Education

How Much Do Statisticians Make

By David Krug David Krug is the CEO & President of Bankovia. He's a lifelong expat who has lived in the Philippines, Mexico, Thailand, and Colombia. When he's not reading about cryptocurrencies, he's researching the latest personal finance software. 3 minute read

Does a bachelor’s degree in statistics point you toward a well-paying job? You can get a high-paying job if you study this branch of mathematics that focuses on collecting and analyzing numerical data. With a degree in statistics, you can work in a variety of different industries as a statistician or use your mathematical and statistical expertise in a different analytical role in business, technology, or another area. Analytical skills are highly sought after, regardless of your job title or the industry you work in.

Amounts Earned by Statisticians

According to the Bureau of Labor Statistics (BLS), statisticians in the United States earn an average annual salary of $84,060. By using advanced mathematics and statistical software, statisticians can better understand the quantitative data they collect through surveys or other means. When analyzing data, they look for correlations between various factors, identify trends, and interpret their findings in order to gain insights. Even though the data is numerical in nature, it can have a social impact or application to public policy as well. Statistics uses mathematical methods to analyze real-world data A career as a statistician has numerous advantages.

According to US News and World Report, this career has been ranked the best business job, the best STEM job, and the sixth best job in the United States of America. Staticians enjoy a relatively low unemployment rate, a high salary, and a rapid growth rate. Students should be aware, however, that many positions in the field of statistics necessitate a graduate degree.

What places of employment are there for statisticians? There are a surprising number of roles that can be played in this relatively small occupation, which employs only 37,200 Americans. Those with a background in statistics can pursue a variety of careers, ranging from research statistician to sports statistician, for example.

When it comes to finding answers to the greatest mysteries in human history or keeping tabs on your favorite athletes, there’s something for everyone. A career as a biostatistician in a hospital, public health agency, or pharmaceutical company may be for you if you have a passion for the medical field. Specialized statisticians in these fields use statistical modeling to evaluate the effectiveness of new medications, the prevalence of a public health issue, and other medical and health-related issues.

The median annual salary for statisticians working in these fields ranges from $75,000 to over $100,000. The median salary for statisticians working for the federal government is $103,630, and this group accounts for 13% of all statistician positions. The median annual salary for scientific research and development positions is $91,610, according to the Bureau of Labor Statistics. Healthcare and social assistance statisticians earn a median wage of $79,150, while those employed by insurance companies earn $77,860, according to the Bureau of Labor Statistics.

You might be surprised if you thought statisticians only worked in academia. Only 8% of statistician jobs are held at colleges and universities. With a median salary of just $70,780, these jobs require the most education but pay the least.

Job Titles Other Than Statistician

When it comes to using your analytical and mathematical skills, there are a variety of jobs where you can still make a lot of money. Other math careers, such as actuary and operations research analyst, benefit greatly from a background in statistics. According to the BLS, actuaries make an average annual salary of $101,560 for their work calculating risk costs using statistical and mathematical software. These analysts, who make an average salary of $81,390, use mathematical and statistical methods to help businesses and organizations make sound, data-based decisions.

If you have a bachelor’s degree in statistics, you’ll have a wide range of options for a career. It is possible to work as an economist, a computer software developer, or even as a database manager if you have a strong background in statistics. Many statistics majors go on to work in fields such as business, marketing, and sales, or in fields involving technology, data, and analytics.

Many non-statistician jobs do not necessitate a graduate degree, but you may need to take courses in business or computer science. To get the most out of your degree, you need to know what you want to do with it early on.

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