For those with doctorate degrees, a statistics master’s degree is a branch of mathematics that has the potential for job advancement in a wide range of businesses. Jobs that benefit from a graduate degree are frequently available in the sectors of trade, marketing, development, and research. Statistics can be an option worth taking into consideration if you’re thinking about getting a doctorate in a quantitative discipline. In this post, we’ll go over what you can accomplish with a statistics master’s degree, the advantages of getting an advanced degree, and the kinds of jobs your degree can facilitate.
What can you accomplish with a statistics master’s degree?
You can pursue a career in commerce, marketing, finance, research, or computer science after earning a statistics master’s degree. Most statistics graduates work in analytics, with specializations in finance, business, data, and marketing automation. A statistics master’s degree can help you advance your career in the tech industry. Some statisticians, for example, progress in the fields of data and computer programming, in which they employ statistical analysis and computation to develop analytical systems. Graduates with statistics qualifications are also employed in the healthcare and medical research sectors, expanding the range of career options for those with this degree concentration.
Benefits of earning a statistics master’s degree
Here are some benefits of earning a statistics master’s degree.
Improves credentials
A statistics master’s degree can help you develop in your job by strengthening your current qualifications. As a result, employers looking for expertise for senior roles may give your more advanced credentials more weight in the challenging job market. A graduate degree statistics master’s degree can also open up more chances for obtaining certifications that are exclusively available to individuals with this education level.
Offers potential job paths
You may be able to discover more employment chances in specific fields of statistics if you have a statistics master’s degree. For instance, students with degrees in biostatistics frequently have greater job options in the technological, medical, and ecological sectors, while degrees in bachelor statistics may tend to concentrate on more general statistics topics. This denotes a variety of possibilities that can aid in your career advancement. Additionally, the United States Bureau of Labor Statistics projects that between 2020 and 2030, the employment prospects for statisticians would increase by 35%, providing people in this discipline with viable employment possibilities.
Enhances income power
Statistics master’s degrees in statistics can increase the income potential of statisticians. Due to this, individuals working in positions requiring a statistics master’s degree against a bachelor’s degree may earn different salaries. For example, a senior role needing a statistics master’s degree might pay higher than a junior analyst role. Several professionals can significantly enhance their salary range by getting a statistics master’s degree.
7 careers to take into consideration with a master’s in statistics
The occupations listed below may occasionally call for a statistics master’s degree:
1. A research analyst
National average yearly salary: $59,084
A research analyst with a statistics master’s degree’s main responsibilities includes conducting financial research, writing reports, and analyzing assets and stocks using statistical methods. They frequently work in financial organizations where they interact with teams to assess information and guarantee the reliability of the data that belongs to their organizations. Additionally, research analysts compile necessary data, build financial simulations and models and present their results to shareholders and executives.
2. A market analyst
National average yearly salary: $59,979
Marketing analysts with a statistics master’s degree are essential members of marketing teams, assisting with the research, tracking, and reporting procedures for organizations’ promotional programs. Using data that teams get from daily tasks like customer acquisition, conversion, and purchase orders, they study the marketplaces of competitors and customers. With a statistics master’s degree, analysts can proceed to executive and director positions, where they use statistical methods to incorporate effective plans.
3. Biostatistical programming supervisor
National average yearly salary: $62,820
Managers of biostatistical programming with a statistics master’s degree are primarily responsible for supervising employees who work on biological and clinical research studies. They organize teams to gather and analyze health information using advanced analysis tools, and they put the appropriate technical and programming techniques into practice to meet functional needs. Programming managers create, integrate, and support policies and regulated documents in addition to helping with system audits.
4. A business analyst
National average yearly salary: $74,143
A business analyst’s (BA) main responsibilities include evaluating and identifying strategies that contribute to beneficial company improvements and the ensuing organizational procedures. They work with technology specialists as well as finance, sales, and senior executives to establish the optimal approaches to risk, profitability, and long-term growth. Depending on geography, function, and place of employment, a BA plus with a statistics master’s degree can certainly enhance earning potential above the national average.
5. Statistical advisor
National average yearly salary: $74,470
Primary responsibilities include employing statistical analysis to conduct experiments and research and sharing the results with the appropriate people, companies, and organizations. They collaborate with experts to identify the best analysis methods for assessing several applications, including performance measurements, clinical investigations, and IT deployments. They operate in a wide range of fields, including business administration, tech, and finance. A statistics master’s degree might give the foundation required to combine statistics and consulting skills owing to the career’s particular focus.
