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Which Is Better as a Career Option- Statistics or Economics?

by Oct 25, 2016Statistics

‘‘Don’t pick a career with great vacation time, choose one that doesn’t need escaping from.’’
Are you in your high school days and thinking about the career to choose? Confused between economics and statistics? Well, if you have landed on the right page to look for the solution.
One of the toughest decisions that you need to take in your life is choosing an ideal career option. It is more than just making a living. No matter how brilliant a student is in his academics, making the right career decision is confusing. It is believed that you need to choose the subject where you have maximum interest. However, students who possess anequal interest in two subjects are often sceptic about making the right decision.
I still remember my graduation days when I was in same turmoil. Being an undergrad student of mathematics, I wanted to pursue my masters either in statistics or economics. No matter what subject I chose, handling the math component would be easy. While going through this confusion, one of our teachers came to rescue in choosing the ideal career.
Keeping in mind of the same phase which many of you are going through at present, I thought of sharing the factors which my teacher advised me to follow. Follow the post accordingly to choose the best career option.
Reasons to pursue an economics degree

  1. Combined courses

Such is the versatility of the subject in every phase of our lives that the subject complements many other subjects along with it. There are many reputed universities who offer combined courses of economics along with mathematics, law and statistics. Thus, students with equal passion on both statistics and economics can pursue this subject.

  1. Real -life implications

Being a case-based subject, economics has various real-life implications. Thus, while studying the subject, you can relate the theoretical concepts with reality. This can be noticed especially with the rapid changes in the global market.

  1. Excellent prospects

The subject offers excellent career prospects both in academics and professional life. Economics students hold a fair chance of getting better job placements as compared to students of other subjects. Even the pay package offered to these students is better than those involved in non-professional jobs.

  1. Better understanding

Since economics is present in all factors of our lives, students are able to have a better understanding of the subject. From determining the prices of various goods and services to fluctuations in the global market, students hold a deep understanding of the subject.
Importanceof choosing statistics

  1. Production

The importance of statistics is expanded to factors like the field of production where demand is adjusted according to the supply of goods. Even producers analyze the level of profit depending on the data related to the cost and revenue of his product. This is how you can make use of economics while choosing a degree in statistics.

  1. Preparing for emergencies

Once the forecast indicates of an upcoming earthquake of tornado, emergency teams start taking preparations as per the analysis of various statisticians.

  1. Political campaigns

During theelection, news agencies consult on various models made according to statistics to predict the possible winner. It is as per these voter polls many candidates plan their political campaigns accordingly.

  1. Quality testing

Companies produce thousands of products and offer various services everyday which are supposed to be of good quality. Since it is not possible to test each and every product individually, only a few samples are tested. It is according to this data analysis that the overall quality of a product or service is judged.

  1. Forecasting

From predicting the weather conditions to stock market movements, statistics are used everywhere. Stock analysts and weather forecasters depend on statistics to determine both the market fluctuation as well as weather changes.
Principles to choose the ideal career option
Now that you know the reasons to study each of these courses, you can pick the best career by going through the following principles-

  1. Knowing your strengths, weakness and skills

Before making the right career decision, you need to have self-awareness. You need to look at your skills, interests and personality to analyze your strengths and weakness. Thus, in order to choose the best among statistics and economics, you must analyze the subjects as per the criteria mentioned above.

  1. Know about your options in detail

Once you conquer the self-awareness stage, you need to find the opportunities in both these subjects. You need to find about the possibilities open to these career alternatives. Find about

  • Academic prospects
  • Reputed institutions offering the course
  • Job prospects
  • Sources to avail for help
  1. Making the apt decision

Since making the apt decision gets difficult, you can-

  • Talk to professionals in both the fields
  • Discuss with family, friends and teachers
  • Take online help by talking to tutors of both subjects

Brush your potentialities with regular homework solving
No matter what subject you decide to choose, you need to brush your skills through daily homework. Regular homework solving can help you through the following ways-

  1. Better academic grades

Getting into a good college or university requires good academic grades. Thus, no matter whether you want to proceed with economics or statistics, a good academic background is a must.
By doing your homework regularly, you can ensure yourself of having a detailed idea of that which is being taught in class. Not only do the teachers mark as per the exams but even those regular assignments carry important grades which determine your final grade.

  1. Inherit time-management skills

Time-management is one of the key skills required in every phase of life. A student, who solves his homework by dividing it into a time-table, develops time-management skills. Since a load of academic pressure keeps on increasing, you need to learn time-management skills to maintain command over the subject.

  1. Better understanding of subjects

Students, who solve homework daily, hold abetter understanding of the concepts related to their subject. This helps them in having a better grasp of the subject as a whole which is very important in achieving higher educational degrees.
No matter whether you are looking for a profitable career in statistics or economics, having the knowledge of every hook and corner of a subject is a must.Students facing problems in understanding a subject can take help from online educational websites whenever they want.

  1. Develops necessary research skills

Assignments which teachers assign nowadays need to have an in-depth research work. Thus, students who take their homework seriously, develop the research qualities needed while studying.
Being case-related subjects, both statistics and economics need research skills. So, if you start doing your homework from now onwards, you can assure yourself of a fruitful career ahead.
Job opportunities
No matter whether you pursue a degree in statistics or economics, you can explore various job opportunities since the subjects are related to each other. The type of career you want to have largely depended on your area of interest.

  1. Business

People with interest in business can look for areas like market research analysis, banking and finance, securities, foreign trade analysis, insurance claims, actuarial work, etc.

  1. Government

Both economics and statistics students can get into government jobs. You can get into jobs like economic research, statistical research and plenty others.

  1. Environment

With concerns of maintaining the environment along with economic growth rising, economics students can pursue ecological economics, agricultural economics, etc.
Students having confusion in economics can refer to – understand the basics of economics in 4 quick ways

  1. Teaching

Just like other educational fields, you can take teaching as a career like an economics teacher or a statistics teacher. This proves to be one of the most promising careers ever!
Now that you know all about the career related to both statistics and economics, you can decide the best field for yourself as only you can be your best judge!