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8 Reasons to Pursue a Career in Statistics

As the world becomes more data-driven, translating data into useful insights that organizations can use is a high-value skill to possess, increasing the demand for statisticians. Statisticians use statistical models and methods to solve real-world issues. They collect, examine and interpret data, helping businesses make informed decisions.

A statistician also identifies data relationships and trends, designs data collection processes, communicates results to stakeholders, and advises business and organizational strategy. They’re valuable employees in various industries and look for a role in health and medicine, business, physical sciences, government, and environmental sciences. 

For a statistician to be successful, they should possess analytical, leadership, communication, and technical skills. Most entry-level statistician positions require you to have a mathematics or statistics degree.

However, if you’re proficient in statistical analysis and other areas, like econometrics and economics, you have a unique competitive advantage in looking for a specialized industry job.

Below are eight reasons to pursue a career in statistics.

Also read: Why Should You Choose a Career in Finance

1. Multiple career path choices

Professionals with a statistics background can help solve severe issues in the industry, medicine, science, and other fields. A master of Science in Applied Statistics prepares you to go after different meaningful and rewarding career paths. When it comes to opportunities for statistics majors, there are many potential options in marketing, finance, medical research, cybersecurity, information technology, and other fields.

With a master’s and advanced degree background in statistics, you can become a statistician, data scientist, financial analyst, marketing research analyst, biostatistician, business intelligence analyst, operations research analyst, computer scientist, data analyst, data engineer, insurance actuary, scientific researcher, sports analyst, and a statistics professor. If you’re considering a career path in statistics or would like to advance your degree, you can go for an online statistics master’s, which will prepare you for high-demand and high-paying roles in statistics and data science.

2. It’s a high-demand career

Overall, statisticians’ and mathematicians’ employment is expected to grow by 33% from 2020 to 2030, meaning there’ll be constant high demand for statistics expertise. This is because businesses, industries, and other sectors, private and public, heavily rely on data collection and analysis and guidance through the involved complications. Translating vast data into simple, easy-to-understand insights can be challenging for non-statistics professionals.

Data is an integral part of businesses and organizations because it improves their operation. Understanding what all their data means helps them create effective marketing campaigns, improve customer service, develop better software, and more. Considering that statisticians’ demand will only continue growing, it could be the right time to start pursuing a career in statistics.

3. Ability to work in any industry

While a career in statistics is more related to the fields of math and science, you can find job opportunities in different fields, including sports, entertainment, advertising, government, and others. This is because data is a significant part of how businesses operate and make decisions. Data-based decisions help companies to improve their bottom line, eliminate guesswork, enhance growth, and predict what to expect in the future, making statistics expertise crucial in all industries. A statistics career can never be boring with so many fields to explore. The skill set you’ll build over time is also transferable to the various industries.

4. High pay

Statistics professional pay differs based on educational background, job title, experience level, location, and employer. It may also depend on whether you’re focusing on a particular subject area. However, their pay is attractive, with an average median salary of $92,270.

5. Job security

Big data growth is changing how businesses operate and career requirements, with most of them requiring data analysis and interpretation skills. With a degree in statistics and data science, you’re assured of job security because you’ll be equipped with the data analysis and interpretation skills organizations need, irrespective of your career.

These skills, coupled with solid mathematics abilities, various computer skills, communication, analytical, problem-solving, industry knowledge, and collaborative and teamwork skills, make you a competent statistics professional who can quickly adapt to the ever-changing roles and needs. The fact that statistics experts are always in high demand ensures job security.

6. Work remotely

Statistics professionals complete most of their work online, meaning they can work from anywhere. While most of them work in office settings, your employer may offer you a remote opportunity, helping you save money and time on your daily commute. Working remotely also gives you a life-work balance, eliminating stress, allowing you to cater to other life aspects, and increasing work productivity. Additionally, statistics professionals work on regular hours and are not on call, giving you an excellent work-life balance.

7. Improves your risk management skills

Risk management involves assessing multiple options and outcomes to make informed decisions, a skill you gain from studying and practicing as a statistics professional. This benefits your career and personal life, helping you become a good decision-maker.

8. Offers transferable skills

A career in statistics helps you acquire and build transferable skills you can apply to other jobs. If you aren’t happy in a specific career path, your skill set can help you transition to a different one.

Endnote

The increasing need for companies to utilize data increases the demand for statistics professionals. Consider these reasons to pursue a career in statistics.

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FinanceGABhttps://www.financegab.com/
Ajeet Sharma, the founder of Financegab and a well-known name in the field of financial blogging. Blogging since 2017, he has the expertise and excellent knowledge about personal finance. Financegab is all about personal finance which aims to create awareness among people about personal finance and help them to make smart, well-informed financial decisions.

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