Why Pursue a Master’s in Applied Statistics?
Posted on: 07/26/2021
A common misconception is that careers in statistics are limited to certain industries, such as the financial sector or demographic research. These are far from the only areas where applied statistics careers can flourish, as the rise of technology across both private and public sectors has made the ability to understand and synthesize data not only a desirable, but necessary skill.
The variety of applied statistics careers is just one reason to choose a master’s degree in the field. Read below to find out more about some of the exciting developments and work available.
Top 3 Reasons to Choose a Master’s Degree in Applied Statistics
1. Statistics are a key part of everyday life
From social media to meteorology, applied statistics careers focus on enhancing, predicting and supporting services that are deeply integrated into modern life. For example, analytics technology, supported by statistics, provides data-driven insights to emergency services by enabling more efficient resource allocation and improving disaster response planning.
The same technology supports convenience-oriented services, such as providing information about commuter delays and can enhance public transportation security. By tracking how, when and where individuals use a transportation system of a given area, for example, statistics can be used to optimize the distribution of busses or determine where additional routes may be needed.
2. Career opportunities in statistics appear in almost every industry
One of the advantages of statistics being a necessary part of everyday life, is that applied statistics careers can be found in almost any industry. From psychology to sports, applied statistics finds itself in even more places as technology advances in to every sector of our world.
Las Vegas, for example, has leveraged the Internet of Things (IoT) trend by using tourist data to improve the experience for visitors to the city
Another common place to see this type of data extrapolation is in technology like Amazon’s Alexa, which monitors, responds to and predicts user requests. Natural language processing (NLP) algorithms embedded within digital voice assistants use a variety of statistical methods. For example, probability plays a central role in NLP algorithms’ ability to identify parts of speech and classify syntax when analyzing text.
3. The skills you develop will be in demand
With their increased use across industries, the statistics career outlook is excellent. Part of what makes a master’s in applied statistics worth it is that you are not only learning how to leverage data to solve real-world problems, but which techniques and methods to utilize in specific scenarios. With hands on training in SAS as well as experience with logical regression, game theory and other statistical methods, a master’s degree program in applied statistics will prepare you to pursue work in a diverse range of fields.
What Can I do With a Master’s in Statistics?
The Bureau of Labor Statistics has projected the career opportunities in statistics and mathematics to grow 34 percent through 2026, significantly faster than the average rate for all industries (7 percent). In addition to consistent overall growth, there is room for applied statistics careers in almost every sector; driven in part by growing volumes of data and the increasing market for analytics tools.
Statistics professionals can work in numerous sectors; according to PayScale, the top companies for those with an M.S. in Applied Statistics include Discover Financial Services, Booz Allen Hamilton, Hospital Sisters of St. Francis and QVC. In financial services, statistics is popularly used for predicting the risk of loans, for example. Because statistics also provides the foundation for many data science techniques, stats experts can further evolve their skills to pursue data science careers as well.
Master’s in Applied Statistics Salary
Last year, Forbes published an article reporting IBM’s estimates that by 2020, career opportunities in statistics and data analysis would increase 28 percent. Mathematicians and statisticians are also poised to earn highly competitive salaries, with a median salary of roughly $84k per year.
As reported by PayScale, though, applied statistics salaries vary significantly by region. For example, even among the top cities for statistics jobs, the top salaries differ by as much as $20,000; in Boston, the reported salary range is $58,488 to $73,250, while it is $48,936 to $93,536 in New York.
Top Industries for Careers in Statistics
The top areas that you will find data analytics include energy, web analytics and insurance. The insurance industry relies heavily on statistics to determine what type of coverage can be offered. By applying game and decision theory, insurance actuaries determine the best policies based on statistical data.
Web analytics, on the other hand, applies statistical analysis to understand not only how many people visit a website, but how they interact with the content and what those interactions mean to the business. This translates into a conversion analysis, which shows how many people who visited the site go from visitors to clients, users, or subscribers. This can influence marketing plans, product design, and helps determine the success of the business overall.
Energy as a whole is an area in which statistical analysis is used consistently, not only to develop better management techniques for our current energy uses, but to utilize the resources that we have more efficiently. This can vary in application from creating more energy efficient buildings, to implementing new regulations and improving existing policies that govern our use and understanding of energy.
About University of Delaware’s online M.S. in Applied Statistics
The University of Delaware offers a 100% online M.S. in Applied Statistics (ASTAT) for data professionals interested in earning an advanced degree without interrupting the rest of their careers.
University of Delaware’s ASTAT master’s program provides students with opportunities to develop and apply their skills to current, real-world problems. Distance learners benefit from close relationships the University of Delaware maintains with large, locally based companies in numerous sectors, including the financial services, healthcare, chemical, pharmaceutical, technology and farming industries.
Our statistics courses also offer hands-on experience with popular statistical software packages such as SAS, enabling students to develop advanced proficiency in skills they will need to evolve their careers.
Expert statisticians from these and other organizations were recruited to develop and instruct case-study based courses specifically for the online ASTAT. These full-time faculty members aptly prepare students for jobs with a median base salary of $80,000.