Business Analytics

The BSBA degree in Business Analytics, a new degree offered through the Department of Economics, provides students with the foundational education required to work in this fast-growing field of business. Students have to declare Pre-Economics BSBA as a major first and then fill out a form to declare Business Analytics after they are admitted to the College.

The raw inputs to business analytics are data from accounting, finance and marketing, as well as human resources and management in general.

Business analytics is a relatively new sub-field of data science that is informed by computer science (specifically, algorithmics, databases and programming), but also numerical methods from applied mathematics, as well as techniques from statistics and econometrics. Other subfields of data science include data mining and machine learning as well as statistics and econometrics. Biostatistics is a subfield of data science, too, as is sports analytics.

Internships

Economics, the Heart of Business Analytics

How is business analytics different from most of the other subfields of data science? Business analytics is informed by theories from economics. That is, virtually every discipline in business uses basic principles from economics. At the heart of any business analytics program is substantial training in economics. Particularly important in business analytics are models of incomplete information. For example, the models of moral hazard (where economic actors take hidden actions in their own self-interests, ones that surely are at variance with other economic actors) and adverse selection (where unobserved differences among economic actors known only privately to each result in their taking different actions) that economists have developed over the latter half of the twentieth century. Also important are models of equilibrium strategic behavior, such as those derived in the theory of non-cooperative games of incomplete information, which allow the equilibrium features of models of moral hazard and adverse selection to be investigated.

Perhaps the best known and most successful applications of equilibrium strategic behavior in the presence of adverse selection involve models of auctions. Auctions have garnered billions and billions of dollars for such firms as eBay and Google and have also been important in determining which firms have access to the radio spectra that make using cell phones and WiFi so convenient. In the future, personalization on the Internet will make heavy use of models of incomplete information having private values, that is, models of adverse selection.

Business analytics is related to and borrows from econometrics. Methods from statistics (specifically, statistical learning) are important in business analytics, too, as are methods from operations research. In order for business analysts to be effective, they must also understand the raw materials of data science in their field, namely, accounting and financial data.

At the heart of the solution to any business problem is a decision problem. Thus, students need to learn how to cast business problems as economic decision problems and then solve them using methods from optimization theory as well as implement those solutions on computers. In addition, students need to be able to describe how optimal solutions are affected by changes in the environment &emdash; comparative statics.

To apply these solutions within a business environment, students need to understand methods from probability and statistics as well as computer science — specifically, computer programming and databases.

Having laid the foundations of decision theory, students then need to know how to implement decision problems using data: first, how to organize data; then how to implement business analytic methods on a computer; and, finally, how to embed decision problems in complex business environments containing incomplete information (such as those involving moral hazard or adverse selection) having equilibrium interactions.

Curricular Plan of Study

Prior to orientation or 1st day of classes: Take Math Placement Test (MPT) and place into MAC 1105.

Freshman

Fall (15 hours)

MAC 1105 College Algebra
ECO 2023 Principles of Microeconomics
ACG 2021 Principles of Financial Accounting
ENC 1101 Composition I
Cultural/Historical Foundation

Milestones

Successful completion of MAC 1105

Spring (15 hours)

ACG 2071 Principles of Managerial Accounting
ECO 2013 Principles of Macroeconomics
CGS 2100C Computer Fundamentals for Business
ENC 1102 Composition II
Cultural/Historical Foundation

Milestones

Successful completion of ECO 2013

Sophomore

Fall (15 hours)

ACG 3173 Accounting for Decision Makers
MAR 3023 Marketing
QMB 3003 Quantitative Business Tools I
SPC 1608 Fundamentals of Oral Communication
MAN 3025 Management of Organizations

Milestones

Successful completion of ECO 3101.

Spring (15 hours)

FIN 3403 Business Finance
ECO 3101 Intermediate Microeconomics
QMB 3200 Quantitative Business Tools II
Cultural/Historical Foundation
MAN 3025 Management of Organizations

Milestones

Successful completion of General Education Requirements.
Successful completion of Gordon Rule Requirements.
Successful completion of Common Program Prerequisites.

Summer (3 hours)

GEB 3006 Intro to Career Development

Junior

Fall (13 hours)

QMB 3602 Business Research for Decision Making
QMB 3310 Spreadsheets in Business Analytics
ECO 3410 Mathematical Economics
Science Foundation
GEB 3005 Career Search Strategy

Milestones

Completion of Primary Business Core at UCF with a minimum GPA of 2.0.
Successful completion of GEB 3006.
Admittance into the College of Business after completion of the admission requirements. Admittance automatically occurs for those students meeting admission requirements after grades officially post for the semester.

Spring (16 hours)

General Elective
ECO 4412 Econometrics I
MAR 3203 Supply Chain Management
GEB 4223 Business Interviewing Techniques
Social Foundation
General Elective

Milestones

1. Successful completion of ECO 3410 and GEB 4223.

Senior

Fall (15 hours)

1. - ECO 4400 Game Theory
  - ECO 4422 Econometrics II
  - BUL 3130 Legal/Ethical Environment of Business
  - General Elective
  - General Elective

Milestones

1. Successful completion of ECO 4422.

Spring (13 hours)

ECO 4443 Introduction to Business Analytics
ECO 4934 Topics in Econometrics
QMB 3311 Python for Business Analytics
GEB 4004 Executing Your Career Plan
General Elective

Milestones

Successful completion of all degree requirements for graduation.

