Statistics are sets of mathematical equations we’ve come to use when we want to analyze things. They are used to keep us informed about what is happening in the world around us. They are used to help predict the weather, calculate the risk of giving insurance, help traders, and businesspeople invest and make money, in the development of new medicines, quality testing, and predicting disease. If you find the way in which we use statistics to be fascinating, are a lover of math and probability, here are five careers you might be interested in.
This is probably the most obvious career path for a lover of statistics! The role involves handling data and helping find practical solutions to problems. You’d require knowledge of numbers, IT skills, and a penchant for compiling information. A statistician collects, analyzes, interprets, and presents quantitative information. It’s a career that could take you into a variety of industries including education, finance, forensics, health, government, market research, sport or transportation.
Tasks you might be required to undertake include consulting with clients, designing experiments, trials or surveys, presenting results, advising policymakers, carrying out research, writing reports and articles, and presenting your findings.
The usual qualification is a degree such as a masters in applied statistics online available from onlinedegrees.mtu.edu. You can find out more about this particular qualification online. Degrees with a statistical or quantitative component are also acceptable.
2. Market Researcher
A market researcher is responsible for collecting and analyzing data and information that is then presented to a client. The information you provide would help them make informed political, social, and economic decisions. This career is perfect for you if you’re confident, good at analyzing data, and able to communicate large amounts of information. It’s possible to be employed directly by a company, but most market researchers work in a marketing agency. There are two categories of market researcher. One is qualitative researching, involved in analyzing opinion. This type of research can take years to provide results. The other type, a much quicker way to research, is called quantitative research using statistics and percentages.
Task you might be required to carry out include meeting and liaising with clients, formulating plans or proposals, preparing briefs and commissioning research, writing and managing the distribution of surveys and questionnaires, using statistical software to manage and organize information and managing budgets.
Most employers would look for a degree as well as skills in communication and analysis.
3. Financial Trader
Financial TraderA requirement for this type of work is an analytical mind, an interest and understanding of financial markets, and the confidence to make decisions. A financial trader buys and sells shares, bonds, and assets for investors, individuals, and banks. Your work would also include making prices and executing trades, with the ultimate aim being to maximize assets and minimize financial risk.
There are two types of traders.
• A flow trader buys and sells products on the financial markets for banks clients.
• A sales trader takes instructions directly from clients.
As well as placing orders on their behalf, they might also offer advice on market developments and new market ventures. A trader might also specialize in a particular product, for example, shares, bonds, or foreign exchange (Forex) markets.
A typical working day can include speaking with colleagues, making phone calls and instant decisions, executing trades by phone or electronically, predicting market movements and buying and selling accordingly and gathering information in relation to mispriced assets, detailed data analysis, and valuation.
Very high earnings are possible, especially for proprietary traders who can sometimes receive a bonus equivalent to a proportion of the profits made. In the EU, however, these bonuses are now limited to no more than 200% of salary.
4. Insurance Underwriter
An insurance underwriter decides whether an application for insurance cover should be accepted and the terms and condition under which it can be accepted. You need to have an analytical mind, excellent negotiating and communication skills, as well as a degree in business or management, economics, law, or mathematics. When deciding whether an application should be accepted, you’d be assessing the risk of the insured according to the likelihood of them making a claim. An underwriter usually specializes in one type of insurance, either general, life, commercial or reinsurance.
Your responsibilities would include studying insurance proposals, gathering and assessing background information, calculating possible risk, visiting brokers and potential clients, liaising with specialists, negotiating terms, writing policies, and helping with the policy wording.
5. Data Analyst
Data analysts are in high demand across a variety of sectors including finance, consulting, manufacturing, government, education, and pharmaceuticals. Essential skills include attention to detail, good communicator, and highly organized. As well as understanding data, you’d also need to be able to provide insight and analysis using clear visual, written, and verbal communication. You might find yourself working in one of the following areas: business intelligence, data quality or assurance, finance, higher education, marketing, or sales.
You’ll need to be able to develop records management processes and policies, identify areas to increase efficiency, set up and maintain automated data processes, monitor and audit data quality, design and carry out surveys, create data dashboards, graphs, and visualizations, and provide sector and competitor benchmarking.
Qualifications required are often a first degree in a relevant discipline such as computer science, economics, business information systems, information management, mathematics, or statistics. However, if you’re able to demonstrate relevant skills, you’ll be accepted as a data analyst in a range of different settings.
It was Mark Twain who said, “there are three types of lies, lies, damned lies and statistics.” It is a phrase that’s often used to describe the persuasive power of numbers, particularly when it comes to bolstering a weak argument. That being said, statistics do have a place in our modern world, especially when it comes to making predictions. Whether you’re looking for a change of career or about to start your educational journey, if you love numbers and mathematical equations and determining things mathematically, a career in statistics might be right for you.