6. A modeling expert
National average yearly salary: $94,208
The main responsibilities of simulation and modeling analysts include evaluating goods, processes, and systems as well as forecasting results using statistical tools. To generate simulations of diverse scenarios in fields like economics, finance, food and agricultural production, technology, and business, they develop different methods that employ data analysis. Statistics master’s degrees can assist jobs in technical and statistically-based fields including geographic surveying, mapping, and information management.
Careers for statistics majors
Large-scale numerical data collection, organization, analysis, and interpretation are the focus of the mathematical field of statistics. Statistics majors are becoming more sought-after across all businesses due to the growing dependence on data and the requirement for advanced analysis in many sectors.
Think about these ten potential careers that you could pursue with a statistics bachelor’s degree:
- Business analyst
- Financial analyst
- Cost estimator
- Statistician
- Market researcher
- Database administrator
- Actuary
- Economist
- Data scientist
- Software engineer
1. Business analyst
National average yearly salary: $72,803
Business analysts’ main responsibilities include advising people, companies, and government entities about investments. Using statistical skills to collect and analyze pertinent financial data, they evaluate the results of securities and bonds and project future economic results. As they create investment advice for their clients, business analysts examine accounting records and business statements, collaborate with business officials, and assess senior executives.
2. A cost estimator
National average yearly salary: $77,721
Cost estimators’ main responsibilities include gathering and analyzing data to anticipate the total cost of finishing a project, creating a product, or providing a service. Cost estimators frequently take into account factors other than economic cost in their assessments. To generate a thorough analysis, these experts also take time and work into account. They typically specialize in particular markets and utilize statistics to improve the job of account managers, product designers, and salespeople.
3. Business analyst
National average yearly salary: $83,106
Business analysts also referred to as management consultants, are experts in assessing organizational effectiveness. They identify issues that affect businesses, gather pertinent data, and develop techniques for doing a thorough analysis. These specialists frequently examine financial documents and labor reports, using statistics to spot trends and make recommendations. To put process ideas into practice and monitor progress, business analysts frequently collaborate closely with project managers. While several business analysts are employed by companies, some operate on their own as independent contractors.
4. A market analyst
National average yearly salary: $83,899
Market researchers’ main responsibilities are to forecast sales of products and services by analyzing market circumstances. They examine prospective results for their firm by keeping an eye on trends in particular markets, and they assess the success of marketing initiatives. Market researchers create procedures for collecting data and employ cutting-edge algorithms and software to assess the results. Market researchers frequently convert data into graphs and reports to present findings to coworkers and stakeholders.
5. Statistician
National average yearly salary: $87,964
To understand and address organizational difficulties, statisticians and mathematicians must first assess data and then use business models. They employ experiments and surveys to obtain information after deciding which data is needed to address a problem. These specialists may develop novel ideas, rules, and models in addition to using well-established notions in their studies. The results of statisticians’ analyses are then translated into reports that aid the decision-making and problem-solving processes inside their organizations.
6. A database manager
National average yearly salary: $90,528
Database managers are experts at storing, classifying, and organizing information. They must maintain and upgrade data security in addition to safeguarding data through backups and restores. Database managers supervise rights, facilitate access to data, and guarantee that databases function properly. These experts may also build testing, new databases, and organizational guidelines as necessary. To perform their duties successfully, the majority of database administrators need an advanced understanding of programming languages like Structured Query Language (SQL).
7. Economist
National average yearly salary: $95,962
Economists’ main responsibilities are to analyze problems in the manufacturing and distribution of commodities, services, and products inside a market. They specialize in studying market patterns, gathering information, and drawing conclusions from statistical models. As they provide solutions for a range of economic difficulties, these specialists frequently work for corporations and governmental organizations. To help people, businesses, and government entities, economists need to possess good decision-making, problem-solving, and critical-thinking abilities.
8. Actuary
National average yearly salary: $117,505
Actuaries’ main responsibilities include managing financial risk for private persons, enterprises, and governmental agencies. They look at the costs, gauge the risk, and offer recommendations. They gather data, examine trends, and estimate future occurrences using business strategies and their foundation in statistics. These experts create charts and documents that illustrate ambiguity while also calculating the likelihood of financial danger. Actuaries frequently work for life, health, or estate insurance firms, who rely on their recommendations when creating policies and determining premiums.
