What Can You Do with a Degree in Statistics?
By eLearning Inside
March 08, 2022
In today’s evolving landscape, knowing how to accurately interpret and analyze data has become an important part of the process of running and operating a successful organization. For this reason, those with advanced knowledge in statistics are in high demand, especially in the business sector. A degree in statistics can open the door to a world of seemingly endless employment opportunities.
Today, those looking to advance their career are lucky enough to have a number of master of statistics online programs available for them to participate in. For those interested in pursuing a degree in statistics, it can be helpful to have a clear picture of what can be done with this increasingly valuable degree.
What is Statistics?
According to Britannica, statistics can be described as the science of collecting, analyzing, presenting, and interpreting data. Statistics can be a source of invaluable insight to various organizations and business ventures. By being able to accurately analyze data, one can cull an array of meaningful insights about the nature of future trends and how to increase efficiency.
In addition, strong expertise in statistics can allow one to accurately collect data and verify the accuracy of already existing data sets. In essence, a strong grasp of statistics can allow a business venture to increase its profits by implementing facts that were made apparent by collecting, analyzing, and interpreting data.
What Jobs Can You Get with a Degree in Statistics?
A degree in statistics can open a world of career opportunities to those who obtain one. Businesses actively search for employees who have the skills and knowledge to utilize their expertise in statistics. With the rise and large-scale adoption of BI software by many organizations, those with an educational background in statistics are perfect candidates for employers who are looking to utilize these new technologies. There are a wide variety of career paths and roles available to those with expertise in statistics.
A data scientists’ primary role in a company is to utilize data to help their company make decisions. This can range from analyzing data to predict forecasts in product trends to using data to make employees within the company more efficient. Data scientists can be huge assets to companies, helping them become more profitable and efficient with the use of their expertise in collecting and analyzing data. According to Payscale, data scientists make an average of $97,033/yr.
Business Intelligence Analyst
Business intelligence analysts typically work within companies to help facilitate and encourage collaboration between different in-house departments. In addition, business intelligence analysts will often collect and analyze data and, in turn, will present it to the various departments of the company. The goal of those in this role is to ultimately guide the company towards certain goals, such as profitability, by presenting insights and facilitating collaboration. According to Payscale, the average salary of a business intelligence analyst is $70,656/yr.
Actuaries work in insurance companies and are responsible for analyzing data to create specific policies and premiums. They analyze large sets of data and glean insights that will inform their policies. Actuaries play an integral part in the insurance business and are key elements in keeping insurance companies profitable and thriving. According to Payscale, actuaries make an average of $98,847/yr.
A statistician can have many roles in both the public and private sectors. In essence, statisticians utilize their knowledge of statistics to create and collect accurate data sets and to make sure that all of the other data sets that a company utilizes are accurate. A statistician may work at a private company or a public institution such as a specific governmental office. According to Payscale, statisticians make an average of $77,476/yr.
Reach Your Full Potential
A master of statistics online program can catapult your career to the next level and make you an appealing candidate to top employers. A statistics program is ideal for busy professionals who are interested in advancing their careers without jeopardizing their current income source.
An advanced degree in statistics can make you stand out as a candidate and set you apart from others who are applying for similar jobs. Today more than ever businesses are looking for talented individuals who have expertise in the field of applied statistics to help them guide their companies into the future. Take the plunge today and apply for Michigan Tech University’s master of statistics online program and find the job that you’ve always dreamed of.
Featured image: Lukas, Pexels.