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LSBE Growing its Data Analytics Focus
Marketing Analytics becomes Consumer Insights and Analytics and a Business Analytics major and minor are added.
Photo: CIA Cohort
As the global business world evolves with the utilization of more technology, LSBE has rebranded and restructured its Marketing Analytics Program (MAP) major and minor and added a Business Analytics major and minor. These changes, launching in the Fall 2020 semester, will offer concentrated efforts for students to learn more of the in-demand skills and knowledge requested by employers who use data analytics and modeling.
With its restructuring, the Marketing Analytics Program has become Consumer Insights and Analytics (CIA).The CIA major and minor place a strong emphasis on both consumer and B2B customer data; group projects using real-world data and problems from industry partners; the ability to work as teams; development of leadership and presentation skills; and participation in regional and national competitions in the analytics field.
“Customer’s expectations of responsiveness continue to rise along with the amount of data that businesses have available,” said Steve Sharkey, interim director of LSBE Consumer Insights and Analytics program.
“That creates a huge demand for people with the knowledge and skills to analyze data to develop keen insights that help an organization anticipate and maximize every customer interaction. Our new Consumer Insights and Analytics program develops those analytical leaders.”
CIA will offer a cohort approach, as MAP did, with students applying and being chosen for the program according to skills, academic qualifications, and fit with the program in relation to career goals and interests.
Different from CIA, the business analytics major and minor is open to all UMD students and “follows a more traditional business structure allowing it the ability to grow rapidly and enroll more students to meet the exploding demand in the business industry for business analytics expertise,” said Nik Hassan, Department of Management chair and associate professor of Management Information Systems.
“The business analytics major and minor address the broader areas of business and build students’ competencies in analytics so that the students can apply their skills not only in marketing and sales but also accounting, banking and finance, economics, management, supply chain management, human resources, health care management, manufacturing, and other business areas,” added Dr. Hassan.
“IBM estimates that around 2.7 million positions for business analytics talent by the end of this year, while McKinsey & Company estimates between 2 and 4 million. Other business schools have started to address this demand and the larger schools are enrolling between 300 to over 1,200 majors into their data science and BA programs.
The many facets of both analytics educational tracks make them comprehensive and relevant experiential options to fulfill the needs in today’s world marketplace.
Consumer Insights and Analytics Highlights
24/7 access to an exclusive computer lab with specialized software—Excel, PowerBI, SQL, SAS, R, and Python— and industry standard data sets
The CIA Student Club that hosts guest speakers who are from a diverse range of analytic roles
A dedicated CIA program director who works directly with each student from the time they apply through to graduation. The director acts as coach, mentor, and instructor, ensuring students are developing their knowledge and skills while also supporting students in identifying and applying for internships and full-time opportunities.
A committed and 12-member advisory board who connect with the students and faculty for networking and mentoring while also ensuring the program continues on its mission and vision of developing analytic knowledge and skills among business students.
An industry internship for academic credit
100% placement and among the highest starting salaries for LSBE graduates (2017-2018 UMD Graduate Follow-up Report)
Business Analytics Highlights
An opportunity for LSBE students to enhance their existing majors with valuable quantitative skills without adding many courses to their program
A broader analytics program that provides graduates with more employment options and opportunities
The opportunity for graduates to earn one of the highest starting salaries in any industry
A perfect balance of analytics competencies and experiential learning
Strong industry support and guidance from advisory boards and program stakeholders
Continued support from other colleges at UMD that have contributed to the development
The qualification as a STEM program that allows international students to work in the U.S. for a longer period