A Data Science Central Community
Businesses are increasingly using data-driven methods to make business decisions. Hence, there is a need for people with both good business skills and programming/quant skills. Finance/Accounting PhDs and other business PhDs do have such skills, but they are few in number, are costly to hire, and the majority anyway prefer academia. This limits businesses to mainly hire bachelors or masters level candidates.
However, a majority of the business students (MBAs) do not have sufficient quantitative and programming skills to be able to adequately do the quant part of the job. A single course teaching introductory statistics using basic Excel for analysis is nowhere near adequate, as far as quant skills go. It is difficult for a quant neophyte to do the quant analysis, understand the results from the analysis and use it effectively to make business decisions.
On the other hand, most folks with programming experience do not have the expertise to adequately do the business part of the job. While they may be able to do a great job of programming, they often find it difficult to understand the business side of things, what is the business decision being analyzed and what analysis would be appropriate to address these issues, and how to leverage the results of the quant analysis to make good business decisions.
To address this gap, should business and engineering schools come together and develop a joint program, where the graduates have both sets of skills? Some schools may already be doing this.