The demand for experts in STEM (science, technology, engineering, and math) is on the rise, which means that organizations are looking for skilled workers to meet these needs. The current job market is in need of candidates who can speak both the languages of business and data science. STEM occupations are projected to grow more than twice as fast as the overall job market in the next 10 years, according to the U.S. Bureau of Labor and Statistics.
“Data is both transforming businesses and shifting workforce demands everywhere,” said Xiao Fang, professor of management information systems(MIS) at the University of Delaware’s Alfred Lerner College of Business and Economics. “Companies are searching for qualified candidates who understand both the mechanics of data analytics and how to identify the insights that influence the best business decisions.
“Recent demand has changed the way business is done,” added Ruma Beldona, senior assistant dean for Lerner’s Graduate Programs Services. “This is why, as a program and directorates, we constantly review the curricula for our programs to better prepare our students for today’s competitive marketplace.”
The STEM MBA and master’s programs at UD’s Lerner College provide interdisciplinary courses in technical and mathematical modeling, as well as courses focused on helping to solve complex issues and navigate changes in business. These programs are a natural choice for professionals who are looking to leverage advanced analytics and project management skills.
What is a STEM designation?
The Lerner College STEM-designated programs include its MBA with a major in business analytics and master’s in business analytics and information management. Lerner’s STEM programs fulfill the U.S. Department of Homeland Security (DHS) criteria for STEM education programs.
“We were one of the very first universities on the east coast, and possibly nationwide, that has an MBA with a STEM-approved major in business analytics,” said Beldona. “And that, for us, as a program, is a premier advantage.”
With analytically focused 15-credit modules and faculty with extensive analytical experience, the quantitative business track makes the Lerner College more competitive and adaptive to the evolving demands of data-focused industries. The STEM programs help students to learn advanced modeling techniques and data analytics, which can be applied to businesses and markets in general. The breadth and depth of instruction enables students to apply for analytical jobs in corporate finance, asset management and investment banking.
Beldona noted, “Our business analytics major was added to our series of majors because of the huge demand in data sciences, analytics, big data, etc. There’s so much going on in that industry and sadly there aren’t enough people trained in that particular area. That is why our BAIM and business analytics majors integrate IT, quantitative methods and data analysis skills that are absolutely invaluable in those fields.”
Who would benefit from the STEM degree?
“The Lerner STEM-designated master’s education is designed for everyone,” said Beldona. “Anyone from any background can both learn and understand it. The workforce is growing in this field and qualified candidates will be entering challenging and rewarding careers. They will be equipped to drive innovation, creativity and advancements in virtually every industry and whatever their desired field of work may be.”
She continued, “Whether in banking, management consulting, healthcare, marketing or sales, etc. these positions require sharp decision-making skills. Analytics is now quickly settling into many job descriptions and roles. So, individuals who would thrive in today’s business world must develop these skill sets.”
Although potential candidates don’t necessarily need to have acquired a robust technical background to qualify for the STEM-classified master’s programs, Beldona clarified that this quant-heavy program requires that they have sound quantitative and statistical skills. For professionals ready to lead in a data-driven world, Lerner’s STEM programs offer a clear path to becoming the kind of analytical thinker today’s organizations can’t do without.