Probability and Statistics

Probability and statistics are used to understand chance and to collect, analyze, interpret, and present data. They are the mathematics that allow us to make informed decisions based on patterns. If you like discovering patterns that not everyone notices, and using that skill to help people make good decisions, then check out probability and statistics!

What is Probability and Statistics?

Statisticians are needed in a variety of settings and sectors. In the private sector, a statistician could work in manufacturing helping to strategically increase the efficiency of the distribution process, or they could work in health care where to help gather, analyze, and communicate data regarding new life-saving medicines.

 

In the public sector, statisticians could work with surveys of all kind and help with important data that impacts public policies.

 

A bachelor’s degree is required and a master’s degree is recommended. The median salary of a statistician with a master’s degree is $91,160 according to the U.S. Bureau of Labor Statistics.

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Example Careers

Data Scientist

Education Requirements
Bachelor's degree

Average Salary
$94k


Data scientists help to design and implement strategies to use information to conduct analyses to improve processes. Many data scientists also need to have programming knowledge. They utilize their skills in both technology and social science to find trends and manage data. They use industry knowledge, contextual understanding, skepticism of existing assumptions to uncover solutions to business challenges. Data scientists work cross-functionally with other teams throughout their organization.

Actuary

Education Requirements
Bachelor's degree

Average Salary
$86k


Actuaries use mathematics, statistics, and financial theory to analyze the financial costs of risk and uncertainty. They compile statistical data for analysis, estimate the probability and likely economic cost of an event, produce charts and reports that explain calculations and proposals, and design, test, and administer insurance policies to minimize risk. Some skills actuaries need to have are analytical, communication, computer, interpersonal, math, and problem-solving skills.

Operations Research Analyst

Education Requirements
Bachelor's Degree

Average Salary
$60k


Operations research analyst advise managers and other decision makers on the appropriate course of action to solve a problem. Uses advance mathematical and analytical methods to solve problems and make decisions. Some important skills that are needed are analytical, communication, critical thinking, interpersonal, math, problem solving, and writing skills.

GIS Analyst

Education Requirements
Bachelor's Degree

Average Salary
$87k


A GIS analyst is a mapmaker that uses technology to create a digital presentation of spatial and geographical information to create digital maps of an area. Many GIS analyst use cartography, programming, surveying, and management of databases. A GIS analyst needs to be highly detail oriented, good communication and problem solving skills and strong IT skills. Along with that they need to be able to manipulate complex databases.

Mathematical Modeler

Education Requirements
Master's degree or Doctorate Degree

Average Salary
$79k


A mathematical modeler uses math models to illustrate processes or solve complex problems. They work along side software technology to create and animate 3D representations. They try to pinpoint the essence of what makes something work. Some skills that a mathematical modeler needs are understanding the difference between certain models, collecting and interpreting data, computer skills, and problem solving skills.

Statistician

Education Requirements
Bachelor's Degree

Average Salary
$66k


A statistician creates surveys, polls and questionnaires. They collect data then analyze the data to draw conclusions based upon findings then finally they present the findings to superiors. Statisticians use programming to find patterns in data and design graphs. Some important skills that are needed are strong computer skills, communication, analytical and problem-solving skills.

Investment Analyst

Education Requirements
Bachelor's Degree

Average Salary
$66k


An investment analyst is a financial professional with expertise in evaluating financial and investment information, this is typically for the purpose of making buy, sell and hold recommendations for securities. They collect information, research and analyze assets like stocks and currencies. Research and insights are then presented to managers in order to make key decisions. Some important skills that are needed are research, problem-solving, teamwork, and communication skills.

Career salary data provided by: U.S. Bureau of Labor Statistics Occupational Outlook handbook and O*NET OnLine.

If probability and statistics is not your thing, there are more areas of math!

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