Operations Research Experience Seals the Deal for MBA Grads
Electrical engineer Ajay Mehta was working at Union Pacific Railroad in Houston, overseeing two dozen employees charged with testing, installing and maintaining the signal and road-crossing systems, when he decided to get an MBA to broaden his perspective and choices.
Armed with a business degree focused on operations research from Boston University School of Management -- class of 2012 -- Mehta today works for Ericsson Consulting in Dallas, helping a range of businesses solve problems and make decisions.
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The MBA grounded Mehta in business analytics, which entails mining data and using statistical modeling to inform strategic decisions. He relies on both to craft the best software and infrastructure solutions for clients to help them increase revenue. While data analytics in the business arena is often associated with tracking customer behavior and improving marketing approaches, " operations is the part of the business where the work actually gets done," Mehta says.
First employed by World War II military planners, operations research has become a key tool in the big data age used by companies and other organizations to better allocate resources, develop production schedules, manage supply chains and set prices. It helps transport companies move freight and manage distribution, allows health care systems to improve the collection and processing of patient lab specimens, and lets supermarkets determine how best to organize products, for example.
It used to be that a theme park operator would pair an engineer with a business expert to improve queuing at rides and attractions, notes Robin Keller, a professor of operations and decision technologies at the University of California--Irvine's Paul Merage School of Business. Today, that task is handled by a single person trained in operations research.
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The need for such talent has spiked as businesses have felt pressure to more closely scrutinize costs and operations, a legacy of the Great Recession. The Bureau of Labor Statistics projects employment growth of 27 percent for operations research analysts between 2012 and 2022. Jobs for logisticians are expected to grow 22 percent -- twice the average for all occupations.
Operations analytics isn't the only hot job in business right now. Here are several other examples.
Market research analyst: The growing trend of mining the mounds of data on customers to understand their wants and to measure the effectiveness of marketing strategies is increasing demand for these experts. Openings are expected to grow by nearly one-third through 2022.
While median earnings were $60,300 in 2012, the top end was much higher. A master's in market research, marketing, statistics or business administration "will give you a leg up," says Roger Moncarz, branch chief in the employment projections program at BLS -- potentially to well over $100,000.
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Health care manager: With health care costs accounting for nearly one-fifth of the U.S. economy, there are plenty of opportunities for people with management skills and an interest in medicine and health. An aging population and emphasis on care coordination and resource management are driving the 23 percent projected growth in jobs by 2022. The BLS anticipates an added 150,000 openings.
Master's degrees in business or public administration are a common credential. The median pay in 2012: $88,580. Top earners made over $150,000.
Financial analyst: The market for people who guide individual and corporate or mutual-fund investment decisions is projected to grow 16 percent by 2022, opening up some 100,000 jobs. Median annual earnings were about $77,000 in 2012, but salaries can easily hit $150,000.
A growing range of investment products, the implementation of regulations put in place since the financial meltdown, and the need for in-depth knowledge of other developed and emerging markets are examples of what's driving demand.
This story is excerpted from the U.S. News "Best Graduate Schools 2016" guidebook, which features in-depth articles, rankings and data.
