Career Options Involving Statistics and Risk Management
Statistics involves gathering data. Statisticians use numerical data to determine the likelihood of something occurring. Risk management involves figuring out the likelihood of an undesired event, and then determining how to prevent it. This can involve trying to determine how to prevent unexpected costs or outcomes, such as the failure of a piece of mechanical equipment or a product being too expensive for its intended market. Here are a few career options to consider.
|Job Title||Median Salary (2018)*||Job Growth (2018-2028)*|
|Market Research Analyst||$63,120||20%|
|Operations Research Analyst||$83,390||26%|
Source: *U.S. Bureau of Labor Statistics
Career Information Involving Statistics and Risk Management
A master's degree is required for most statistician careers. Statisticians gather data and then analyze that information and make conclusions. They may work for the government, or in a field such as healthcare. Their work can be used to determine factors that will impact performance. For example, they may test equipment to determine what the odds are that it will fail in extreme weather. Their work can involve determining the potential for specific issues, which is part of risk management.
Actuaries collect statistical information, which they use in their work. Their objective is to determine financial risks that may impact their employer. Actuaries can help their employer minimize risks by finding them suitable insurance packages or investment opportunities to help protect their finances. A bachelor's degree in a subject such as statistics or mathematics is required.
Financial analysts help clients make financial decisions concerning investments. As part of their work they may refer to statistics to determine the stability of investment opportunities and use that information to assess the potential risks of those investments. They use that information to advise their clients. Financial analysts need to have a bachelor's degree.
Market Research Analyst
A bachelor's degree is usually required to become a market research analyst. Market research analysts use statistics to analyze data about the marketing issues. This information is then assessed to make recommendations. Market research analysts help companies decide whether or not to produce an item for sale or whether or not to offer a service. The data they collect can also help the business determine the price and intended audience for their merchandise.
Operations Research Analyst
Operations research analysts focus on helping companies solve problems. Their work involves collecting a lot of data, which is then analyzed. Through statistical analysis and other methods, operations research analysts are able to form conclusions and develop strategies to help companies eliminate issues, or avoid risks that may be affecting their organization. A master's degree is required for most operations research analyst positions.
Cost estimators usually need a bachelor's degree. As part of their work, they need to collect a lot of data. They use that data to develop estimates about how long a project will take, the cost of materials and labor, and other factors that may affect the project costs. Those working on estimates for construction projects may need to factor in things such as weather conditions when providing an estimate, and they can also suggest ways to lower costs. Cost estimators also work in manufacturing, where they may need to factor in data such as the need for equipment repairs, which may impact production costs and schedules.