Statistics degree overview

The degree field of statistics is focused on the study of probability theory and sampling theory. Students use techniques like sample survey theory and variance analysis (the quantitative investigation of the difference between actual and planned behavior) to examine the relationships between groups and measurements. Statisticians collect data, organize it, analyze it, and interpret it in practical ways that guide decision making in both business sectors and politics.

While mathematics courses naturally make up a significant part of any statistics curriculum, most programs also include classes in economics, finance, accounting, and sociology, because each of these fields frequently relies on statistical methods.

Depending on the school, degrees in statistics are offered at the Associate, Bachelor’s, Master’s, and Doctoral levels.

In all degree programs, students can expect coursework in the following areas, which naturally increases in depth and complexity as they progress from undergraduate to graduate classes:

Descriptive Statistics
Courses in descriptive statistics examine probability, frequency distributions, graphing, correlations, measures of location, variation, joint and marginal probabilities, and regression

Applied Statistics
In this course students use data to estimate the probability of events occurring. Subjects studied include surveys and experiments, tests of significance, exploratory data analysis, and sampling distributions.

Probability Theory
This subject area covers various probability theories, such as conditional probability, axiomatic probability, and Bayes’ Theorem.

Biostatistics
This is the study of data from experiments in the field of biology.

Statistical Design and Experimental Analysis
This course is a requirement of many graduate level programs. It teaches students how to design valid experiments and analyze data.

Data Mining
The focus of courses in data mining is the process of uncovering trends, themes, and patterns in ‘big data.’

Linear Models
A linear model is an equation that describes a relationship between two quantities that show a constant rate of change.

Survey Sampling
Coursework covers the three parts of survey sampling: selecting a sample, collecting data, and interpreting data.

Accounting
The field of accounting is focused on analyzing income and expenditure records; on tracking budgets and revenue; and on producing financial records for individuals, businesses, industries, and governments.

Applied Mathematics
This degree program provides students with in-depth training in mathematics, statistics, and probability. It teaches the use of models in analyzing and solving financial problems and includes coursework in economics, finance, accounting, and computer science.

Economics
Economics asks wide questions about world economies, how governments should respond to financial crises, how stock prices and exchange rates are set, and how to help people living in poverty. The degree field of business and managerial economics is focused on how to use the concepts and theories of economics to study and solve problems in business.

The set of transferable skills that statistics grads gain throughout their studies is directly related to the field’s focus on the collection, organization, analysis, presentation, and interpretation of data:

• Collecting and presenting information
• Problem solving
• Organizational skills
• General math skills
• Understanding statistical data
• Computational and data-processing skills
• Attention to detail
• Analytical skills
• Investigative and research skills
• Report writing

Banking / Finance / Investment
Financial analysts use statistical techniques to analyze, evaluate, and summarize large amounts of data that are used in identifying financial market trends and making decisions about financing and investing.

Economics
In this sector, economists use mathematical and statistical methodologies to examine financial data and advise businesses on the production and distribution of goods and services.

Education
In the field of education, collecting, classifying, organizing, and summarizing data are all vital to drawing general conclusions. Statistics also play a role in evaluation and measurement; and in the standardization of tests and exams. Educational data gathered help teachers identify appropriate teaching methods based on their students and the differences between them. Statistics are also an important aspect of educational research.

Government
Statistical data is generated by many government sources, because government runs on statistics. Government statisticians analyze information about population, business, and society in general. They are tasked with conducting surveys and social experiments, as well as observation of trends like spending habits and medical records. Their scrutiny and interpretation of specific data provide information on a region’s or country’s population and its needs. Governments use this information to project expenditures and revenue and make budget decisions.

Healthcare
Statisticians employed in the healthcare field monitor local conditions and compare them to state, national, and international trends. Health statistics help administrators to efficiently allocate funds for both research and operations.

Information Technology (IT)
This is a natural fit for individuals with a statistics background because the field of information technology, like the discipline of statistics, is concerned with collecting, managing, processing, and distributing information.