Wednesday, April 17, 2024


data science in finance

In research and academia, statisticians have long played an important role. However, due to the explosion of data development and gathering across industries and organizations’ recognition of the importance of data-driven decision-making, there has recently been a surge in demand for statisticians in business.


Given the increased need, it’s not surprising that an increasing number of professionals are exploring jobs as statisticians.

Unfortunately, the title “statistician” is a bit of a misnomer, and many people have no idea how to become a statistician, what these specialists perform. We look at the duties of a statistician, the education and abilities needed to succeed in the field, and potential other career routes for people interested in working with statistics.

Our Most Popular Courses:

Who is a Statistician?

At their most basic level, statisticians are experts who use statistical methods and models to solve real-world problems. They collect, analyze, and evaluate data to help with a variety of business decisions. Statisticians are in high demand across a wide range of industries, with positions in business, health and medicine, government, physical sciences, and environmental sciences among the most common.

The industry’s job prognosis is bright, according to the Bureau of Labor Statistics, which combines statisticians and mathematicians. From 2018 to 2028, mathematicians and statisticians are predicted to increase at a rate of 30%, roughly five times faster than all other occupations.

Businesses will acquire an expanding amount of data from an ever-increasing variety of sources, which will account for a large portion of the predicted rise. Businesses and organisations will need to hire more individuals who are specifically trained in data analysis and interpretation to evaluate and interpret this data.

According to the Bureau of Labor Statistics, the median annual wage for statisticians in 2019 was $91,160.

Roles and Responsibilities of a Statistician

The duties that statisticians are expected to accomplish daily will differ depending on the industry and organization in which they operate.

In general, statisticians in the private sector interpret data to inform organizational and company objectives, such as through evaluating changes in customer behaviour and purchasing trends. In the public sector, however, studies are frequently focused on advancing the public benefit, such as collecting and evaluating environmental, demographic, or health data.

Whether a statistician works for the government or the commercial sector, their daily responsibilities are likely to include:

  • Data collection, analysis, and interpretation
  • Detecting patterns and connections in data
  • Processes for data collecting design
  • Stakeholder communication of findings
  • Providing strategic advice to organisations and businesses
  • Assisting in the making of decisions

Required Skills for Statisticians

Statisticians often have a unique combination of technical, analytical, and leadership skills in order to be successful. These are some of them:

Analytical skills: Statisticians must be professionals in statistical analysis first and foremost. They must be able to see patterns and anomalies in data with a keen eye.

Technical skills: Statisticians must use computer systems, algorithms, and other technologies to successfully collect and modify data that informs their decisions. Therefore technical proficiency is essential.

Despite their expertise in mathematics and statistics, statisticians must also have great communication skills in order to effectively explain the results of their analysis to others in their business. This encompasses verbal and written communication, as well as the ability to display material in a visually appealing manner.

True statisticians must be able to think critically about the data they’re analyzing from the eyes of important stakeholders and executives in order to be truly effective. Learning to think like a leader can assist statisticians in seeing trends and data points that can have a significant impact on their organisations.

A Day in the Life of a Statistician

The following is a list of the duties that statisticians perform on a daily basis.

Develop statistical modelling and graphic analysis software applications or programming.

Prepare raw data for processing by organising it, checking for inconsistencies, and altering and weighing it.

Tasks or the Week and Month

Here is a list of weekly or monthly chores that statisticians perform.

Identify data linkages and patterns, as well as any elements that may have an impact on research outcomes.

Graphs, charts, and tables should be used to present the results of statistical analysis.

Analyze and analyse statistical data to find significant discrepancies in relationships across data sources.

Apply statistical principles to specific problems in a variety of domains, including economics, biology, and engineering.

Plan how you’ll gather data for certain projects, as well as the sorts and sizes of sample groups you’ll utilize.

Hours of Work

How many hours per week do statisticians work? Weekdays: 40 hours

Is there a set work schedule? Typical (Set schedule and routine)

How to Become a Statistician?

