Whether you are graduating from the best M.Sc statistics colleges in India or you are a working professional looking to shift your career path to statistics, the idea of jumping into the world of data can be just as daunting. Since it is a relatively unspoken field in conventional career discussions, most people have less clue and knowledge about the opportunities in statistics and analytics. From our daily lives to the working of big corporations, statistics are everywhere and have far-reaching effects in all industries.
Available careers in Statistics and Analytics:
The advent of information technology has created several new career options in all industries globally. The collection, manipulation and analysis of data have become an essential component in business management systems as well as in the corporate world. Statistics is an essential ingredient in several industries such as business and finance, pharma, insurance sector, automobile industry and several other domains that require statisticians and analytics experts. The deciphering of complex data and the process of making it understandable enhance the stakeholders understanding of the market as well as society.
One can choose between two main career streams, namely statisticians and analysts.
1. The Statistician path: Statisticians mainly work to identify numerical patterns and trends in all kinds of industries and research on the real-life implications of the data using the principles and techniques of statistical analysis. In businesses and industries, statisticians use their knowledge and skill to assess quality control and give inputs in the area of product development and improvement. The major industries in which qualified statisticians are employed are:
2. The Analytical path: On the other hand, analytical career paths test your strong analytical and logical reasoning skills. The demand for these non-statistical roles is on an all-time high in today's day and age. According to the Bureau of Labor Statistics, by 2026 there will be a 33% growth of statisticians in future jobs. The main job roles in analytics are:
c)Computer systems analyst
With the advancement in technology and growing competition, more and more students are opting for statistics related degrees in higher education. This just goes to reassure one about the importance and considerable growth of this field. Having a degree like an M.Sc in applied statistics will go a long way to help students create a career in statistics. If it suits your interests and you develop the necessary skills, then there's nothing to stop you from creating a flourishing career in statistics and analytics.