the other hand, data analysts collect data from enormous databases to help financial, HR, and marketing teams get a clear picture of the company’s financial performance. They play an essential role in decision making.

Other roles available for those who study data include:

  • Data consultant
  • Big data architect
  • Data manager
  • Marketing analyst
  • Chief data officer
  • Market knowledge manager
  • Operation and sales analyst
  • Big data engineer

And that’s just to name a few — the opportunities are endless. Studying data not only gives you knowledge of the field, but also helps to improve your critical thinking, problem-solving, and project management skills.

Strong Career Potential

The demand for data experts is growing dramatically, and considering the shortage of skilled analysts, there couldn’t be a better time to study data and land your dream job. The US Bureau of Labor Statistics says that the demand for data professionals is likely to grow by 4.4 million from 2020 to 2024.

The lack of skilled candidates means businesses are struggling to incorporate big data. Best of all, you can choose the sector you want to work in. 

Data science is required in the food, manufacturing, hospitality, healthcare, transport, communication, and retail industries, among others. With increased demand and a shortage of data analysts, you’ll be able to choose your dream role in your preferred industry!

Strong Salaries

The high demand and limited supply of data analysts also makes them extremely valuable. Companies are willing to pay high salaries for data specialists, as their role is critically important in helping to optimise operations. With market competition getting tougher, data has become a vital area for all business, so companies are ready to pay what they demand.

The average salary of a data analyst in the US was $79,325 in 2021. In Canada, a data analyst earns C$58,427. In the UK, the average salary for a data analyst is £27,891. Of course, that’s only the average. The earning potential of a data analyst depends on their qualifications, training, experience, and the company they work for.

In the US, data engineers enjoy the biggest paycheck in the field. According to Indeed, the average annual salary of a data engineer in the States is $116,765.

The Bottom Line

Flexibility and excellent pay are two of the most important things every employee wants from their job. Working as a data analyst doesn’t only mean a good paycheck, but you get to work as an influential team member who can have a real impact on the company’s growth. Studying data opens up a range of opportunities for a rewarding and exciting career.

If you’re convinced about why you should study data, take a look at EDHEC’s online Master of Science (MSc) in Data Management & Business Analytics.