Statistics have the power to improve everything from business operations to the general quality of life for global citizens. Professionals with a background in statistics help solve serious problems in industry, science, medicine and so much more. With an applied statistics degree, you can build a career that can play a key role in empowering positive change.
Before diving into specific careers for statistics majors, let’s look at the unique value a Master’s in Applied Statistics can offer in the current job market.
What are the Advantages of a Master’s in Applied Statistics in Today’s Economy?
Organizations use statistics and data science to improve decision-making, forecast potential issues, predict opportunities, and build a better understanding of their operations—just to name a few popular applications. The following are some of the benefits that can stem from pursuing this field of study.
Rewarding Applied Stats Careers in Many Sectors
Because applied statistics focuses on problem-solving and practical solutions for real-world issues, professionals with a background in this field are in especially high demand. Their knowledge and talents can be applied to nearly any situation or scenario requiring the use of statistical tools and methods, including the following:
- Predictive modeling
- Statistical data mining
- Parametric estimation
Jobs for statistics majors exist within government agencies, private businesses, nonprofits, and other groups. And all of these roles can have a major impact on the stability and success of these organizations. Tasks can range from quantitatively demonstrating the effectiveness of a public health program to forecasting product demand in new and existing markets.
No matter the specifics, professionals with a background in applied statistics supply valuable intelligence to their colleagues (and their employers at large) by answering pressing questions with accurate and in-depth analysis.
Creating Solutions that Impact the World
Professionals in applied statistics degree jobs take on all kinds of projects. They may analyze data that helps to correct a process issue within a single company or engage in efforts that can address worldwide concerns.
For instance, one early example of the transformative power of statistics comes from London in the 1850s. Through the collection and analysis of data, physician John Snow predicted that cholera was a waterborne passion. His discovery, in fact, predated the general recognition of germ theory.
The field of statistics continues to enhance public health. General Assembly highlights the work of Bayes Impact, a data science group that works with not-for-profit organizations to resolve pressing issues. One of the organization’s notable achievements was a project with the U.S. Department of Health that helped make better matches between organ donors and potential recipients, improving outcomes for patients.
It’s clear that statistics has long offered opportunities to create widespread and positive change. Pursuing a career in this field can lead to you making a measurable global impact.
A Highly Relevant and In-demand Skill Set
As organizations continue to find new applications for data analysis and rely on statistics to guide and grow their operations, the skills developed through an Online Master of Science in Applied Statistics can be especially valuable.
Broadly applicable skills for statisticians include the following:
- Familiarity with complex statistical methods, including established and emerging processes
- Advanced understanding of programming languages and technology relevant to statistical analysis
- A firm grasp of mathematics, logic, and critical reasoning
- Communication and leadership skills are crucial for communicating the intent, results, and impact of a given project with other data scientists and those outside the field
What are the Career Possibilities for Applied Statistics Majors?
Jobs for statistics majors are available in a variety of industries. Here are just a few examples of the many career paths supported by an advanced degree in applied statistics:
Statistician
Statisticians take on many kinds of problems and use analytical and mathematical processes to understand and address them. Statisticians work in fields ranging from computer science to politics.
The U.S. Bureau of Labor Statistics (BLS) reported that, as of 2023, the median annual wage for a statistician was $104,860. That’s more than double the median annual wage for all workers, which is $41,950. Statisticians and mathematicians also benefit from a strongly positive job outlook. Furthermore, the projected average growth rate through 2032 for jobs in these fields is 30%. That’s more than four times higher than the projection for all occupations in the same timeframe.
Data Scientist
Data scientists often focus on resolving particularly complex issues involving large data sets, both structured and unstructured, through modeling and analysis. Among other tools, they use statistical software to visualize problems and results along with data-focused programming languages.
Data science professionals earn a median annual wage of $108,020, according to the BLS. Similarly, the predicted job growth between 2022 and 2032 is 35%, which is much, much faster than average (US BLS, 2023).
Financial Analyst
Financial analysts build strong market knowledge, using it to conduct research and statistical analyses. They then share their findings with the ultimate goal of efficiently using existing resources to improve financial outcomes. These professionals work with all types of clients, ranging from individuals and families to large multinational corporations.
The median annual wage for a financial analyst was $99,890 as of 2023, according to the BLS. While the profession as a whole has average job growth of 8% projected through 2030, widespread need for this kind of support means there are hundreds of thousands of such positions in the United States alone.
Market Research Analyst
By analyzing potential and existing markets for products, projecting sales, deriving conclusions from related historical data, and measuring the impact of marketing efforts, market research analysts empower businesses to make more informed decisions. They need strong communication and interpersonal skills as well as a background in statistics.
Among the many careers for statistics majors, this is a popular choice. The BLS anticipates a 13% growth in market research analyst roles by 2030, outpacing many other data analysis careers. The median annual wage for this position is $74,680, which is significantly above the average for all occupations.
