MBA vs Data Science Which is a Better Career Move

Nikita Joshi

Content Curator

MBA is the go-to choice for students globally when it comes to upscaling themselves with a professional degree. There are various perks that the MBA tags along with itself, be it the lucrative pay packages or the career prospects it offers. Still, somewhere down the line, it is a well-known fact that every concept reaches its saturation. It is in this context that one can discuss Data Science and its utilization. Data Science, which is a considerably new subject, deals with the study of data, and its usage. Data Science is in high demand as organizations are adapting online business models and there is a need for Data Scientists who can derive insights from digital data.

The growing demand for business data roles and data-driven managers is driving up salaries to the point where a Data Science program should be considered over a general MBA degree for management positions. However, the major concern remains that despite being Data Scientists, some of them aren't able to leverage their business talents because they didn't start off with an MBA. So, which of the two is more useful in the corporate world: having an MBA or being a Data Scientist? While having a degree in either can do wonders, each has its own set of possibilities. 

It is evident that a postgraduate program in Data Science is the need of the hour and would gradually become one of the top choices. Top business schools like Amity University and Symbiosis Center for Information Technology have a compact study approach for students aspiring to take up a postgraduate program in Data Science. The recent placement data from Symbiosis Pune reflects that a postgraduate program in Data Science when compared to a general MBA degree has better placement opportunities in terms of average salary and highest package offered.

It is in this context that one can discuss the indispensable utility of a compiled course that teaches the rectitude of both the world of management and data science. Companies are working hard to use the wealth of data available on the market today to their advantage. The businesses are aggressively investing in workers with applied Data Science expertise in their attempt to obtain a data-driven competitive edge. Several factors favoring a post-graduate program in Data Science over an MBA degree include: 

• Increase for Data-Driven Skills: As per a report by “Aspiring Minds Future of Jobs”, the demand for Data Science skills increased from 7% in 2018 to about 34%. According to the same survey, data analysis is one of the top 5 job functions with rising demand and a diminished danger from automation. Regarding 78,000 positions, Analytics Jobs did another investigation. Investments in data science skills will likely yield beneficial returns because they are unquestionably dominating the global labor market.
• Management Edge: Another survey conducted by the “Accenture Institute for High Performance” states that despite an increase in demand, there is a global scarcity of Data Scientists. The report lists the combination of skills that Data Scientists need as one of the causes of the shortage. According to a survey report, companies are explicitly looking for candidates with a postgraduate degree in Data Science to fill around 8% of the analytical jobs, emphasizing the need for data-smart managers. Companies are actively searching for employees with data-driven leadership skills. Since only a technical degree can offer commercial insight, a postgraduate program in Data Science is now the most preferred choice.
• Relevancy in the Job Market: Organizations find it difficult to execute data-driven business models due to digital disruption. Companies are paying excessive salaries to professionals with a mix of data science and managerial abilities. It is a profitable decision for working professionals fighting to stay relevant in the fast-paced corporate climate to reskill. Data Science-related skills are highly in demand as a result of the data ecosystem's evolution. People who choose to pursue a postgraduate data science program over MBA are able to raise their worth and set themselves apart from the competition.

As a concluding statement, one can justify that a postgraduate program in Data Science is a better option than an MBA degree in terms of ROI. The average MBA course fee ranges from INR 10 - 30 lakhs. In tier 1 colleges like IIM Ahmedabad or IIM Bangalore, the average MBA course fee is around INR 25 lakhs. The average fee for a postgraduate program in Data Science ranges from INR 1 - 10 lakhs, but the career opportunities are more or less similar to an MBA program. Moreover, the curriculum of a postgraduate program in Data Science is designed keeping in mind that candidates might prefer to learn at their own pace. The majority of these programs are offered in a blended learning model. Hence, a postgraduate program in Data Science can prove to be a better career move.