Statistics Career Paths
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- čas přidán 13. 06. 2024
- A statistics degree is a very versatile degree. Large corporations these day utilize statisticians to get insight into marketing, profitability, quality control, medical analysis, research, and much more. While there are many jobs available to those with a bachelors in statistics, a masters can open up other opportunities such as quantitative finance.
While a statistics degree is the obvious choice for working as a statistician there are other paths one can take. Econometrics, biostatistics, and actuarial sciences are examples of degrees that are statistics applied to a specific field of study. Data science is more of a branch of statistics that a new field however data science is popular these days as companies look for new methods.
In this video I also provide a list of industries and areas within those industries where a statistician can work. My list is by no means complete but it should give you an idea of different ares to consider for a career.
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Yes we liked the video. We would like you to make a book review series on statistics from beginner to advanced level. It would be great if you make it.
One of the few videos I've found that gives a great overview of the field and its career pathways. Thank you!
Finally a video that answers this important question. This was super helpful. Thanks!
Awesome. Statistics is the awesomest path to go through. This video confirms that Statistics is the way to go.
I found a masters program with only 10 classes and it only costs 11k which is cheaper than most programs in the country and the reward you get is huge.
Great video Dimitri, you never disappoint !
where's the master program?
This is a fantastic video, lots of good information and visuals. Much appreciated
doing a stats undergrad now thanks to you
Would you mind making a video on jobs for statistics majors in finance and quant finance? :)
Great video! Thanks.
Hi Dimirti, Thank you for the info, it was a great contact! If someone wants to work in the Finance industry, majoring in Fin or Quantitive Sat? Which one would you advise?
I got a statistics masters degree and computer science undergraduate degree. Been doing a lot of machine learning, have you checked out the tidymodels package in r?
I have spent some time using a variety of the tidy verse including tidy models.
Hello Rashawan!
I did undergraduate in computer sciences, got graduated last August. I want to study masters in statistics. Saw you have similar academics. What are you doing right now? What's your role at a company.. thanks and best regards 😊
Hey! I started out while still in school to get my masters as a data analyst for a pipeline company, working in asset integrity. Once I finished I transitioned over to the Data Science team for asset integrity, dealing with the risk model, and other analysis stuff. As Far as tittle goes I'm called a Prevention and mitiggation Specialist. Most people I work With Are Engineer 1, 2, or 3, but I don't have an engineering degree. @@millionare1192
Dmitri what is you thoughts on DePaul’s applied math masters program. A little background on my I have a political science degree and planned on going to law school. I am trying to decide whether to go back to undergrad for a second bachelors in actuarial science then pursue a financial engineering or statistics masters like Purdue, UNCC, or Illinois GA StAte or just go straight unto a. Masters program ie DePaul that focuses. I want a little experience to classes in math , economics , finance and statistics to figure out what career I actually want to pursue. As I’ve been watching your videos on the differences between actuary, quant and data science and statistics. If you could offer any guidance on what route to pursue that would be great!
If you are wanting to consider going back to school to switch careers, I would recommend you look for an accelerated masters program. Some universities including big names will allow you to do an undergrad and masters together within 5 years. As for DePaul, I don't know enough about their applied math program to give an opinion.
I agree with Dimitri. Since I am from Chicago, Depaul has a good Applied Mathematics Program but look into IIT-Chicago as well. They are very well known for STEM Programs and their Financial Mathematics ranks in the top 20 along with UIUC and UofC (via QuantNet). IIT-Chicago and Depaul are both expensive but IIT-Chicago has a slight advantage over Depaul when it comes with academics and hiring. When I was in grad school for Computer Science, we had a colleague (who majored in History at University of Chicago) and he didn't have any knowledge of programming before so don't lose hope. Try hard and do your best.
FYI- Society of Actuaries are planning to add more exams in the long run and there has been numerous complaints from exam takers because one of the reason is why they are doing that is SOA is very biased towards Data Science. This is a big mistake that they are making right now....We should be helping each other out, not against each other... Adding more exams is not the way to do it.
ChicagoBigRed what do you know or think about studying abroad in Europe such as vienna university, eth Zurich, università svisseria Italiana , university of waterloo, ans university of Toronto as they are much cheaper from my understanding than US universities.
Hey Dimitri, im being advised by a QCF student that instead of doing a MS in QCF, I should instead do a MS in CS since the tuition is cheaper, and that I’ll be able to take some QCF classes in the CS pathway. Not sure what to do anymore....
What did you end up doing?
@@jqn8361 Hello! I actually didn't apply to QCF because the program seemed difficult to get into, and the work seemed a bit tough, instead I settled on Business Analytics, because it combines data science with more business aspects, and pure CS would've driven me nuts. I have yet to start any classes though, and I'm not sure how difficult the program will be, but it seems interesting to say the least.
@@deveshdalmia3047 Nice! I wish you all the best
what would make a better investor. quant route or cfa route?
He might have answered this question, as Quants they have very little understanding of accounting, Fundamental Research, and Valuation. Becoming better at " Investing" Needs these disciplines. Also depends if you're on the Buy-Side or Sell-Side
Hi Dimitri, I am majoring in statistics for my undergrad and will be having a masters in statistics too but to end in Quant finance which is my dream career will that be okay or i will need a PhD afterwards and if I need a PhD, should it be in statistics or Quant finance. Please help me.
A masters in statistics are enough as long as you are in the country you want to work in and you'll need to be able to write a resume that highlights the skills quant finance jobs are hiring for.
great video but you don't need to do a masters or phd in actuarial science to become an actuary. not sure where you got that from
I think what he meant is that a stats degree will not be enough to become an actuary. An actuarial math degree is enough to become an actuary.
You are correct, you do not need a masters or phd to be an actuary. I assumed you would need an actuarial specific degree to be an actuary but it turns out a stats degree is enough. This seems very odd to me.
@@DimitriBianco from what I know, actuarial science major is great as you can get exemptions from quite a few exams but I was told that maths major is preferred for some reason (maybe because it's generally harder then actuarial sc/stats)
@@DimitriBianco I actually thought that you could have any degree. In the uk im 80% sure any bachelor degree counts and for here in Australia its any mathematics degree
@@puckme6041 that's good to know. Thanks for sharing the information with me and others.
Could you get an actuarial science degree and still become a statistician ? Or would you need to get a Masters in Statistics?
Yes it is possible to be a statistician with an actuary degree.
Do you think after going through the whole quant journey you could trade for yourself? Why are all these smart brains going and working for a corporate? Do corporates have some sort or proprietary stuff which retail traders cant afford? Yes the speed (Hft stuff and all) but im assuming a retail trader with quant skills could have piece of the pie. Or am i missing something?
Top firms have access to quantum computing and advanced Ai to analyze data to make much more accurate predictions on the market and thus make more accurate investments, it's impossible to beat this as a sole trader, you can still make alot of money however you'll never be able to beat these corporations. Most people work for these corporations and trade in there free time because it allows them to accurately keep up with the market and new news ECT.
Sir I want to became an statistician now recently I have completed my 12th std so I have to study bsc and msc in statistics for 5 years from a higher level university so I want to just ask you thing is that how much a statistician earn per year??
It depends on the industry. The average in the US is almost $100k for an experienced professional. They usually start around $55k. I'm quant finance you usual start at around $80k and the average is around $150k, again for someone experienced.