If you are looking for a promising field with great prospects and good pay, you’re definitely on the right track if you are considering statistics. Demand for statisticians and mathematicians is set to grow by 33% leading into 2029, which is way higher than the national average.
One of the beautiful things about statistics is how broad it is. You get to fill different roles, work with a diverse set of clients, and in all sorts of industries. Things start getting even more interesting when you start looking at different specializations. Let’s take a look at some of the jobs you can get with a master’s in applied statistics.
This is one of the most common masters in statistics jobs, and one of the most lucrative too. The average wage for actuaries is around $118,000 a year. Growth is also very strong in the field, with jobs projected to grow by 18% leading into 2029.
The job of an actuary is to calculate risk by using and devising certain models. They are often asked to work with insurance companies to evaluate how much premiums should cost, for instance. They play a very essential role, and this is part of the reason why they enjoy such good pay. They may also be asked to work on pension benefits and advising clients on the possibilities that are open to them.
Data scientists are also in very high demand. The job of a data scientist can vary greatly depending on where they work, however.
Wherever people need to compile, analyze, and predict data, a data scientist will be there. This could be for a movie streaming service, a consulting firm, a bank, or a fledgling startup. You could even work in the music industry or for government agencies. The diversity of the job is what makes it great, but also what makes it evergreen.
Data scientists can expect to earn as much as $122,000. One thing you need to know, however, is that the job isn’t for everyone. If you don’t have a real love for data, you might have issues if you can’t land that dream job you wanted. So, you have to be ready to spend some long hours working on not so glamorous contracts before you start broadening your options.
Financial Quantitative Analyst
Financial quantitative analysts, or ‘quants’ as they’re commonly referred to, play an essential role in the financial system. Financial assets and the way they’re traded is becoming more complex by the day, and they are routinely called to use and set models for their clients to assess and manage risk.
They are central to any well-oiled operation and can be the difference between a company thriving and sinking. They can also help business owners calculate the cost-benefit of different solutions and acquisitions, and see if an expansion would be a good option for a company.
Financial quantitative analysts can make $78,000 per year, though wages vary greatly. This is a great field to enter for anyone who has experience in banking and would like to specialize even further.
Sports Analytics Director
If this sounds like the ultimate job for statistics and sports lovers, it’s because it is. As a sports analytics director, you will be called to check on the statistics of different players within the organization, capturing them, and interpreting them. But they do much more than that; they may be asked to find different metrics that could help the team better predict the potential of a prospect, for instance. Or, they may be asked to identify potential weaknesses in players on their teams and others. Data scientists play a major role in organizations these days, and every team from the collegiate to pro-level needs to have a few data scientists on board.
If you want to make a difference and use your skills for statistics to do so, you could also consider going for a career as an environmental statistician. Statisticians will be called to see changes in ecosystems, and use predictive models to give an idea of what we can expect depending on different conditions. As an environmental statistician, you might also be asked to work with governmental organizations to work on solutions. You might also be involved with the public and various non-for-profit organizations.
In order to be a demanded specialist in this field you should have a profound knowledge of statistics. In case you were not interested in statistics until now and you don’t have a background you may consider taking online statistics classes in order to have a better understanding of statistics in general, and the opportunity to get the most practical and useful skills in this particular field.