What can I do with a statistics degree?

What can I do with a statistics degree?

For every "what can I do with a degree in statistics?" question there are countless answers and various paths that will get you to an end result. ISS coaching in Lucknow in this article, provide you with some valuable information on occupations for students who have received a degree in statistics. 

Statistics is the science of learning from data, comprising all aspects of the collection, analysis, interpretation and presentation of data. Statisticians apply their knowledge to solve problems in almost every field of science, technology and business.

 

Statistics uses mathematics to understand practical problems and uses modern computing to organize and analyze data. Statisticians command specialized tools for prediction and forecasting using data and statistical models.

 

Courses &  Eligibility

What are the courses in this field?

There are many courses available in this field from diploma level to postgraduate level. In India, many top universities offer courses in statistics which you can opt to make your career. Some best courses are mentioned below:

Certificate & Diploma Courses:

● Certificate in Statistical Methods and Applications

● Diploma Courses in Statistics

 

Bachelor Courses:

● Bachelors of Arts (BA) in Statistics

● Bachelors in Statistics

● Bachelors of Science (Hons) in Statistics

 

Master Courses:

●Master of Arts in Statistics

●Master in Statistics

●Master of Science (Hons) in Statistics

 

Doctoral Courses:

●Master of Philosophy in Statistics

●Phd in Statistics

 

In these courses study, you will be taught about the basic concepts of logic, statistical reasoning, mathematics, evaluate data, analysis data & research methods.

 

Basic Eligibility: 

Students are eligible to apply for bachelor courses after 12^th with Mathematics or Statistics as a compulsory subject. For admissions in master courses, you should have a bachelor’s degree in statistics from any recognized university. Candidates seeking for admissions in doctoral courses must hold a masters degree like M.Stat, M.Sc in Statistics.

 

Admission

Firstly, you should meet the eligibility criteria for the course. One of the premier institutions of India, the Indian Statistical Institute (ISI) offers admissions on the basis of an admission test named ISI exam. A list of other entrance exams organized by different universities for admission in Statistics is mentioned below:

● Aligarh Muslim University: Department of Statistics and Operations Research Entrance Exam (AMU 2022)

●Indian Statistical Institute Entrance Exam (ISI 2022)

● Delhi University, 2022

●University of Pune Entrance Exam

● Kalinga Institute of Industrial Technology Entrance Examination (KIITEE, 2022)

 

Top Colleges which offer courses in this field are:-

●Indian Statistical Institute, New Delhi

●Indian Statistical Institute, Bangalore

●Indian Statistical Institute, Kolkata

●Xavier’s College, Ahmedabad

●University of Delhi, New Delhi

● Devi Ahilya Vishwavidyalaya: School of Statistics, Indore

● Aligarh Muslim University : Department of Statistics and Operations Research, Aligarh

 

Skills Developed through a Statistics Degree

A background in Statistics ensures that you develop the skills and mindset to tackle many different professional challenges.

Core Skill

• An understanding of statistics and mathematics and the applications of these disciplines in various capacities from societal and cultural issues to computer engineering;

• An ability to apply statistical models to interpret and predict real-world phenomena, formulate and test hypotheses and carry out complex quantitative analysis;

•The capability to think rationally and abstractly to solve problems by collecting various types of data, assessing them, analyzing them and incorporating statistical analysis to arrive at a solution;

Communication, Data Gathering and Organizational Skills

§  Deduction of information from various sources and the ability to concentrate on relevant resources;

§  The ability to organize, understand and analyze sources of information and to apply novel forms of technology or new information to different professional settings and tasks;

§  The capacity to critically analyze problems, think creatively and make sound decisions while considering different sides of an argument;

§  The ability to explain complex ideas clearly to others and to apply complex theoretical concepts to everyday practice and professional dilemmas;

§  The skills to collect various types of information, assess them, analyze and incorporate potential linkages from different fields, put them into writing and efficiently convey your message and the goal of your work;

Management and Teamwork

§  The capacity to lead and interact with a variety of people with different approaches and personal and professional backgrounds;

§  Skills enabling you to work effectively in group situations, partaking in decision-making, leading and contributing in various capacities to the ultimate success of the team and task;

§  The ability to debate, persuade, mediate and present your thoughts and opinions to others, as well as the capacity to recognize and incorporate other potential solutions or applications to given problems;

§  The capability to identify priorities and proper courses of action, to plan the execution of tasks and to determine and delegate responsibilities to group members to most effectively carry out projects;

Other Skills of Statistics Grads

·         Identifying relationships and trends in data, and factors that could affect research results.

·         Reporting results of statistical analyses, in the form of graphs, charts, and tables.

·         Analysing and interpreting statistical data to identify significant differences in relationships.

·         Adapting statistical methods to solve specific problems in many fields.

·         Developing software applications or programming to use for statistical modeling.

·         Developing and testing experimental designs, sampling techniques, and analytical methods.

·         Preparing data for processing by organizing information, checking for any inaccuracies, and adjusting and weighting the raw data.

·         Planning data collection methods for specific projects and determine sample groups.

·         Processing large amounts of data for statistical modeling and graphic analysis, via computer.

·         Evaluating analytical methods and procedures for validity, applicability, efficiency, and accuracy.

Career & Jobs

What can you do with a Statistics Degree?

This career offers great job opportunities in India and also in abroad. The statisticians and their analytic skills are highly demanded in today’s job market.

You can use statistics in various fields such as business, industry, agriculture, government, private companies, computer science, scientific, health sciences & other disciplines.

After completing your study in statistics , you can also apply for the Civil Services, Indian Statistical Services & Indian  Economic Services exams.

Those who complete the degree, can also opt for finance, analytics, software development , actuarial science & many more options.

Typical employers

The main employer of statisticians is the government. 

Your knowledge and skills, however, are also applicable in many fields such as agriculture, economics, education, engineering, medicine and transport. Typical employers include:

• financial and banking companies
• insurance and accountancy firms
• IT companies
• logistics and transport companies
• the NHS and private health companies
• market research organisations
• not-for-profit organisations and think tanks
• pharmaceutical industries
• universities and other education bodies.

Job options

Jobs directly related to your degree include:

• Actuarial analyst
• Actuary
• Civil Service fast streamer
• Data analyst
• Data scientist
• Financial risk analyst
• Investment analyst
• Market researcher
• Operational researcher
• Statistician

Jobs where your degree would be useful include:

• Business analyst
• Chartered accountant
• Economist
• Financial manager
• Financial trader
• Insurance underwriter
• Machine learning engineer
• Research scientist (maths)

What do statistics graduates do?

The top five occupations for statistics graduates are actuaries, economists and statisticians (22%), finance and investment analysts and advisors (11%), data analysts (9%), programmers and software development professionals (5%) and IT business analysts, architects and systems designers (4%).