Careers in Statistics
Statistics Honours is the first degree that provides students with rigorous classroom based theoretical as well as computational training to deal with statistical analysis of data. The subject (in contrast lo maths) has its foundation on ‘objectively quantising uncertainly’ through probability theory. A student pursuing BSc (Honours) in statistics undergoes a number of papers like probability theory, statistical methodology, stochastic processes, statistical inference, or operational research. bio-statistics. etc.. besides a set of conventional papers in maths.
The BSc (Honours) in statistics as the first degree qualifies a person for the usual career options available for general/science graduates viz., armed forces, civil sen ices (with statistics as subject), banks. Reserve Bank of India etc.
Though career options for students with a BSc (Honours) degree in statistics are available in the private sector, (he academia recommends a postgraduate degree in statistics. This is because, the typical job profile in ‘analytics’ in the industry* demands a very strong foundation in academics. It is indeed thought-provoking that for those looking beyond the horizon, while a bachelor’s or a master’s degree should be reasonable, a PhD in a relevant field is the mantra for never looking back in life.
The insurance industry lias provided impetus to quality as well as quantity of employment for students of statistics. The profession is known (o be among the highest paid in the industry. Students’ enrollment to the Institute of Actuaries of India’s actuarial science programme has increased manifold in recent years. However, a meticulous planning in the approach has to prevail upon the euphoria of writing the exam itself. To this end.
BSc (Honours) in statistics as a subject choice is “most preferred”, as it is closest to the curriculum
of the professional examinations. Apart from these, career opportunities exist in a wide variety of fields such as management science, information technology, bio-informatics, biostatistics. data mining and data warehousing, finance etc.
Skill sets required
- Strong foundation in ‘mathematical statistics’
- Ability to interact with persons from diverse fields to understand a problem.
- Logical thinking ami ability to comprehend key facts leading to formulation of the solution process
- Versatility in solving problems and appraisal of results
- Strong background in statistical computing
- Ability to stay updated on recent literature and statistical software
||Work title/ Description
||Central/State govt. dept.. Banks. RBI (Gr. A). Armed Forces, etc.
||General in nature or Technical requiring first degree level of knowledge
||KPO. Insurance, etc
||Analysts. Insurance underwriters, etc. requiring undergraduate level knowledge of the subject. May require planning, execution, and analysis of surveys. Knowledge of general/statistical software is a prerequisite.
|MSc (Statistics) From Delhi Univ ISI.IIT IASR1 etc.
||Government Teaching & Research
||Indian Statistical Service. RBI (Gr. B).etc. Universities/Colleges in the govt, or private sector
||Technical or administrative in nature.
Teaching at the Undergraduate and/or postgraduate level. Teaching in management. FT. actuarial programs in the private sector
|MSc in OR/ Applied OR
||In govt. such as CSIR, ICAR, DRDO, IMO.etc.
||Theoretical or application oriented research.
||Member of ‘analytics team’ in leading companies. Market research organisations
||Data analysis relating to Market research, Psephology, Financial sector. Business Intelligence. Customer relationship management. Data mining, data warehousing, etc.
||Life / General insurance
||Actuarial evaluation, risk analysis etc.
||Govt ./Private companies Universities/colleges in govt, and private
||Software development Teaching and research
||Managerial, may involve analytics