6 Best Careers For Statistics Majors

What is one good career for a statistics major?

To help you identify careers that are good for statistics majors, we asked career coaches and business leaders this question for their best recommendations. From Actuary to Accounting, there are several career options that are noted as the best fit for statistics majors.

Here are six best careers for statistics majors:

• Actuary
• Data Analytics
• Work in Insurance
• Economist
• Operations Research Analyst
• Accounting

Actuary

You can be an actuary and earn a handsome salary with a statistics degree. Actuaries are the professionals that use mathematics, data statistics, and other financial information to assess the unseen financial risks and pitfalls. They are in huge demand in industries like insurance, banking, the stock market, and so on. But, aspiring candidates need to pass tests like Casualty Actuarial Society (CAS) or the Society of Actuaries (SOA) before starting working. Even though these tests are hard, you'll have a bright future afterwards. Also, it's a very unconventional career. So, you've higher chance of success.

Caroline Lee, CocoSign

Data Analytics

Data analysis in marketing is a rising area for those who are familiar with statistics and can quickly pick up different skills like R. More and more Fortune 500 companies are turning to data analysis in marketing to gain deeper and more objective insight into their target market, and need statistically savvy employees who can create and run analyses that will help drive marketing decisions.

Adam Shlomi, SoFlo Tutors

Insurance

Graduates who have earned a degree in statistics should consider underwriting insurance as a career. Insurance underwriters are charged with analyzing the risk of insurance applicants and they often use statistics for insight. Statistical probabilities play a major role in determining the risk and viability of an insurance policy. The algorithms used by underwriters to calculate the risk of insuring a particular subject matter require statistical data as an input. Statics majors are fluent in the language that insurance companies need to understand in order to sensibly underwrite insurance policies. That is a the key reason why graduates with a statistics degree should look into this career

Liza Kirsh, DYMAPAK

Economist

Any student majoring in business and economics is required to take some level of statistics. With that in mind, if your focus of study is statistics, then it’s not much of a leap to pursue a job in the economic sector. In fact, it’s a perfect fit. Economists take deep dives to analyze the production and distribution of goods and services in a particular industry. Statistics majors are perfectly suited for that level of work. They’re adept at number-crunching, probability and spotting trends. An economist can work in the private industry or in government. Seeing economic trends before they happen is a valuable skill, one that is in high demand. That’s one direction anyone studying statistics ought to consider taking.

Trevor Ford, Yotta

Operations Research Analyst

Statistics major students are equipped with great logical thinking and problem-solving skills. As operations research analysts, they can use their advanced analytical methods and critical thinking to improve decision-making in a business setup. They can work in organizations of all kinds in advising how to allocate scarce resources and improve the efficiency of systems for greater output.

GISERA MATANDA, WeLoans

Accounting

Statistics majors are good with numbers. This is a good skill that could make them great accountants if they wanted the job. Every company needs a good accountant with the skills and knowledge to help them make the right decisions. Statistics majors also gain logic and problem-solving skills that could benefit different organizations.

Ivy Bosibori, USBadCreditLoans