What Can You Do with a Statistics Degree?
If you’re not scared of a challenge and love to work with data, studying statistics could be a great choice when entering higher education. The general theme of the subject is simple at its heart. You collect, organize, and analyze data, and use this to provide an interpretation. Yet it requires complex skills and advanced methods of data collection and analysis.
If you put in the effort to gain a statistics degree, this opens the door to a diverse collection of sectors. Statistics careers can range from insurance to advertising and pharmaceuticals to politics.
Should I become a statistics major?
If you want to gain a degree in statistics, you must possess a strong background in mathematics. Due to the subject overlapping into various social sciences – such as accounting, sociology, and economics – it also makes sense to have an interest in these areas.
Once you have acquired a statistics degree, these are some of the common skills you will gain and enhance:
- Data analysis and evaluation
- Research and data collection
- General IT skills
- Advanced numeracy
- Clear presentation of findings
While statistics programs will differ depending on the educational institution, degrees are likely to cover topics like inference, computational inference, biostatistics, experimental design, sampling and databases, and financial statistics. You also learn how to use specialized statistics-based computer software, as well as working both individually and as part of a team.
What can I do with a statistics degree?
So what jobs with a statistics degree are available? Well, due to the wide range of skills you gain, there are various career paths you can take. Below are some jobs which directly relate to a statistics degree.
Market research analyst
When it comes to understanding the market conditions of a product or service, a market research analyst is hired to examine potential sales stats. This then assists organizations with understanding the demand for products, who buys them, and how they should be priced.
Using research from the U.S. Bureau of Labor Statistics, the average wage for market research analysts is $63,790 per year. The future for this profession also looks bright, with job opportunities projected to grow by 18% in 2019-2029.
A financial analyst is used by both individuals and businesses when it comes to making investment decisions. These professionals assess the performance of various types of investments, including bonds and stocks. They will then recommend opportunities to buy and sell these investments.
On average, a financial analyst receives a yearly salary of $81,590. The Bureau of Labor Statistics anticipates between 2019 and 2029, the job outlook for this profession will grow by 5%.
In general, an actuary is responsible for analyzing the financial costs of uncertainty and risk. They do this by assessing the risk of possible events, and they utilize statistics, financial theory, and mathematics to get the job done. Actuaries are essential employees for the insurance industry.
In 2019, actuaries landed a yearly $108,350 average salary based on findings by the Bureau of Labor Statistics. The job outlook for 2019-2029 is just as healthy as the median pay, with its projected to increase by 18% in that time.
As you would expect, a statistics degree can lead to a career as a statistician. This job role involves analyzing data, using advanced statistical techniques to assist with solving various real-world issues. Statisticians work in healthcare, business, engineering, and other fields. A master’s degree is necessary to be hired for this role.
When it comes to a statistics salary, they averaged $92,030 annually in 2019. The Bureau of Labor Statistics mentions that ‘mathematicians and statisticians’ are due to significant employment growth. The 2019-2029 job outlook is a massive 33% for this role.
Deciding on a college
Picking the right degree is a life-changing decision. The same can also be said when selecting a college.
One of the biggest factors when settling on a college is the statistics program they offer. Another major aspect is the actual quality of the campus. You want a campus that not only provides a high quality of life but also supplies the ideal environment for studying. There’s just one issue: how do you actually find out what a campus is like?
CampusReel is a student-driven platform that features over 15,000 videos, all of which focus on campuses across the United States. As students create these videos, they offer all the insights and small details that no other source can provide.
CampusReel is completely free to use. Simply sign up for an account today.
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