If you are a recent graduate or are currently looking into degree options, there are a lot of career opportunities for those who have studied Statistics.
Statistics are needed in just about every industry, so no matter where you see yourself in five years, you can pretty much guarantee there will be a job role to suit you.
So, whether you are interested in sports or think you could make a difference in government, studying statistics can open the door to a whole range of interesting roles with high job satisfaction.
It is a great time to get into Statistics
According to The Bureau of Labor Statistics, Statisticians will enjoy a 30% growth in employment rate between now and 2028. Skilled statisticians are highly sought after, and with higher demand comes better salaries and more rewarding career prospects.
Although salaries heavily depend on which route you take, the average yearly wage for Statisticians ranges from $67,000 to $113,670, leading to a pretty great quality of life.
Statistics graduates have access to an excellent progression ladder in terms of job satisfaction while often benefitting from job flexibility and low stress working environments.
What can I do with a degree in Statistics?
With a master’s in applied statistics, you can find a statistical job in a variety of fields that interest you. Statisticians interested in politics can work to collate the data that national leaders need to make the right decisions. Meanwhile, a job in the entertainment sector could see you providing data about the latest broadcasting technologies and services.
To give you a better idea of the types of jobs you can have, and so you know what terms to search for on job sites, we have highlighted a few below.
An actuary typically works in the financial sector, either in insurance or banking. Their role is to evaluate risks and predict the likelihood of certain events before they happen. An insurance Actuary will work to analyze risks for car, life, and home insurance policies before the contracts are set in stone. Those working in banking will have access to the market to assess when and where businesses should invest.
According to BLS, an actuary’s average salary is $108,350, with job availability, predicted to grow by 22% before 2026.
Data science has become a popular and aspirational job role. Data scientists require a background in math and statistical analysis and can earn upwards of $91,000. These experts in their field can work in a huge number of industries but are often drawn in to work during the election process and predict political trends.
Using consumer behavior and market trends, economists work to understand different relationships within the current and future economy. They can specialize in everything from day-to-day retail right through to managing international trade. Economists can also play a role in non-profit organizations if this is the line of work, you are most interested in.
Although Economists typically study – you guessed it – Economics, those studying Statistics can also get involved. Economists can enjoy an average salary of $104,000 though this can completely vary depending on industry and skill level.
Those studying finance can boost their knowledge and skills with an Applied Statistics Masters and become financial advisors or analysts. There is a lot of flexibility with this job role and can offer people the chance to be their own boss and start their own consultancy. Alternatively, financial advisors can work for larger businesses and individuals.
Within corporate, analysts will be required to dig deep into data to monitor managerial changes and how mergers and acquisitions can benefit the business.
Advisors working for individuals will use data trends as well as the stock and bond markets to help their customers make smart decisions with their money and investments.
In 2018, financial advisors earned an average of $85,000. Companies that are looking to expand are keen to bring on statisticians to help them make informed decisions – so there are great career progression opportunities for those looking for a position in Finance.
Of course, those looking to study Statistics cannot do so without lecturers and teachers proficient in the field as data science and statistics are becoming a popular choice for many graduates, community colleges and universities lookout for Statisticians to join their workforce.
Both two-year and four-year University courses offer full-time or tenure-track positions for those with master’s or doctorates. Working in higher education also gives you the chance to continue your own academic work, with some jobs requiring you to publish papers and reports during your time as a teacher.
Over the next decade, teaching jobs for statistics are likely to increase by 15% as mathematics departments expand and older professors retire. An average college professor in 2018 earned an annual income of £$78,470.
Create a job role
Although the above list gives you a better idea as to the types of roles you could take on, you are certainly not restricted to only these jobs. By studying statistics, you will be up to date with all the latest analytical techniques, as well as developing strong interpersonal skills that make you incredibly adaptable in any working environment.
A Masters will help to strengthen your knowledge in applied circumstances, meaning you will be more cut out for the working world. With this in mind, you will also have the skills to identify required job roles but do not necessarily exist just yet.
If there is a brand or company you have always dreamed of working for, nothing is stopping you from sending through a few inquiries and presentations to show off your skills and how you can help them invest, predict events, or even acquire new business. Businesses don’t know what they’re missing if they never had it, and one reason it’s so difficult to get a job in Data Science is that people don’t know they need it. It is your job to show them just how much value you could add.