Top Three Jobs for Statistics Graduates

Recently finished your statistics degree? Not sure where it can take you?

Career opportunities for statistics graduates are some of the best in the job market right now, so long as you know where to look. Today we’ll be giving a broad overview of three of the highest paying jobs in statistics that you can do with your degree. We’ll also be covering the pros and cons of each as well as opportunities for career advancement.

1. Risk Assessment

Risk assessment is its own entire field of statistics, all based around using mathematical modeling to predict and mitigate risks. The job can be quite programming heavy so it often draws candidates from both a computer science and a statistics background.

As a statistics graduate, you should have the prerequisite knowledge of python and R as well the basics of working with databases. If this is an area you struggle with then you’ll absolutely want to brush up before delving into this field.

In terms of income, risk assessment is a very well paying career. While the entry level in the UK is only around £25K, the job scales quickly and after a few years, senior and director level risk managers are often earning in the low six digits. Of course, not everyone can expect to find a senior role and the average tends to fall between £45K and £90K.

As for the daily work itself, risk assessment is a very practical career choice. The work tends to be predictable and you can expect to work a comfortable 9-5 until you reach more senior/management levels where you may be expected to take on extra responsibilities.

It’s also got pretty great job stability. After all, for many companies, good risk management really is the backbone of their continued success and this isn’t a field that’s likely to chase the next big developments in tech. All in all, it’s slow, steady work with a good paycheck and a decent work/life balance.

2. Investment Analyst

If you want to apply your mathematical modelling skills directly to the market, then one of your best options is to become an investment analyst. This job is all about evaluating financial data, assessing market trends, and building complex quantitative models to help fund managers decide where to allocate capital.

A background in regression analysis and probability modeling translates perfectly here because modern investing relies heavily on identifying patterns in historical price movements and macroeconomics. It is a highly demanding and fast-paced environment where daily work has real financial consequences.

In terms of earnings, the numbers are high. An entry-level investment analyst can expect a base salary starting in the $60-90K range and when you factor in performance based bonuses, total compensation can easily exceed six digits.

And that’s just at entry level. With experience your earnings can rise considerably, making this one of the highest paying jobs for a statistics major.

That said, there is a downside and it’s a big one. Where risk assessment is a fairly stable 9-5, investment analysts are on the opposite end of the spectrum. The hours are all over the place and you’ll have to get used to being available around the clock. It’s not uncommon for working weeks to exceed 90 or even 100 hours although much of that time is often spent waiting for responses on high value deals.

If you go into investment banking, be prepared to make a lot of money in a short amount of time, but to do so by burning to candle at both ends. Many people spend the first five to ten years of their career in investment banking before switching to something a little more stable and a little slower in pace.

3. Data Science

Lastly, let’s talk about one of the most hot-button careers on the planet right now. Data science is a huge field and you can come at it from just about any STEM direction. That said, a statistics major is probably one of the best directions to approach data science from as you’ll have deep information of highly relevant topics.

Generally speaking, a data science role will usually involve cleaning raw datasets, designing predictive algorithms, and using machine learning models to solve complex business problems.

Of course, it’s important to note that this is another programming heavy job – even more so than risk assessment. You’ll need strong programming skills and you’ll likely need to develop further as you’re on the job. This is a field that’s always moving and that’s never been more true than it is now. If you’re someone who loves to learn, then you’re in luck.

The pay for data science careers is excellent with entry-level positions starting around $75-95K and senior roles often capping out at over $200K. The work life balance is also far closer to a standard 9-5 than anything you’ll find in investment analysis.