2016 median Pay for Business Analytics / Data Analytics
The median annual wage for mathematicians was $105,810 in May 2016.The median annual wage for statisticians was $80,500 in May 2016.
The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $54,890, and the highest 10 percent earned more than $160,310. The median annual wage for statisticians was $80,500 in May 2016. The lowest 10 percent earned less than $46,500, and the highest 10 percent earned more than $130,090. Deadlines and last-minute requests for data or analysis may require overtime.
Number of Jobs for Business Analytics / Data Analytics
Number of Jobs in 2016 was 40,300
Job Outlook for Business Analytics / Data Analytics
Overall employment of mathematicians and statisticians is projected to grow 33 percent from 2016 to 2026, much faster than the average for all occupations. Businesses will need these workers to analyze the increasing volume of digital and electronic data.
Job description of Business Analytics / Data Analytics
Mathematicians and statisticians analyze data and apply mathematical and statistical techniques to help solve real-world problems in business, engineering, healthcare, or other fields.
Mathematicians and statisticians typically do the following:
- Develop new mathematical rules, theories, and concepts in areas such as algebra and geometry
- Decide what data are needed to answer specific questions or problems
- Apply mathematical theories and techniques to solve practical problems in business, engineering, the sciences, and other fields
- Design surveys, experiments, or opinion polls to collect data
- Develop mathematical or statistical models to analyze data
- Interpret data and report conclusions drawn from their analyses
- Use data analysis to support and improve business decisions
Mathematicians and statisticians apply theories and techniques, such as mathematical or statistical modeling, to solve practical problems. Typically, they work with individuals in other occupations to solve these problems. For example, they may work with chemists, materials scientists, and chemical engineers to analyze the effectiveness of new drugs. Others may work with industrial designers to study the aerodynamic characteristics of new automobiles.
To work on these problems, mathematicians and statisticians must first collect data. Statisticians design surveys, questionnaires, experiments, and opinion polls to collect the data they need. Surveys may be mailed, conducted over the phone, collected online, or gathered through some other means.
Some surveys, such as the U.S. census, include data from nearly everyone. For most surveys and opinion polls, however, statisticians use a sampling method to collect data from some people in a particular group. Statisticians determine the type and size of the sample to be surveyed or polled.
After the data are collected, mathematicians and statisticians use specialized statistical software to analyze data. In their analyses, mathematicians and statisticians identify trends and relationships within the data. They also conduct tests to determine the data’s validity and to account for high survey nonresponse rates or sampling error. Some may help create new software to analyze data more accurately and efficiently.
Mathematicians and statisticians present the findings from their analyses and discuss the data’s limitations in order to prevent inaccurate conclusions from being drawn. They may present written reports, tables, charts, and graphs to other team members and to clients.
Mathematicians and statisticians work in many fields, such as education, marketing, psychology, sports, or any other field that requires the collection and analysis of data. In particular, government, healthcare, and research and development companies employ many statisticians.
Government. Mathematicians and statisticians working in government develop and analyze surveys that collect a variety of data, including unemployment rates, wages, and other estimates pertaining to jobs and workers. Others help to figure out the average level of pesticides in drinking water, the number of endangered species living in a particular area, or the number of people who have a certain disease.
Healthcare. Statisticians known as biostatisticians or biometricians work in pharmaceutical companies, public health agencies, or hospitals. They may design studies to test whether drugs successfully treat diseases or medical conditions. They may also help identify the sources of outbreaks of illnesses in humans and animals.
Research and development. Mathematicians and statisticians design experiments for product testing and development. For instance, they may help design experiments to see how car engines perform when exposed to extreme weather conditions. Some may analyze consumer data to help develop marketing strategies and prices for consumer goods.
Colleges and universities. Mathematicians and statisticians working in a postsecondary education institution may study theoretical or abstract concepts in mathematics or statistics. They identify, research, and resolve unexplained issues in mathematics and are concerned primarily with exploring new mathematical or statistical theories to increase knowledge and understanding about the field.
However, the mathematician occupation is a relatively small one, and many people with a degree in mathematics or who develop mathematical theories and models may not be formally known as mathematicians. Instead, they work in related fields and professions. In the computer systems design and related services industries, for example, they may be known as computer programmers or systems analysts. In finance, they may be known as quantitative analysts. Other industries may refer to them asdata scientists ordata analysts.
Computer and information research scientists, physicists and astronomers, economists, actuaries, operations research analysts, engineers, and many other occupations also use mathematics extensively.
