What a Masters in Statistics Can Do for Your Career
You may not realize it, but statistics are a part of everyday life. In a modern world where information is key, these mathematical equations are used to analyze what is happening around us. From weather forecasts, to political campaigns and medical studies, statistics can educate us on trends of the past that can then be used to predict what will happen in the future.
Career Opportunities and Growth
The Bureau of Labor Statistics has projected the career opportunities for individuals with statistics and mathematics qualifications, to grow 34 percent through 2026, 7% faster than the average rate for other industries. This projection in itself is a statistic. This growth can be attributed to the fact that in this modern world, statistics help us to enhance and optimize services, experiences and technology.
A Michigan Technological University Masters in Statistics can afford you a median salary of $84k per annum, and this looks set to grow as we rely more and more heavily on statistics.
USA Today named Statistician as the fifth top job in America for its “very good work environment, very low stress at work, and very good projected employment growth – making it one of very few careers to receive the highest marks available for all three categories.”
Not only this, Forbes have named Biostatistics and Statistics as the top two master’s degrees for jobs taking into account starting salaries and mid-career salaries.
Jobs for Statisticians
Director of Sports Analytics: The salaries for Sports Analysts vary depending on whether the analyst is employed by television networks, newspapers or bookmakers. Sports analysts employed by radio and television networks can expect to earn in the region of $73,000 whereas newspapers will pay around $59,000 for a sports analyst.
Industrial Statistician: Industrial statisticians use their advanced analytical skills to maintain and improve the quality of goods and services. For this role, employers will pay an average of $93,000 per annum.
Biostatistician: Biostatisticians collect and analyze data in relation to living things, primarily to use in the field of medical research. Biostatisticians can expect to earn an average salary of $75,560 per annum and the demand for Biostatisticians is expected to grow by 22% in the next 10 years which is faster than any other profession.
Actuary: An actuary is someone who quantifies risk. They use statistics, probabilities and financial concepts in order to place a financial value on a future event. Typically, an Actuary will work with insurance companies. The average salary for an actuary is $102,880 per annum and there is a forecast 18% job growth between 2014 and 2024 according to the US Bureau of Labor Statistics.
Data Analyst: Data analysts are used in a wide variety of industries to gather, organize, and report on data in order to help improve a company’s operations. The average salary for a data analyst is $72,038.
Data Scientist: A data scientist uses technical skills to solve highly complex problems using part math, part computer science and part trend spotting. They are able to make predictions based on data trends and can write code to assist in data analysis. Such a skilled job can demand average salaries of around $123,000 and demand for these skills remains high in the job market due to rising awareness of the power of big data to drive informed and smart business decisions.
Financial Risk Analyst: Financial risk analysts usually work for commercial and industrial corporations and public/private organizations to identify and analyze potential risks that threaten their financial position. They generally specialize in one of four risk categories: credit, market, regulatory or operational. The average salary for a financial risk analyst is $85,139 per annum.
Investment Analyst: Typically, an investment analyst will use their skills and expertise to evaluate financial and investment information for the purpose of buying, selling and holding recommendations for securities. They do this by collecting information, performing research and analyzing assets such as stocks, bonds and currencies. The average salary for the position of an investment analyst is $64,378 with an expected job growth of 12%.
Market Researcher: A market researcher typically produces recommendations based on the analysis of information from marketing reports to enhance projects and strategies deployed by the marketing department of a business. Market researchers demand an average salary of $63,120.
There is little doubt that pursuing a masters in statistics can help pave the way for a rewarding and lucrative career in a variety of industries. Data from 2015 showed that from 2000 to 2014, masters and doctorate degrees in statistics grew at 260% and 132% respectively.