A degree in statistics typically focuses on analyzing data in order to answer specific set of problems. With the help of professionals in the field of statistics, experiments and surveys are conducted which has got many industrial applications.
With the help of analyzed data, the professionals help to deduce the possible conclusions related to the field of business, science as well as engineering. Therefore, students who are aspiring to become successful statisticians must complete higher studies in order to land a job according to their priority and expectation.
Students who are looking forwards to pursuing a career as a statistician must complete their master’s degree. Most of the careers related to this field focuses on analyzing data trends with real world information. With fast advancement of technological forefronts, the expectancy of jobs related to the field of statistics is higher than before.
Employers re in search of professionals with skilled technical and analytical backgrounds. According to the estimates of the Bureau of Labor, amongst the other fast-growing career options, the demand for statisticians and other data analysts are increasing faster than the rest.
- According to BLS’s current predictions, in between 2019 and 2026 there will be an increase of job opportunities for the statisticians by 33%.
- 77% of the employers are going to retrain their staffs with new technological skills to improve their efficiency
- Universities will be more focused on investing more and improving the infrastructures for advanced statistical studies.
Looking at the various job opportunities for graduates as well as post graduates in the field of statistics:
In order to become a Finance Analyst, one must have proper graduates’ degree. Field of studies for Finance analysts involve statistics, mathematics, accounting, economics and finance. In order to land a job with more advanced positions and responsibility, one must complete their masters of business or have a proper master’s degree in finance. A fair knowledge on bond evaluation, risk management and pricings are necessary for these jobs.
Financial analysts are primarily focused on providing guidance to individuals and business groups for making investments. They are mostly hired to overlook the stocks, bonds and many other types of investment policies. The post of a financial analyst can be dividing into two parts:
- Buy-side analysts are required to develop various investment strategies for companies that have a lot of money in stake for investments. These companies can be categories as institutional investors which include the likes of mutual funds, insurance companies, hedge funds, sets of independent money managers and various non-profit organizations with large endowments.
- Sell side analysts re required to advice other financial sales agents on selling stocks, bonds and making several other investments.
Duties of these professional involve the following:
- Meet up with many officials of the company in order to gain a better vision into the primary prospects of the company
- Evaluate past as well as current data’s by studying the various portfolios and business trends.
- Evaluate the financial statements of the required companies.
- Prepare regular reports on the assessment of strength of management teams
- Collection of recommended investments
Specific qualities of financial analysts include having a proper:
- Analytical skill in order to have a progressive mind set regarding profitable investments
- Communication skills for connecting with the clients properly and recommending them about the necessities.
- Computer skills in order to analyze financial data from different software packages, checking trends, making forecasts and managing portfolios.
- Proper decision-making skills in order to be decisive enough while selling, buying or holding onto a security prospect.
- Mathematics skills to reevaluate the values on great financial securities.
The posts of Human Resource managers require them to direct, plan and also co-ordinate the different sets of administrative functions of their organizations. They look after the recruitments, interviews, strategic planning and serve as a common link in between the employees and their management officials. The main duties of Human Resource leads involve:
- Co-ordinate as well as plan the workforce of their organization to make the best use of the employee’s talents
- Acts as a bridge in between the management team and their employees.
- Overlooks and plans the decisive benefit programs of the employees
- Serves as consultant with different set of managers thereby advising them on issues related to equal employment and cases of sexual harassments
- Acts as a coordinator for specialists and their support staffs.
- Looks after the recruitment policies of the organization and conducts interviews
- Handles various staff issues and help s in mediating common disputes and looks after the disciplinary procedures of the staffs.
In order to become a Human Resources Lead, the candidates are required to have a proper degree and several years of work experience. These posts basically require having a graduate’s degree on the subject of human resources. But several candidates who have completed their graduate’s degree on the field of statistics, business, finance and mathematics can also apply for these4 posts. Higher jobs levels mainly require having a business administration degree, labor relations master degree and also in human resources.
An individual cannot directly be hired for the post of human resource lead without any work experience. They are required to have previous work experiences on organizing, leading and directing other sectors of human resource developments. Most of the managers start off as labor relation specialist and some other as human resource specialist. A great insight on the understandings of human resource programs such as on benefit planning, compensations, federal state, local employment laws and human resources software are primarily very important.
Some of the important qualities of human resource leads involve:
- Proper decision-making skills for balancing the strength and weaknesses of different employees, strategic positioning and decisions or recruitment.
- A great interpersonal skill in order to interact regularly with other officials and employees to mediate problems and internal conflicts
- Leadership skills of human resource leads are very important as they head the teams and decide on their next important steps. They undertake the most important decisions of the companies which helps in increasing their fortunes and while making crucial investments.
