12 Jobs for Statistics Majors (With Salaries and Duties)
Updated September 14, 2022
Students who study statistics at university can follow different paths and pursue a wide range of careers. These can be highly technical and detailed data analysis jobs, corporate jobs providing analysis for companies, or jobs at financial institutions. Learning about the different positions for statistics majors can help you decide which career is right for you. In this article, we discuss what a statistics major is, examine 12 common jobs for statistics majors along with their salaries and primary duties, and explore important skills for this field.
What is a statistics major?
Statistics majors are students interested in gathering and analyzing data. The field requires a deep understanding of math, some areas of science, business, and technology. Some degrees statistics majors might pursue include a bachelor's degree in science, for more technical application of statistics. Those interested in how individuals and businesses might apply interpreted data can pursue a bachelor of arts degree. Here is what students studying statistics typically learn about:
Typical courses for statistics majors
Pursuing these degrees, statistic majors take a variety of courses in mathematics, theories, technology, finance, and analysis. Some courses a statistics major takes include:
Pre-calculus and advanced calculus
Probability and statistics
Theory courses in statistics and surveys
Introduction to business
Areas of focus for statistics majors
Some common areas of focus for statistics majors include:
Applied statistics: Students with this major pursue careers in areas like social science, biology, physical science, or technology. They apply the principles of statistics to understand trends.
Computational statistics: Computational statistics students use tools like modelling to explore how data management and computing may affect data.
Machine learning: Machine learning students focus on big and complex data and how systems of data might interact with other systems or factors.
Data science: This is for students who want to explore and learn the history of and recent developments in data analysis, tracking, and forecasting.
Jobs for statistics majors
Statistics majors typically seek jobs in business, finance, or technology. Businesses create and process a lot of data such as sales figures, advertising clicks, lead tracking, and transactions. At each point in a company's business process, professionals log information. Statistics majors look at large amounts of data across time to analyze trends, assess performance within a market, and provide recommendations.
Consider these 12 possible jobs for statistics majors:
National average salary: $77,708 per year
Primary duties: Database administrators specialize in storing, categorizing, and organizing information. They preserve data via backups and restorations, and they also maintain and update data security. Database administrators help stakeholders access data, oversee permissions, and ensure 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: $59,985 per year
Primary duties: Cost estimators gather data for analysis to provide time and money-saving recommendations to businesses. Cost estimators often work in the construction, manufacturing, or architecture areas as they analyze the cost of goods, labour, and machinery to determine where a company or project could save money. Cost estimators often interpret blueprints to provide companies estimates on how much a project might cost along with their recommendations.
National average salary: $67,995 per year
Primary duties: A financial analyst is a finance professional who uses data to forecast future performance for a company. They often evaluate a company's current performance within a market by completing market research and analyzing comparative data. Financial analysts recommend investments, strategies, and potential areas where a company can grow its business and manage its spending. This role differs from economic analysts as they look at a specific company within an industry market rather than the economic climate.
4. Stock trader
National average salary: $68,429 per year
Primary duties: Stock traders are finance professionals who purchase and sell shares in specific companies to make a profit. Stock traders can work independently or work for companies and investors. Statistics majors might consider an additional degree in business or finance, or taking on additional business coursework to understand how global markets work.
Related: Guide: How To Become a Stockbroker
National average salary: $73,649 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 labour 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: $104,847 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 to 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: $74,260 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 analyzes, but they may also create new theories, rules, and models. After completing their analyzes, statisticians translate their findings into reports designed to help their companies decide and pursue solutions.
National average salary: $84,756 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: $85,196 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.
Related: How Much Does a Data Scientist Earn?
National average salary: $77,422 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.
National average salary: $78,356 per year
Primary duties: A quantitative analyst is a professional who applies statistical methods to financial scenarios in an organization. They create current process and future process diagrams to help businesses understand complex issues and decide how they might handle certain situations. These professionals may specialize in areas like pricing recommendations. Sometimes, the data a quantitative analyst connects more to process improvement like how to improve productivity.
Related: What Is Quantitative Analysis?
National average salary: $112,335 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 require strong decision-making, problem-solving, and critical-thinking skills to assist individuals, corporations, and agencies.
Top skills for a career with a statistics degree
Technical skills: Most statistics jobs work with software to input, record, and analyze data. This can require technical writing and the ability to learn new technology quickly.
Analysis: Almost every job for statistics majors requires some level of data analysis. This can include analyzing mathematical trends, often recorded on graphs, like sales numbers, or cost estimates.
Communication: Statistics majors have to communicate often complex information to people in terms they understand. This requires clear written and verbal communication and patience.
Problem-solving: Once statistics professionals analyze data, they often create solutions to problems for companies and individuals. The ability to solve problems based on data and trends helps statistics majors build trust with their clients.
Salary figures reflect data listed on Indeed Salaries at time of writing. Salaries may vary depending on the hiring organization and a candidate's experience, academic background, and location.
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