Why Study A Major In Statistics?
Hot Careers and Future Job Outlook for Statisticians
If you’re a data geek, you’re assured of job security, at least for the next one decade. For the last 15 years, there has been an increasing demand for statisticians. According to BLS (The Bureau of Labor Statistics), this growth is not about to relent.
BLS projects that from 2016 to 2026, employment for statisticians will grow by 34%. This is huge compared to the 28% growth in mathematical science occupations and 7% in all occupations. Statistician’s rank 9Th on the list prepared by Labor department of 20 fastest growing occupations.
Out of the 10 jobs BLS forecasts to grow fastest in the next decade, it’s only app developer and statistician that are not in the healthcare field.
What is fueling the growth?
There is a growing appreciation of statistics – The science of gleaning insights from data, and measuring, understanding, and controlling uncertainty – by governments, nonprofit organizations and businesses.
With the web and the ever-growing computing power, the world is producing more and more data that can be used to generate scientific and business insights. This increased availability of data is fueling the need for more data geeks – numbers won’t crunch themselves.
By 2025, IDC, a research firm, expects the amount of data created yearly to be 10 times more than the data created in 2016. That makes ‘statistical analysis and data analysis’ one of the hottest skills to have. And according to Linkedin, it’s the second most important skill that employers are looking for in 2018.
Increasing wages
The huge demand for data experts has led to a surge in wages for statisticians. Based on BLS data, between 2000 and 2014, statisticians’ mean wage grew by 12%. For most workers, wages in this period either dropped or stagnated.
By 2016, the median annual income for statisticians was $80,000, and it’s growing. Students are noticing. Between 2015 and 2016, the number of undergraduates in the US majoring in statistics rose by 19%. But according to American Statistical Association, the rise is hardly enough to meet employer’s demand.
Expanding university statistics programs
Universities are also responding to the increasing demand for data experts by expanding their statistics programs. Between 2003 and 2014, the number of universities offering degrees in statistics went up by 50% for undergraduate programs, and 20% percent for masters programs. There was an even bigger growth in master’s and doctorate programs, between 2000 and 2014, the number of programs increased by 160% and 130% respectively.
Also, several universities, for instance, the University of Washington, Kennesaw State University, the University of Michigan, the University of California, and the University of Washington, have now established Data Science programs.
Hot Career Opportunities For Statisticians
The job growth for statisticians is impressive, but still, it under reports the number of opportunities available to data experts. Jobs such as market research analyst, data scientist, and actuary, demand proficiency in statistics. Hundreds of thousands of statisticians work in this jobs.
Here is a list of career opportunities in statistics
Market Research Analyst
Market research analysts use specialized software to analyze ‘market data’. They gather and break down complex data on consumers, competitors, and market conditions. Their role is to take difficult data sets and translate them into easily understandable graphs, tables, and reports that can be used by people with little expertise in statistics.
Data comes from a myriad of areas, including interviews, web analytics, surveys, and literature reviews. To become an analyst, you need a bachelor’s degree, but some positions require a master degree.
Statisticians
A statistician’s job is to prevent inaccuracy in the interpretation of data. Statisticians design surveys, experiments, and questions. They then gather data through various methods for analysis and observation. After careful analysis, they present findings in an easily understandable form. Statisticians also explore new ways of collecting data.
Thanks to the massive amount of data that’s now available to organizations, there is an ever-growing need for statisticians.
Brand Optimization Analysts
Like all statistics-driven careers, brand optimization analysts study data and examine trends. Once they’ve noted trends, analysts suggest changes to business goals and develop strategies to maximize the reach of their brands.
To get into this career, you need a bachelor’s in finance, mathematics, marketing, economics, statistics or computer science.
Operations research analyst
Operation research analysis taps into information from every aspect a business: sales data, customer feedback, web analytics, and computer databases. The analysts then use statistical tools to analyze this information and craft solutions for key decision makers.
A collaboration between the management team and operation research analysts is key to keeping a business profitable and functional. At the entry level, you can get in with a bachelor’s, but senior positions require a master’s degree.
Data Scientist
Data scientists dig through data looking for trends that point to the ‘next big thing.’ To become a data scientist, you need data gathering and analysis skills. Businesses use data science to develop and launch new offerings.
To get into this career, you need a bachelor’s degree, in math, statistics, physics, engineering, or computer science.
Financial analyst
Financial analysts focus on evaluating of past and present financial data. They look into business and economic trends and work with company officials to project the company’s financial future. Analysts typically specialize in industries, types of products or world regions.
To get into an advanced position, you need a master’s degree, but there are opportunities even you have a bachelor’s degree.
Biometrician
A biometrician’s job is to study trends that point to the probability of phenomena or specific conditions occurring. Their findings bolster quality control in field projects as they allow colleagues to anticipate and plan for various scenarios.
To become a biometrician, you need a master’s degree in zoology, wildlife biology, ecology or statistics.
Data scientist or statisticians combine math skills and excellent computer skills to gather and analyze data, with which they craft accurate and insightful reports that businesses use to develop plans and achieve goals. Employment opportunities are plentiful in multiple industries, providing data experts with lucrative, challenging and rewarding careers.
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