When considering whether to enroll in their next degree program, most students usually contemplate a few questions. For example, does the degree offer versatile career paths? Is the job market saturated? What’s the salary potential? And more. Pondering over such questions is expected. After all, you will invest a lot of time, money, and energy to earn your degree.

Are you a pro at mathematics and enjoy studying quantitative reasoning? In that case, step your foot into the field of applied statistics. Applied statisticians are responsible for using statistical formulas and analyses for real-world problems. As an applied statistician, you will collect, organize, analyze, and interpret data to make predictions. Since these professionals are good at solving critical problems, they can work in various industries, including health, business, science, government agencies, educational institutes, etc. 

Are you wondering what career options you can pursue after majoring in applied statistics? Take a look at the possible career paths below:

• Statistician

Among various career options, pursuing the career path of a statistician has to be the most popular one. Your role as a statistician is to collect numerical data using multiple sources such as surveys and examinations. Then, analyze and interpret data to make well-informed decisions and planning. For this reason, excellent analytical, communication, technical, leadership, and problem-solving skills are necessary to excel in this career. 

Having a master’s degree is a requirement for many entry-level statistician positions. Consider pursuing a master of applied statistics online degree program to set yourself apart and advance your career. An online program is ideal for you if you’re a working professional and can’t manage on-campus university classes with your job. 

Your day-to-day job duties as a statistician can include:

• Collaborating with different departments in the organization to obtain data 
• Analyzing and identifying trends and interpreting data
• Employing statistical software to create and maintain complex statistical databases
• Communicating findings to the relevant stakeholders
• Advising strategy and aiding in decision-making

As stated by the U.S Bureau of Labor Statistics, the average salary of statisticians was $99,450 per year as of May 2021.

• Financial analyst

Do you have strong analytical skills and are good at number crunching? In that case, a career as a financial analyst might be the perfect choice for you. As the name suggests, these professionals analyze financial records and investments and assist their clients in decision-making. 

Proficiency in working with databases, finance software applications, and Microsoft Office Suites can help you excel in this career. Moreover, you need to develop and hone effective communication, leadership, presentation, interpersonal, and attention-to-detail skills.

Typical job responsibilities of a financial analyst include:

• Combining past and present financial data 
• Identifying possible risks, opportunities, and trends
• Preparing reports on financial performance
• Providing recommendations on improvement to senior management based on the reports
• Developing financial models and policies to boost growth

As per BLS, the annual salary of Financial Analysts is $81,410 per year, and the job outlook would grow by 6% from 2020 to 2030.

• Data Scientist

Another in-demand and lucrative career path you can pursue after majoring in applied science is Data Scientist. Data scientists primarily use modeling and analysis techniques to solve complex problems involving massive data sets. As a data scientist, you will employ different statistical algorithms, principles, tools, and techniques to uncover valuable insights from data collected and help in decision-making.

However, to excel in this field, you must be exceptionally well at visualizing complex data. You must also be familiar with data management tools, machine learning, and artificial intelligence. In addition, a good data scientist must possess strong communication, critical thinking, presentation, and analytical thinking skills.

On a given day, your day-to-day job duties can include:

• Collecting structured and unstructured data and identifying the data sources
• Cleaning, organizing, verifying, and processing data
• Discovering patterns and trends 
• Creating models and algorithms
• Drafting reports and presenting findings to executives using data visualization techniques

After becoming a data scientist, you can expect a mean annual salary of $108,660.

• Market research analyst

This career path might be ideal if you wish to tap into the marketing niche and possess a strong analytical mindset. As a market research analyst, you’ll focus on gathering and analyzing data and helping brands and businesses shape their campaigns and promotions. For instance, you will employ statistical tools and software to track sales patterns, forecast a product’s or service’s success, and evaluate the efficacy of marketing campaigns.

You must hone solid organizational, time management, presentation, multitasking, and interpersonal skills. Some of the everyday job duties of a market research analyst include:

• Devising data collection techniques such as questionnaires, polls, surveys, and so forth
• Gathering data using different methods on consumers, competitors, and so forth 
• Evaluating the data using statistical software
• Preparing reports and presenting findings to clients via graphs, charts, and visual aids to make them easily understand
• Assessing the effectiveness of marketing campaigns and strategies

The median wage of a marketing research analyst is $63,920 per year, and the employment outlook will grow by 22% from 2020 to 2030.

• Business Intelligence Analyst

Business Intelligence Analysts or BI Analysts are responsible for gathering the company’s data and mining and analyzing it to identify trends and patterns. These professionals develop robust business strategies with crucial, real-time data to boost business performance.

You must have an interest and a strong IT and business background to excel in this career. Put this way, you must have strong knowledge of programming languages, computer skills, and technical skills. Moreover, it would help if you had an excellent understanding of business rules and policies. Communication, management, leadership, and problem-solving skills are necessary to perform daily job duties.

Below are the typical job duties of a Business Intelligence Analyst:

• Researching, developing, and maintaining data 
• Assuring accurate data collection, storage, and interpretation
• Reporting findings and suggesting solutions for the betterment of the company
• Developing policies and procedures for data collection and analysis
• Working closely with other team members and managers to implement improvements

According to PayScale, the average salary of a BI Analyst is $71,473 per year.

Conclusion

When pursuing your majors, you’ll have plenty of questions regarding your future. Luckily, after earning your degree in applied statistics, you can enjoy high-paying job opportunities in different industries. After all, let’s face it: every sector—health, technology, educational institutes, profit, non-profit organizations, etc., utilize data. With an advanced degree in applied statistics, you can work in any sector you wish.