In today’s world of digitization, data plays a very important role. Given the growing importance of decisions and opinions based on data, it’s crucial that you can critically assess the quality of analyses that others present to you. Statistics is the key to learning from data and navigating common problems that can lead you to incorrect conclusions. Statistics is an exciting field about the thrill of discovery, learning, and challenging your assumptions.
Research, financial markets, sports, engineering, healthcare, marketing & sales, election campaigns, space, natural disasters, population studies, accidents, insurance, and deaths – statistics has got omnipresence.
Statistics are the sets of mathematical equations that we used to analyze the things. It keeps us informed about, what is happening in the world around us. Statistics are important because today we live in the information world and much of this information’s are determined mathematically by Statistics. In this article, we will talk about the careers and job opportunities in statistics in India and abroad.
Career and Jobs in Statistics in India and Abroad
Co-Authored by Parinita Gupta
Statistics as a Field of Study
Statistics is a study of interpretation and aggregation of large complex data into simpler data. Statistics is a term which relates to the study of the collection, analysis, presentation of numerical data. It has evolved from the field of mathematics known as probability. Probability is a way to determine the randomness of an event. Statistics include the fields like marketing, economics, biology, public health, sports, medicines and many others.
Statistics are also used in the fields such as economics, medicine, demography, psychology, advertising, etc. for major scientific researches. It completely deals with solving, analyzing and assessing the problems by applying statistical and mathematical tools to social and economic issues. Professionals utilizing the norms to collect and interpret data in different fields of industry are called Statisticians. Various Statistical tools, techniques, and solved data are used to deal with the economic problems such as wages, price, time series analysis, demand analysis etc. of the organization.
Job Scopes and Demand for Statisticians
Statistics is indispensable in this modern age aptly termed as “the age of planning”. Governments around the world are constantly implementing statistics to improve economic developments. Wages, pricing of items, time series analysis, demand analysis, production control, business development, growth & analysis – everything is dependent on statistics.
If numbers and statistical data excites you and if you have the ability to take data, to be able to understand the data, to process the data, to extract the value from it, to visualize the data and to effectively interpret and communicate data then a career as a statistician may be a good fit for you. You could also try out our FREE Career Test to find out if Statistics is the right career path for you.
Recommended Article for the Students who don’t like Math: Top Careers that Do Not Require Math & Science in Class 12 (10+2).
Before preparing for a career as a statistician, it is important to answer how to become a statistician and what statisticians do. Statisticians typically require a formal education, i.e. bachelor’s or master’s in statistics, mathematics or any other quantitative field. Bachelor’s education will be sufficient to gain entry-level jobs, however; master’s level jobs take statisticians to scientific research forums and developmental organizations.
Education Path for Making a Career in Statistics
Statistical studies deal with the basic concepts of logic, mathematics, statistical reasoning, analyzing data, evaluate data and research methods which are used in solving various problems and issues in the organization. There are 2 major branches in Statistics-
Descriptive Statistics: Descriptive statistics is a subject which uses the data to provide descriptive analysis. Summarizing the graphs, numerical calculations tables are a few techniques used in descriptive statistics for dealing with problems.
Inferential Statistics: Inferential statistics uses random samples for analyzing and inferencing the data.
The basic eligibility to become a Statistician is the completion of 12th with Mathematics or Statistics. There are many certificates, diploma and master courses which are considered to be the best courses to become a Statistician.
Certificate & Diploma courses
- Certificate in Statistical Methods and Applications
- Diploma Courses in Statistics
Bachelor Courses:
- Bachelor of Arts (BA) in Statistics
- Bachelor in Statistics
- Bachelor 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
- Ph.D. in Statistics
All the above course teaches the basic concepts of logic, statistical reasoning, mathematics, evaluate data, analysis data & research methods at bachelors and masters’ level of education.
If you wish to change the track and/or wish to get into a specialized field after Bachelors or Masters in Statistics, that’s also possible. Below are some of the fields that you can get into with a degree in Statistics.
Alternate Courses at the Postgraduate (Masters or Doctorate) Level:
- Data Science
- Actuarial Science
- Finance
- Economics
- Business/Data Analytics
- Bioinformatics
- Biostatistics or Epidemiology
- Public Health
- Astronomy & Astrophysics
- Marketing / Digital Marketing
- MBA
Few Competitive Exams to join the top Statistics Institutes in India
In India, A student has to clear a basic competitive exam to join the premier institute. Few competitive exams to join the top statistic colleges are-
- ISI – Indian Statistical Institute Entrance Exam
- Aligarh Muslim University: Department of Statistics and Operations Research Entrance Exam (AMU)
- Delhi University
- University of Pune Entrance Exam
- Kalinga Institute of Industrial Technology Entrance Examination (KIITEE 2019)
Top Colleges and Universities for Statistics in India and Abroad
Top Institutes for Statistics in India
- Indian Statistical Institute, New Delhi
- Indian Statistical Institute, Bangalore
- Indian Statistical Institute, Kolkatta
- Xavier’s College, Ahmedabad
- University of Delhi, New Delhi
- Devi Ahilya Vishwa Vidyalaya: School of Statistics, Indore
- Aligarh Muslim University: Department of Statistics and Operations Research, Aligarh
- Kalinga Institute of Industrial Technology Entrance Examination.
- ST. Stephen’s College, New Delhi.
