You’ve no doubt already heard that approaching a career path with a solid plan in mind is an absolute must. Not only is this almost certainly correct, but if you are looking to change your career or have a Bachelor’s degree and a strong background in math, studying for a Masters in applied statistics could fit in nicely with your career plan.
You will find that there are boxes you need to tick to consider this course. It would ideally suit somebody who has a Bachelor’s in statistics or an associated discipline. Or somebody who has used their BSc to land their current role but found that they may have picked the wrong job or have realized that where they now do not match their ambition in terms of salary or promotion prospects.
So, what is applied statistics?
The field of applied statistics is a huge one. Still, if you had to describe it in a nutshell, it is the method of drawing conclusions by collecting and studying data and then interpreting it. Interpretation is done using different methods, including model diagnostics, statistical data mining, and forecasting,to name but a few.
These different interpreting techniques are then used in a variety of ways to help companies understand and gain important information about the different areas within their business and provide them with valuable insight on where improvements can be made within those areas.
The information gained from data experts can be put to good use within any business and within any niche but can be of particular use within the manufacturing industry. For example, the information gained can be used to increase employee performance and efficiency. It can boost production output or decrease business spending, all of which is very good news to the businesses that employ those who are well qualified in applied statistics fields such as statisticians, data analysts, and data scientists.
Understanding the data and turning any problematic scenario into a real-world solution is considered akin to magic. As a result, these skills are widely sought after and in demand by companies. Not only that, with the ever-increasing amount of data or even ‘big data’ that is currently being created and needs to be interpreted within the field of applied statistics, it is a career that will continue to grow.
Online vs. campus – which would suit you the best?
As with most programs, there is the option of being able to enroll for an on-campus position. This is good if you are the sort of person that flourishes well when there are others around you to learn with and if you want to fully embrace the full lifestyle of the student. Of course, it all helps if you are happy to relocate or are lucky enough to already live in close proximity to a well-established and highly regarded university that runs this course. If you are fortunate enough to gain a place within that facility, this could be the way forward for you.
However, if you are like so many others that are trying to juggle their own lives, jobs, and other dependants while building their career, then this is going to be a hard thing for you to hold down. So it is worth bearing in mind that there is also the option of being able to enroll in an online program that will gain you the Master of Science in applied statistics while being able to keep your feet firmly on the ground. If this is more the right path for you, there are various reliable online resources and colleges you can use to learn more about what is actually involved within the online program on offer.
If you are already in full-time employment, there are some distinct advantages of studying online rather than having to attend a campus facility. These include keeping your wage coming in by studying around your current job and not having to relocate to the university’s location, being able to learn at any time of day, not being tied down by lecture timings, and often reducing course costs. This means that you can choose to apply for the best program for you at any of the universities running that program no matter where you or they happen to be in the country or the world.
You will still be available for your dependents when they need you and be able to study at your own pace while having access to those facilities that will highly benefit your learning, such as experts, literature, and other resources. This sort of flexible learning plan is on the increase, with many people who are unable or unwilling to opt for a campus-based course hitting record numbers during the current crisis.
Which job roles will an MSC in applied statistics get you?
There is a multitude of job roles in a vast array of different business sectors and industries that a Master of Science in applied statistics can get you. You must remember that your career journey can if you want it to, progress past any of these roles that are listed here, as this is not by any means an exclusive list.
There are job roles such as data analyst, which could propel you along a career path of senior-level analyst, analytics manager, or director of analytics. If the engineering side of life interests you, then you could be looking at job roles such as statistical engineer, validation engineer, or manufacturing engineer, as well as others. There are also job roles within the accounting, finance, healthcare, medical, IT, marketing, and of course, science and research sectors.
As mentioned above, however, this list is the tip of the iceberg as the increasing amount of data that can be interpreted means that some of these roles may expand further, or other newer roles will be created in the near future.
Where could your career take you?
