We all make extensive use of statistics in our day to day lives, whether we are aware of it or not.
In data-driven industries like the finance industry, the value of statistical analysis is obvious. For anyone seeking a career in the finance industry, a statistics degree is a potential way in. Below we look at why statistics are important as well as some of the roles that will be available to you.
Why Statistics Are Important
Statistics have always been important to businesses but they have taken on an extra level of importance in recent years. As our data gathering and analytics capabilities have exploded over the last couple of decades, so has the value of a working knowledge of data and statistical analysis. Statistics are involved in running businesses today in a variety of different ways. From informing key decisions to providing accurate analyses of past events, statistics are vital for establishing the most informed and comprehensive picture possible of a business’s current circumstances.
Because an understanding of statistics is so important to modern businesses, courses like this online masters applied statistics have become increasingly popular among remote learning students. Statistics is one of the most accessible courses to study remotely because students do not require any additional tools or resources.
Below are some of the most popular career paths for statistics graduates to pursue. Any of these careers would be a worthwhile pursuit for students who are the most passionate about statistics and their practical applications.
The role of a financial analyst is to take financial data and analyze it in order to draw pertinent to conclusions. These conclusions are then used to inform the actions of traders and other investors. Financial analysts leverage their knowledge of statistics in order to try and make accurate predictions about the way that the markets are going to behave in the future. In particular, financial analysts are responsible for identifying which stocks and shares are a good bet for investors and which are too risky to consider.
- Average salary: $67,255
Market researchers are the people responsible for gathering and interpreting data about specific markets. This data is used to help businesses more accurately forecast their sales and assess demand for their products and services. A market researcher learns how to interpret statistics in order to understand the broad trends that are driving a market evolution.
As well as being predictive, market research is also used to assess the impact of campaigns that have already been completed. In the aftermath of any successful marketing campaign, market analysts are able to find the telltale signs of an impactful marketing campaign.
- Average salary: $62,302
Whenever a business is gearing up for a major new project or another significant undertaking, there is a whole bunch of prior research that needs to take place. A cost estimator is involved in this process; they are responsible for gathering and assessing data that will inform the overall costs of a project.
Crucially, a cost estimator will look beyond a simple dollar figure. They also need to consider more abstract costs associated with a project such as the time and labor involved. They may also need to consider how evolving market circumstances might impact the cost as a lengthy project unfolds.
- Average salary: $72.246
Business Analyst/Management Consultant
Business analysts are an essential component of organizational efficiency in any modern business. Without a business analyst watching the market and delivering their interpretation of the data, businesses would be flying blind and have much worse access to vital corporate intelligence. As well as assessing data and drawing conclusions, business analysts also propose solutions to any problems that arise.
Business analysts are required to work closely with a number of other individuals who are also involved in corporate strategizing. As with most statistics focused roles, business analysts cannot operate at full efficiency without the support of workers in other supporting roles.
- Average salary: $74,590
Is a Career in Statistics Right For You?
For anyone who is passionate about statistics and the role that they have to play in the modern financial industry, there are plenty of opportunities to turn your passion into a bona fide career. As time goes on and the sophistication of the tools and software that analysts have access to continues to increase, the role of the statistician within modern businesses and financial institutions continues to expand. A degree in statistics now equips graduates with the skills and knowledge they need to take a leading role in the financial institutions of the future.