Statistics is the study of the collection, organization, analysis, interpretation and presentation of data/ information. In simple words, statistics is related to mathematics because it has an in-depth study of mathematics known as probability. In addition, probability is the tool to determine how likely an event is going to occur. Statistics is the tool used for interpretation of data with logic, mathematics, reasoning, analysing and evaluating data and research methods. Let us look into the scope of Statistics.
Scope of Statistics
Evidently, all countries are constantly researching to improve their economic conditions. Therefore, they use statistical techniques along with the data available to solve the different economical problems. It uses price, time series analysis, demand analysis etc. Above all, business executives deal with a lot of data, so they use statistical tools to simplify the process and take business operations and management decisions. So there is a huge career scope in Statistics.
We have written a similar article on the difference between B.Sc Maths and B.Sc Statistics.
So what are the career opportunities in Statistics?
Firstly, you should look into the skills needed for career in Statistics. After that, I will definitely tell you about the career opportunities in Statistics.
Statistics Courses in India (Certificate & Diploma):
Statistics Courses in India (Graduation):
Statistics Courses in India (Doctorate):
Eligibility Criteria for Statistics
What are the job opportunities in Statistics?
Well, for jobs there is a huge scope of statistics:
Firstly, data analysts need to analyze all the types of data in an organisation and subsequently give solutions to improve the efficiency of an organization. For example, you need to find out ways to make the organizations more profitable through decreasing costs and increasing the revenues. You also need to conduct market study to know about the current market and industry scenario.
Business analysts need to analyze different business domains. They help to maintain the operations, assess the business model and integrate business practices with the latest technology.
Additionally, a statistician need to gather data, design surveys and experiments and analyze data to solve real-world corporate problems in different industries. Not to mention, one also needs to predict and forecast values using the historical data.
A financial analyst needs to prepare, analyse and manage accounting information. So that to, give investment advice to an individual/ firm. In other words, financial analysis using statistical tools become the ground for stock prediction, equity research, mergers and acquisitions etc.
As a market research analyst you need to analyze the current market trend and examine the potential of the product or service. You need to find out the answers to the questions like- what products people want, who will buy them, at what price and who are the competitors.
A data scientist needs to design and invent new approaches to information systems and computing technology. You will have to analyze and solve complex problems in computing for different fields of business. Most importantly, you need to take a huge chunk of raw data and organize them in a structured format. So that to, find the solutions of a business problem so that the business can work efficiently and effectively.
You as an actuary, need to analyze the potential financial risks and uncertainty to develop policies that minimize the cost of that risk. This forms a firm grounding for the insurance and risk sector.
A mathematician may use existing and newly-developed principles to develop new statistical models. also to make business decisions and develop new strategies.
After analysing the data, your main job as an operations research analyst is to keep the business/ organization functional and profitable. You can also use statistical analysis and give key solutions to the decision-makers of the company.
Content Analyst needs to audit and evaluate content based on the reader’s data.
As a biostatistician, you need to collect and analyze data from the samples of a living being in the medical research labs. Additionally, you need to execute research processes with the help of statistics.
An econometrician will have to deal with data like- employment rate, inflation, profits, supply and demand, GDP etc. Your research may also help to take major economic decisions for an organization and state or central governments.
Well, same as all other subjects, if you become a statistician then your salary depends on the organization and industry you join. You can also look for jobs in the Technology industry because with the introduction of IT tools. The industry is growing at a really fast pace, so might get great opportunities. The Banking and Finance industry is also growing and this growth has been creating a demand for skilled professionals with the knowledge in Finance and Statistics both.
It’s not the end.
There are two more options apart from the above mentioned opportunities in Statistics, which you can also choose from:
For starters, you can become a professional teacher, instructor or guide for the students and teach statistics, mathematics or economics, whichever you have an in-depth knowledge. You can always choose this as a career option if you really like teaching. You need to appear for NET (National Eligibility Test) or SET (State Eligibility Test) to become a lecturer/professor in colleges and universities. NET is organized by the UGC and SET is organized by the State Government. Furthermore, you can join either as either a full-time professor or an assistant professor.
Likewise, you can always go ahead and start you own consulting agency/ company providing solutions in your domain or in any other sector which you like/ really look up to. For starting a business you need a good team, plan, capital etc. For making a business/successful you need to have knowledge about almost everything like Marketing, HR skills, technical skills, etc. You definitely need to have leadership skills. But always remember that doing a business/ start-up is the most difficult option with great risk. You may or may not succeed. But if you succeed, you will definitely reach heights which you can’t reach by any of the above options.
Do you want to earn money while pursuing one of the above career options?
Well here are some of the ways:
You can just sit back home and become a private tutor for Statistics, Economics and mathematics both offline and online. Chegg India offers online tutoring platform for you to teach and earn without any investment. You can also join as a Subject Matter Expert to answer academic questions asked by students on the Question & Answer board. Consequently, you’ll get paid for each answer on a monthly basis, so at the end of a month you can easily earn Rs 30,000 – Rs 50,000 or even more. The subjects available for you are Economics, Advanced Mathematics, Management Mathematics, Statistics and Probability and many more. You need to give tests (maximum 2 attempts) on your chosen subject and pass with 60% marks. After that, you will also need to clear (with 80% marks) the guidelines test (maximum 3 attempts) after reading the guidelines. Lastly, you can enroll yourself as a subject matter expert.
Also, you can join in as administrator or some other part time role in the backend for new companies/start-ups that cannot afford to hire full-time employees. Working as a Statistician, you will need to perform all the basic aspects of statistics like- finding ways to collect the data, collecting the data, analyzing the data using statistical tools along with making reports and presenting them to the senior level manager. You will get the experience of corporate exposure through part time jobs.
In conclusion, though Statistics is a vast area of studies and undoubtedly has huge career opportunities to explore.
Therefore, I am hoping you must have got a fair idea about the scope of statistics. I answered some of the basic questions in this article relating to- What are the career opportunities in statistics? What are the various statistics courses in India? What are the job opportunities for statistics? Statistician salary in India, etc.
Many organizations today are looking for specialized, innovative and expert statistician to get better insights into the data. However, everything has its own pros and cons and therefore make an informed decision that you will be later proud of.
Last but not least- good luck with your career.