What is an MBA in Quantitative Methods
Data is the backbone of most Fortune 500 companies. B-Students with a strong background in data analysis will always be in demand, especially in the high-tech sector. The MBA in Quantitative Methods provides students with the tools needed to land high-level managerial roles in real estate, investment banking, consulting, information technology, finance, economics, and marketing. The sky is the limit for someone who can analyze a business through its performance metrics. The Quantitative Methods program teaches students applied problem-solving methodologies using the latest quantitative models which are critical to a company's everyday business activities. There is a heavy element of statistics, programming, and financial statement analysis for those interested in pursuing this MBA concentration.
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Career Outlook: MBA in Quantitative Methods
Employment of management analysts is projected to grow 12% through 2026, faster than the average for all occupations. Whether it's analyzing a sales team's overall performance, adopting a lean operations methodology, or simply reporting inefficiencies from suppliers, an analyst is capable driving results using quantitative reasoning. As markets become more competitive, firms will need to use resources more efficiently. Those with a pulse on their company's key performance indexes will have a leg up on the competition.
Employees with a master's degree earn 20% more on average than those with only a bachelor's degree and almost 80% more than those without a degree, according to the U.S. Bureau of Labor Statistics.
Competition for quantitative analyst jobs is fierce. An MBA in Quantitative Methodology that combines the scientific method with core business management principles can set you apart from other “Quants.” Being just a numbers cruncher is only one aspect of the job. The most successful Quants are capable of breaking down the most complex data points and can create a solid strategy for a company. They use their quantitative abilities to foster change within a company. This means that Quants are the critical puzzle piece that not only unifies internal company departments but is also the driving force behind change. Quants are flexible employees who have a firm grasp on departmental goals. This is where a high-quality MBA in Quantitative Methods program can help an aspiring management analyst.
Data modeling is critical in the financial world. The ability to accurately predict the financial viability of a project, a department, or an overall company is a highly specialized skill that most don't possess. With that being said, Quants skills are not isolated to the financial industry. Any business model, whether it's e-commerce or restaurant ownership, can take advantage of data-driven results. IT, logistics and traffic management, operations, marketing, sales, finance, customer service, etc. – will all benefit from sound quantitative analysis.
How Much Can I Earn with an MBA in Quantitative Methods
The median annual wage for management analysts is $81,330. The lowest 10% earned less than $46,560 and the highest 10% earned more than $149,720.
The median annual wages for management analysts in the top industries in which they worked were as follows:
|Professional, scientific, and technical services||$87,480|
|Management of companies and enterprises||$82,880|
|Finance and insurance||$80,230|
What Can I Do With an MBA in Quantitative Methods
It's very difficult to propose change without the backing of data. In every organization, the number crunchers are key pieces to the success puzzle. In the e-commerce world, data can reveal the buying habits of repeat customers during Cyber Monday, can pinpoint the peak purchasing hours during the day to ensure proper call center staffing, and most importantly, can predict the number of orders during the holidays to ensure proper inventory control. Management analysts propose ways to improve an organization’s efficiency. They advise managers on how to make organizations more profitable through reduced costs and increased revenue, often through raw data and statistical inferences.
Quants use Microsoft SQL, for example, as a relational database management system, to retrieve critical data about the number of incoming calls compared to the number of orders placed on that particular day. This can determine a sales team's overall close rate for a window of time. This can be highly useful in training new reps, making sure the appropriate products are put in front of customers, and determining appropriate staffing needs during peak call volumes.
Management analysts typically do the following:
- Gather and organize information about the problem to be solved or the procedure to be improved
- Interview personnel and conduct onsite observations to determine the methods, equipment, and personnel that will be needed
- Analyze financial and other data, including revenue, expenditure, and employment reports
- Develop solutions or alternative practices
- Recommend new systems, procedures, or organizational changes
- Make recommendations to management through presentations or written reports
- Confer with managers to ensure changes are working
What Types of Careers Are Available for an MBA Quantitative Methods
A bachelor’s degree is the typical entry-level requirement for management analysts. However, some employers prefer to hire candidates who have a master’s degree in business administration (MBA). It's important for Quants to stay up-to-date on the latest database management systems including SQL, Oracle, Sybase, Access, Ingres, etc. Here are some of the career paths for MBA in Quantitative Methods graduates:
- Budget analysts help public and private institutions organize their finances. They prepare budget reports and monitor institutional spending.
- Economists study the production and distribution of resources, goods, and services by collecting and analyzing data, researching trends, and evaluating economic issues.
- Financial analysts provide guidance to businesses and individuals making investment decisions. They assess the performance of stocks, bonds, and other types of investments.
- Market research analysts study market conditions to examine potential sales of a product or service. They help companies understand what products people want, who will buy them, and at what price.
- Operations research analysts use advanced mathematical and analytical methods to help organizations investigate complex issues, identify and solve problems, and make better decisions.