Five Steps to Launching a Successful Career as a Statistician

Step 1: Clear10+2

Students must understand how to become a statistician in India after completing their 12th grade. We will outline a number of stages for you to take after high school to become a statistician. Students must have completed a 10+2 level of study in physics, chemistry, and mathematics from a recognised board with an aggregate of 50% or equivalent. We’ll talk about how to become a statistician in India in this section.

Step 2: Entrance Examination

Exam for Admission

Here are some crucial measures to follow if you want to learn how to become a statistician. To give examinations, a number of universities and colleges hold admission examinations. Students are obliged to study for and take entrance exams. Other universities and colleges conduct entrance exams based on a 10+2 passing percentage cut-off. The most common admission examinations are listed below.

  • ISI-AT 
  • DUET 
  • JMI-EE
  • CUEE 
  • SET 
  • NPAT

Step 3: Pursuing Bachelor’s program

After completing the 10+2 level of education, students must apply for admission to bachelor’s degree programmes. We’ve included the most popular bachelor’s degree programmes in statistics below.

  • B.Stat. (Bachelor of Statistics) Honours 
  • B.Sc. (Bachelor of Science) Statistics
  • B.Math ( Bachelor of Maths) Honours 
  • B.Sc. (Bachelor of Science) Data Analytics
  • B.A. (Bachelor of Arts) Economics 
  • B.B.A. (Bachelor of Business Administration) Banking and Insurance
  • B.B.A. (Bachelor of Business Administration) Finance 
  • B.B.A. (Bachelor of Business Administration) Marketing
  • B.Tech. (Bachelor of Technology) in Information Technology 
  • B.Com. (Bachelor of Commerce) Finance
  • B.Com. (Bachelor of Commerce) Sales and Marketing 
  • B.Com. (Bachelor of Commerce) Economics
  • B.Com. (Bachelor of Commerce) Maths 
  • B.Com. (Bachelor of Commerce) Business Administration
  • B.Com. (Bachelor of Commerce) Honours 
  • B.Tech. (Bachelor of Technology) Big Data Analytics

Step 4: Post Bachelors

Candidates have a variety of possibilities for their post-job bachelor’s path. The two alternatives for ambitious applicants to pursue their career paths are listed below.

Option 1: Candidates can begin working in the business in an entry-level position after completing bachelor’s degree programmes. After earning 1 to 2 years of experience, he or she can return to school and pursue a master’s degree programme.

Option 2: Candidates who complete a bachelor’s degree programme successfully can enrol in a master’s degree programme without missing a semester. Candidates can begin working in the business as an entry-level position after completing a master’s degree programme.

  • M.A. (Master of Arts) Economics 
  • M.A. (Master of Science) Statistics
  • M.Sc. (Master of Science) Statistics 
  • M.Sc. (Master of Science) Data Analytics
  • M.Stat. (Master of Statistics) Honours 
  • M.Math. (Master of Maths) Honours
  • MBA (Master of Business Administration) Finance MBA (Master of Business Administration) Marketing
  • MBA (Master of Business Administration) Business Analytics 
  • MBA (Master of Business Administration) Entrepreneurship
  • MBA (Master of Business Administration) Banking and Insurance 
  • M.Com (Master of Commerce) Accounting
  • M.Com (Master of Commerce) Accounting and Finance 
  • M.Com (Master of Commerce) Banking and Finance
  • M.Com (Master of Commerce) Taxation 
  • M.Com (Master of Commerce) Mathematics
  • M.Com (Master of Commerce) Mathematics
  • M.Com (Master of Commerce) Business Management
  • Some popular colleges 
  • Indian Statistical Institute 
  • Guru Gobind Singh Indraprastha University
  • Christ University, Bangalore 
  • Narsee Monjee Institute of Management Studies, Mumbai

Based on 88 salaries, an entry-level Statistician with less than one year of experience can expect to make an average total salary of $66,805 (including tips, bonus, and overtime pay).

