It is the study of the collection and interpretation of data. It is related to mathematics because it has the study of probability. Probability is told how likely an event is going to occur. It is used for the interpretation of data with logic and research methods. Also, let us look into the scope of statistics.
All countries try to improve their economic conditions. Therefore, they use the data available to solve the different problems. It uses price, time series analysis, demand analysis etc. Also, businesses deal with a lot of data. So, they use statistical tools to simplify the process and take decisions. So there is a huge career scope.
We have written a similar article on the difference between B.Sc Maths and B.Sc Statistics.
So what are the jobs?
Firstly, you should look into the skills needed. Later, I will tell you about the jobs.
What are the jobs?
Well, for jobs there is a huge scope:
They need to analyze all the types of data in an organisation. Hence, Then give solutions to improve the efficiency of an organization. For example, you need to find out ways to make the organizations more profitable. You also need to conduct market study to know about the current market scenario.
They analyze different business domains. They maintain the operations and assess the business model with the latest technology.
He analyzes data to design surveys, experiments and to solve real-world problems. Also, One also needs to predict and forecast values using the data.
He manages accounting information. Thus, They give advice to an individual/ firm. Financial analysis using statistical tools become the ground for stock prediction, equity research, etc.
Market Research Analyst
They analyze the current market trend and examine the potential of the product or service. Therefore, They find the answers to the questions like- what products people want, who will buy them, at what price etc.
They design and invent new approaches to information systems and computing technology. However, You will have to analyze and solve complex problems. You need to take raw data and organize them in a structured format. Also, find the solutions of a business problem so that the business can work easily.
They need to analyze the potential financial risks and cost of that risk. Hence, This forms a firm grounding for the insurance and risk sector.
They use existing and new principles to develop new models. Also, it is to make business decisions and develop new strategies.
Operations Research Analyst
Their job is to keep the business profitable. Thus, They give key solutions to the decision-makers of the company.
They need to audit and evaluate content based on the reader’s data.
He needs to analyze data from the samples of a living being in the medical research labs. Also, he needs to execute research processes.
They will have to deal with data like- employment rate, inflation, GDP etc. However, This help to take major decisions for organizations.
The salary depends on the organization and industry you join. You can also look for jobs in the Technology industry due to introduction of IT tools. The industry is growing at a really fast pace, so might get great jobs. However, The Banking sector is also growing. Therefore, This growth has been creating a demand for skilled people in Finance and Statistics.
But, It’s not the end.
Thus, There are two more options apart from these which you can also choose from:
You can become a teacher in math or economics. Also, You can always choose this as an option if you really like teaching. You need to appear for Eligibility Tests to become a lecturer/professor. NET is organized by the UGC and SET is organized by the State Government. You can join either as either a full-time professor or an assistant professor.
You can always start you own company. You need a good team, plan, capital etc. Also, you need to know about Marketing, HR skills, technical skills, etc. You need to have leadership skills. Doing a business is a difficult option with great risk. You may or may not succeed. But if you succeed, you will 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?
You can just sit back home and become a private tutor. Chegg India offers online tutoring platform for you to teach and earn. You can also join as a Subject Matter Expert to answer questions asked by students on Question & Answer board. Hence, 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, etc. You need to give tests on your chosen subject and pass with 60% marks. You will also need to clear the guidelines test. Hence, You can enroll yourself as a subject matter expert.
You can join for part time role in the backend for new companies. Also, For companies that cannot afford to hire fulltime employees. You will need to perform all the basic aspects of statistics like- finding ways to collect the data, collecting the data, analyzing the data. And then, using tools to make reports and presenting them to the seniors. Also, You will get the corporate exposure through part time jobs.
It is a vast area of studies and has huge options.
Therefore, I am hoping you must have got a fair idea about the scope. These were some of the questions. What are the career options? What are the various courses in India? And what are the jobs?
Companies are looking for people to get better insights into the data. However, everything has its own pros and cons. Thus, make an informed decision that you will be later proud of.
Last but not least- good luck with your career.