Increased focus on big data and analytics in business was without doubt one of the most discussed topics of 2013, and while this may have quietened somewhat throughout 2014, there has certainly been no shortage of new opportunities for professionals and businesses alike in this still-growing arena in recent months.
As I discussed in the article “The Onward March of Analytics,“ analytics as a discipline has seen an enormous increase in investment from businesses in 2014 alone, and there can be little doubt that there are significantly more employment opportunities at multiple levels than there were two, or even just one year ago.
It has been very well documented that there is great potential for analytics in businesses with many benefits to be gained. Many businesses are now wide awake to the fact that analytics can cut costs and boost revenue; predictive analytics has the ability to analyse data in order to prevent future risks and opportunities. Additionally, the increasing use of cloud computing also means that there is now immense availability of computing power at a low cost.
This leads me to consider the impact of this boom in analytics upon graduates entering the job market for the first time. There has been a significant increase in demand for companies seeking to employ graduates for analytics roles; specifically those with degrees in mathematics or analytics. In fact, InterQuest’s analytics focused division ‘IQ Analytics’ have placed graduates in 30 percent of the roles they have filled this year, a statistic that they anticipate will increase over time.
A study conducted by Higher Education Careers Services Unit (HECSU) reported that in 2013 46.3 percent of math graduates were in full-time employment, with only 8.5 percent unemployed or waiting to start work. The rest of those graduates are either continuing with future studies, working part time or overseas.
A key reason for this increased level of graduate employment is the well documented skills gap in technology focused disciplines – with organizations turning to new graduates that they can train for purpose over time.
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From IQ Analytics’ own experience of graduate recruitment within the analytics area, it has become apparent that graduates are in demand, with key roles including; junior data analyst, junior econometrician, analytics executive and a number of other roles like these that offer competitive starting salaries and very clear potential career paths.
We now live in a very technology savvy world and the need to drive change is greater than ever. There is a shortage of high-quality STEM graduates in the UK and this is only going to carry on increasing with the shift toward a knowledge-intensive economy. This is indeed a time filled with great potential and opportunities for graduates leaving university with mathematics, statistics and analytics degrees.
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