Here’s why you should consider a career in Statistics

Friday, August 12, 2022

The US Bureau of Labor Statistics was just established among the fastest growing careers. Here’s why you should consider a career in Statistics in the United States.

The only certainty about the future is ambiguity. Businesses and their employees had to adapt in 2020.

Even though it’s hard to forecast which professions will thrive there are some clear tendencies.

Actuarial and Statistician Actuaries are among the fastest growing careers in the U.S. as stated in the latest report from the US Bureau of Labor Statistics.

Actuaries' employment is expected to increase by 24 percent between 2020 and 2030, which is substantially faster than the average for all occupations.

The report clarifies that a bachelor's degree is typically required for entry into the field of actuarial science, and certification requires passing a number of exams. They must have a good background in mathematics, statistics, and business.

Everything you need to know about Statistics 

Statisticians are experts in the science of making decisions using data. They plan experiments, gather data, analyze and interpret data, communicate findings, and select what data they need and how to obtain it, according to Money US News.

In addition, statistics can be used in a wide range of sectors and issues, unlike other professions, including the environment, public safety, health care, and sports.

As the famous mathematician and statistician John Tukey once told a colleague, "The best thing about being a statistician is that you get to play in everyone's backyard."

Other experts like Devan Mehrotra, executive director of the biostatistics department at Merck Research Laboratories, says, "I absolutely fell in love with statistics. Any real-world problem almost always is going to require some data to be analyzed and interpreted, generating value-added solutions by using statistics."

In the future, according to Mehrotra, statisticians will collaborate closely with experts in the biomedical, computer, environmental, genetic, and social sciences and will help develop quantitative answers for issues like human rights and counterterrorism.

 "Statistics is one of oldest professions in the world; it dates back to the 1700s. There's a tremendous history ... and now more exciting opportunities. It has never been a better time to be a statistician," Mehrotra says.

Statistics Vs Data Science 

Although some people might conflate statisticians with the emerging area of data science, there are some significant differences between the two. 

Data science includes more than simply statistics as the article from the Money US News says. Data scientists ought to be familiar with the fundamentals of statistics.

But compared to statisticians, data scientists tend to place more emphasis on computer programming and machine learning.

At businesses with smaller data science teams, the lead software engineering coordinator may be a data scientist. Statisticians may not always be expected to log data, but data scientists should be able to do so.

Between 2020 and 2030, the U.S. Bureau of Labor Statistics predicts a 35,4% increase in employment for statisticians. 14,900 more employment are anticipated to become available during that time.

Statistician in demand 

Actuarial and Statistician Actuaries will see a growth rate of about 20% by the end of the decade and will earn a median income of over $60,000.

This can be the ideal high-growth industry if you appreciate data and statistics. Most decide whether or not to insure a potential consumer while working for insurance companies. Risk assessment skills are in high demand. 

In the Forbes article, actuaries frequently possess actuarial science degrees and have successfully completed a series of license tests. Similar functions are performed for businesses by statisticians who analyze data and forecast future sales, earnings, and growth constraints. By 2030, employment for data scientists, who assist businesses in making better use of information, is expected to increase by 30%.

Mehrotra adds: "People need statisticians, folks with the right level of training, who ask the relevant questions, who know how much data should be collected and know how to employ statistical principles…"These days, even people with undergraduate degrees in statistics will have tremendous potential."

How much does a Statistician make? 

Actuarial and Statistician Actuaries are among the fastest growing careers in the U.S. as stated in the latest report from the US Bureau of Labor Statistics, the average yearly salary for actuaries was $105,900.

In fact, the median income for statisticians was $92,270 in 2020. In that year, the top 25 percent earned $121,800, while the bottom 25 percent earned $68,810 according to the Money US News article.

Over the next ten years, there are expected to be, on average, 2,400 openings for actuaries. Many of those positions are anticipated to be brought on by the need to replace workers who change careers or leave the workforce due to retirement.

So now is the time to start your career with these programs from the most esteemed universities in the U.S.

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