Biostatistician
Biostatisticians combine life sciences and statistics to produce analysis and reporting for fields like public health, medicine, and environmental science. They design studies and clinical trials, decide on the best methods of data collection for the project at hand, and much more.
O*NET reported that the 2023 median annual wage for biostatisticians was $104,110.
Operations Research Analyst
Operations research analysts identify future challenges and obstacles for their employers. Applied statistics prove useful when recommending new markets for investment, acquisition opportunities, and consumer demand for services. Professionals in this career path rely on predictive modeling and simulations to inform future initiatives.
The median annual wage for operations research analysts was $83,640 as of 2023, according to the BLS. The projected growth rate for the position through 2032 is 23%, which is significantly higher than the average for all occupations.
Computer and Information Research Scientist
Computer scientists apply rigorous methods to solve problems related to hardware, software, and computing infrastructure. This field has expanded far beyond the university classroom with corporations and government agencies in need of computer science experts. Advanced programming and math skills found in applied statistics are invaluable to success in computer science.
The BLS found the average computer scientist earned $145,080 per year in 2023. They also projected 23% growth in jobs by 2030.
Data Analyst
Data analysts are tasked with identifying current trends in user or consumer behavior based on multiple data sources. A/B tests, customer surveys, and purchasing behaviors can be used to determine the successes or failures of business initiatives. This career for statistics majors differs from data science in its focus on present trends rather than future projections.
Robert Half reported a salary of $106,500 for data analysts in the 50th percentile of earners in its 2022 Salary Guide. This job for statistics majors will remain in high demand as public and private employers expand their analytical efforts.
Data Engineer
Reliable pipelines from raw data pools and databases are essential to work done by analysts and data scientists. Engineers build and maintain data infrastructure that meets current user requirements while anticipating future needs. Data engineers also automate processes and clean data for better analytical outcomes.
Robert Half’s 2022 Salary Guide reports a $141,500 salary for the 50th percentile of big data engineers. The specialized skills and knowledge necessary for this position have driven demand for data engineers by 33% annually as reported by LinkedIn and is included in their top 15 emerging jobs in the U.S.
Insurance Actuary
Insurance actuaries use their knowledge of applied statistics to inform insurance policy development. They use data to determine the risks of health events, natural disasters, and market fluctuations for policyholders. Insurance companies rely on actuaries for data-driven decisions that minimize costs and fulfill policy requirements to customers.
Actuarial professionals earned a median salary of $120,000 in 2023, according to the BLS. Applied statistics experts will find a favorable market for these jobs with a 23% estimated growth in actuarial positions by 2032.
Scientific Researcher
Public and private laboratories across the world need researchers well-versed in applied statistics. The complexities of modern scientific research demand programming and statistical knowledge. Scientific researchers use lab work to study everything from vehicle fuel efficiency to food health.
This professional category is an umbrella for dozens of career paths with varying salaries and demand levels. For example, the BLS published a median salary of $76,400 for agricultural and food scientists with a 6% projected growth in jobs by 2032. Statisticians in this field can earn above-average salaries from government agencies, food manufacturers, and engineering firms.
Sports Statistical Analyst
Modern sports generate enormous amounts of data that are beneficial to media outlets and teams. Sports analysts employed by publications and TV networks use applied statistics to find insights for upcoming games. College and professional teams use sports analytics to improve player performance and anticipate opponent strategies.
Sports analysts can expect to earn comparable salaries to statisticians with a median salary of $104,860 based on BLS data. Though the sports analytics field remains in its early stages, it is growing rapidly.
Statistics Professor
An applied statistics degree is the first step toward a fulfilling career as a statistics professor. The aforementioned professions are only a sample of the jobs to be filled by new graduates. Statistics professors used their advanced education to train future professionals who can tackle the world’s problems with data.
The BLS recently listed a median salary of $84,380 for postsecondary teachers. The bureau projects a 8% growth in teaching positions by 2032, which again reveals the ongoing demand for advanced degree holders.
"Statistics is the grammar of science."
Complete Your Master of Science in Applied Statistics.
As can be seen from the previous list of diverse careers, applied statistics emphasizes real-world applications of statistical processes and tools, supporting the development of the knowledge and abilities required for many roles across the modern workforce. Current and future statistics students, then, have a wide variety of career possibilities to consider.
Do you want to advance your education and build the type of skill set that supports organizations ranging from government agencies to private businesses?
A Master of Science in Applied Statistics from Michigan Technological University can empower you to effectively compete for a variety of advanced and rewarding careers related to statistics. You'll gain hands-on experience using real datasets. You'll master the tools required to succeed including R, SAS, S-Plus, and Python.
At Michigan Tech, you can complete your program entirely online, choose any of three yearly start dates, and graduate in as few as five semesters. The curriculum is delivered over ten courses, seven weeks each, designed to be flexible for the working professional.
Take the next step forward on your career path: earn your Master of Science in Applied Statistics online with Michigan Tech.