Opportunities You Can Opt for a Degree in Applied Statistics

Last Updated on October 26, 2023

According to the United States Bureau of Labor Statistics, the demand for statisticians may grow by 33% in the upcoming years, which is much faster than the average occupation. You can pursue many careers to succeed and earn a good living. However, the career opportunities for statisticians are immense and continue to grow as we rely more on data.

Most statisticians work in the private sector for companies that need statistical analysis to make informed decisions. Many statisticians also work in the public sector for government agencies.

A degree in applied statistics can lead to several different career opportunities. Many businesses and organizations require employees who can understand and analyze data, and applied statistics is the perfect field for those interested in pursuing a career in this area.

There are many career opportunities you can opt for a degree in applied statistics. Read on to explore some of the most popular options:

1. Business Analyst

Businesses rely on data to make informed decisions about their products, services, and strategies. As a business analyst, you would be responsible for collecting and analyzing data to help businesses make decisions about how to improve their operations. Businesses need analysts because they often don’t have the time or resources to do this analysis themselves. Aspiring professionals in this field should have strong analytical and problem-solving skills. Programs such as the master of applied statistics online give candidates students the skills and knowledge they need to succeed in this field. The coursework covers data mining, predictive modeling, and statistical inference.

2. Data Analyst

Analysts collect and analyze data to help organizations understand their customers and make better business decisions. They use data to identify trends and patterns and their findings to improve marketing campaigns, develop new products, and make other strategic decisions. Moreover, data analysts often work with software developers to create new ways of collecting and analyzing data. A bachelor’s degree in applied statistics is a good foundation for a career in data analytics.

3. Market Research Analyst

Market research uses their findings to help organizations determine what products or services to develop and market to certain demographics. In addition, market research analysts also develop marketing plans and track sales data to evaluate the effectiveness of marketing campaigns. However, market research analysts don’t just rely on data; they also use their intuition and experience to make decisions about the market.

4. Operations Research Analyst

Operations research analysts use data and analytics to help organizations improve their efficiency and effectiveness. They often work in industries such as transportation, healthcare, and manufacturing. However, their skills are also in high demand by government agencies and consulting firms. Operations research analysts are in high demand because their skills can help solve various problems. For example, they can help organizations reduce costs, improve efficiency, and make better decisions.

5. Statistician

Statisticians use data to solve real-world problems. They design studies and experiments, collect data, and then analyze it to find trends and patterns. Statisticians often work in fields such as healthcare, marketing, and finance. They may also work for government agencies or nonprofit organizations. More importantly, statisticians need to be able to communicate their findings to people who don’t have a background in statistics.

6. Actuary

An actuary is a professional who uses data to assess risk. They use their findings to help insurance companies, banks, and other businesses decide on pricing, policy design, and investment strategies. Actuaries need to have a strong understanding of mathematics and statistics. In addition, they must effectively communicate their findings to non-technical audiences. Also, because an actuary’s work is essential to organizations’ financial well-being, they must be able to handle pressure and make decisions under duress.

7. Financial Analyst

Financial analysts use data to recommend investing in stocks, bonds, and other financial instruments. They also guide businesses and individuals in managing their financial portfolios. The main goal of a financial analyst is to maximize returns while minimizing risk. Financial analysts need to have a strong understanding of financial concepts and be able to use data-analysis software. However, they also need to communicate their findings to non-technical audiences effectively.

8. Sports analyst

Sports analysts use data to evaluate the performance of athletes and teams. They use their findings to help coaches decide on game strategy, player personnel, and training programs. Sports analysts often work for professional and collegiate sports teams. However, their skills are also in high demand by sports broadcasting networks and fantasy sports websites. Another reason sports analysts are in high demand is that they often have a background in statistics. Most importantly, sports analysts need to be able to communicate their findings to non-technical audiences effectively.

9. Insurance actuary

Insurance actuaries use data to assess the risk of insuring people and property. They use their findings to help insurance companies set premiums and design policies. Insurance actuaries need to have a strong understanding of mathematics and statistics. In addition, they must effectively communicate their findings to non-technical audiences. However, insurance actuaries also need to be familiar with the insurance industry. Remember that an actuary is a professional who uses data to assess risk.

10. Statistics professor

Statistics professors teach students about statistical concepts and methods. They also conduct research and publish their findings in academic journals. Statistics professors often work at colleges and universities. However, their skills are also in high demand by government agencies and businesses. Statistics professors must have a strong understanding of statistics and effectively communicate their findings to students.

Bottom Line:

Many career opportunities are available for those with a degree in applied statistics. These careers include working as a statistician, financial analyst, sports analyst, insurance actuary, and statistics professor. Each of these careers requires a strong understanding of statistics and the ability to communicate findings to non-technical audiences effectively. Remember, choosing a career you are passionate about is the most important thing.