With an economy that’s increased its total production by more than one-quarter in the past decade alone, the state of New Jersey boasts one of the best learning and professional environments for individuals who are passionate about business analytics.<!- mfunc feat_school ->
New Jersey’s economy produced nearly $625 million total in 2018, and nearly 4.5 million people are part of the workforce across the state. Some 231,000 firms employ workers in New Jersey, and the most common industries include trade, transportation and utilities, leisure and hospitality, and education and health services.
Home to nearly two dozen Fortune 500 companies, New Jersey also saw startup investments in the second quarter of 2019 of nearly $100 million, helping New Jersey’s economy bridge the gap between the past and the future.
The state’s economy is healthy, growing and diversifying, which presents an ideal picture for those interested in earning a Master of Business Analytics degree. That advanced degree can help prepare a person for work in any number of industries and qualify them for a huge range of job titles.
Which business analytics programs are offered by schools in New Jersey, what is the state of business analytics employment here in New Jersey, how does our state stack up with the rest of the country, and what are some examples of companies that are seeking business analytics experts?
Business Analytics Salaries in New Jersey
There’s no doubt that business analytics is a broad category, but it’s also one that applies to almost every kind of organization on the planet. After all, every company, government agency, school, nonprofit — they all collect and produce enormous amounts of data. An advanced education in business analytics provides the skills necessary to harness that data and use it to help make wise decisions.
While you certainly could seek a job as a Business Analyst, you wouldn’t be limited to that, at least not here in New Jersey.
Business analytics job titles you can find in New Jersey include:
- Management Consultant
- Data Scientist
- Financial Analyst
- Market Research Analyst
- Budget Analyst
- Data Engineer
- Quantitative Modeler
- Operations Research Analyst
- Market Research Analyst
- Business Analyst
Salaries and employment for business analytics jobs in New Jersey are on the higher side nationally. To dive deeper, we’ll use five business analytics-type jobs as examples using information published by the U.S. Department of Labor’s Bureau of Labor Statistics.
The overall median wage for all jobs in New Jersey is about $43,000 but business analytics roles here in our state tend to be far more lucrative, and for each of our five example jobs, New Jersey’s typical wage is higher than the U.S. overall.
Median annual wage, New Jersey vs. U.S.
|Job Title||New Jersey||U.S.|
|Market Research Analyst||$78,030||$63,120|
|Operations Research Analyst||$101,540||$83,390|
New Jersey ranks in the top 10 for median wages for all five jobs, with an average position of No. 4. The state’s highest position among the five jobs is in Market Research Analyst jobs, where New Jersey ranks No. 2.
Median annual wage, Market Research Analyst
|District of Columbia||$71,380|
In addition to having higher wages than the average American business analyst, job openings in business analyst roles tend to be higher in New Jersey than in most states. New Jersey ranks in the bottom half of business analyst employment per 1,000 jobs for only one of the five occupations on our list (Management Analyst, No. 28).
Financial Analyst employment per 1,000 jobs
|District of Columbia||5.40|
Wages carry great variation depending on the city in question. Salaries are generally highest in Newark, which benefits from the influence of high salaries in the broader New York City area. For the five jobs in New Jersey cities, wages range from the $63,610 for Market Research Analysts in Atlantic City to $109,780 for Financial Analysts in Newark.
Median annual wage, New Jersey vs. select cities
|Job Title||New Jersey||Newark||Atlantic City||Trenton|
|Market Research Analyst||$78,030||$75,010||$63,610||$75,820|
|Operations Research Analyst||$101,540||$99,840||$82,310||—|
New Jersey Business Analytics Degree Programs
New Jersey is home to some of the most prominent colleges and universities in the U.S., both public and private. Not all offer business analytics education, but many of them do, and here’s a look at educational institutions in New Jersey with degrees applicable to business analytics:
SEE ALSO: Best Online Master’s in Business Data Analytics Degree Rankings
Business Analytics Degree Jobs in New Jersey
New Jersey’s economic size and diversity mean that job-seekers are likely to find a plethora of exciting opportunities in business analytics, particularly those with advanced training, such as a Master of Business Analytics degree.
SEE ALSO: Masters in Business Analytics Salary Outlook
Here is a sampling of the companies, organizations, agencies and other groups that had posted openings for business analytics professionals in New Jersey in late summer 2019:
- Bank of America
- Goldman Sachs
- UnitedHealth Group
- NRG Bank
- Crum & Forster
- Express Scripts
- Swatch Group
- Zoetis US
- Johnson & Johnson
Every business, nonprofit, school, municipality — they all produce and/or collect enormous amounts of data that all need to be understood and analyzed by a person with the knowledge and skillset to use the information to make smart decisions. A Master of Business Analytics degree combines traditional business acumen with cutting-edge tools to harness data, setting you up for a long, happy career in New Jersey.
Note: Information on recent job openings was gathered from Indeed.com and Glassdoor.com in late July 2019.
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 New Jersey. (2019). Retrieved from https://fred.stlouisfed.org/series/NJNGSP
U.S. Census Bureau, Quick Facts, New Jersey. (2018). Retrieved from https://www.census.gov/quickfacts/NJ
PWC/CB Insights, MoneyTree Report, Q2 2019. (2019). Retrieved from https://www.pwc.com/us/en/moneytree-report/assets/moneytree-report-q2-2019.pdf