Find a Job You Really Want In
The amount of data we have at our fingertips is overwhelming. That’s why so many companies are employing individuals with data backgrounds. They see the need to have someone who can manage their data while analyzing it in a meaningful way. This is a learned skill, and many businesses understand the value of this expertise.
Pursuing a master’s degree in statistics arms individuals who have a more sophisticated understanding of how to best analyze data and the theories that support their analysis. These programs also teach significant leadership skills and communication skills, arming students with the ability to analyze and understand data while taking a leadership role.
Key Takeaways:
-
Gaining a master’s in statistics will help individuals interested in math and data better understand and interpret complex data and analyze it in a way that is helpful to companies across many different industries.
-
As complex data becomes more visible, a master’s in statistics has become more popular in both the public and private sectors as it can enable candidates to find a meaningful career.
-
The need for experts in statistics is quickly growing, with job openings for statisticians, data scientists, mathematicians, financial analysts, and more growing substantially over the next decade.
8 Best-Paying Jobs for People With a Master’s in Statistics
-
Average Annual Salary: $85,000
Biostatisticians work with statistics to answer significant research questions in medicine, biology, and public health. This can be anything from whether or not a new drug performs well, what causes disease, and how long a person with a certain illness can expect to survive.
Biostatisticians utilize quantitative skills and work closely with experts like biologists, oncologists, surgeons, and geneticists. They often design studies to collect data and analyze, evaluate, and interpret the results. Biostatisticians can work in technology, pharmaceutical companies, research institutions, and more.
Job outlook: Jobs for Biostatisticians are projected to grow 33% from 2020 to 2030.
-
Average Annual Salary: $76,000
Senior statisticians are individuals who specialize in analyzing data through statistical methods. Their interpretations can shape a company’s decision-making. These professionals often lead initiatives to collect company data. They may also be responsible for data management and evaluating financial or policy statements.
Those looking to become senior statisticians should have excellent data analysis skills and data management skills. They should also be highly skilled in analytics and be able to communicate effectively. Senior statisticians are often tasked with communicating their analysis in an easily understandable way.
Job outlook: Jobs for Senior Statisticians are projected to grow 31% from 2021 to 2031.
-
Average Annual Salary: $57,000
An applied statistician uses applied statistics to solve problems. They typically need to decide what data is essential to collect, determine how to best collect the data, then analyze and interpret the data they’ve collected. They typically use statistical tools, algorithms, and software to accomplish this.
Applied statisticians use statistics with an eye toward real-world problems and what their solutions might be. This is becoming increasingly important in our data-centric world, and many industries, including business, marketing, media, finance, insurance, government, pharmaceuticals, and engineering, are utilizing these professionals.
Job outlook: Jobs for Applied Statisticians are projected to grow 33% through 2030.
-
Average Annual Salary: $62,000
Mathematical statisticians are professionals who apply, adapt, and develop mathematical, statistical, or survey methods for practical issues. They may utilize mathematical methods to integrate or transform data sources into statistical information for their work.
These professionals are typically tasked with working on surveys, research projects, and other areas related to statistical methods. They may also work on new mathematical methods, experiment with machine learning or artificial intelligence techniques, and tackle a wide range of theoretical and practical statistical issues.
Job outlook: Jobs for Mathematical Statisticians are projected to grow 31% from 2021 to 2031.
-
Average Annual Salary: $106,000
Data scientists are professionals who analyze data for actionable insights. When we collect data, it can be overwhelming. Data scientists have the skills to identify and clean data to get the exact information needed to tackle certain problems, identify patterns and trends, or look for solutions or opportunities.
Data scientists may also be responsible for taking their findings and communicating them to stakeholders or other leaders within their company. They typically utilize visualization techniques to make their findings clear, so data scientists should be skilled in communication.
Job outlook: Jobs for Data Scientists are projected to grow 36% over the next ten years.
-
Average Annual Salary: $69,000
Financial analysts work with data by organizing information, analyzing historical results, making projections or forecasts, and recommendations. They may also need to generate Excel models, produce and present presentations to stakeholders, and compile and send out reports.
Financial analysts are needed across the industry and can work as investment banking analysts, equity research analysts, treasury analysts, financial planning analysts, private equity analysts, or corporate development analysts, to name a few. To be successful, financial analysts should also keep on top of the latest financial trends.
Job outlook: Jobs for Financial Analysts are projected to grow 9% from 2021 to 2031.
-
Average Annual Salary: $88,000
Actuaries are professionals who use math and statistics to estimate the financial impact of uncertainty to help individuals minimize risk. They may manage risks in financial investments, insurance policies, and other risky ventures. Their work may vary depending on the projects they take on.
As an actuary, your job may vary from day to day, depending on your clients and projects. Multitasking is an important skill, while communication is equally as important to communicate implications, financial reporting, and results to sales leaders, agents, and product managers.
Job outlook: Jobs for Actuaries are projected to grow 21% over the next decade.
-
Average Annual Salary: $69,000
Statistical analysts help companies or individual clients make decisions with data. They are tasked with collecting, analyzing, and presenting data by working with mathematical skills to understand data trends. These individuals may develop and implement data-collecting strategies after understanding client data needs.
To be a statistical analyst, you should be familiar with statistical data modeling software, have advanced math skills, and have experience with data visualization tools. You should also have excellent report-writing skills. By obtaining a master’s in statistics, you’ll already have a leg up on the competition.
Job outlook: Jobs for Statistical Analysts are projected to grow 31% from 2021 to 2031.
