Applied statisticians are highly educated professionals who use their expertise to solve real-world problems through the collection, analysis, interpretation, and application of data. The important work they do makes them valuable assets to businesses and research institutions, and as a result, there are many opportunities open to applied statistics graduates. Understanding more about these opportunities can help you decide how to use your qualifications and what you want to pursue in your career. In this article, we explore the various career options available to these professionals and look at some salary information to help you make a decision.
What is applied statistics?
Applied statistics is a form of data analysis and is the foundation of data science in general. It involves analyzing and applying data to identify and solve business problems or to further research initiatives. The exact duties of applied statisticians vary depending on their employer, but they always involve collecting, analyzing and interpreting data so that they can draw conclusions and apply data in useful ways. An applied statistician may work for a marketing firm where they use data to drive sales, or they may work for a medical institution where they help to understand and prevent diseases.
These professionals typically hold at least a bachelor’s degree in statistics or a related field, though the most sought-after candidates hold a Master’s in Applied Statistics. The demand for applied statisticians is high, as the work they do for their employers is extremely useful and takes years of training to perform. In addition to their qualifications, they also have various soft skills that help them carry out their job duties, including strong communication, analytical and problem-solving skills. Their work is usually office-based, though travel to events and conferences may also be necessary.
Job opportunities in applied statistics
Here are some of the most popular career options for applied statistics graduates, including salary information and brief job descriptions.
Business analystÂ
Job overview: Business analysts improve the efficiency of business processes and help organizational leaders make intelligent decisions by analyzing past and current data and presenting conclusions. The job involves deeply understanding business and IT functions and collecting and applying data to enhance efficiency, improve business performance and increase profitability.
Salary information: Business analysts earn around $80,903Â per year on average.
Research scientistÂ
Job overview: The objectives of research scientists differ depending on their employer and the project they’re working on, but they always revolve around developing hypotheses, gathering data, and analyzing results to prove their hypotheses wrong or right. They may work in the fields of computer science, social science, medical science, or environmental science, for example.
Salary information: Research scientists earn around $78,600Â per year on average.
Risk analyst
Job overview: The job of a risk analyst is to uncover and analyze the risk factors involved in certain organizational decisions. They also identify and analyze risks relating to the assets, financial performance, and general success of organizations. These professionals work in fields such as marketing, financial services, and sales, where they specialize in credit, regulations, operations, or markets.
Salary information: Risk analysts earn around $83,996Â per year on average.
Investment analyst
Job overview: Investment analysts collect data and conduct research so that they can provide stockbrokers, fund managers and traders with the information they need to make intelligent investment decisions. This helps financial professionals maintain profitable portfolios for their clients and identify good investment opportunities in the global marketplace. These professionals typically work for large corporations, banks, pension fund managers, high net worth individuals and large charities.
Salary information: Investment analysts earn around $76,140Â per year on average.
Credit analyst
Job overview: Credit analysts are applied statisticians who work for organizations to assess customers on their ability to borrow and repay debt. These customers can be individuals, as well as companies and securities. The analyst gathers and analyzes various data, such as credit histories and financial information, to understand whether customers can uphold their credit obligations. While credit analysis is a subfield of risk analysis, it’s a broad sector with a lot of opportunities for graduates.
Salary information: Credit analysts earn around $62,607Â per year on average.
Biostatistician
Job overview: This can be one of the most lucrative career choices for applied statistics graduates, and having some education in a field such as biology, as well as statistics, can help you get a job in the field. These professionals support clinical studies by producing statistical information. They collect data using advanced methods, and then they draw conclusions to answer questions relating to public health, furthering the development of pharmaceutical products. Biostatistical research has more strict guidelines for gathering and interpreting data than some other statistics jobs.
Salary information: Biostatisticians earn around $123,591Â per year on average.
Marketing analyst
Job overview: Marketing analysts collect, analyze, interpret and apply data to aid companies in their marketing efforts and help them make more intelligent marketing decisions. The data they gather helps businesses optimize their marketing campaigns in various ways. For example, they may analyze customer responses to a particular advert campaign to understand what resonates with customers and what doesn’t. This helps them improve the effectiveness of campaigns and increase revenue for businesses.
Salary information: Marketing analysts earn around $63,120Â per year on average.
Data modeler
Job overview: Data modelers create computer systems for organizations that translate complex business data from computer databases. They aim to improve efficiency through activities such as enhancing data mobility across systems, and they work with data architects to design these databases. Ultimately, all data modelers aim to create useful databases for their employers.
Salary information: Data modelers earn around $99,035Â per year on average.
