Statisticians design surveys and collect data to analyze them and find any familiar patterns or fluctuations that might be vital for companies. The data analyzed and processed by statisticians also helps companies make important financial decisions.
Statisticians have a lucrative career and are highly in demand. This field is for people who enjoy working with data and statistics.
A statistician’s role does not only entail crunching numbers but also working closely with marketing teams to gather important data and analyze the trends.
Skills Required to Make It as A Statistician
If you seek a career in this field, you need to possess various skills to become a statistician. Effective statisticians should have a keen understanding of business-related principles, interpersonal skills, and economics and be tech-savvy.
Other key skills required by statisticians are:
- Critical thinking
- Mathematical skills in calculus, linear algebra, and probability
- Computing skills
- Analytical skills
- Designing skills for making pie charts and other data representations
- Presentation skills
- Team player
- Problem-solving skills
Potential Job Opportunities
Choosing a career as a statistician has a great job outlook for you. Statisticians are high in demand in the job market, and their job outlook gets even better if they have a master’s degree in statistics. Going for an online statistics master’s degree can be advantageous as candidates would be able to work alongside studying.
This shortage of professional statisticians is evident in many regions. According to the Bureau of Labor Statistics, the demand for statisticians is forecasted to increase by 33% from 2022 to 2030, much higher than other occupations.
Since the demand for statisticians is so high, candidates opting for the degree will have a great advantage as companies are unlikely to lose experienced and professional statisticians. Furthermore, according to the Bureau of Labor Statistics, there is a vertical trajectory in terms of career path. The average salary for statisticians in 2020 was $93,270. If you are more experienced or have an advanced degree in statistics, this pay range would be higher. Getting promoted after joining will also increase your salary, and soon, you will be making around $100,000 annually, if not more.
Boost Your Analytical Skills
As a statistician, your daily job will demand you to look extensively at data. This data can be quite compounded and complex. Reading it and analyzing it requires a good amount of concentration and effort, but this gives you a chance to expand your mental capacities and strengthen your analytical skills. Working with data every day will train your mind to be sharp, focused, and productive.
Work Environment
While many jobs out there, such as firefighters, EMTs, and police officers, require you to work under difficult conditions outdoors, statisticians have a much calmer work environment. More often than not, statisticians work for large corporate firms and have their own offices or at least cabins. Statisticians work in environments that are generally back-end offices. Hence, dressing attire may be more relaxed. Furthermore, statisticians are often given the leverage to work remotely due to the current work lifestyle.
Work Remotely
Based on company policy, you could choose to work from home without having the stress of commuting to the office and suffering through traffic every day. The underlying requirement for this lifestyle is a good Wi-Fi connection and a system to access company resources. The significant reduction in commute can save a big portion of the compensation. This lifestyle also helps in managing work-life balance effectively.
Stress Level
Contrary to the belief that statisticians are under pressure and deadlines while crunching numbers and analyzing data, statisticians’ pay offsets the level of stress they undergo. That said, it’s important to know that this data is integral for many companies and could affect their business forecast. If you’re considering a career in statistics, you could expect to have the workload and daily tasks as investment bankers.
Benefits
Job vacancies for statisticians will often come with additional benefits. This includes old-age pension, appraisals, bonuses, profit sharing, tuition reimbursement, an employee of the year award, dental care, and health insurance. While at most the other jobs, employees struggle to get even a basic health insurance plan, statisticians may even get an elaborate health insurance plan.
Consultancy
With the experience and network connections that statisticians gain over the years, they often start their consultancy. This is especially true for front-office statisticians that deal directly with clients. Eventually, these employees build their network with these clients. They can eventually start consulting smaller businesses and leverage their position as these smaller businesses don’t have the budget to work with hedge funds. Hence, there’s a strong demand for consultants to help them cut, analyze data, and forecast business growth.
Work-Life Balance
Working as a statistician will allow you to have a good work-life balance. As a statistician, the hours you put in are pretty standard eight hours (nine to five generally), and weekends are off. This gives you time to spend with your family and enjoy your weekends to refresh your mind or even pick up a hobby.
Working in Niches
Choosing a career in statistics gives candidates the freedom of working in many different niches such as medical, weather forecasting, and insurance. In the medical field, before putting any drug on the market, scientists require statistical data to show the drug’s effectiveness, and statisticians provide them with it. When forecasting weather, statisticians compare historical data to make weather predictions. In insurance, whether it be health, home, or car, statisticians calculate the risk of giving insurance to individuals with the help of historical data.
In A Nutshell
A career path as a statistician is very promising due to the increasing demand in the job market. Apart from the job market, statisticians enjoy working with data, interpreting trend analysis, enjoying a healthy work-life, and even the time and knowledge for starting your own side business.
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