Pre-Major

Admission to UCF does not equate to admission to the College of Business (CoB). After receiving admission to UCF, students must qualify to be admitted to CoB and therefore all students enter the University as a ‘pre’ business major. This applies regardless of the specific business major a student intends to pursue. As a ‘pre’ business major, students will:

Complete the General Education Program
Complete the Gordon Rule requirements
Complete the Business Common Program Prerequisites with a grade of “C” or better
- MAC 1105 College Algebra
- ACG 2021 Financial Accounting
- ACG 2071 Managerial Accounting
- ECO 2013 Macroeconomics
- ECO 2023 Microeconomics
- CGS 2100 Computer Fundamentals for Business
- QMB 3003 Quantitative Business Tools I**or STA 2023 Statistical Methods I and MAC 2233 Concepts of Calculus
Complete the Primary Business Core at UCF (per major specific GPA requirements)
- MAN 3025 Management of Organizations
- MAR 3023 Marketing
- FIN 3403 Business Finance
- QMB 3200 Quantitative Business Tools II
- ACG 3173 Accounting for Decision Makers
- Admission to the Economics major requires a minimum Primary Core GPA of “2.0” and a “C” or better in the first course in the intended major.
Complete GEB 3006 Career Development and Financial Planning. This is the first course in the Career Professionalism Series; it is designed to help students align their major and career interest.

The above five requirements are to be completed before beginning any Business major.

Internships

All internships are now housed within the Office of Professional Development. Learn More

What can I do with this major?

General Information and Strategies

Business analytics is fast becoming integral to all fields of business — accounting, finance, and marketing as well as management in general.
An undergraduate degree in business analytics can lead to many career opportunities. Students should clearly define their goals and seek experiences and skills necessary to reach those goals..
Most business analytics positions require a master’s degree in business analytics (or data science or machine learning, or some similar degree), so students should view this major as a preparatory degree, which can be combined with degrees in other business disciplines, such as accounting or finance.
Gaining relevant experience through part-time and summer jobs or internships is important.
Important skills for business analysts to gain include: data acquisition and analysis techniques, critical thinking, report writing, and competency with relevant software..
Build and utilize a personal network of contacts. Once in a position, find an experienced mentor.

Area	Employer	Information
• Business Analyst • Cost Control Analyst • Financial Analyst • Senior Business Analyst • Budget Analyst	•	•

Area	Employer	Information
• Financial Analysis • Commercial Banking • Retail/Consumer Banking • Credit Analysis • Lending • Trust Services • Mortgage Loans • Branch Management • Operations Securities: Sales, Research	• Corporate finance departments • Banks Credit unions • Savings and loan associations • Financial services institutions • Federal Reserve banks	• Build a solid background in business including finance, accounting, and marketing. • Gain experience through part-time, summer, or internship positions in a bank or financial services firm. • Develop strong interpersonal and communication skills in order to work well with a diverse clientele. • Serve as treasurer for student organizations. • Get involved with investment clubs. • Earn an MBA for positions in investment banking.

Area	Employer	Information
• Claim • Underwriting • Risk Management • Sales • Loss Control • Actuarial Science	• Insurance firms • Banks	• Complete an internship with an insurance agency. • Talk to professionals in the industry to learn more about claims, underwriting, and risk management. Many entry-level positions exist in these areas. • Initiative and sales ability are necessary to be a successful agent or broker. • Develop strong communication skills as many positions require interaction with others and the ability to explain information clearly and concisely. • For actuary science, take additional courses in statistics and mathematics. Plan to take a series of actuarial exams to gain licensure from either the Society of Actuaries or the Casualty Actuarial Society. The type of insurance you deal with will determine which path to pursue. Most actuaries take these exams while working full-time, and the process takes several years.

Area	Employer	Information
• Industrial Sales • Consumer Product Sales • Financial Services Sales • Services Sales • Advertising Sales • E-commerce • Customer Service • Sales Management: District, Regional, and Higher	• For-profit and non-profit organizations • Product and service organizations • Manufacturers • Financial companies • Insurance companies • Print and electronic media outlets • Software and technology companies • Internet companies	• Obtain related experience through internships or summer and part-time jobs. • Seek leadership positions in campus organizations. • Work for the campus newspaper, directory, or radio station selling advertisements. • Become highly motivated and well-organized. • Develop a strong commitment to customer satisfaction. • To deliver effective customer service, develop problem solving skills, self-confidence, assertiveness, and empathy. • Learn to work well under pressure and to be comfortable in a competitive environment. • Prepare to work independently and to be self-motivated. Plan to work irregular and/or long hours. • Learn to communicate effectively with a wide range of people. Supplement curriculum with classes in interpersonal communication and public speaking.

Area	Employer	Information
• Areas and job titles vary by industry	• Business and industry including: Banks and financial institutions, Retail stores, Restaurants, Hotels, Service providers, Healthcare organizations and hospitals, Manufacturers, Industrial organizations • Local, state, and federal government • Non-profit organizations • Self-employed	• Take additional courses in management. • Prepare to start in entry-level management trainee positions. Demonstrate initiative and leadership to get promoted. • Gain experience through internships or summer and part-time jobs. • Get involved in student organizations and assume leadership roles. • Demonstrate an entrepreneurial spirit, a strong work ethic, integrity, and a sense of independence. • Learn to work well on a team and develop strong communication skills.

Area	Employer	Information
• Teaching • Research	• Colleges and universities • Secondary public and private schools	• Earn a Ph.D. to teach in post-secondary institutions. • Gain research experience by assisting a professor. • Maintain a high GPA and secure strong faculty recommendations to get admitted into graduate school. • Obtain teacher certification for public school positions. Earn additional certifications as it is unlikely that schools will hire teachers only for economics. • Seek experience working with young people. • Develop strong public speaking skills.