Youngsters are confused about whether to pursue Business Analysis Certification or get an MBA. However, both of these programs are pretty different from one another! Yes, these two programs vary in terms of cost, time investment, and one’s work experience!
Honestly, MBA is such a program that can back you up if you aspire to be a Business Analyst, but it is definitely not a must to be a successful Business Analyst! However, it is also a fact that having an MBA can provide you with the support that you might need!
What is MBA?
Master of Business Administration (MBA) is typically two and half years or a yearlong program that teaches you the fundamentals of Business Administration.
This program covers every aspect connected to business, i.e., Information Technology, Marketing, Sales, Marketing, Production, Accounting, Finance, and Human resources (HR). Not only that, an MBA can help you take proper leadership roles as well.
This program primarily focuses on how businesses run, flourish, and survive! And do complete your degree; they can charge you anything from $50,000 to $200,000. Getting this degree costs much more!
What is Business Analysis Certification?
The Business Analysis Certification is such a program that provides you with the keys to analysis, capturing, understanding, assessing, and keeping documentation of fluctuating needs of the business and the impact on the stakeholders!
Again, this program offers you the choice of ECBA, CBAP, CCBA, CPRE, and BCS BA, which solely depends on your interests and experiences.
IIBA Certifications such as CBAP, ECBA, and CCBA are well-recognized and most successful certifications in the Business Analytics domain!
Also, you must have a 2-year to 5+ years of expertise to appear for CBAP and CCBA. And, if you are actually looking forward to starting this career, ECBA can be a really good option!
Opting for the certification can take less time, may be more recognized, focuses on developing business analysis skills, and do cost a bit less than MBA.
It will cost you roughly $2,000 to $5,000, and you complete your course within 2 to 3 months! And ECBA is a 3-month long plan, and costs 1,500!
The Pros of an MBA for Business Analysts:
MBA curriculum focuses on data literacy, which can be the key to the digital revolution. Data is a crucial entity for all forms of businesses we see today, and applying for this program will advance your role.
Having an MBA unlocks a vast number of job opportunities for you, and with the rapidly increasing demand, the market is said to grow by 25% by the end of 2030.
Here are the pros of benefits of an MBA:
#1 Gives You a Greater Idea of the Global Market
When you opt-in for the program, it allows you to interact closely with students all around the world. The students you interact with will have different views and perspectives of the world economy. Backed up by the professors, you will be able to elevate your knowledge and skills to the next level.
#2 Enhances Interpersonal Skills
Communication skills are the key, after all. It is a fundamental skill required by almost everyone and is pretty important for professionals. This is a soft skill and is in no way similar to one’s hard skills, but it is pretty valuable.
This program helps you develop both your written and verbal communication skills allowing you to convey your concepts and ideas to different people at various company levels. When you do this, you ensure that everyone in the company or organization is working to achieve the common goal.
#3 Expands Your Network
When you earn your MBA, you become a part of a much bigger community, a part of the world network with over 100,000 alumni. Not only that, but it also allows you to contact highly respected and intelligent professionals.
Not only this, you get to build relations with all the professionals and in the community through classes and beyond that.
#4 Better Job Opportunities
The current job market is very competitive, and to get selected, you need both degrees and skills. Yes, an advanced degree can always be a fine line between you and other applicants. Your MBA can be a real asset to any industry, a start-up, or a consumer product.
Companies look for an MBA because of their marketing and financial knowledge and expertise that other professionals may lack.
An individual with an MBA can elevate the profits of the organization by introducing new marketing schemes.
#5 You Get Better in Time Management
MBA is known for its massive course loads, and it brings a huge number of extracurricular activities and professional and personal goals.
If you opt for this program, I bet you will know how to utilize your time much more effectively.
#6 Hike in Salary
One of the greater advantages of having an MBA is getting a salary hike. Yes, backed by an MBA, you get to increase your salary potential.
The Cons of an MBA for Business Analysts:
There are plenty of upsides to earning an MBA, but here are the key backdrops of doing an MBA –
#1 Cost Factor
No wonder an MBA is one of the best career programs available, but the matter of concern is the cost factor! It is way too expensive. Normally, the cost of doing an MBA hovers around $100,000. If you are doing a full-time MBA, the price can get even higher than that.
#2 Skill Development is Limited
Yes, MBA lacks skill development. Students who are pursuing an MBA work on a specified skillset. Some authorities have claimed that an MBA does not make individuals invent their solutions to solve issues. Instead, they make one embrace old tricks and techniques that people have used in the past.
#3 Lacks Specialization
Another factor is MBA lacks specialization. Students who plan on studying MBA let go of the opportunity to get more skills. And sometimes, a management position is taken away by an individual who is trained in a specific industry instead of someone who is theoretically trained in management techniques.
#4 ROI is Uncertain
Just because the cost of studying MBA is higher, it does not matter if the ROI or Return on Investment will be higher. The ROI is uncertain.
However, individuals can advance their careers with an MBA, and it is very important to calculate an estimated value if the ROI is going to exceed the actual cost.
How to Decide If You Need an MBA to Become a Business Analyst?
There are many ways of becoming a BA, and MBA is one of them. If you look closely, you will see that today’s IT companies cater to many domains.
For this domain, companies build products and services. These companies build software for networking, financial and banking institutions, manufacturing firms, healthcare institutions, and whatnot.
If you are fascinated with the financial and banking domain, you should choose to specialize in finance during your course. Or, if you find the operation and manufacturing domain fascinating, you should go for MBA in Operations. You need to pick the right stream of MBA to get into the right domain in the industry.
It is not that you have to work in business to get it right, but a BA with experience has better scopes and advantages! Again, if you have years of expertise in a specific domain, you can also be an SME, i.e., Subject Matter Expertise!
- Engineering or any other degree that is equivalent to it in a technical field such as MSc IT, MCA, or BCA
- MBA on the stream based on the domain
- Getting a job in the specialized domain
- Join up in an IT firm with experience in designing products and services for the company’s business
The role of a BA is a distinct combination of the project development process and another business process! And having an MBA would add a lot of advantages as it gives you deep insights to analyze your business! Not only that, but it will also help you with your interpersonal skills, management, and gaining specific domain expertise.
As a business analyst, you will have to interact with various stakeholders, developers, and customers. This is where your MBA helps you, i.e., helping you manage both people and your time!