Career Options for Statistics Majors

Statistics degrees are often sought after. Employment opportunities for statistics students are said to grow exponentially in the next few years, as there is an increasing need for statistical data collection and management. The effect of the pandemic on this trend will only unravel in time. 

Statistics essentially involves a complex combination of mathematics and data management, where students learn how to collect and organize data, then analyze and interpret it so as to make it easier to understand. Statistics majors are skilled in paying attention to minute details, and are able to group together and organize large amounts of raw data then communicate it effectively to the masses. It is an essential part of various fields like research, medicine, economics, and sociology. 

If you’re considering getting a degree in statistics, or if you’re graduating with one already, here are some career options that could be suitable:

  1. Statistician – statisticians can work in a wide range of fields to collect, analyze, and interpret data. They are useful in various educational and medical fields, and are especially valuable in economics and business related areas. They work on studying quantitative information, and monitor the various trends and tendencies in order to get a good insight into market trends, a company’s profitability, investment rates, etc.
  2. Data Analyst – data analysts, as the name suggests, analyse data and accordingly provide the company with advice on where to make improvements and how. They give insights into the performance of the company, and provide factual information indicating  which sectors require more finances and which don’t, as well as advice on how to minimize costs and increase profits. 
  3. Actuarial Analyst – actuarial analysts focus on evaluating and identifying financial risks. They study monetary data and finances, and work on managing pensions, salaries, savings, and investments. They may also be involved in computational or IT related fields, and work with software development. 
  4. Market Researcher – market researchers work on collecting and presenting data related to market trends, and stock values. They provide clients with insights on investment rates and customer opinions. They conduct qualitative or quantitative surveys that study public trends and demands in target audiences. They are an essential part of various marketing and publicity campaigns, providing vital information that affects business manufacturing and production systems. 
  5. Operational researcher – this job essentially involves analysing and interpreting trends in an organization’s procedures and functionings systems. Operational researchers work to develop more efficient ways in which a company or organization can work, and what strategies and planning procedures they ought to undertake for maximum profitability. They essentially use mathematical techniques to come up with organizational strategies.
  6. Medical statistician – medical statisticians or biostatisticians specialize and work in various medical fields including in pharmaceutical companies, hospitals, academic institutions, or biomedical firms. They provide statistical evidence that helps in research, lab testing, and finding new treatments. 
  7. Investment Analyst – investment analysts conduct research and provide information to traders and brokers that would help them in their investment plans. They give advice on where it is most profitable to invest, and how much to invest. They keep themselves up to date with the latest market trends and developments, and analyze the effect of various incidents on economic values and the stock market. 

Statistics is an important subject that is relevant to a wide variety of fields and areas. Whether it comes to running a business or conducting medical experiments, you need to make use of statistics at some point or the other. This is why getting a degree in statistics can open doors for promising careers.