You will remember earlier that it was mentioned that this role is becoming essential across the board, so almost any of these roles are likely to be available worldwide, especially as a Master of Science in applied statistics is a recognized accreditation the world over. This means that you will be able to secure yourself a job or career anywhere you wish to be and not just within the state or even the country that you currently live in.
With a predicted 34 percent growth rate through 2026 in America alone of the roles requiring knowledge gained at Master of Science in applied statistics level, there will be at least 12,400 statisticians required to drive critical business decisions. If you were to take these numbers to the worldwide stage, you would see that there is and will be no shortage of jobs available to those with the knowledge and the qualification.
If you wanted to experience other cultures, then this could be another reason to pursue this particular career path. It does not necessarily mean having to up sticks and move to another country, as many of the companies that will be employing candidates with this certification are multinationals and are likely to have offices all over the world. This means you could have a best of both worlds solution where your career path with the same major company also allows you to scratch your travel itch.
How much could you expect to earn?
There is little or no point in taking on this extra work if it will not improve your financial situation as well as your ongoing career prospects. Of course, these roles are almost certainly better paid than what you are now doing. Still, how much you are better off you are likely to be will depend on which business sector you decide to go into, and your specialization will also determine your actual wage.
However, using the example of Data Analyst and the typical career path that could progress from that initial stage of Junior Data Analyst through to Director of Analytics, here is the range of current average salaries.
So, at the point of writing this article, even at the basic rate, the average wage of a junior data Analyst is $61,439 per year. The basic average rate of a Data Analyst is $77,945, and the average salary of a Senior DataAnalyst is $97,816.
Whereas taking it one step further, the basic average annual salary of an analytics manager is $114,995, and the basic average yearly salary of a Director of Analytics is $157,355. All figures are quoted from the website Built In, which is updated daily.
It is important to note that these figures are average salaries only. This means that you may find you are offered less than this. However, if you are lucky enough, depending on the business that you are looking to work for, its size what duties they are expecting you to carry out, and your own specific skill set, you may be offered a lot more, including results-driven bonuses as part of your package.
A career in applied statistics
So, with all this in mind, it is important that you look into what you will need to learn and the qualifications that you will need to succeed within your desired career. Making sure that you choose the correct learning facility for your needs and requirements is also something that you will need to take into account as certain establishments carry more weight than others when it comes to employers selecting who they wish to have within their business.
It is also important that you choose a career path that interests you and that you will be happy to continue to learn. The career path, which includes the Master of Science in Analytics, is, as has already been mentioned, an ever-changing, growing, and evolving one. So, when deciding on this career path, you will need to be aware that this certification is likely to be part of a continuous learning process in order to keep yourself fresh and keep you progressing in your chosen career.
Final thoughts – is an MSc in applied statistics right for you?
Knowing your career path from the start through to where you would like to end up is definitely a bonus. This way, you will not be unwittingly side-tracked into an area that you will find wrong for you and your talents or skills. You might even be looking to change lanes because you originally took the first job you were offered within your current field and are now regretting the decision. If this is the case, you will consider it essential that you don’t make the same mistake twice – which is why doing your own research, like reading this article, is very important.
It will also help employers see where you are heading and that you are a very valuable member of their team should they wish to offer you a role within their company. Completing a further qualification while already in full-time employment can be a lot of work. However, it is worth it as this is often seen by prospective employers as a sure sign that you are self motivated and will need very little in the way of micro-managing.
Another trait that is typical of those with an MSc in applied statistics certification is the ability to problem solve at all levels. Again, completing a further qualification like an MSc while holding down a full-time job displays this skill in action, as well as good organizational and time management skills.
Overall, with analytics having such an impressive growth rate, you should find that there are plenty of job roles opening up. This is the case not just here in this country but in other countries as well, should you be the type of person that wishes to travel abroad. Knowing that your skillset and your qualifications will be recognized anywhere you choose to go can be something of a relief, and you will find that any wage you are offered will be relevant to your qualifications as well as your experience.