7 Entry-Level Jobs for People With a Master’s in Statistics
-
Average Annual Salary: $74,000
An operations research analyst is an individual who gathers and interprets data or data sets to solve issues or develop certain methods to help businesses operate more efficiently. These can be specific problems a business has already identified, or the analyst may identify the problems from the data they collect.
Operations research analysts must research business topics, identify problems, and develop solutions for companies. They may be tasked with gathering data and feedback from employees, assisting management with new strategies, and tracking metrics with their analysis.
Job outlook: Jobs for Operations Research Analysts are projected to grow 23% over the next decade.
-
Average Annual Salary: $64,000
Financial advisors work with clients to help them eliminate financial risk and build long-term wealth through a variety of different strategies. They typically help their customers create strategies that allow them to follow a clear plan to achieve financial goals.
Financial advisors may offer a wide range of services, including everything from retirement savings to how to best handle a financial inheritance. They can work as investment professionals, tax professionals, wealth managers, or financial planners, depending on their area of interest.
Job outlook: Jobs for Financial Advisors are projected to grow 15% over the next ten years.
-
Average Annual Salary: $62,000
A mathematician is a professional who uses high-level mathematics and technology to develop new math principles, understand relationships between principles that already exist, and solve problems in the real world. They may create models to resolve problems in fields like business, government, engineering, and science.
Mathematicians can work as an applied mathematician who uses theories and techniques to solve practical issues like the efficacy of a drug or theoretical mathematicians who identify unexplained issues and work to resolve them. They typically strive to increase their basic knowledge without considering its practicality.
Job outlook: Jobs for Mathematicians are projected to grow 31% from 2021 to 2031.
-
Average Annual Salary: $60,000
Environmental scientists are tasked with protecting the environment from risk and protecting humans from environmental hazards. They focus on air, land, and water and protect natural resources and human health. They typically apply their scientific knowledge and data analysis to identify and monitor hazards.
Although environmental scientists work with data on a regular basis, these individuals also spend a lot of time with the scientific community and out in the field with their community. They may be tasked with translating their scientific findings to non-science stakeholders like business owners or the broader public.
Job outlook: Jobs for Environmental Scientists are projected to grow 5% over the next ten years.
-
Average Annual Salary: $64,000
An insurance underwriter works with insurance and helps to identify, understand, and prevent risks. They typically specialize in risk assessment and can help clients determine whether they will insure something or someone and for how much. They are the decision-makers in insurance policy-related matters.
Insurance underwriters usually have a specific specialty, like life, health, property, or casualty insurance. Property and casualty is a broad field and can include business, home, or auto insurance. They base their decisions on specific criteria used to make their decision, such as age or financial history for life insurance.
Job outlook: Jobs for Insurance Underwriters are projected to decline by 4% over the next decade.
-
Average Annual Salary: $54,000
Accountants are professionals who handle bookkeeping and help businesses sort out financial documents, including profit and loss statements and tax reports. They usually help companies simplify all financial expectations that come along with running a lucrative business.
Accountants can help companies with their business structure, help create or improve business processes, issue and track all invoices, and keep records from sales. They may also manage and pay invoices from vendors, handle payroll, prepare tax returns, create financial reports and keep leadership up to date with tax law.
Job outlook: Jobs for Accountants are expected to grow 6% from 2021 to 2031.
-
Average Annual Salary: $54,000
Real estate appraisers are responsible for assessing property values usually when it is about to change ownership. They may specialize in either commercial or residential properties. They usually focus on a single property while working for a client by conducting site visits and then comparing them against similar properties.
Real estate appraisers analyze the data they collect in order to estimate the property’s current market value. They can work for individual clients, real estate agencies, brokerages, or even local governments. Real estate appraisers should be up to date on market trends and are usually responsible for updating property records.
Job outlook: Jobs for Real Estate Appraisers are expected to grow 4% over the next decade, about as fast as the average for most jobs.
Why Get a Master’s in Statistics?
The need for experts in statistics is quickly growing, with job openings for statisticians, data scientists, mathematicians, financial analysts, and more growing substantially over the next decade. If you enjoy analytics, data, and math, a career in statistics may be right for you. Here are some reasons why you should get a master’s in statistics.
-
Higher pay. According to the Bureau of Labor and Statistics, statisticians with a master’s degree will earn, on average, $20k more than their counterparts without a master’s degree.
-
Specialized knowledge. Statistics is a very broad field with a variety of opportunities available. By getting a master’s degree in the field, you can gain advanced experience, skills, and knowledge in a specific niche. In this field especially, many employers require a master’s degree.
-
Diversify your job search. Employers in this field are typically looking for candidates with a master’s degree. With this degree, you can also apply for high-level jobs in government, technology, engineering, medicine, education, and finance, just to name a few.
Master’s in Statistics Jobs FAQ
-
What can you do with a master’s degree in Statistics?
With a master’s in Statistics, you can become a data scientist, a data analyst, or a statistician that works in the industry of your choosing.
-
What skills do you need for Statistics jobs?
To be successful in statistics jobs, you should be highly skilled in math, computer literacy, data analysis, and critical thinking.
-
Do employees with a master’s in Statistics get paid more?
Yes, employees with a master’s in statistics get paid more.
Author
Caitlin Mazur is a freelance writer at Zippia. Caitlin is passionate about helping Zippia’s readers land the jobs of their dreams by offering content that discusses job-seeking advice based on experience and extensive research. Caitlin holds a degree in English from Saint Joseph’s University in Philadelphia, PA.
