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With a major in statistics, you can pursue a wide range of careers in business, finance, operations management and other industries. In this article, we list 10 careers for statistics majors, along with job descriptions and typical compensation.
Jobs for statistics majors
Statistics is a branch of mathematics concerned with collecting, organizing, analyzing and interpreting large amounts of numerical data. The rising reliance on data and the need for high-level analysis in many industries means that statistics majors are increasingly in demand in every sector.
Consider these 10 possible career paths with a statistics degree:
- Market researcher
- Financial analyst
- Cost estimator
- Business analyst
- Database administrator
- Software engineer
- Data scientist
National average salary: $62,302 per year
Primary duties: Market researchers analyze industry-related conditions to forecast sales for products and services. These professionals monitor trends in specific marketplaces to assess potential outcomes for their organization, and they evaluate the results of marketing campaigns and programs. Market researchers use expertise in statistics to develop processes for gathering data and analyze figures with advanced software and algorithms. To communicate findings to colleagues and stakeholders, market researchers often translate data into charts and reports.
National average salary: $67,255 per year
Primary duties: Financial analysts assist individuals, businesses and agencies as they consider investments. They assess the performance of stocks and bonds and forecast future market outcomes using statistical knowledge to gather and analyze relevant financial data. Financial analysts review balance sheets and corporate statements, work with corporate representatives and analyze management teams as they prepare investment recommendations for their clients.
National average salary: $72,246 per year
Primary duties: Cost estimators gather and assess data so they can forecast the overall price of completing a project, developing a product or offering a service. In their analyses, cost estimators typically consider more than monetary cost. These professionals also incorporate elements like time and labor to produce a comprehensive analysis. They usually specialize in certain marketplaces and use statistics to enhance the work of sales teams, product engineers and account managers.
National average salary: $74,590 per year
Primary duties: Also known as management consultants, business analysts specialize in evaluating organizational efficiency. They assess business problems, collect relevant data and devise methods for analyzing issues effectively. These professionals often analyze financial statements and labor reports and use statistics to identify trends and recommend solutions. Business analysts often work closely with project managers to implement process recommendations and review progress. While many business analysts work for organizations, others are self-employed and work as contractors.
National average salary: $82,821 per year
Primary duties: Statisticians and mathematicians examine data and apply business models as they study and solve organizational challenges. After determining which data they need to resolve a problem, they use surveys and experiments to gather information. These professionals use established concepts in their analyses, but they may also create new theories, rules and models. After completing their analyses, statisticians translate their findings into reports designed to help their companies make decisions and pursue solutions.
National average salary: $92,046 per year
Primary duties: Database administrators specialize in storing, categorizing and organizing information. They are responsible for preserving data via backups and restorations, and they also maintain and update data security. Database administrators help stakeholders access data, oversee permissions and ensure that databases run correctly. These professionals may also develop new databases, create tests and modify structural standards as necessary. Most database administrators have high-level knowledge of languages like Structured Query Language (SQL) to do their jobs effectively.
National average salary: $93,769 per year
Primary duties: Economists examine issues related to the production and distribution of resources, services and goods within a marketplace. They specialize in researching market trends, collecting data and using statistical models to form conclusions. These professionals often work for businesses and government agencies, as they offer solutions for a variety of economic challenges. Economists need strong decision-making, problem-solving and critical-thinking skills to assist individuals, corporations and agencies.
National average salary: $105,760 per year
Primary duties: Software engineers and developers oversee the creation of computer applications, software programs and network systems. They apply their statistical expertise by gathering data to analyze the needs of users before managing development and testing. Software engineers use models to create application maps, develop and test programs, recommend effective upgrade strategies and provide ongoing software maintenance. These professionals often work closely with computer programmers, information technology project managers and information systems managers.
National average salary: $111,679 per year
Primary duties: Actuaries handle financial risk management for individuals, businesses and government organizations. They examine financial costs, assess risk levels and recommend courses of action. They use their background in statistics to collect data, review trends and use business models to forecast future events. These professionals also use their expertise in math to calculate the probability of financial risk and generate charts and reports that show uncertainty. Actuaries often work for health, life or property insurance companies, which rely on their advice to develop policies and calculate premiums.
10. Data scientist
National average salary: $120,649 per year
Primary duties: Data scientists review figures and statistics in search of insights and conclusions, ultimately seeking solutions that present the largest potential opportunities to their organizations. Data scientists use their knowledge of statistics to create data sets, establish variables, develop models and identify patterns and trends. They also use their communication skills to convey findings to key stakeholders via presentations and reports.