7 Career Paths You Can Take with a Degree in Statistics
We are living in an increasingly data-driven world. Learning how to access, read and translate data into significant insights that can help companies and organizations can be a valuable and well sought-after skill. Many business leaders are seeking talented individuals who have lived and breathed in statistics. So, if you have a degree in statistics or are about to graduate and wondering what career path would suit you best, here are a few careers that may suit you well.
Politics
Those of us who are not a part of a campaign will not realize what goes on behind the scenes. Statisticians are typically brought on so that they can generate information from data that can help them decide how successful a political campaign or strategy is performing and whether changes need to be made. For example, statisticians can accurately forecast the results of an election and make a prediction as to who the winner will be. Of course, not all predictions are 100%. Statisticians are only human, after all. Other popular and exciting jobs in politics include political scientist and lobbyist. If you are curious about a career in politics and have a degree in statistics or are wondering what role a degree in statistics might play, click here for more information.
Data Scientist
The role of a data scientist is to take raw data, analyze it, and turn it into meaningful information that organizations can use to help make their business more efficient. Data scientist roles are becoming more popular as businesses are tending to extract data from all business operations. For instance, a business will collect data whenever a user clicks onto their website and record any movements that the user makes. This data will be analyzed so that businesses can learn from it.
Data scientists are needed across all industries. However, you can specialize in an area if you wish to. Areas to specialize in include:
- Finance
- Scientific research
- Health
- Retail
- Academia
- Government
- IT
What’s more, you have the choice to work for a range of clients. You could, for instance, work for a non-profit organization, the government, or a public or private college.
Actuary
An actuary is a business professional whose job is to extract data, read it, and determine the risks associated with the numbers. You will use statistical and financial theories to determine the financial outcome of a specific event and whether a business should take the risk or find ways to counter it. This role can be high-stress due to the uncertainty and risks, but the field is becoming more in-demand.
The responsibilities of an actuary may vary, but typically you will find yourself performing the following duties:
- Using mathematics and mathematical modeling techniques to determine the probability of certain risks
- Developing financial products
- Taking on a leadership role and supervising staff
- Liaising with clients linked to the company’s finances such as stakeholders and investment managers
Due to this job’s stressful nature and chances of working overtime, salaries can be quite high with the median salary being around $108,000.
Operational Researcher
Operational researchers are in charge of developing new and more efficient operational systems for a company, as well as monitoring existing procedures to see whether they are performing to the best of their ability. The operational researcher will use mathematics to analyze data so that the company can make better decisions that help excel the company’s productivity and growth. You will be expected to have a strong understanding of mathematical concepts and communication skills so that you can turn raw data into a detailed report that clients and co-workers can understand.
Financial Risk Analyst
Before a business reveals or starts a new project, a financial risk analyst will collect data, analyze, and identify the risks associated with this new business venture. By forecasting what could happen (the good and the bad), business leaders can put measures in place to lessen the risks or decide whether the project should be abandoned altogether.
Within this profession, you will be developing strategies to help minimize risk while also maximizing profit. You will also be ensuring that the company complies with financial regulations. This is a high-stress job and you may be expected to work extra hours if there is a financial emergency or critical situations that need to be addressed. However, you will usually be rewarded with the potential for overseas travel and an impressive salary.
Economist
The role of an economist is to provide financial advice to organizations. You will collect research or carry out your own data, study the numbers and then advise your clients on their next steps. The data you collect and analyze will vary, but you will typically cover social policy and economics, interest rates, employment levels, and taxation. As an economist, you can choose to work for numerous companies, organizations, and industries. You can work for major companies, non-profit organizations, the government, academic institutions, and banks. Economists will typically have a very good salary, too.
Machine Learning Engineer
If you enjoy programming, creating new software, and data analysis, then the life of a machine learning engineer may be perfect for you. As a machine learning engineer, you will be tasked with creating programs and algorithms for artificial intelligence so that the AI can continue to learn without further programming. You will be ensuring the computers will be able to learn from experience and automatically.
Usually, there is a crossover with other subjects when it comes to machine learning. As well as having a good grasp of statistics, you will also need to have an in-depth understanding of computer science fundamentals. This means having an understanding of algorithms and the complexity of computer architecture.
There are many avenues you can take once you have a degree in statistics. From politics to machine learning engineering, you have the opportunity to use your data analytical skills however you wish. Remember that if you want to further your knowledge after graduation, you can always specialize in a specific area by studying or an MBA.