By Rohit Manglik,
Karl Pearson, an English mathematician, often referred to as the father of statistics, once said:
“Statistics is the grammar of science”.
Almost all fields of science use statistics to determine the latest demographic trends and behaviors on a macro scale. Statistical tools also help nations and businesses formulate their policies. So today at the birth ceremony of Professor PC Mahalanobis, a member of the first Planning Commission of India who gave the concept of Mahalanobis distance, commemorated across the country as National Statistics Day , we see the perspective of statistics as a career option.
Required Skills :
The skill set of a trained statistician includes data mining, forecasting using probabilistic variables, predictive modeling, and parametric estimations, all of which work together to help the statistician arrive at a consistent prediction. Pursuing statistics as a career option requires the following skills
- Mathematical skills mastered
- Analytics and problem solving
- Writing understandable reports for non-statistical people
- Familiarity with algorithms and machine learning
- Business understanding
A wide range of computer skills including programming languages (C, R, SAS, C ++, Python, SQL, Hive, Perl, Java)
A person who wishes to pursue a career in statistics should develop an interest in analytical thinking and mathematics from an early age. Upgrading skills is essential for building a professional career in statistics.
Fields of study:
There are mainly two fields of study in statistics. A solid and scientific solution is essentially derived on the basis of these two branches.
Deductive Statistics- Analyze raw and random data collected from a population to predict the behavior, characteristics and attributes of the population.
Descriptive statistics- Here, the extracted data is analyzed to understand the composition of the population, often through digital and pictorial representations (such as charts and graphs).
Courses and diplomas:
There are many bachelor’s, master’s, doctoral and other certificate and diploma programs available in statistics in India and abroad. Prestigious institutions like the Indian Statistical Institute and other reputable institutes offer courses and degrees in statistics.
Data Scientist- The responsibilities of a data scientist include analyzing data and reorganizing it into understandable information. This data helps organizations make informed decisions.
Statisticians- Statisticians conduct surveys and experiments to better understand a demographics, then use established theories or come up with new theories to provide a lasting solution to problems. They also translate their findings for others to understand.
Business Analyst- A business analyst is responsible for analyzing business-centric issues through financial statements and workforce reports. They also provide solutions to these problems through cooperative efforts with other staff in the organization. Business analysts often work in tandem with project managers to quantify and manage resources to complete projects on time.
Financial Analyst- These staff help both individuals and organizations make sound financial decisions. They examine stock and stock prices and analyze market trends to better predict future market outcomes. They also work with business representatives to design an effective investment strategy for organizations.
Cost estimator The role consists of forecasting the costs of a product offered by the organization or of a project in the organization’s business. This staff assesses costs taking into account many different elements and variables such as budget, human resources, time, etc.
Indian Statistical Officers- Indian Statistical Services is a coveted career option for those who wish to work in the public sector. Led by the Civil Service Union Commission (UPSC), the recruitment process consists of a written examination and a personality interview. This service falls under grade A and includes oversight of official statistics to complement policy making and various other functions of the Indian government.
Actuary- These professionals manage the financial risks and liabilities of organizations. Their responsibilities include risk management, financial modeling, product pricing, peer reviews, assessments, etc.
Future and scope of statistics
According to the United States Bureau of Labor Statistics, jobs for mathematicians and statisticians are expected to increase by 33% between 2016 and 2026. The proliferation of big data and other emerging data analysis techniques means that the reach of statistics will increase. in a close future. . Data science, biostatistics and applied statistics are emerging disciplines poised to witness an increase in demand due to growing environmental awareness, the emergence of new era technologies and the emphasis on applying data to make informed decisions.
(The author is CEO, EduGorilla. Opinions expressed are personal and do not reflect the official position or policy of Financial Express Online.