Based on 382 salaries, an early career Statistician with 1-4 years of experience makes an average total salary of $72,937.

Based on 114 salaries, the average total income for a mid-career Statistician with 5-9 years of experience is $86,329 per year.

Based on 73 salaries, an experienced Statistician with 10-19 years of experience gets an average total salary of $98,094. Employees with a late-career (20 years or more) get an average total remuneration of $115,090.

Alternative Career Paths: Statisticians’ Companion Professions

There are similar career choices that will allow you to put your abilities and passions to use if you enjoy working with data or if you possess all of these skills but do not want to become a statistician. Become a data analyst or a data scientist, for example, as an alternative professional route.

Statistics vs. Data Analytics

Data analysts, like statisticians, find and present data-driven insights that help business stakeholders make better decisions. Nearly all industries, at least to some extent, require qualified data analysts. Sales, marketing, healthcare, and several sciences are among the industries with the highest demand.

Data analysts frequently collaborate with other members of a team to complete projects or solve challenges. Because the majority of work is done on a computer, this area allows for remote work.

Although statistics and data analytics may appear to be the same thing at first look, there are some significant differences between the two fields.

Statisticians are more involved in the mathematical and computational components of data, according to Thomas Goulding, professor for Northeastern University’s Masters in Data Analytics program. Data analysts should have a good understanding of statistics, but their true skills are in using tools to extract insights from data. Analysts are responsible for cleaning, structuring, and integrating data so that it can be entered into the software and analyzed.

“Analytics is better suited to someone with a solid background in computer science which is highly comfortable utilizing complicated software to extract useful information from data,” he explains.

Statisticians, on the other hand, must be committed to their work’s computational nature and have high confidence in their ability to solve complex mathematical equations.

Data analysts and statisticians are in high demand, and data analysts are no exception. According to IBM’s latest forecasts, there will be more than 2.7 million job openings in 2020, with approximately 40% requiring a master’s degree or above in advanced data analytics. By contrast, the previously estimated 33 percent growth rate for statistician occupations in the United States corresponds to 13,500 new positions by 2026.

These roles have a good income potential as well. According to the Robert Half Technology (RHT) 2020 Salary Guide, data analysts earn between $83,750 and $142,500 per year.

Statistics vs. Data Science

A profession in data science could also be a viable alternative to a career in statistics. While there is some overlap between statistics and data science, there are a few key differences. For example, although statisticians employ mathematical analysis to tackle real-world problems, data scientists use a multidisciplinary approach to extract insights from data that are more centered on computational tools.

It’s also crucial to recognize the distinction between data science and data analytics. Data scientists create techniques for modelling data, as opposed to data analysts who analyze and make conclusions from data sets. The data scientist’s requirement for sophisticated coding skills is a significant difference between the two.

Data science is a fast expanding profession that has piqued the interest of those seeking a job that combines mathematics and statistical analysis, computer abilities, and substantial knowledge. Employers frequently prefer people with a graduate degree in data science or a similar subject because this function is considered more senior than data analysts.

Data scientists should anticipate competitive pay as a result of their skills. Data scientists in the United States make between $105,750 and $180,250 per year, according to the RHT 2020 Salary Guide.

Frequently Asked Questions for Statistician

Ques: What are some of the industries that require statisticians’ services?

Answer: Statisticians work for the federal government, pharmaceutical and healthcare corporations, businesses, consulting firms, insurance companies, and the agriculture industry.

Ques: How much does a data analyst make on average?

Ans. A statistician’s typical compensation is determined by his or her experience and talents. The salary distribution may also be influenced by the company’s size. In India, the average compensation for a data analyst is Rs. 4.1 lakh per year.

0 Source: GreatLearning Blog

- Advertisment -

Most Popular

Recent Comments