Statistics is a sub-part of mathematics which deals with the collection of information, perfectly arranging them, evaluating them and presenting them in an understandable way. This subject has a lot of value in today’s market. If you are good in mathematics and love to calculate then you can choose Statistics as your main subject for your graduation. A good Statistician has a lot of value in today’s job market and can hold a good position in any company dealing with statistics.
Below are some of the bright career options that you will have if you can successfully graduate with statistics:
Data analyst
A data analyst is someone who evaluates every different kind of important data of a company and presents them in the correct manner. This job has a very high demand in various fields like finance, government offices, education, manufacturing units, consultancy firms, sales, etc.
You need to have an eye for details and should have a good communication skill to excel in this job. You should be well sorted in your brain as that will help you to analyze any data better. You should have a clear concept of statistics so that you can depict the correct insights of any data in any presentation.
You will have to maintain a clean record of various policies of your company and find out each and every loophole that was decreasing the efficiency. You will have to carry out several audits to maintain the quality of data within your company’s circuit. You will have to work with graphs to give a better presentation of any useful information.
An experienced Data Analyst can earn around $65,000.
Actuarial Analyst
The job of an Actuarial Analyst is to understand complex mathematical formulas and use them to analyze big risks in any company. They have a high demand for various insurance companies. They are employed in determining the probability of claiming the insurance and thus the premium is set likewise. They also have good demand in finance companies, health-related companies, and pension and investment departments of various offices.
As an Actuarial Analyst, you will have to deal with big formulas related to advanced statistics. You will have to use spreadsheets to present every data properly. Prepare evaluation reports on each data that you have analyzed and present them in such a manner so that a non-statistical official can easily read it and understand it clearly.
An Actuarial Analyst should be proficient in using various software tools to evaluate the data correctly. You should also know to work with the spreadsheet. You will have to provide support to your team comprising of junior Actuaries. You have to attend various important meetings of your company to give your insight on various statistical data.
You can expect to earn around $60,000 if you can excel as an Actuarial Analyst.
Data Scientist
The job of a Data Scientist is to convert every data collected by a company into useful information that will be required by them. They do this conversion by implementing various useful statistical formulas and other software tools. They held meetings with clients to present the converted information in a format that can be understood by everybody.
As a Data Scientist, you can work in the fields of finance, education, information technology, online trading, business organizations, and scientific research. You will have to work with every client of your company and find out the various problems in the business and use techniques to resolve them. You will have to assist the company in the process of decision-making.
You will have to manage every data that you have collected and make a well-formatted report to present it in front of all the respective employees involved and the clients. You have to use different statistical methods to solve all the issues and should also know to use software tools. You should stay up to date for every latest technology to find out better alternatives for solving any problem.
A Data Scientist can earn a good salary of $75,000 if he can prove his worth.
Actuary
The job of an Actuary is to find out various risks and take care of them efficiently. It is important for an Actuary to know every minute details of his business correctly and understand statistics and economics. Your knowledge of probability is very important to give the best financial and commercial advice to any concern.
You will have to use various mathematical and statistical formulas to evaluate the probability of the occurrence of any event. You should know to calculate the cost of various events. You will have to use your knowledge of statistics to depict the real situations and analyze the risks that can take place. You should also have good communication skill to convey your message to all the other employees in a firm.
As an Actuary you can get a job in banks, corporate finance organizations, investment management sector, insurance companies, and in the pension planning department of various organizations.
In insurance companies, your job will be to use statistical formulas to calculate the probability and risk. For example, you will have to evaluate the pensions and determine the price of various insurance policies. You will have to calculate the probability of accidents, and thus decide the premium for an insurance scheme accordingly.
In finance companies, you will have to design new financial models. You will have to prepare financial reports for every quarter. Manage the risks in business. In the banking sector, you will have to analyze the various investing partners and decide who can be banked upon.
An Actuary can draw a good salary of $75,000.
Financial Risk Analyst
A Financial Risk Analyst determines every area that is likely to create any kind of threat to the assets and profits of any business organization. They use various techniques to determine the different business trends that can come up in the future. They also predict the cost of various programs for any organization.
