If you are considering pursuing a B.Sc degree, you like mathematics, and are still undecided on your field of study, I would recommend a bachelors degree in Statistics. For those who have already completed a bachelors degree in Mathematics or a related field, a M.Sc degree in Statistics is a recommended option.
What is statistics and why should you study it
In layman terms, Statistics is the science of learning from data. It involves the collection, analysis, and interpretation of data. In today’s world, data is collected almost everywhere and all the time, be it in medical or pharmaceutical research, on social media sites, on online shopping platforms, by banks and financial institutions, or by the governments. It is estimated that about 2.5 quintillion bytes of data is generated daily.Without the use of statistics, it is difficult to draw any meaningful inferences from this data or make any decisions based on this data. It is statistics that turns ‘data’ into useful ‘information’. Statistics can be applied in any domain be it engineering, economics, biology, insurance, finance and even sports; did you know that statistics is being used to improve performance of athletes?
Statistics and Data Science
Everybody today is talking of ‘Data Science‘ being the next big thing. Most students feel that ‘Data Science’ is a specialization of computer science. To a certain extent that is true, but ‘Statistics’ forms the foundation of data science. With a degree in statistics you could embark on a career as a ‘data scientist’. Of course to become a data scientist, you would need to also learn some programming and machine learning algorithms, but the knowledge of statistics is crucial.
Careers for Statisticians
As a student of statistics you could specialize in Operations Research, Applied Statistics, Statistical Quality Control, Quantitative Economics, Bio-Statistics, Data Science and more. Several government organizations, banks, insurance companies, pharmaceutical research companies, as well as technology companies hire statisticians. Several research organizations also hire statisticians. The more qualified you are, the better the job opportunities. For a good career in statistics, pursuing a M.Sc, and if possible a Ph.D in Statistics is highly recommended.
As a student of statistics, you could also consider the option of becoming an Actuary. Although a degree of statistics is not required to become an Actuary, your knowledge of statistics will not just help you in your preparation of the Actuarial exams but also in your future career.
For more details on How to Become an Actuary, refer to https://careerfox.in/how-to-become-an-actuary-in-india-actuarial-science/
Statistics offers a very promising future. If you have a strong mathematical aptitude, do consider studying statistics.
Jothsna is the co-founder of Academy One, a career guidance and study abroad counseling venture. Prior to founding Academy One in 2005, Jothsna worked as an IT and business consultant with companies like Motorola and Trajen Inc. in the USA. She holds an engineering degree in computer science from Andhra University and a MS from the University of Texas. She also received her MBA from the Mays Business School at Texas A&M University, USA.