- Statisticians analyze data and apply mathematical and statistical techniques to help solve real-world problems in business, engineering, healthcare, or other fields.
What Skills Do I Need to be Successful In Quantitative Methods
|Analytical skills||Management analysts must be able to interpret a wide range of information and use their findings to make proposals.|
|Communication skills||Management analysts must be able to communicate clearly and precisely in both writing and speaking. Successful analysts also need good listening skills to understand the organization’s problems and propose appropriate solutions.|
|Interpersonal skills||Management analysts must work with managers and other employees of the organizations where they provide consulting services. They should work as a team toward achieving the organization’s goals.|
|Problem-solving skills||Management analysts must be able to think creatively to solve clients’ problems. Although some aspects of different clients’ problems may be similar, each situation is likely to present unique challenges for the analyst to solve.|
|Time-management skills||Management analysts often work under tight deadlines and must use their time efficiently to complete projects on time.|
What Typical Classes Will I Take in My MBA Quantitative Methods Program
- Applied Statistics for Managers. This course will provide the students with statistical tools and techniques that will enable them to make an immediate impact in their careers. This course will be realistically oriented and numerous business examples and cases will be analyzed.
- Financial Reporting and Analysis. This course emphasizes the creation and interpretation of financial statements critical to an understanding of today's economy. Various financial topics related to financial statements are covered. Income statements, balance sheets, and cash flow statements are explored in-depth giving students an appreciation of how these statements are prepared and the standard accounting rules that apply to their creation.
- Management Science through Statistics. This is an application-oriented course that will provide students with a working knowledge of the most commonly used Management Science/Operations Research techniques such as linear programming, integer programming, goal programming, nonlinear programming, network modeling, queuing theory and simulation. The students will learn how to combine the power of the management science and spreadsheets to model and solve a wide variety of business problems.
- Quantitative Analysis for Decision Making. This is a survey of the mathematical, probabilistic and statistical tools available for assisting in the operation and management of industrial organizations.
- Finance, Economics, and Decision Making. The course is a continuation of MBA 520 Accounting and Financial Analysis and focuses on effective business decisions using quantitative and qualitative data, microeconomic and macroeconomic variables, and internal financial priorities. The students refine operational and investment decision-making skills with respect to organizational sustainability and growth, mergers, debt vs. equity funding and capital markets. In addition, students are exposed to foreign currencies, foreign direct investment (FDI), and international trade.
Campus vs. Online Quantitative Methods MBA Programs
From cutting-edge eLearning platforms to highly interactive Blackboard courses, online coursework has drastically improved over the past few years. As society develops an increasing reliance on information technology and social media, students have demanded more flexible opportunities to attend classes. The working professional has the option of attending a part-time Executive MBA program from the comforts of their home. The traditional on-campus full-time MBA student can integrate online courses into their degree program. Higher educational institutions have realized, in order to be competitive in the marketplace, they must offer a wide range of online courses in addition to their on-campus courses.
Everyone has their own learning style. If you're the type of student that loves the day-to-day interaction with fellow students, then an on-campus program may be a better fit versus collaboration with students online. If you want to attend a highly reputable MBA program but are limited by geographic location, completing your MBA online is designed for students all over the world. There are nearly 3 million students currently enrolled in online degree programs with approximately 6 million students taking at least one online course as part of their degree program. The days of traditional full-time on-campus programs as the only way to complete your MBA are officially over. You have plenty of options. It's just a matter of your preferred learning style, tuition costs, student/faculty ratio, quality of education, etc.
- The pros of online learning include lower overhead cost which includes online textbooks, dormitory expenses, and commuting cost. The convenience and flexibility of choosing your own times for learning, and the comfort of learning in your own home.
- The cons of online learning include limited social interaction, computer and software issues as well as cost of high-speed Internet, often requires the student be self-motivated and disciplined progress through the program.
- The pros of campus-based learning include face-to-face and in-person interaction with instructors and fellow students, regularly scheduled class hours, use of the school’s library, athletic facilities, and laboratories.
- The cons of campus-based learning include the requirement to travel to classes, lack of time flexibility, and housing costs.
- One of the many bonuses of completing your MBA online: a number of schools offer free textbooks and include these texts in the price of tuition. Most B-Schools provide their students with access to research platforms like Harvard Business Review to conduct case study research.
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How Much is Tuition for Quantitative Methods MBA Programs
The average in-state tuition for a traditional MBA in Quantitative Methods is $47,853.97 compared to an out-of-state on-campus tuition of $64,102.79. It may be worth to attend an in-state school and save approximately $10,000 in tuition. Great business leaders tend to limit their debt-to-equity ratio and reducing the amount of student loan debt is a smart decision, especially if you have a highly reputable MBA program in your home state. With that being said, if you're limited by geography and don't have the option of attending a top-ranked B-School in your home state, an online MBA in Quantitative Methods averages $58,752.14 for out-of-state students. There is a significant tuition range for MBA programs ($9,876.00 to $162,991.00) so it's important to weigh your option when choosing to attend an affordable B-School versus an expensive one.
