Highest paying jobs requiring statistics and probability knowledge

According to Einstein, mathematics is poetry of logical ideas. This is how a person in love with numbers talks. Two particular words, mathematics, and logic are the essence of statistics. Born mathematicians with a deep sense of logic can become exceptional statisticians.

The simple definition describes statistics as a branch of mathematics. It uses mathematical theories of probability to execute certain operations. Its major goal is to research, collect, classify, analyze, and interpret numerical data and find their order and regularity.

At college, students with a major in Statistics learn to collect and use data in pursuit of problem solutions. Statistic tools are valuable for many scientific or social disciplines, business, and manufacturing. Medicine and healthcare, marketing, voting, public opinion, finance, and insurance are using it too. These are a few of the many practical uses of statistical analysis.

Why and how to become a statistician

Statisticians or data analyst business jobs are always in demand. On the US best jobs for 2022 list, these jobs rank 6th. The best 2020 annual salary was $130,000, and the unemployment rate is 2%. The projection for available jobs in 2022 expects at least 20,000 open positions for data experts. Future statisticians build skills studying binomial probability problems and solutions, along with other high school exercises and assignments. This is a perfect moment to get math help while collecting knowledge in algebra, trigonometry, and calculus. But that’s just the beginning of the educational journey. Data analyst jobs usually need a master’s degree.

For entry-level jobs, Bachelor’s Degree in Mathematics, Computer Science, or Economics should be enough. Those who would work in science and research institutions need a postgraduate academic degree.

Career options for statisticians

Although a college degree is necessary, a future employee should develop a few more valuable skills. Statisticians should know how to recognize patterns and use logic to discover the best option for a solution. Therefore, they have to be methodical, practical, and rational. Combined communication, problem-solving, and computer skills, these characteristics make an exceptional job candidate.

These are just a few handsomely paid careers that college students with a major in Statistics can apply for.

Accountant

These people can help any type of organization to improve their finances by managing them with more efficiency. Accountants use their statistics skills to analyze monetary data. Also, they can provide accurate financial statements. They can use data to find the solution for cost reduction and better profitability. Accountants organize data and juggle a huge amount of information.

Actuary

Actuaries usually work in insurance, investment and banking management, and corporate finance. This job is a combination of business and economics with statistics and investment tactics. Apart from assessing the probability that a certain event will happen; actuaries also have to give a cost-benefit analysis. They use statistical research to analyze and calculate financial risk. Also, they can give suggestions for possible solutions.

Data scientist

These experts analyze data to receive valuable business information. As a result, they are capable of assessing and predicting actions and outcomes. They find patterns and offer a solution that is often innovative, advanced, and progress-oriented. Apart from institutional scientific research, data scientists often work in finance. They also find work in information technology, the health industry, and e-commerce.

Database administrator

This is a person responsible for keeping the database applications efficient. This job requires understanding the route database uses to access and store information. Database administrator handles security, maintenance, and develops updates and new types of databases. Most database administrators use different program languages to achieve better job performances.

Market researcher

They research and analyze conditions in a certain industry and predict sales and service trends. While monitoring a market, they will collect and check data. Their expertise will help assess how successful a particular strategy or campaign can be. These professionals often use advanced applications and software to organize and analyze a large amount of data. Communication skills are important for market researchers. They often collaborate with colleagues from other departments to maintain the information flow.

Stock trader

Stock traders act on behalf of clients and invest in stocks. It’s a common belief that they are nervous and loud people who spend their working hours on the stock market. They are proficient in calculating statistical probability. This is useful for trade in different markets, raw materials, and companies. Most of them are wizards with figures. Others have rich general knowledge and developed professional instincts.

Software engineer

Software engineers use statistics to understand users’ needs and preferences. Among others, they have to control the work of large computer and network systems. It means handling a significant amount of data. As a result, they can efficiently test programs. They also create strategies for improvements and maintenance for programs and applications.