Statistics and Data Science have become the new mines leading to success and showing off multiple lucrative opportunities. These streams have gotten the attention they deserve as the companies today face challenges in organizing pools of data and getting accustomed to the online mode.
The return on investment on these streams is more significant than most fields, which is one of the primary reasons students pursue these courses. Another reason is that there are a plethora of job opportunities awaiting young minds after pursuing these courses. These jobs exist in almost every industry, be it IT, healthcare, cosmetics, etc. Let us take a glance at the abundant and eye-catching opportunities available in the fields of Statistics and Data Science.
1. Data Scientist
There is a requirement for a pool of data in each company. This data needs to be gathered, analyzed, processed and modeled to interpret results that ultimately become the base of the plans for the company’s growth or strategies. Such treatment of data is done by none other than Data Scientists. They are experts in analytics and use their industry knowledge and skills to build models and come to conclusions. They are also responsible for communicating these conclusions to the respective parties using visualizations and graphics. Today, there is a growing demand for data scientists all over the world. The average pay for a Data Scientist is Rs. 11,00,000 per year (as of 20 July 2021).
2. Statistics Tutor
Since it is a known fact that studying statistics will likely lead to a lucrative career ahead, an increasing number of students will opt for it. These students also need proper guidance and knowledge, especially from someone who has studied Statistics themselves. Thus, being a statistics tutor is a booming occupation to take up.
With the onset of the online mode, it becomes easier to initiate this career without much infrastructure or capital. TutorOcean is a platform that allows students to learn statistics from an array of tutors available. It also provides opportunities for part-time tutor jobs or even building a full-fledged tutoring business. The demand for statistics tutors is unending, and the supply is relatively more minor, thus, making this job a worthwhile and gratifying career.
3. Information Officer
Information Officers, often said to be librarians, are responsible for identifying and procuring relevant information crucial to a company/organization and maintaining, safe-keeping, and sorting this information in complex or recorded forms. They are also answerable for queries related to the data from within or outside the organization.
Today, information officers need information in organizations- blue chip, or Government, or IT, etc. After pursuing under-graduation in relevant courses such as Statistics and Data Analysis, one can take up a training course by organizations such as CILIP and Association for Information Management. The average salary of an information officer in India is Rs. 6,00,000 Per Annum.
Statisticians have been the backbone of the research and education industry for years. In this business-focused world today, Statisticians have come to a new light. They use statistical methods to gather, analyze and interpret data and find solutions to several real-life problems.
A Statistician requires strong command over mathematics, excellent computer skills, relevant industry knowledge, the ability to convey conclusions to non-statisticians, critical thinking, and problem-solving skills. According to a study, the demand for statisticians will grow around 33% between 2016 and 2026. The average salary for a statistician in India is around Rs. 5-6 Lakhs Per Annum (as of 18 June 2021).
5. Data Analyst
Similar to that of a data scientist, the role of a data analyst entails the identification of data, collection of data, cleansing of the data to prepare it, analysis of data, and finally, interpreting the analysis. The critical difference between a data analyst and a data scientist is that a data scientist is expected to generate questions and problems independently and answer them. At the same time, the former has to answer a given set of questions.
This job’s high demand is evident because it was listed #2 in the growing jobs in the United States by the World Economic Forum. Due to expansion in technology and removal of boundaries between geographies, almost every industry has to deal with extensive data. Thus, the demand for data analysts exists in several sectors such as market research, business, technology, Government, etc. The national average salary for a data analyst is almost Rs. 7,00,000 Per Annum in India, more here.
6. Business Intelligence Developer
Are you interested in technology, as well as possess a background in Statistics and Data Analysis? Look no further because Business Intelligence (BI) Developer is the way to be. A Business Intelligence Developer collaborates with end customers to create reporting systems that deliver easy-to-understand data for making crucial decisions. Through analysis, research, reports, and data visualization, the BI Developer uses warehouse data to solve organizational challenges.
Every business has data from both- external and internal sources such as surveys, capital budgeting, and reports. A BI developer uses software tools to interpret this data and find results. Their skills allow projection of risks, threats, growth opportunities and also help to enhance productivity across the organization. A seasoned BI developer in India earns around 9 Lakhs Per Annum.
7. Data Architect
A data architect is like the housebuilder, upon whom the company’s entire future and its prospects depend. A data architect must visualize the framework and create the company’s blueprint to meet its needs.
As we saw earlier, most jobs, such as data analyst and scientist, interpret data. A data architect standardizes how the organizations collect, organize, process, maintain and interpret the data. They define the data vision, provide standards for different kinds of data, structure, and manage how the data flows. A mid-career data architect earns a whopping average salary of Rs. 14,00,000 Per Annum in India.
According to a report by Business-Higher Education Forum and PwC, “Nearly 70% of business leaders in the United States will prefer job applicants with data skills in the future”. Thus, it is vital to be informed and equipped with the necessary skills for the employment opportunities shaping the future and their projected demands in the future. So, one should not worry about not finding relevant employment as there are many job options to choose from based on the skills, and of course, the interest of the person concerned.