MBA student Divya Gade said recently she has always been interested in ‘big data,’ and she was employed as a senior system analyst in India before working on her MBA at the University of New Haven. Attempting to advance her career in data science, she decided to enroll at the University of New Haven’s MBA program with a focus on data analytics.
Gade said that in the modern job market, most positions require business and technical skills. The best thing about the University of New Haven’s MBA program is that it has several STEM-certified concentrations.
Experts say that having a strong background in the STEM specialties of science, technology, engineering, and math is more important than ever for business students. The University of New Haven is a leader in incorporating those technical principles in its undergraduate and business programs.
STEM-Certified Programs Are the Answer in 2020 and Beyond
The university believes that business programs that are STEM-certified are the answer in the 21st century to the exponential explosion of raw data that both large and small businesses need to understand. Because of the school’s commitment, the University of New Haven is becoming a popular destination for students who want to focus their education on business analytics.
The University of New Haven currently offers the only STEM-certified business analytics bachelor’s degree in the US. It currently is working on a STEM-certified master’s in business analytics that is expected to enroll its first students in fall 2020. The college also has the only master’s program in sport management that also has a specialty in business analytics. (Newhaven.edu)
The MBA program is one of the few in the United States that is STEM-certified, and so are its master’s programs in accounting and finance. The latter program has a concentration in artificial intelligence and analytics.
As the university has incorporated STEM programming and business analytics into its programs, there has been a significant response from students. From fall 2017 to fall 2018, MBA applications increased by 28%. In 2019, international students were most of the students accepted to the two STEM tracks of Data Analytics and Financial Analysis.
While the number of accepted students to date is not huge – the number of 2019 acceptances to the STEM tracks is only 50 students – they do represent a major step forward for a small university. It is an increase from 19% of the total MBA acceptances in 2018 to more than 30% in 2019. (Poetsandquants.com)
STEM Designation Created by US Government
The US government created the STEM designation to assist employers to handle the shortage of qualified employees in science, technology, engineering, and mathematics. It has been estimated that employers in the US will need to fill 3.5 million STEM jobs by 2025. To be given the STEM designation, a minimum of 50% of the coursework needs to be in science, technology, engineering, or mathematics.
STEM-designated degree programs also allow international students to remain in the US after they graduate for up to 2 years to get more experience by working.
STEM Education Vital to Stand Out In the Market
In a recent story by Poets & Quants, Dean Kench talked about how important STEM education is and how it can assist students to make themselves stand out in the market. Kench noted that you get a very interesting skill set that is in high demand. There are several reports that indicate there will be a strong shortage of people trained in analytics in the next 10 years.
While STEM programs in business bachelor’s and master’s programs are new, Kench believes they will play a vital role in prepping students for jobs in the 21st century.
Students are interested in STEM because of the labor market shortage and salaries that come with these jobs, particularly those in business analytics. It is attractive to the student who is sensitive to price and is concerned with ROI, which is most first-year students that start college these days.
Kench also noted that this is a ‘very exciting time at New Haven,’ as CEOs he talks with all say that they have data everywhere they look but they do not have the right people with the right skills to make it use of it. That is why starting STEM-certified programs was a smart move for New Haven.
He added that beginning on STEM-certified programs was a major pivot for the school. The university is attempting to establish itself in the growing business analytics field and put more resources in that area. Kench believes it is what the college will be best-known for as the years go by. While the school has just started in business analytics, the university is very optimistic about the offerings it has come up with.