The world of statistics and data analysis is constantly changing and advancing, as are the careers available. As such, it can be hard to know where to start looking when you’re ready to launch your new career.
If you’re interested in pursuing a career in this field, you’ll want to ensure you get the best education possible. While there are many paths to becoming a data scientist or analyst, one of the best places to start is with an advanced degree in applied statistics.
A master’s in Applied Statistics can lead you into many different work areas, depending on the type of industry and problem you’re trying to solve with your data. Read on to learn more about what you can expect from this degree.
The many benefits of getting a master’s degree in Applied Statistics
A Master’s in Applied Statistics can be precious in your career, no matter your chosen field. Many people use it as a stepping stone into more advanced roles and responsibilities within the workplace.
These roles can lead to higher pay and more opportunities in the future. See below the many benefits of earning a master’s degree in Applied Statistics.
Add statistical credibility to your resume
When searching for work, it is vital to stand out from the crowd and provide evidence that you are the best candidate for the job. You can achieve this with a master’s degree in Applied Statistics.
A master’s degree in Applied Statistics will add credibility to your resume and make you more attractive to potential employers. These employers will appreciate your advanced statistical knowledge, which reflects your ability to think critically and solve complex problems.
A master’s degree in Applied Statistics gives you the specialized knowledge and skills you need to be successful in this field.
You will learn about advanced statistical methods, data analysis and more. This knowledge will give you an edge over your competition.
Pursuing this degree can help you advance your career in several ways. For instance, you can move into a management position with more responsibility or teach at the university level.
Using statistical data also opens up opportunities for leadership positions in government agencies, nonprofit organizations and other industries.
Increased earning potential
A master’s degree in Applied Statistics can lead to increased earning potential. In fact, according to the Bureau of Labor Statistics, workers with a master’s degree make, on average, 30% more than those with just a bachelor’s degree.
That number is even higher for workers in specific fields, such as business and finance. So, if you’re looking to boost your earnings potential, a master’s degree in Applied Statistics could be the way to go.
Enhanced professional network
Another benefit you will experience when you get your master’s degree in Applied Statistics is an enhanced professional network. With this degree, you can connect with other professionals who can help your career.
Such professionals include data scientists, quantitative analysts and actuaries. With such a network, you can make essential connections in the workplace, which are vital for your future.
Top five dream jobs for master’s in Applied Statistics graduates
Having studied Applied Statistics at university, you can now apply your knowledge and skills in the real world.
As a graduate, there are many different careers that you may be interested in pursuing upon graduation. Discover five dream jobs for master’s in Applied Statistics graduates.
A financial analyst is responsible for guiding businesses and individuals in investment decisions. They analyze financial data, write reports and make recommendations based on their findings.
Financial analysts typically have a bachelor’s degree in business, economics or accounting. However, a master’s degree in Applied Statistics can give you an edge in the job market.
This is because it provides knowledge of advanced statistical analysis that would help in conducting quantitative research and developing new models.
Operations research analyst
Do you have a knack for finding the best way to do things? If so, an operations research analyst career may be the perfect fit for you.
You would use your mathematics and computer science skills as an operations research analyst to help organizations solve complex problems. You would also need to communicate your findings clearly, as you would be working with people from all kinds of different backgrounds.
With a master’s in Applied Statistics, you will learn to use advanced mathematical modeling techniques such as optimization or simulation models. These methods allow you to analyze data quickly and efficiently.
A biostatistician uses mathematical and statistical techniques to help solve problems in the biomedical field. They may design experiments, collect data and analyze results to find trends or relationships.
Biostatisticians often work with researchers to help them understand their data and draw conclusions. There are a variety of specialties for this career, including clinical biostatistics, health economics, research methods, industrial statistics and pharmaceutical statistics.
All these areas will require knowledge of statistics and skills related to that specific area, such as biology for clinical biostatistics.
Business intelligence analyst
In the modern business world, knowing how to manage data is imperative to keep your business running. Business intelligence analysts use data-driven solutions and research methods to improve efficiency and make better company decisions.
Successful analysts usually have a bachelor’s degree in a quantitative field such as math or statistics. However, a master’s in Applied Statistics can provide additional experience with the industry’s most commonly used statistical techniques.
A data scientist collects, organizes and analyzes data to find trends and insights. Their findings help organizations make better decisions. Typically, data scientists will have a background in mathematics, statistics, computer science and engineering.
Consider a master’s in Applied Statistics today
A master’s degree in Applied Statistics can provide you with the skills and knowledge you need to succeed in various fields. With this degree, you will be able to find work in a variety of industries, including government, healthcare and business. This degree can also make you more attractive on the job market since there is an increasing demand for people with statistics knowledge and skills.