Nowadays companies collect a lot of data about their customers, competitors, supply chains and everything. However, the most challenging task is to unlock the value of the data collected. The role of business analysts in completing this task is extremely important. The number of MSc programs on analytics at universities is growing, however, only at business schools data science curriculum incorporates the concepts, tools, and techniques to guide organizational transformation. Then graduate of a business school is capable to make decisions using the mathematical apparatus and tools to organize the data, develop, and apply the processing algorithms. By mastering a combination of advanced analytical skills with business and management skills, students will be able to become business analysts for a wide range of businesses. The paper describes an ontological approach to the re-orchestration and re-design of the master’s program in business analysis and big data at the Graduate School of Management, St. Petersburg State University (GSOM SPbU). Ontological framework is chosen as a conceptual structure of a domain. The paper examines a methodological ontology to describe the association of skill and knowledge within a competency statement.