How Online Learning In Applied Statistics Can Boost Your Career
by Sumona Job & Career 22 July 2022
Applied statistics is the foundation of data science and analysis, so it is no surprise that gaining qualifications in this field can provide a graduate with a potential career in a range of different industries and job roles.
Let’s have a look at ‘what is applied statistics.’
What Is The Definition Of Applied Statistics?
The recent digital transformation boom has seen businesses collect a growing mass of ‘big data,’ which needs to be organized, interpreted, and presented to leaders and managers.
Due to the broad applications of applied statistics, there is a demand for workers to analyze this data which can solve key business problems in fields including finance, information technology (IT), finance, marketing, accounting, healthcare, and medicine.
That is why many students want to earn a Master’s in Applied Statistics at a leading online university, as the skills learned and qualifications gained can support their career goals, even if they are not always focused on securing a role in this field.
Why Learning Applied Statistics Essential?
Applied statistics helps to analyze and manage the data. During any statical research, data research is essential. Unless you do not perform the data research, you can not know how to identify the problems. Problem-solving will not be possible without using data analysis.
A graduate from Michigan Technological University can potentially pursue a range of different statistics-related careers or any other job that allows them to use the technical and non-technical skills they have learned.
An online degree is especially useful if you want to keep your options open as you can fit higher education around your current personal and professional commitments. This is something that is more difficult if you have to attend a university campus physically. Busy professionals will also appreciate the ‘accelerated’ courses, which take place over a shorter period of time.
What Can I Learn From An Applied Statistics Degree?
An applied statistics degree will give you an academic structure to solve ‘real-world’ problems using advanced statistical methods and cutting-edge technology and programming.
1. Proper Data Research
You will learn how to organize large datasets and overcome challenges in trying to achieve this aim while becoming an expert in programming languages and industry-standard software such as Python, R, and S-Plus.
Postgraduates that have completed courses in this field have been vocal about how digital learning these skills has given them the ability and confidence to seek out and secure meaningful employment.
As these skills can be applied across numerous roles and industries, an online applied statistics course is recommended if you are still not entirely sure what you want to do with your career in the long term or want to specialize in an area of statistics as a springboard for a different career choice.
If one of your goals is to secure higher pay, you are in luck as statistics-based roles now offer an average annual salary of around $100,000, with this soaring to $152,639 for ‘statistics professors.’
2. Understanding Of The Present Statics
The US Bureau of Labor Statistics (BLS) forecasts a 35% spike in job growth in statistics roles by the end of this decade due to its growing importance for big tech companies such as Netflix, Amazon, and Meta, so you will not be short of prospective roles.
If another of your goals is more rewarding and varied work, then applied statistics is again an ideal career choice. If you decided to become a senior financial risk analyst, for example, you would have to work with traders to calculate the risks of investments, forecast future market trends, carry out quantitative analysis and liaise with key decision makers and higher-ups.
Online learning will prepare you for all of this, especially by providing you with the ability to prepare data for effective analysis.
How Can Online Learning Improve My Skills?
An applied statistics course will hone vital non-technical skills which can be applied to an endless array of jobs in different industries.
1. Analyze The Question:
You will learn the concept of critical thinking, which is the process of analyzing applied statistics questions, hypotheses, and results from an objective point of view in order to form a judgment. This is something that can be useful in any line of work and could make you a more attractive applicant to companies.
You will also become proactive at problem-solving and thinking of new, creative ways to solve problems, which will nurture your own intellectual curiosity.
While you might not be interacting with people in person, an online course will still give you a grounding in effective communication as you will have to relay details to team members and communicate your findings for people to act on.
2. Data Science Is More Like A Business Sence
Finally, applied statistics is generally a great course for sharpening your ‘business sense’ as you will form a better understanding of the problems a business faces and the potential ways they can be solved, and why. Infosys chief global data scientist, Dr. N. R. Srinivasa Raghavan, adds: “Data science is just more than a number which is crunching.
This is an application of the combinations of the various types of skill sets. These skills are going to help you to solve particular problems in an industry.”
You will also be pleased to hear that statistics are used in almost every business project, regardless of the industry. For example, the government uses statistical methods and models to shape its national policies, while healthcare companies use statistics to test and approve the development of life-changing medicines.
3. Analyzing The Consumer Data
However, if you would prefer to go into marketing, statistics play a crucial role in building content and advertising campaigns. You could work for the marketing department at a big company and analyze customer data to help deliver targeted ads and better return on investment (ROI).
Statistics are also the foundation of finance, as banks use them to assess the risk of loans and analyze the economy, global markets, and stocks.
Whatever your career goals an applied statistics course can help you to achieve them, as the skills you learn will be relevant in nearly every aspect of a business. You can be sure that your skills are future-proof — in the information age, the mass of data is only going to grow and become more complex, which will require more advanced statistical analysis and tools.
Wrapping It Up:
As the US Bureau of Labor Statistics data shows, statistics is one of the fastest-growing professions in the US, and the number of jobs is set to soar during the next decade as more companies look to leverage data to grow and thrive. Gaining qualifications in this field will give you the power to pursue a dream role, even if you are not certain just yet which industry you want to work in, where you require to know more about applied statistics.
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