As a Financial Risk Analyst, you can get a good job in sales, and other financial organizations including banks. You should have a good knowledge of the market and know how to regulate the various business plans of an organization.
Every organization dealing with money and the credit market need to analyze the various market risks on a day to day basis. Therefore the job of a Risk Analyst is very demanding and challenging at the same time. They should do thorough market research to predict various investment risks. They will also have to determine whether a business is worth receiving a loan by checking their credit score.
As a Financial Risk Analyst, you will have to detect any risk of loss that can take place if any customer does not pay for products they are purchasing. And you will have to advise the pricing accordingly. Evaluate the market risks that can affect the value of the company’s shares. You will have to deal with share traders to find out the trend of the market. You will also have to detect any threat that can take place within an organization.
The job of a Risk Analyst is very important as they can save any company from various frauds and big losses. They are responsible to protect the assets of any company and maintain its image in the market. They will have to prepare alternative methods to deal with any financial emergencies. They will also have to look that the company abides by all the financial laws of the government.
You can earn a handsome salary of $85,000 as a Financial Risk Analyst.
Statistician
A Statistician’s job is to collect data and then evaluate it and interpret it in the correct manner to present it as useful information in front of the concern. They are in high demand in various fields including finance, government, sports, transportation, health, environment, and forensic departments. A Statistician designs the various collection processes of data. Then they analyze the data to find out the various hidden trends that can help in making crucial decisions. Then lastly you will have to recommend the various procedures and strategies to deal with the conclusion of the data.
As a Statistician, you may need to work in a team comprising of members from various fields. You should have a very good knowledge of statistics and technology. You should also know the correct method of communication to convey your findings to the other members of your team and to your clients.
You will have to take the opinion of your clients in the process of data collection. They will tell you what data to collect and how to collect. You should also follow the laws and ethics of the company in the process of data collection. You will also have to prepare various reports that can be published in various media.
As a Statistician, you can expect to earn $60,000.
Market Researcher
A Market Researcher’s job is to gather various useful data and present it in front of the clients after thoroughly analyzing them. Based on your data the clients will take several important decisions for the company. These decisions can be either socially inclined or financial decisions for the company.
You can get a job in the company where you will have to gather the responses of the customers and determine the market trends. In this way, you can suggest various investment plans that are effective. You can also be hired by a marketing agency which works on different projects for various companies.
Good knowledge of statistics is very necessary to carry out quantitative research on the market. You should be good at reasoning to find out the actual reason behind the responses collected from the market.
You will have to meet the clients to decide the costs related to the project. Find the market value for any project. Prepare reports of your evaluation of the market and present them in front of your clients. You will have to decide the total budget of any project based on your market research.
A senior Market Researcher earns a whopping salary of $85,000.
Investment Analyst
An Investment Analyst’s job is to conduct research on the market and provide all the investment-related information to the stockbrokers and fund managers. They use the information to make their investment plans. The research should include the threats that certain investment can have. It should also feature those investment plans that are likely to give good returns.
As a Market Analyst, you can work for any investment company and guide the fund managers that they have. Or you can work in freelance and advise the stockbrokers and help them to make correct investments.
Investment Analysts have high demand in banks, financial organizations, insurance companies, pension departments, real estate agencies, philanthropic organizations. People who are very rich and want to invest their wealth in the correct direction also hire Investment Analysts to manage their wealth and investment plans.
You will have various responsibilities depending on the organization you are working with. But your main job will be using your knowledge of statistics to depict the market trends and predict the correct investment plan.
As a freelance Investment Analyst, your earnings will have no boundary. But an experienced Investment Analyst generally earns around $125,000.
The field of Statistics is very vast and
almost every job sector needs an employee who is efficient in the subject. So
if you can implement the various useful formulas correctly and master the
strategies then no one can stop you to go ahead in this field. It is also
important to have your basics strong in mathematics.
Author Bio:
The author of this writing is Evelyn W. Minnick. She is a very well-reputed online tutor who has a lot of achievements in the field of academics. All her writings are well-researched and reflect a good amount of knowledge and experience she has got. She has done her MBA from a reputed university in New York. She has been working for the past 6 years with New York University.