9. Software developer
National average yearly salary: $126,366
The main responsibilities of software developers and programmers are to supervise the development of communication networks, software packages, and computer applications. They use data collection to understand user needs before overseeing testing and development by applying their statistical knowledge. Models are used by software developers to build application architectures, write and test programs, suggest sensible upgrade plans, and perform ongoing software support. These experts frequently collaborate closely with IT project managers, computer engineers, and information management managers.
10. Data scientist
National average yearly salary: $144,481
Data scientists’ main responsibilities are to analyze information and statistics in pursuit of trends and insights before looking for solutions that will give their organizations the most prospects. Data scientists build data sets, define variables, build models, and spot trends and patterns using their statistical understanding. Additionally, they employ their communication abilities to disseminate their findings in papers and presentations to important audiences.
Professional experience
Many statistics degrees involve a year of fieldwork, however, if yours does not, you might be able to uncover industry placement possibilities by looking through the websites of specific businesses. Through The Data Lab, a division of The University of Edinburgh’s applicants can submit a request for a statistics placement in Scotland.
The UK’s leading independent supplier of statistics, the Office for National Statistics, as well as businesses in the following industries, offers internships, graduate programs, and apprenticeships:
- Financial services
- Banking
- Operational research
- Market research
The Royal Statistical Society’s (RSS) Young Statisticians division offers networking opportunities and information on careers in statistics, therefore joining is a good idea.
While having the opportunity to apply your statistics knowledge in practical settings is a terrific experience, any kind of work experience or volunteer work can be beneficial for enhancing your communication, problem-solving, and teamwork skills. Volunteering and working with charity and local organizations are usually available at universities.
Common employers
Government agencies are statisticians’ primary employers. Many UK government ministries employ statisticians, and the Government Statistical Service posts employment openings (GSS). Graduates can enter statistics through the government’s Civil Service Fast Stream (statistics program).
But there are several other industries, including agribusiness, economics, teaching, engineering, medical, and transportation, where your knowledge and abilities are also useful. Typical companies are:
- Banks and financial institutions
- Accounting and insurance companies
- Firms in the logistics and transportation sectors
- The private health sector and the NHS
- Non-profit organizations think tanks
- Non-profit organizations think tanks
- Universities, other educational institutions
- Pharmaceutical industry.
Skills for your resume
Since you’ll be gathering data, performing mathematical calculations, working on projects, and giving presentations, a statistics master’s degree will provide you with good statistical modeling and manipulation abilities.
Your career in statistics will benefit from having these essential subject-specific skills:
- Employing quantitative research techniques
- Analyzing outcomes, coming to conclusions, and making suggestions based on data
- Recognizing and utilizing data patterns
- Addressing issues and reasoning logically
- Bringing mathematical abstractions to real-world issues.
You also acquire the fundamental competencies that every employer demands, such as:
- Information management
- Communication
- Presentation
- Planning and organization
- Time management
- Teamwork
Additional studies
A statistics master’s degree or graduate degree is required for several statistical positions. Below are options for postgraduate study:
- Medical statistics
- Applied statistics
- Data mining.
You are eligible to apply for the RSS professional membership grade of Graduate Statistician (GradStat) if your statistics master’s degree has been accredited by the Royal Statistical Society.
A Ph.D. is necessary for an academic career. Most organizations that are hiring pharmaceutical statisticians will require an MSc or Ph.D.
There are also professional short programs offered for statistical software programs including SAS, SPSS, Stata, and Minitab.
The majority of the time, professional credentials must be studied to pursue a job in the finance industry. These are frequently completed on the side as a component of your job. For the advancement of a career, charters or professional certifications are essential. These are accessible in fields like accounting, insurance, banking, and actuarial work.
What Benefits Does a Master’s in Applied Statistics Have in the Modern Workplace?
Organizations employ statistics and information science for a variety of purposes, including better decision-making, predicting prospective challenges and opportunities, and better comprehending their operations. The following are a few advantages of pursuing this area of study and the wide range of occupations associated with it.
Rewarding and difficult careers in numerous industries
Professionals who have an experience in applied statistics are in particular in high demand since this sector is focused on problem-solving and actual solutions. Their skills and knowledge can be used in almost any scenario or situation that calls for the employment of statistical techniques, such as:
- Model predictions
- Data mining with statistics
- Statistical estimation
Positions for statistics majors are available in the public sector, the private sector, charitable groups, and other institutions. All of these positions can significantly affect the viability and performance of the companies in question. Quantitatively proving a global health program’s efficacy is just one example of a task that can be assigned, as can projecting product demand in both existing and emerging markets. Whatever the circumstances, experts with expertise in applied statistics provide their peers (and their employers generally) with essential intelligence by providing thorough analysis to answer urgent concerns.
