Statistics is a useful type of mathematics that provides information about various sets of data and can be applied to numerous fields and industries. A master's degree in statistics gives students the necessary tools to be qualified for careers in several different areas. Below, we look at a handful of the possible careers for those with a master's degree in statistics.
Careers for Those with a Master's Degree in Statistics
|Job Title||Median Salary (2016)*||Job Growth (2014-2024)*|
|Operations Research Analysts||$79,200||30%|
|Market Research Analysts||$62,560||19%|
Source: *U.S. Bureau of Labor Statistics
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An obvious career for those who graduate with a master's degree in statistics is that of a statistician, which is a career that typically requires at least a master's degree. Statisticians can work in a wide range of industries, such as healthcare, business or engineering, as they analyze various sets of data. They may design surveys or experiments to collect the data and then examine the data to try and pull information that answers a particular question or solves an actual problem for a client. They must be able to interpret their statistical analysis and present it in reports that are understandable for their clients.
Operations Research Analysts
An operations research analyst is another career that usually requires a master's degree and depends upon strong math and analytical skills. These professionals, like statisticians, work in a variety of industries to help organizations solve problems they are having and make quality decisions that help move the organization towards its goals. Operations analysts do this by examining data from different sources, including workers close to the issue, and using statistics, models and simulations to try and find possible solutions. They typically report their findings to management and officials in the organization.
Market Research Analysts
A master's degree is usually needed for advancement to top jobs as a market research analyst. These analysts specialize in monitoring and predicting market trends to help businesses determine potential markets and price points for their products or services. They may collect data on consumers and competitors through surveys or polls and then analyze this information with statistical software. They present their findings using tables and graphs in reports that are given to clients and management.
Mathematicians are somewhat similar to statisticians, and they generally need at least a master's degree. These professionals may research and study different mathematical principles and theories, or apply their knowledge in the field to solve problems for various industries. Their work may even involve creating their own statistical methods for analyzing a set of data. Mathematicians need to stay updated on the latest developments in the field.
Although actuaries only need a bachelor's degree and usually advance through certification exams, a master's degree in statistics could prove beneficial in their line of work. Actuaries use statistics to help them determine the financial costs of various risks. Businesses then use their work to set policies and strategies that minimize costs and risk. Actuaries are highly utilized in the world of insurance, but can also help evaluate enterprise risks and retirement benefits.
There are many careers in different fields that involve statistics, and several even require a master's degree in the subject. Those with a master's degree in statistics may find several career options in business.