In today’s increasingly data-driven world, the need for skilled professionals who can analyze and interpret large amounts of data to deliver valuable insights and knowledge has never been more highly prized. By learning how to analyze and make sense of this data, experts can play a valuable role in helping businesses drive data-informed decisions in various industries.
A degree in applied statistics, such as an online MS in applied statistics, provides graduates with a foundation in mathematics, statistics, and computer science teaching them how to analyze and interpret data in a variety of different settings and industries. The insights and knowledge extracted can help businesses in a number of ways such as by improving operational efficiency and decision-making, and by identifying and reducing risk. This article will outline some of the benefits of pursuing a degree in applied statistics.
High Demand
Organizations are recognizing the value that statisticians can bring to their business in terms of improved decision-making, efficiency, and more. According to the U.S.Bureau of Labor Statistics the employment of statisticians, in particular, data scientists is projected to grow 36% from 2021 to 2031, making it one of the fastest-growing occupations in the country.
With such high demand for these skills, graduates with a degree in applied statistics also have the potential to be well-paid, with many earning salaries that are well above the average for all occupations.
Greater Job Opportunities
A degree in applied statistics opens the door to a variety of careers in different industries, including finance, healthcare, education, marketing, and government, offering graduates a range of career paths to suit their skills and interests. Some common jobs roles for graduates include the following:
- Data scientist
- Statistician
- Analytics manager
- Business intelligence analyst
- Data analyst
- Research scientist
- Predictive modeler
- Bioinformatics analyst
- Data mining engineer
- Machine learning engineer
Stimulating Work
The field of applied statistics is continually evolving, with new techniques, technologies, and applications emerging all the time. Working with data to uncover trends, patterns, and relationships to inform decision-making, the work of a statistician can be intellectually stimulating and offers graduates the chance to work in exciting and challenging areas where they are continually learning and honing their skills.
The skills and knowledge gained in an applied statistics program, such as data analysis, problem-solving, and critical thinking, are highly sought after by employers and are also highly transferable, making it possible for graduates to switch careers and transition into new industries.
Rewarding Work
The role of statistics has increasingly important applications in a variety of fields such as healthcare, finance, and marketing, making it a rewarding area to work in.
In healthcare, for example, statisticians can use data to monitor and track the spread of infectious diseases, assisting public health authorities to make informed decisions and effectively respond to public health emergencies. While in finance, statisticians can assist chief risk officers in using models and algorithms to assess and manage risk within their organizations.
As these benefits show, a degree in applied statistics can lead to a rewarding and challenging career with excellent earning potential and the opportunity to make a difference in a number of different areas and industries.