GMAT Scores for Quantitative Methods MBA Programs
B-Schools weigh a lot of factors before sending an acceptance letter: undergraduate GPA, professional experience, reference letters, CV, and personal statement. For highly reputable AACSB programs, a recent GMAT score is most likely part of the application process. It's important to note that not all MBA programs require a GMAT Score for admissions, but most of them do. For on-campus MBA programs in Quantitative Methods, the average GMAT Score is 572 compared to the average GMAT Score of 564 for online MBA programs. An admissions comittee, especially for the Quantitative Methods concentration, will most likely want to assess an applicants quantitative skills. The GMAT is a perfect way to assess their proficiency in this category.
Campus GMAT Scores
Online GMAT Scores
Student / Faculty Ratio for Quantitative Methods MBA Programs
The best MBA Student/Faculty ratio for on-campus MBA programs is 0.07 compared to the worst Student/Faculty ratio of 18.88. If you're a B-Student interested in networking with your professors and want to learn in more intimate settings, then you should look for MBA programs with low Student/Faculty ratios. If you don't mind the lecture hall environment or being one of many B-Students, then a higher Student/Faculty ratio won't compromise your studies. The best Student/Faculty ratio for online MBA programs is 0.17 compared to the worst Student/Faculty ratio of 18.88. Both traditional on-campus and online MBA programs in Quantitative Methods have similar Student/Faculty ratio. The only difference is that professor-to-student collaboration will delivered over an eLearning platform versus a classroom setting.
Campus Student/Faculty Ratio
Online Student/Faculty Ratio
Student Population for Quantitative Methods MBA Programs
An MBA program should be a direct reflection of the business world. An MBA in Quantitative Methods should represent the global business community. Quants are capable of analyzing a company's statistical data whether they live in Japan or New York City. If you plan on gaining a better understanding of how business is conducted overseas or plan on working for a multinational company upon graduation, having a student body from all over the world will prepare your for the ever-changing global workforce. The average number of U.S. students enrolled in MBA in Quantitative Methods program is 362 compared to 448 students in on-campus part-time programs. If you're interested in networking with your professors, attending job fairs, or becoming a member of a student organization, having a large student body may be a better option. If you would prefer a more intimate classroom setting with greater one-on-one collaboration with fellow B-Students and your professors, a smaller MBA class is recommended.
Student Population from the United States
The average percentage of U.S. students enrolled in full-time MBA in Quantitative Methods program is 72.88% compared to 73.51% students in full-time online MBA programs. The percentage of student from the U.S. ranges from 44.00% to 99.00%, for both on-campus and onine MBA programs in Quantitative Methods.
Campus Global Enrollment
Online Global Enrollment
Faculty Information for Quantitative Methods MBA Programs
Highly competitive B-Schools recruit part-time and full-time professors that are both academics and industry influencers. Most business professors have experienced success in their corporate world and have been published in their respective field. The number of highly-qualified full-time faculty is directly related to the reputation of most elite MBA programs. The average number of full-time MBA faculty is 87 compared to 7,428 for part-time programs. The average number of professors with doctorate degrees is 85 for on-campus MBA programs compared to 84 doctorates for online MBA programs. You want to learn business from industry influencers and academics who are on the front lines of their respective industry. Looking at professor bios, their published work, and their professional history is a great way to determine if your MBA programs hires quality faculty.
Campus Faculty Numbers
Online Faculty Numbers
Research the Best MBA Programs in Quantitative Methods – GMAT Scores, Salaries, Rankings
- The number of on-campus MBA Quantitative Methods programs offered: 170
- The number of online MBA Quantitative Methods programs offered: 85
There are 170 on-campus and 85 online MBA in Quantitative Methods progams in the U.S. B-Schools are now designing their MBA programs to be more flexible. Whether it's an evening Executive MBA or a part-time online program, B-Schools cater to the traditional student and the working professional. For the B-Student limited by geography or the traditional student integrating online courses into their degree program, eLearning platforms are designed to deliver a high-quality educational experience. Blackboard courses make collaboration between business students a seamless experience. Professors can develop digital lesson plans and incorporate the latest media to engage their students like never before. With that being said, traditional on-campus programs offer the benefit of in-person collaboration, on-campus job fairs, and use of the facilities.
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Michael J. Marquis is a Portland, Maine-based freelance copywriter and MBA-graduate who loves writing about disruptive technology. When he’s not exploring interesting parts of the world, you can find him at either Gillette Stadium watching his beloved New England Patriots or at a local Portland coffee shop working on his next copywriting assignment. Feel free to find Mike on Twitter @MarquisInteract.