What is Business Analytics
An important application of statistics is business analytics, which is the use of data analysis and modeling to help businesses achieve better performance. For example, in order to know how to improve business performance, a retailer may need to objectively compare the performance of several different retail outlets. An online marketer may need to set up experiments to test the effectiveness of different website layouts. An insurance company may need to analyze its claims to identify those most likely to be fraudulent. A grocery chain may wish to analyze its customer records to determine how to use coupons to increase the loyalty of its customers and to increase the amount each customer spends.
Career Opportunities in Business Analytics
The fields of opportunity for business analysts are numerous and include economics, finance, market research, e-commerce, engineering, manufacturing, transportation, education, medicine, psychology, agriculture, and computer and social sciences.
Salary Trends in Business Analytics
For 2011-2012, the average accepted salary for UT graduates with a major in business analytics was $40,000. For additional salary information by occupation in the U.S. or for individual states, visit the Bureau of Labor Statistics’ National Compensation Survey website.
High School Preparation
High school students should follow a college preparatory curriculum and take their high school’s recommended courses in Math, English, and Foreign Language. Appropriate electives include any business courses, as well as courses in computer software applications and written and oral communication. The College of Business Administration further encourages all high school students to 1) explore international business issues and opportunities, 2) participate in student organizations and clubs, and 3) volunteer in their community.
How to Major in Business Analytics
Freshmen are admitted directly to the College of Business Administration at the point of admission into the University of Tennessee. Admission to the university is highly competitive and based primarily on academic achievement at the high school level and scores on the ACT and/or SAT.
Students admitted into the College of Business Administration must maintain a minimum 2.50 cumulative grade point average and earn a grade of C or better in the following tracking courses (or honors equivalents) prior to the completion of 75 hours.
- Mathematics 123-125 or 141-142 (6 or 8 hours);
- Written Communication (3 hours from English 255 or 295);
- Oral Communication (3 hours from Communication Studies 210 or 240);
- Accounting 200 (3 hours);
- Economics 201 (4 hours);
- Statistics 201 (3 hours);
- Management 201 (3 hours)
Students who are not directly admitted to the College of Business Administration or who are transferring from other educational institutions can apply for admission after completion of the tracking courses. Internal and external transfer students will be categorized as business exploratory majors until such time that they complete their requirements for admission. Students seeking transfer admission must complete all progression courses with a grade of C or better and have a minimum 2.50 cumulative GPA prior to the completion of 75 hours. Selection is highly competitive and based on academic achievement, commitment to pursuing a business discipline, and departmental capacity.
Requirements for Business Analytics
All majors in the College of Business Administration are required to take a total of 120 hours to graduate: 59 hours of general education courses, 15 hours of pre-business core courses, 22 hours of business core courses, and 24 hours of courses in the major. Of those 24 hours, 18 must be taken in residence at the University of Tennessee. A minimum grade of C must be earned in every course counted towards the major. Additionally, students in the college must have a laptop by the second semester of their sophomore year.
Special Programs, Co-ops, and Internships
Global Leadership Scholars
The Global Leadership Scholars (GLS) program offered by the College of Business Administration promotes the development of international and intercultural awareness, leadership, and personal and professional growth and responsibility. Through honors classes, seminars in leadership training, international experiences, and extracurricular activities, GLS students work together and with honors faculty to develop the skills necessary to become future international business leaders. Applications are accepted from first-year students in their second semester.
Students are encouraged to gain practical experience through an internship or other supervised experience in the application of statistical principles and methods in business, industry, or government. Students may earn academic credit for their internships through enrollment in Statistics 492.
Business Analytics Society at The University of Tennessee
The Business Analytics Society (BAS) at The University of Tennessee is an organization that was started by students who are interested in business analytics, data, and statistics. The Business Analytics Society meets regularly to promote real data exposure for members through: hands-on work with organizations, speakers, networking opportunities, and community service projects. All interested students are welcome to join.
Highlights of Business Analytics
Within the 24 hours of their major, students may study two areas of emphasis: their major with a collateral or their major with a dual concentration. With a collateral, students complete 18 hours in their major and 6 hours in their collateral area. With a dual concentration, students complete 12 hours in each area of emphasis. The business analytics major offers collateral areas of study in economics, finance, information management, marketing, and supply chain management. Dual concentration options are offered with information management, international business, marketing, and supply chain management.
Seeking to instill a global perspective in all of its students, the College of Business Administration challenges undergraduates to develop the requisite knowledge and skills to prosper in today’s global business environment. To help students meet that challenge, the college provides these critical tools: an enhanced core curriculum that covers international business topics in all relevant courses; extraordinary programs for international study and internships; and a unique opportunity to delve into the principles of international business through a collateral or concentration in international business.
The college requires all students pursuing a collateral or dual concentration in international business to have an international educational experience. Coursework in the international business collateral or dual concentration may be completed through a study abroad program.
Learn more about UT’s Ready for the World initiative to help students gain the international and intercultural knowledge they need to succeed in today’s world.
Academic Plan and Milestones
Following an academic plan will help students stay on track to graduate in four years. Beginning with first-time, first-year, full-time, degree-seeking students entering in the Fall 2013 semester, UT has implemented Universal Tracking (uTrack), an academic monitoring system designed to help students stay on track for timely graduation. In order to remain on track, students must complete the minimum requirements for each tracking semester, known as milestones. Milestones may include successful completion of specified courses and/or attainment of a minimum GPA.
Sample academic plans and milestones for the business analytics major can be found using the links below.
- Collateral option: http://catalog.utk.edu/preview_program.php?catoid=14&poid=5267#uTrack
- Dual concentration with information management option: http://catalog.utk.edu/preview_program.php?catoid=14&poid=5296#uTrack
- Dual concentration with international business option: http://catalog.utk.edu/preview_program.php?catoid=14&poid=5268#uTrack
- Dual concentration with marketing option: http://catalog.utk.edu/preview_program.php?catoid=14&poid=5270#uTrack
- Dual concentration with supply chain management option: http://catalog.utk.edu/preview_program.php?catoid=14&poid=5269#uTrack
For More Information
College of Business Administration
342 Haslam Business Building
Knoxville, TN 37996
Phone: (865) 974-5096
Fax: (865) 974-6106
The information on this page should be considered general information only. For more specific information on this and other programs refer to the UT catalog or contact the department and/or college directly.