Career Opportunities in Statistics and their Salaries

This article highlights the Career Opportunities in Statistics. Also, it gives a brief description of these jobs and their salaries.

What is Statistics?

Statistics is a branch of study concerned with collecting, evaluating, and interpreting data. 

Career Opportunities in Statistics

The career opportunities in statistics are:

• Actuary 
• Cost Estimator 
• Market Researcher 
• Statistician
• Operation Researcher 
• Econometrician
• Financial Analyst 

Actuary 

An actuary is responsible for assessing the risks and uncertainties attached to business and investment decisions. They use statistics and mathematics to help mitigate risks and make projections.

What Does an Actuary Do? 

• Gather and assemble statistical information for further study.
• Calculate the likelihood and potential expense of occurrences, including accidents, fatalities, natural disasters, and illnesses.
• Create charts and other exhibits to help explain calculations and suggestions, and design, test, and implement strategies to reduce risk and increase the profitability of insurance policies and pension plans.
• Explain ideas and conclusions to various people, including business leaders, clients, shareholders, and government authorities.

Salary 

According to Payscale, the average salary of an actuary is $99,474 annually. 

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Cost Estimator

Cost estimators are professionals conducting comprehensive reports on the estimated cost of running and completing a project using data and statistics. They give estimates of the project’s worth in terms of money, labour, duration, and materials. 

What Does a Cost Estimator Do? 

• Describe to clients the projected costs for each project. To produce proposals for the clients, they use data on the cost of the goods and labour.
• Calculate the estimated expenses of planned projects using comprehensive spreadsheets and algorithms approved by the firm.
• Consider the crucial materials required for the project’s specs and implementation.
• Investigate, evaluate, and assist in contract negotiations with engineers, contractors, and experts involved in the project. 
• Work with all stakeholders, including general contractors, owner’s representatives, designers, and architects.
• Examine expense reports at every stage of the project.
• Locate and calculate each project-related cost element.

Salary 

Payscale puts the annual average salary of a cost estimator at $59,185. 

Market Researcher 

Market researchers analyse the trends and shifts in the market to help make fruitful predictions on the promotion of the product and services of an organisation. They create initiatives from the understudy of the rivals and the old and recent marketing activities. 

What Does a Market Researcher Do? 

• Keep updated on the latest marketing trends and sales  
• Develop marketing strategies tailored according to the information culled from the market research.
• Organise market research operations for specific market conditions. 
• Make predictions about the success of the launch of new products and services. 
• Examine the costs, marketing strategies, and distribution
• Evaluate the performance of marketing initiatives and tactics and make necessary changes. 
• Utilise various data collection techniques to accumulate and analyse data. 
• Collect information on customers, rivals, and market circumstances.
• Graphs, charts, and other visual aids can help you present complicated information in an approachable manner.

Salary 

According to Payscale, the average salary of a market researcher is $55,987 annually. 

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Statistician 

Statisticians are professionals who utilise mathematics and mathematical models to collect, analyse, review, refine, and interpret data to solve real-life-based problems. 

What Does a Statistician Do? 

• Coordinate with divisions to acquire data, such as manufacturing costs, sales numbers, and supply and demand information for specific products.
• Create and maintain data using statistical software packages like SPSS, SAS, or Stata.
• Clean and check for errors in the set of data accumulated. 
• Validate the data, and ensure its confidentiality and its integrity.
• Employ mathematics, computations, and statistical methods to analyse data.
• Perform statistical analysis to evaluate the validity and quality of results.
• Identify market trends and create projections to aid in strategic planning.
• Analyse statistics and present them in reports with executive summaries, graphs, tables, and charts.

Salary 

Following the Payscale report, the average salary of a statistician is $79,147 per year. 

Econometricians 

Econometricians have similar roles to statisticians; they use statistical data and models to solve economic-based issues. They are concerned with a wide range of topics such as demographics, inflation, employment, demand, supply, taxation, economic growth, income and other issues centred on economics. 

What Does an Econometrician Do? 

• Help other internal departments and high management with their econometric modelling ideas and development by acting as a resource and counsellor.
• Develop and keep up databases that are utilised in combination with modelling.
• Support data analysis and research by system analyses and creating appropriate computer programs.

Salary 

The average salary of an econometrician is $85,033 per year, following a survey from Glassdoor. 

Operation Researcher 

Operation researcher uses analytical data to help determine optimal solutions from the available scenarios. These solutions are crucial to decision-making for the business. 

What Does an Operation Researcher Do? 

• Obtain information from present operational systems and conduct data analysis to create decision assistance software.
• Obtain suggestions from staff members or experts who can help solve operational challenges.
• Use statistical or computer simulations to characterise operational challenges, develop analysis techniques, and provide workable solutions.
• Develop problem-solving strategies by defining data needs, collecting and validating information, and using judgement and statistical testing.
• Create mathematical models to represent possible and current operational issues.
• Conduct experiments to verify the models’ correctness.
• Help leadership teams make decisions and provide advice on solutions.
• Report observations and suggestions.
• Creating time and cost networks to organise, manage, and evaluate significant projects.

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Salary 

According to ZipRecruiter, the average salary of an operation researcher is $93,219 annually. 

Financial Analyst 

Financial analysts are financial experts that help organisations make financial decisions through a rigorous assessment of the economic trends and development. 

What Does a Financial Analyst Do?

• Analyse financial data and offer guidance on projections and forecasts. 
• Utilise necessary measures like yearly growth, return on assets, return on equity, and profits per share to do various forms of research on the data you have organised into easily accessible reports.
• Review any relevant non-legal information on potential agreements.
• Oversee financial activities such as estimating, auditing, planning, budgeting, taxes, combining, cost control, and project management.
• Analyse and evaluate the following: operations records, financial statements, proposals, investment prospects, rate of return, and capital expenditures.
• Guide business investments and overall financial strategy, and analyse a company’s financial data.

Salary 

According to ZipRecruiter, the average salary of a financial analyst is $61,628 annually.

Final Notes on Career Opportunities in Statistics

The opportunities available with a degree in statistics are discussed in this article. Statistics is a broad field of study that is structured on the use of analytic and critical skills. Solving real-life problems based on data collection and how that data is manipulated and interpreted is possible. 

Before you go, apply for Available Jobs.