- Speaking and organizational skills are quite important to have as they give presentations on topics of interest of employees and on various important meetings highlighting the propagandas of the companies and their portfolios.
The jobs for Statisticians involve collection of data and analyzing them. They help in solving problems of real world in the fields of healthcare, engineering, business and various others. Typical duties of statisticians involve the following:
- Making new decisions over selection of data sets for having a better result on analysis.
- Making choice of the proper methods to interpret the data
- Design various experiments and conduct surveys or polls to collect unbiased data
- Analyze and make use of better data sets besides reporting conclusions form the analyzed data.
In order to apply for the post of a statistician, the students are required to complete their master’s degree in mathematics, statistics and other related fields. To pursue entry level jobs, the bachelor’s degree is quite sufficient. Academic and research work typically requires a Ph.D. degree. Bachelor’s degree courses involve a lot of courses such as algebra, experimental design, calculus, probability, survey methodology, and statistical probability.
Important qualities of statisticians involve having the following sets of skills:
- Analytical skills of the statisticians are most important since they are required to deal with large data sets and make models and interpret from them. They’re required to determine the most appropriate sets of software packages which would provide the best experimental result. Their understandings on various computer languages must be great, in order to frame new models and techniques.
- Communication skills of the statisticians come on the highlight reel when they are required to work as a team. They are required to propose different sets of solutions for the group to bring out new results and solutions.
- Math’s skills and problem-solving skills are equally important in order to overcome the problems of data handling and remove the errors such as non-responsiveness.
Work of the risk’s analysts involve them utilizing their skills and proposing solutions in order to improve the efficiency of the company. They work as consultants and in higher positions as manager consultants where they guide the propagandas of the company accessing the risk factors. Their aim is to make the organization more profitable with the aid of cost reduction and increased incoming revenues. Typical duties of these officials involve:
- Collection of information regarding problems and solve them with skilled sets of procedures
- Conduct interviews and onsite supervisions in order to determine the required sets of equipment’s, methods and personnel.
- Make proper analysis of expenditure, revenue sets and employment reports.
- Develop solutions and make recommendations for new procedures and systems bringing about different organizational changes.
- Confer with the managers ensuring proper functioning of the working procedures.
Bachelor’s degree is a must for the entry level jobs in the field of risk assessment. More preference is given to the students who have completed their MBA degrees. Common field of education for becoming a risk analyst involves having proper knowledge in the fields of economics, business, political science, finance, marketing, computer and information science, English, accounting and psychology. Some of the skills set of Risks analysts involve:
- Analytical skills for interpretation of wide range information’s and making proper use of the findings.
- Management analysts are required to have a proper communication skill to mediate the possible risk factors that the organization are required to overcome immediately in order to increase their profit margins.
- Interpersonal skills of the risk analysts are quite essential to bring about immediate changes in the system to overcome the impending risk factors. They must be smart enough to work as a team and undertake difficult projects and bring about the success of the company.
- Problem solving and time management skills are quite essential or the risks analysts to help facilitate the different portfolios of the company and bring about positive changes.
Market analysts are required to examine studies on the current possibilities of profitable sales a buying for company’s shares and their required investments. These officials analyses the strategic positions of their competitors and undertake urgent steps to improve the profit margins. They are required to understand what products, are required for the people and at what price the commodities must be sold. Their job typically involves the following:
- Monitoring sales, trend and forecasting marketing policies
- Measuring the degree of effectiveness of strategies and various other programs related to marketing.
- Devising and evaluating different methods for conducting surveys and collecting data, setting up polls and questionnaires.
- Gathering data from consumers and market conditions
- Converting various sets of complex data and trying to solve those using understandable graphs, table and through reports.
In order to become a marketing analyst, an individual is required to complete their bachelor’s degree. Masters degree is a must for getting higher at more strategic and important higher positions. Degrees in the field of computer science, mathematics and statistics are essential for getting a job as a marketing analyst. A background of communications, social science, and business administration is quite essential to land a job in this field.
Marketing analyst re required having the following sets of skills:
- Analytical skills of market research analyst re tested when they analyses large amount of data sets and other information.
- Communication skills involve them having the need of interpreting data and drawing viable conclusions and presenting the clients with proper results
- Critical thinking is essential for the marketing analysts to overcome the odds and adding to the company’s profits from crunch situations.
- Marketing analysts must be patient enough to have the proper girth of conducting detailed research on the field of concern and come out with viable interpretations which might be important for the company’s growth.
Author Bio:
Michelle Johnson is a re known professional in the field o statistics. They have got an MBA degree with great teaching experience of 6 years. She specializes in solving problems of students in the field of mathematics, finance and statistical sciences. Students find her easy to approach due to her friendly attitude. She works at My Homework Help and helps in improving the confidence level of the students.