- St. Xavier’s College, Kolkata.
- Chennai Indian Statistical Institute
- Hindu College, New Delhi.
Top Institutes for Higher Studies in Statistics Abroad
- Stanford University, United States.
- The University of Oxford.
- Harvard University, United States.
- The University of California, Berkeley (UCB)
- Georgia Institute of Technology, United States
- Imperial College London, London
- University of Cambridge, United Kingdom
- Massachusetts Institute of Technology (MIT), United States
- ETH Zurich – Swiss Federal Institute of Technology, Switzerland
- University of Oxford, United Kingdom
- Carnegie Mellon University, United States
- National University of Singapore (NUS), Singapore
- University of Michigan, United States
- Cornell University, United States.
- The University of Tokyo, Japan
- University of Washington, United States
Top Online Courses on Statistics
Introduction to Probability and Data – Duke University
Basic Statistics – University of Amsterdam
Statistical Inference – Johns Hopkins University
Inferential Statistics – University of Amsterdam
Bayesian Statistics: From Concept to Data Analysis – University of California, Santa Cruz
Statistics with R – Duke University
Decision Tree: Theory, Application, and Modelling using R (Udemy)
Methods and Statistics in Social Sciences – University of Amsterdam
Understanding Clinical Research: Behind the Statistics – University of Cape Town
Statistics for Genomic Data Science – Johns Hopkins University
Business Statistics and Analysis Capstone – Rice University
Master of Applied Data Science – University of Michigan
Fundamentals of Quantitative Modelling – University of Pennsylvania
Jobs and Career Opportunities in Statistics
Careers which incorporate statistics have the presence of a wide variety of disciplines. Industries like agriculture, business, industry, computer science, health sciences, government, private, scientific and other disciplines use statistical theories and methods at every point of decision making. Bureau of Labor Statistics expects a rapid growth in the field of statistics. About 33% growth will be observed by 2026. There is a high demand for professional statisticians both in India and abroad.
One can also have the chance of joining the Civil Services, Indian Statistical Services & Indian Economic Services after pursuing a bachelor’s and master’s degree. There are many opportunities for the graduates to opt-in finance, analytics, software development, actuarial science fields.
Major Job Titles:
- Statisticians – A statistician collects all numerical data and then displays the results with the organization for analyzing and predicting future demand. Statisticians use all statistical tools and methods to collect and analyze the data and solve real-time problems in business, engineering, the sciences, or other fields.
- Business Analyst – A business analyst the one who analyses the organization’s processes and systems, assess the business model and integrates with technology. Analysing the business needs to assess the client, is the main responsibility of a business analyst.
- Mathematician – Mathematicians use advanced mathematics to understand mathematical principles, to analyze the data. Mathematicians solve the real time problems through a scientific approach.
- Risk Analyst – Risk analyst formalizes the process of risk management within the organization. .Risk analysts analyze the data and predict future risk event.
- Data Analyst – Data Analyst interprets the data and converts it into useful information which improves the business profits. Data Analysts gathers the information from various sources and interpret patterns and trends of the market.
- Content Analyst – Content Analyst analyses the content, audit the topics and evaluate content. A Content Analyst tracks the metrics of readership and views to make data-driven decisions.
- Biostatistician – Biostatisticians is the one who analyses the data and statistics of living things by collecting the live samples during medical research studies. They analyze the design and execute the research process with help of statistician tools.
- Econometrician – Econometricians analyses the data related to employment, supply and demand, inflation, company profits, and many other important economic topics. Econometrician supports the research by developing suitable computer applications for system analysis.
- Data Scientist – Data scientists are a new breed of analytical data expert who has the technical skills to solve complex problems – and the curiosity to explore what problems need to be solved. Data scientists are big data wranglers. They take an enormous mass of messy data points and use their skills in math, statistics, and programming to clean, massage and organize them. Then they apply all their analytic powers – industry knowledge, contextual understanding, skepticism of existing assumptions – to uncover hidden solutions to business challenges.
Salaries of Statisticians
Statisticians are always in demand in every industry. A statistician will always have better opportunities with a good lump sum amount as a salary. In India, the average salary for an entry-level Statistician is expected to be about Rs. 2.5 to 3.5 lacs per year.
In the US, it is expected to be about $70,000 per annum. According to the Bureau of Labor Statistics, Statisticians can make a median salary of $80,500 in 2016 in the US. Additionally, those with the top 10% of salaries make more than $100,500 per year.
Average Salaries (per annum) of Statisticians in India by Job Function
- Statistician – Rs 1,011,516
- Business Analyst, Finance/Banking – Rs 440,782
- Statistician Trainer – Rs 565,226
- Econometrician- – Rs 404,251
- Senior Data Analyst – Rs 778,761
- Mathematician – Rs 384,250
- Business Analyst (Unspecified Type) – Rs 476,136
Top Recruiting Companies for Statisticians in India
- Deloitte Consulting
- TCS Innovations Labs
- Blue Ocean Marketing
- BNP Paribas India
- Neilson Company
- Accenture
- HP
- GE Capital
- HDFC
- Cognizant
- American Express
- RBI
- HSBC
- Indian Market Research Bureau
- Genpact
Related Articles:
Careers and Jobs in Actuarial Science
Jobs and Salaries after Masters (MS) in Business Analytics
Featured Image Source: STEM Jobs