10 Careers in Statistics and Probability
Those who enjoy working with probability and statistics are in luck. Jobs for statistics majors involving statistical analysis, data manipulation, and complex interpretation of number reports are all possible. If you love the idea of presenting the findings of research, check out the jobs that use statistics and jobs that involve probability below and see if you might be interested in pursuing a career in this field. You will see that there is no shortage of options when looking for career opportunities in statistics and probability.
|Job Title||Median Salary (2019)*||Job Growth (2019-2029)*|
|Market Research Analyst||$63,790||18%|
|Meteorologist||$95,380 (all atmospheric scientists)||6% (all atmospheric scientists)|
|Operations Research Analyst||$84,810||25%|
*Source: U.S. Bureau of Labor Statistics
Overview of Careers in Statistics and Probability
Using existing and newly-developed principles, mathematicians can develop statistical models to analyze data. They can then use this analysis to support business decisions, and possibly develop strategies to improve the performance of a company or organization. Mathematicians are able to draw their own conclusions and provide interpretations of statistics from their extensive research and knowledge of their field. Careers as a mathematician usually require a master's degree in mathematics or statistics, but this is one of the many jobs for statistics majors where it can be possible to start your career with only a bachelor's.
Economists work with data and trends and identify economic issues as well as make forecasts. They advise individuals as well as businesses and the government. They help people make decisions based on historical trends, current costs, different cycles, and inflation. Sometimes the government will hire entry-level economists with just a bachelor's degree, but most employers prefer candidates to have a master's or Ph.D. in economics. This is one of the most well-paid jobs in statistics.
Market Research Analyst
Market research analysts make use of specialized software to measure statistics and gather data on market conditions, as well as consumers and competitors. They are able to take complex chunks of data, and transform them into easily readable reports, graphs, and tables that can be interpreted by people outside of the research world. Statistics can come from a number of different areas, including surveys, literature reviews, and interviews. Most analysts will need a bachelor's degree in market research, statistics, math, or computer science to start their career, and many positions require a master's.
A budget analyst helps organizations with their finances by looking at areas such as spending habits and budgets. Many budget analysts work for the government while others can work for universities and private companies. A bachelor's degree in accounting, economics, or statistics is quite helpful in becoming a budget analyst.
By analyzing meteorological data, atmospheric scientists, or meteorologists, can measure and provide predictions for weather events and anomalies. Computer programs can be written to support weather models, and meteorologists can also use this data to provide warnings about severe weather. Measured data is crucial in understanding weather-related information relevant to air pollution, droughts, and long term changes in regional climates. Working as a meteorologist requires a bachelor's degree in atmospheric science; those who wish to pursue research as an atmospheric scientist will need a minimum of a master's if not a Ph.D.
Designing surveys, questions, and experiments, statisticians collect data through various means for observation and analysis. They will present findings after careful analysis, as their job is to prevent any inaccuracies in the interpretation of data. Statisticians also discover new methods for collecting data. Which industries employ statisticians? Thanks to a vast need for statisticians in just about every public and private sector, a massive growth rate in available careers is expected. Becoming a statistician generally requires a master's degree in mathematics or statistics.
Operations Research Analyst
Operations research analysts organize information from just about every facet of a business: computer databases, customer feedback, and sales histories. Analysts will then use statistical analysis to process this information and relay solutions to key decision makers in the company. In the form of memos, reports, and other documentation, operations research analysts are important tools of a management team in keeping a business functional and profitable. A bachelor's degree is possible for entry level positions, but most of these positions require a master's in operations research, management science, analytics, mathematics, engineering, or computer science.
Financial analysts are in charge of the evaluation of historical and current financial data. They study the trends of economics and business trends, and can meet with company officials in order to understand the potential of a company's financial future. Typically, analysts will focus on a specific industry, world region, or type of industry product. Advanced positions require a master's degree, but careers are also available with a bachelor's in accounting, finance, statistics, economics, or mathematics.
Management analysts can also be called consultants - they look at an organization and identify the ways in which it can improve its efficiency and profits. They can work for the company they are helping or can work for an outside company on a contract basis. Entry level management analysts require a bachelor's degree in business, economics, marketing, finance, and even psychology. Having an MBA (master's in business administration) is typically preferred.
Cost estimators calculate things like the amount of materials needed for a job as well as the time and labor through collecting and analyzing data. Many cost estimators work in offices, construction sites, and factories. With years of experience in construction, a person may be able to become a cost estimator without a college degree, but a bachelor's degree in construction management, engineering, or something similar is generally preferred.