Developing Solutions That Have a Real-World Impact
Professionals with degrees in applied statistics work on a variety of initiatives. They might conduct data analysis that aids in resolving a procedural problem within a single business or take part in activities that can address global issues.
The 1850s in London are a key period in the development of statistics as a transformative force. Before the widespread acceptance of the germ hypothesis, physician John Snow established through the gathering and analysis of evidence that cholera was a waterborne infection.
Statistics are still able to open up new doors for improving public health. A data science team called Bayes Impact, which collaborates with not-for-profit groups to address urgent problems, is highlighted by General Assembly for its efforts. One of the group’s noteworthy accomplishments is a study with the U.S. Department of Health that assisted in improving the quality of care by facilitating better matches between organ donations and prospective recipients.
Statistics have long provided an opportunity to bring about broad-based change for the better. A profession in this area may have an international impact.
A Skill Set That Is Extremely Demanded and Relevant
The abilities acquired through a statistics master’s degree might be particularly beneficial as businesses continue to discover new uses for data processing and depend on statistics to direct and expand their operations. In general, statisticians need the following abilities:
- Knowledge of sophisticated statistical techniques, including both established and new procedures.
- Advanced knowledge of technologies and computer languages important to statistical analysis.
- A solid foundation in logic, mathematics, and critical thinking.
- The ability to communicate the purpose, outcomes, and effects of a particular project to other data analysts as well as those outside the profession is essential.
The Coursework and Concentration Opportunities for a Statistics Degree
The next step, if you’ve determined that a profession in statistics is right for you, is to find out more information about the degree program. If statistics is your chosen field of study, you can anticipate taking courses in probability, statistical theory and applications, inferential analysis, statistical computing, and other topics. Studying statistics involves a lot of analysis, especially in classes on multivariate models, regression analysis, qualitative data processing, and forecasting algorithms.
Students can study the intricacies of essential areas of application, like research and commerce, by taking courses in empirical design methodologies and study sampling in business. Students majoring in statistics will often study courses in other areas of the mathematical disciplines, such as topology, difference calculus, and quadratic and abstract algebra.
Both bachelors of Arts and Bachelor of Science courses in statistics are available at the undergraduate level. According to U.S. News & World Report, Bachelor of Science courses put more of an emphasis on the rigorous math curriculum that trains students for postgraduate studies in this subject, while bachelors of Arts courses tend to stress the practical usage of statistical techniques more.
Conclusion
The focus on practical uses of statistical methods and tools helps students develop the skills needed for a variety of positions in the modern workplace. Students of statistics today and in the future have a wide range of job options to think about.
You are specially qualified to have a positive impact on the world as a statistics student. You can make judgments and come up with solutions to better people’s lives by using your abilities. Whether it be assisting businesses in creating new products or interacting directly with those who require assistance.
Studying statistics will make you highly sought-after regardless of your job route because it is a necessary component of the current world.
We hope that this article has given you a better understanding of the potential applications of statistics in the workplace.
Frequently Asked Questions about statistics master’s Degree
- What do you do if you with a statistics master’s degree?
Students majoring in statistics learn how to collect, examine, and interpret data. Students that declare this degree may be motivated to work in the government, finance, or banking, among other professions. Statistics majors may have a diverse range of interests because the subject of statistics is applicable in so many different circumstances.
- What kinds of jobs are available to statistics students?
Data analysis is a talent that statistics majors excel at and is highly valued in the workplace. As a statistics major, you could explore analytical careers such as actuarial science, operations research analysis, data analysis or data science, quantitative analysis, or computer systems analysis.
- Is a career in statistics worthwhile?
Yes, people with degrees in statistics can work in several different disciplines, including actuarial science, finance, analytics, and software development. If you want to guarantee that you will get employment in a connected field following graduation, statistics is a fantastic degree for you. According to data from the US Bureau of Labor Statistics (BLS), the vast majority of careers for persons with a bachelor’s degree in statistics have rates of growth that are above the average for all jobs.
- Does a major in statistics pay well?
The average salary for Americans with a major in statistics is $68,070 per year, or $32.73 each hour. The bottom 10% earns less than $39,000 while the highest 10% earn over $115,000 annually. For graduates with a major in statistics, the largest employment chances are in professional and technological companies.