Why a Master's in Applied Statistics can Take Your Career to the Next Level
Applied statistics and data science degrees have had a major image revamp in recent years. It wasn’t so long ago that these courses were far from the top of the list of glamourous majors. Life changes quickly though, and now, a master's in applied statistics is one of the most desirable degrees out there. There are lots of reasons for this change, but the big one is the changing role that data has in our societies. In the past, it was important to be able to understand data, but today, data is like currency, it’s ubiquitous, powerful, and extremely valuable.
With data playing such an important part in modern life, it follows that there is a huge demand for people who can interpret that data and the opportunities for people who can are numerous. One of the best ways to take advantage of this demand for statistical skills is to study for a master's in applied statistics. If you have an undergraduate degree in a maths-based discipline, then going on to earn your master's degree can really add to your career prospects.
Here’s why studying for a master's in applied statistics can benefit you.
What is Applied Statistics?
Applied statistics is the root of data analysis. In modern society, we collect data on virtually everything, but what use is it if we don’t take conclusions from it and turn it into action? Statisticians use data to help solve problems and inform policy.
They do this by:
Figuring out what data needs collecting
Deciding how to collect that data
Analysing and interpreting the data using statistical tools, algorithms, and software
Turning their discoveries into action
We commonly associate applied statistics with financial institutions, and it does play a big part in finance, but it’s certainly not limited to this industry. Applied statistics plays a huge role in industries such as healthcare, manufacturing, engineering, government, insurance, finance, media, marketing, and business.
Every day, major companies collect huge amounts of data, but that data is only valuable if you can understand it and turn it into an actionable plan. To do this, companies need statisticians and data scientists, and they’re willing to pay handsomely for it.
What Will my Career Look Like?
According to US News, a statistician is the 2nd best job you can have right now, second only to software developer. US News isn’t alone in this proclamation though. In 2009, Google’s Chief Economist predicted that statisticians would be “the sexy job of the next 10 years,” and he’s certainly been proved right.
The growing importance of data in society has meant that statisticians have become vitally important to businesses in all sectors, which means a wide variety of options for people with master’s degrees in applied science.
Not only is there massive demand for these positions, meaning greater job prospects for you, but lots of those positions are with some of the most forward-thinking, exciting companies in the world. There are lots of jobs available and a lot of those jobs are with brilliant companies.
Statisticians work right at the forefront of technology informing the major decisions that affect our lives. If that’s not a good reason to think about a master’s in applied science, then what is?
What Requirements Do I Need to Meet?
In order to start studying for a master’s in applied statistics, there are a few requirements you need to meet.
A bachelor’s degree from a recognized institution
Strong background in mathematics
Complete the application process
For many courses, you do not need to have taken the GRE or GMAT. All you need is your bachelor’s degree and to be able to show that you have taken a variety of maths classes at college level.
If you’ve completed a bachelor’s degree in a maths related field, then there’s nothing stopping you from taking your studies to the next level. There are lots of great jobs to be had in applied statistics, but a master’s degree is a common requirement.
Studying for a Master’s Degree
If you’ve spent years getting your bachelor’s, then you might be looking for more flexibility when it comes to your master’s and an online degree gives you that. For many people continuing to study at a fulltime university is not an option though. They want to start earning money and gaining experience in their chosen career path.
For these people. studying for a masters in applied statistics online offers the perfect balance of flexibility, learning, and career opportunities. To get the best possible results from your studies you need to find the setup that best suits you. For some people, that will mean attending a full-time university to complete their master’s degree, but for many people, it won’t. An accelerated learning course allows you to study the skills that will get you the jobs you want in your own time, and 100% online.
You still receive an extremely high-quality education, but you also benefit from being able to set your own schedule. You can mould your schedule around your needs, and it might be far more financially attainable than you think. This means that you can fit your studies around a job, or look after your family, or whatever else it is you need to do.
Life is complex and you have more things to worry about than just studying. An online course gives you the flexibility to take care of the things you need to in your life whilst still getting a quality education.
To conclude, now you should have everything you need to be able to achieve a master’s degree and hopefully you have seen the benefits that it can offer you, inlcuding the new opportunities. With data playing an ever more important role in our lives, a master’s in applied statistics is the perfect way to prepare for the future and start your journey into a longlasting career in statistics. Achieving a master’s degree looks fantastic on your CV, and will ensure that you stand out amongst others due to your commitment and drive to learn more about the subject.