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Statistics is an important field of natural science, engineering, and social science. Scientists use statistics to evaluate data, make predictions and hypotheses, and infer relationships between variables. People who use statistics professionally, called statisticians, may work alongside scientists and engineers or do data analysis privately for companies and corporations as contractors. These careers can be quite lucrative depending on the level of experience and the industry in which the statistician is working.
Anyone interested in being a statistician should hold at least a bachelor's degree. Having an undergraduate degree in mathematics is preferable, although students who major in science, engineering, economics, or business will likely have encountered statistics as a requirement for their degree. These introductory courses will provide a basic understanding of statistics and introduce students to concepts like averages, margin of error, distributions, and standard deviations. These skills are the foundation of statistics, but are likely not enough for meaningful work as a statistician. Holding a master's degree -- or, better yet, a Ph.D. -- will expose students to more advanced concepts like Fourier transformations and non-standard distributions, as well as practical and theoretical applications of data analysis. The theses completed during a master's degree or doctoral program will also give statisticians detailed knowledge of one particular area of statistics, which is a competitive advantage when applying for jobs in statistics.
The least well compensated area of statistics is at the university level. Professors of statistics earn a small salary relative to those in business, in addition to many extra responsibilities in terms of teaching and research, although some job seekers may enjoy a career in academia where they work with students and ideas on a daily basis. This career track requires at least a doctoral degree.
The best compensated statisticians work in business, where they perform data analysis -- often dealing with finance or inventory -- for companies looking to reduce costs and improve profits. This is one of the emerging areas for math and science students to work in well paid jobs in the private sector. These jobs may require as little as an undergraduate degree in statistics, and they often have lucrative benefits and compensation packages. Statisticians who enjoy a competitive atmosphere and new challenges every day may enjoy working in statistics in the business field.
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