Statistics and data science are not only rapidly growing fields, but can also be quite lucrative career paths. According to PayScale, the median annual salary for statisticians as of 2018 is $71,804 and the average for IT data scientists is $90,797, not including additional compensation such as bonuses and profit sharing. Jobs for mathematicians and statisticians are also expected to increase by approximately 33% between 2016 and 2026, according to the US Bureau of Labor Statistics, significantly faster than the average growth rate for all occupations.
Not surprisingly, the ability to collect and effectively analyze large sets of data is a highly valued skill in nearly every major industry, including:
- Industrial agriculture
- Banking and finance
- Sports and entertainment
- Nonprofit organizations
According to the American Statistical Association (ASA), trained analysts who can help make informed, data-driven decisions are becoming increasingly sought-after employees. Organizations of all sizes are seeking professionals with the ability to turn vast data sets into actionable information. Additionally, technological advances have allowed data processing to become more efficient and less expensive, making analysis of large, related data sets possible. These advancements, known as Big Data, involve new techniques related to the capture, curation, storage, search, sharing, transfer, analysis, and visualization of data and analysis.
Jobs in the field of applied statistics and data science include:
- Business analyst or data analyst
- Research scientist
- Statistical programmer
- Quality assurance analyst
- Machine learning engineer
- Statistical researcher