Monday, 26 Feb 2024
Career

Future Prospects for Candidates in Applied Statistics

Applied statistics practice is all about assessing data to outline and determine business needs. Modern-day workplaces often get overwhelmed with big data. Hence, they search for data analysts, data scientists, and statisticians with knowledge of applied statistics to analyze, organize, and use data for resolving real-world issues.

Correctly evaluating company data will enhance profitability and efficiency. Some studies reveal that organizations that deploy data-oriented marketing strategies witness as much as 20% revenue growth and a 30% reduction in spending. On the other hand, non-profits, government agencies, and various other organizations use data to prevent ailments, collect crucial demographic data, and examine useful pharmaceutical products.

Two professionals at a consultation, with one holding a document, discussing data analysis for business needs.
Expert analysis in progress – translating complex data into actionable business strategies.

As business leaders scale up their enterprises, they begin to understand the power of data and the need for expert statisticians. In this article, we will delve into the career prospects of candidates who have decided to pursue an MS in applied statistics.

Why Applied Statistics Degree Candidates Have a High Demand?

Companies in every industry have better access to data today than ever. They require applied statistics professionals to transform the data into anything meaningful. According to the Bureau of Labor Statistics (BLS), with industries such as healthcare, business, and even policy moving to statistical evaluation for decision-making, statistics professionals will enjoy high demand.

The rise in data collection from online consumers also generates the need for candidates specializing in applied statistics to derive the value of data. They are expected to help companies make the most of it in useful ways.

Candidates who pursue their applied statistics degree from reputed institutions are equipped for changing job requirements. According to Michigan Technological University today, leading institutions providing an online MS degree in applied statistics will train candidates for high-paying positions. Being 100% online, these programs will help them assess and interpret data for various industries and professional settings.

These online courses offer an in-depth insight into multiple statistical methods and the science used for making predictions, drawing precise conclusions, and planning experiments.

Here are a few career paths that candidates with an online MS in statistics degree can opt for:

Statistician

Statisticians can look into several problems by using mathematical and analytical methods to comprehend and address them. The fields they work in range from politics to computer science.

According to the data collected by the BLS, a statistician earns a median annual wage of $93,290. Mathematicians and statisticians hugely benefit if they have a positive outlook towards their jobs. The anticipated growth rate for jobs in this sector all through 2030 is anticipated to be 33%.

Biostatistician

Typically, biostatisticians blend statistics and life sciences to come up with in-depth analyses of various topics. They usually report on multiple fields, such as medicine, environmental science, and public health. Additionally, they design the clinical trials and studies and determine the ideal procedures for data collection for the projects they work on.

The median wage for these professionals, on average, was $92,270. Furthermore, the available positions are anticipated to expand by 15% all through 2030.

Business Intelligence Analyst

These professionals make use of applied statistics to arrive at a clear picture of the current market conditions. The analyst can assess sales data to present the way consumers have responded to a product release. They can also use data to analyze customer behavior upon the arrival of new market players.

The work comprises catching data anomalies, coming up with analytical processes, and authenticating incoming data. The median salary of a business intelligence analyst is $98,230. Also Read – How to Become a College Professor

Data Scientist

Typically, data scientists concentrate on resolving all the challenging problems that comprise big data sets, which are both unstructured and structured, all through analysis and modeling.

Amongst multiple other tools, they resort to statistical software for visualizing problems and outcomes with a data-oriented programming language. On average, the BLS states that data science professionals earn nearly $103,930 as their mean annual wage.

Operations Research Analyst

The majority of organizations, including private corporations and defense departments, depend on the statistical and mathematical skills of an operations research analyst for evaluating their functions, streamlining processes, and making the company function much better. If you have an MS degree in applied statistics, it can increase your scope of work in this position.

According to the BLS report, the operation research organizations in 2020 hired close to 104,100 workers. The job growth rate is expected to expand by 25% until 2030, providing new opportunities for candidates.

To sum up, a few other job prospects for candidates in applied statistics include financial analysts, data analysts, and even professors in statistics. The field is emerging with new career opportunities, so candidates have a lot to explore and can choose a job profile that caters to their expertise. However, to succeed, it is always a wise decision to opt for a specialized degree that will help with the correct academic training.