Setting your sights on an analytic future

I got a comment posted on my blog from Phil and it seemed to me that the question – what can and should someone who is not a math specialist do to make themselves more able to take advantage of analytics and an analytical approach to decisioning in general – is a good one. To that end, here are some thoughts:

• What background in math would you regard as a minimum for someone who wants to become an analyst?
• Most MBA programs have a class in data mining, mathematical optimization (linear programming etc.), and decision analysis (decision making with uncertainty or risk).
• An MBA student that took these three classes would have a good foundation for becoming an analyst.
• Beyond this you could add on as many statistics and econometrics classes as possible or consider a degree in industrial engineering, operations research, or statistics if you want something more.
• What kind of post-graduate study
• This is a more difficult question. Many universities are offering a data mining class these days and they would be a place to start.
• My sense is that most of the post-graduate stuff is for people who already have a deep math background
• If someone does not have the math skills to become an analyst, what kinds of classes help them become a better user of analytics
• Focus on a few basic statistics classes. Not much beyond algebra is required.

Comments anyone?

predictive analytics, skills, MBA

Comments

[Bhupendra]

1. What background in math would you regard as a minimum for someone who wants to become an analyst?

A logical mind with little exposure to statistics is enough for the beginners. To be a successful analyst, he needs to study more statistics and probability, and be able to relate them to the general life and business. As such no specific mathematical background is necessary.

Analytics is not only about Mathematics but also about business understanding. If you lack both, Analytics is not for you. But if you have business understanding/interest and/or mathematics(statistics) knowledge/interest, then just enjoy reading the basic concepts in these field. That is sure to make you a good analyst.

2. What kind of post-graduate study?

As more of statistics is required so Masters in Statistics is best. But there is hardly any post graduate study for Analytics. Better is to go for the sectoral study of your interest and get some non-academic statistics study.

3. If someone does not have the math skills to become an analyst, what kinds of classes help them become a better user of analytics

-- Study of basic concepts in Operations research, Probability and Statistics.

[phil]

Thanks for the advice.

Probability, Statistics and Operations Research do all appeal to me - and I hope that that will be the start for me as I go through business school. I have always believed that numbers do tell a story. And sometimes, all we have to do is 'tease' them to share their stories - figuratively - with respect to a business problem.

Thanks again.