Indiana’s economy is powered largely by three industries — transportation and utilities, manufacturing, and education and health services. These three broad sectors account for more than 1 in 2 nonfarm jobs in the state of Indiana.
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The state’s gross domestic product for 2018 was more than $360 million, which represents a $100 million improvement from the depths of the Great Recession in 2009. Today there are nearly 150,000 employer firms and upwards of 3.1 million people employed across the state of Indiana.
Home to nearly 20 Fortune 500 companies, Indiana has a bustling and diverse economy that’s perfect for people who are interested in working as business analytics professionals. Individuals with advanced training in business analytics, such as with a Master of Business Analytics, should be in high demand in the Hoosier State for the foreseeable future.
What business analytics educational options exist here in Indiana, what is the employment outlook for such professionals, and what kinds of employers are seeking to hire those with business analytics training?
Business Analytics Salaries in Indiana
If it involves numbers that have any connection to an organizational outcome, the job likely involves business analytics. After all, it’s a big tent with dozens of job titles falling under the broad field of business analytics. This spans the highly technical and scientific to the strictly managerial and everything in between.
Potential job titles for business analytics specialists in Indiana include:
- Market Research Analyst
- Quantitative Modeler
- Data Scientist
- Financial Analyst
- Budget Analyst
- Insights Analyst
- Research Executive
- Management Consultant
- Decision Engineer
- Operations Research Analyst
To understand the employment landscape for business analytics professionals in the state of Indiana, we’ll explore figures from the U.S. Department of Labor’s Bureau of Labor Statistics for five job titles that fall under the business analytics umbrella — Budget Analyst, Financial Analyst, Management Analyst, Market Research Analyst and Operations Research Analyst.
All five business analytics roles we examined offer a median annual wage that’s lower than the overall national median, but each of them is still considerably higher than Indiana’s overall median annual full-time wage of $35,734.
Median annual wage, Indiana vs. U.S.
| Job Title | Indiana | U.S. |
| Budget Analyst | $68,150 | $76,220 |
| Financial Analyst | $72,320 | $85,660 |
| Management Analyst | $76,300 | $83,610 |
| Market Research Analyst | $51,780 | $63,120 |
| Operations Research Analyst | $61,260 | $83,390 |
Compared to all 50 states and the District of Columbia, median wages for all five of the business analytics jobs we researched fall into the bottom half, but compared to its regional neighbors, Indiana’s wages are rather representative of typical Midwestern wages. For instance, for Financial Analysts, Indiana ranks 35th among all states but comes in at No. 6 among its regional neighbors.
Median annual wage, Financial Analyst, Midwestern states
| Minnesota | $85,940 |
| Missouri | $81,990 |
| Illinois | $79,310 |
| Michigan | $78,490 |
| Iowa | $73,710 |
| Indiana | $72,320 |
| Ohio | $71,920 |
| Wisconsin | $71,330 |
| North Dakota | $69,990 |
| Kansas | $69,870 |
| South Dakota | $69,240 |
| Nebraska | $68,850 |
Indiana is projected to see demand for business analytics professionals increase across the board, with all five job titles we examined expected to see growth over the next year and the next half-decade. In fact, Indiana ranks in the top 15 for long-term growth expected in Budget Analyst job openings.
Projected percentage change in Budget Analyst job openings, 2016-2026, top 15
| Utah | 22.4% |
| Nevada | 20.0% |
| Texas | 15.2% |
| Colorado | 13.6% |
| Arizona | 12.8% |
| Georgia | 12.2% |
| Virginia | 12.1% |
| New York | 11.9% |
| Oregon | 11.8% |
| Rhode Island | 11.8% |
| Florida | 11.7% |
| Arkansas | 10.4% |
| Washington | 10.2% |
| Louisiana | 10.0% |
| Indiana | 10.0% |
The most robust growth in business analytics jobs in Indiana is expected in Operations Research Analyst roles, which are projected to grow by more than one-quarter through 2026. But even the lowest growth rate, 1.5% in Financial Analyst jobs, is impressive considering the short time frame.
Indiana job opening growth rate, short- and long-term
| Job Title | Short-term | Long-term |
| Budget Analyst | 2.0% | 10.0% |
| Financial Analyst | 1.5% | 8.8% |
| Management Analyst | 3.3% | 16.8% |
| Market Research Analyst | 4.3% | 22.6% |
| Operations Research Analyst | 4.9% | 28.6% |
Note: Short-term 2016-2020; long-term 2016-2026
Indiana is home to the 17th largest city, Indianapolis, but the state’s capital city doesn’t necessarily offer the best wages for business analytics roles. Typical salaries vary considerably across the state.
Median annual wage, Indiana vs. select cities
| Job Title | Indiana | Indianapolis | Fort Wayne | Bloomington |
| Budget Analyst | $68,150 | $64,350 | $78,030 | — |
| Financial Analyst | $72,320 | $74,380 | $61,170 | — |
| Management Analyst | $76,300 | $78,850 | $72,020 | $63,710 |
| Market Research Analyst | $51,780 | $55,400 | $48,240 | $49,950 |
| Operations Research Analyst | $61,260 | $59,460 | $52,850 | $58,910 |
Indiana Business Analytics Degree Programs
Several Indiana colleges and universities are renowned for their business programs and STEM curriculum, giving business analytics students in the state several ideal options. Here’s a look at some of the colleges and universities in Indiana that offer degrees that can launch a successful career in business analytics:
Business Analytics Degree Jobs in Indiana
Indiana had an unemployment rate of just 3.2% in October 2019, one of the lowest in the country, but despite this jobs in business analytics still are highly sought-after and generally available throughout Indiana.
Here’s a look at some of the businesses and organizations that were seeking to hire business analytics pros in late 2019:
- Petroleum Traders Corp.
- Genesys
- Deloitte
- Medxcel
- CareSource
- BriteSystems
- Aegis Worldwide
- Eli Lilly & Co.
- Allison Transmission
- Acelero Learning
- KSM Consulting
- Delta Faucet Co.
- Franciscan Health
- Stericycle
- Anthem
- S. Department of Defense
- Salesforce
- Covance
- First Merchants Bank
- Raytheon
- Alcoa
Conclusion
A Master of Business Analytics degree can be the best step you can take to an exciting and fulfilling career in business analytics. With this advanced degree, a profession with this degree should be able to command a high salary in a job where they’re making a huge daily impact on the organization, whether that be in private industry, the public sector or even for a nonprofit or the military.
References
Note: Information on recent job openings was gathered from Indeed.com and Glassdoor.com in late 2019.
U.S. Department of Labor, Bureau of Labor Statistics, Economy at a Glance, Indiana. (2019). Retrieved from https://www.bls.gov/eag/eag.in.htm
PWC/CB Insights, MoneyTree Report, Q3 2019. (2019). Retrieved from https://www.pwc.com/us/en/moneytree-report/assets/moneytree-report-q3-2019.pdf
U.S. Department of Labor, U.S. Bureau of Labor Statistics, Occupational Employment Statistics Query System, Custom Tables. (Undated). Accessed from https://data.bls.gov/oes/#/home
Federal Reserve Bank of St. Louis, Total Gross Domestic Product for Indiana. (2019). Retrieved from https://fred.stlouisfed.org/series/INNGSP
U.S. Census Bureau, Quick Facts, Indiana. (2018). Retrieved from https://www.census.gov/quickfacts/fact/table/IN/PST045218