A Master’s in Applied Statistics is a great way to expand your skills beyond just theory and math. The idea that professions in statistics are only available in certain sectors, such as the financial industry or demographic research, is a frequent one. These are by no means the only fields in which careers in applied statistics can be successful, as the development of technology in both the public and private sectors have made it essential to be able to comprehend and synthesize data.
One reason to obtain a master’s degree in applied statistics is the variety of professions available in the subject. To learn more about some of the fascinating advances and projects available, continue reading.
Here are some reasons why you should consider earning one:
Statistics Are a Key Part of Everyday Life
You may be surprised to know that statistics are used everywhere. Statistics are used in business, government, and education; they’re used in sports, weather, and the environment; they’re a key part of everyday life. In fact, statistics are so ubiquitous that it’s hard to imagine how we would function without them!
Statistics provide us with information about our environment that allows us to make decisions about how we live our lives You can use an applied statistics in various fields for example:
- In business, companies use statistical tools like regression analysis to predict whether their products will sell well enough for them to produce them profitably for consumers. They also use these tools when deciding which locations should get more advertising or whether a new product should be produced at all due to its uncertain market potential (and non-profitability).
- Government agencies often need statistical information about crime rates in certain areas before deciding where police patrols should go or what resources will be allocated for various programs such as education or healthcare access based on these data points.
- Education systems use test scores from standardized tests like the SAT exam as one measure over time so they can track student progress within an educational system across different schools and states throughout America! We can’t do this if we didn’t have access – nope nope nope nope nope nope nope
Career Opportunities in Statistics Appear in Almost Every Industry
Statistics are used in nearly every industry to analyze data and make decisions. The job market for statisticians and statistical analysts is expected to increase by 18% between 2016 and 2026, which is much faster than average.
If you’re looking for a career that combines your love of math with practical applications in business, science, or healthcare, pursuing a master’s degree in applied statistics may be right for you. If you are already working, or do not want to spend hefty amount of money, but at the same time want all the benefits you can do your Ms applied statistic online.
The Skills You Develop Will Be in Demand
You will be trained to use the skills of applied statistics in virtually every industry. Statistics are used to solve problems, make decisions, make predictions and provide meaning to data. In fact, most people don’t realize that they’re applying statistics every day when they read the news or watch television.
What Can You Do with Your MS in Applied Statistics Degree
With an MS in Applied Statistics, you can pursue a variety of careers. According to the Bureau of Labor Statistics (BLS), with a master’s degree in applied statistics, you may be qualified for positions in data analysis and interpretation. These positions include being a statistician or researcher at an insurance company, working as a health services manager at the state level, or becoming an actuary for an insurance company or consulting firm. Let us not forget good money. As of 2021, the average salary for statisticians was $95,570.
Statisticians and researchers often work in teams with other experts from different backgrounds such as biostatistics, economics, engineering, management science, and business administration. They often report directly to managers who have little expertise in these areas but are responsible for making important decisions based on this information. If this sounds like something you would enjoy doing, then pursuing your master’s degree could be one way that will help prepare you for such career opportunities.
Top Industries for Careers in Statistics
- Data Science. In the data science field, you’ll apply statistical methods to gain insights into large amounts of data and then use that information in decision-making processes.
- Business Analytics: This field uses applied statistics, predictive modeling and business intelligence tools to identify patterns in complex data sets that can drive better decisions for businesses. The size of the market is anticipated to increase by 7.5% from 2021 to 2029, reaching over US$ 130.21 Bn.
- Healthcare: As the healthcare industry continues to grow exponentially, so does the need for statisticians who can help improve patient outcomes while reducing costs and improving the quality of care.
- Education: Statistics play an important role in education as well as other fields like business, engineering, and science. However, statistics courses aren’t usually offered at universities unless they’re part of a major like mathematics or economics, except for one exception.
- Finance: There are many different kinds of finance careers available today; however most require some kind of background knowledge about how financial markets function based on information collected through statistical analysis techniques used by professionals throughout academia as well as corporate America.
You can apply your data skills to research and business, among many other industries around the world. The demand for statistics skills is high, and there are many job opportunities for graduates in applied statistics.
Whether you choose to pursue an advanced degree or not, your background in statistics will help you find success in a variety of fields that require analytical thinking and problem-solving skills.
That’s it! We hope you have a better understanding of what a master’s in applied statistics can do for you and your future career. If you are interested in pursuing a degree program, we encourage you to contact us today or visit our website to learn more about our programs.