Many people with a Ph.D. in mathematics, particularly theoretical mathematics, work as postsecondary teachers in education institutions. They usually have a mix of teaching and research responsibilities. Some may conduct individual research or collaborate with other professors or mathematicians. Collaborators may work together at the same institution or from different locations.
How to become Business Analytics / Data Analytics
Mathematicians and statisticians typically need at least a master’s degree in mathematics or statistics. However, some positions are available to those with a bachelor’s degree.
In private industry, mathematicians typically need an advanced degree, either a master’s degree or a doctorate. For jobs with the federal government, candidates need at least a bachelor’s degree in mathematics or significant coursework in mathematics.
Most colleges and universities offer a bachelor’s degree in mathematics. Courses usually include calculus, differential equations, and linear and abstract algebra. Many colleges and universities advise or require mathematics students to take courses in a related field, such as computer science, engineering, physics, or statistics. Because mathematicians often work with data analysis software, computer programming courses may be particularly beneficial for students.
Many universities offer master’s and doctoral degrees in theoretical or applied mathematics. Many students who get a doctoral degree work as professors of mathematics in a college or university.
Statisticians typically need a master’s degree but some entry-level positions may accept candidates with a bachelor’s degree.
Most statisticians have degrees in mathematics, economics, computer science, or another quantitative field. A degree in statistics typically includes courses in linear algebra, calculus, experimental design, survey methodology, probability, and statistical theory.
Many colleges and universities advise statistics students to take courses in a related field, such as computer science, engineering, or physics. These courses can help prepare students to work in a variety of industries. Coursework in engineering or physical science, for example, may be useful for mathematicians or statisticians working in manufacturing on quality or productivity improvement. A background in biology, chemistry, or health sciences is useful for work testing pharmaceutical or agricultural products.
Because mathematicians and statisticians often work with data analysis software, computer programming courses may be particularly beneficial for students.
Students who are interested in becoming mathematicians or statisticians should take as many math courses as possible in high school.
Analytical skills. Mathematicians and statisticians use mathematical techniques and models to analyze large amounts of data. They must determine the appropriate software packages and understand computer programming languages to design and develop new techniques and models. They must also be precise and accurate in their analysis.
Communication skills. Mathematicians and statisticians must interact with, and propose solutions to, people who may not have extensive knowledge of mathematics.
Math skills. Mathematicians and statisticians use statistics, calculus, and linear algebra to develop their models and analyses.
Problem-solving skills. Mathematicians and statisticians must devise new solutions to problems encountered by scientists or engineers.
Salaries for other majors in Accounting , Accountancy
|Job Title||What they do||How to become one|
|Project Management||Postsecondary teachers instruct students in a wide variety of academic and technical subjects beyond the high school level. They may also conduct research and publish scholarly papers and books.||Educational requirements vary with the subject taught and the type of educational institution. Typically postsecondary teachers must have a Ph.D. However, a master's degree may be enough for some postsecondary teachers at community colleges. Other postsecondary teachers may need work experience in their field of expertise.EducationPostsecondary teachers who work for 4-year colleges and universities typically need a doctoral degree in their field.|
|Business Administration and Management -MBA||Top executives devise strategies and policies to ensure that an organization meets its goals. They plan, direct, and coordinate operational activities of companies and organizations.||Many top executives have a bachelor’s or master’s degree in business administration or in an area related to their field of work. Top executives in the public sector often have a degree in business administration, public administration, law, or the liberal arts. Top executives of large corporations often have a master’s degree in business administration (MBA).|
|Operations Management and Supervision||Computer and information systems managers, often called information technology (IT) managers or IT project managers, plan, coordinate, and direct computer-related activities in an organization. They help determine the information technology goals of an organization and are responsible for implementing computer systems to meet those goals.||Computer and information systems managers normally must have a bachelor’s degree in a computer- or information science–related field. These degrees include courses in computer programming, software development, and mathematics. Management information systems (MIS) programs usually include business classes as well as computer-related ones.|
|Non-Profit, Public, Organizational Management||Social and community service managers coordinate and supervise social service programs and community organizations. They manage workers who provide social services to the public.||Most social and community service manager jobs require a bachelor’s degree in social work, public or business administration, public health, or a related field. However, some positions also require a master’s degree.|
|Human Resources Management/Personnel Administration||Compensation and benefits managers plan, develop, and oversee programs to compensate employees.||Compensation and benefits managers typically need a bachelor’s degree for most positions. Managers usually need a bachelor’s degree in human resources, business administration, business management, finance, or a related field.|
|Finance and Financial Management Services||Financial managers are responsible for the financial health of an organization. They produce financial reports, direct investment activities, and develop strategies and plans for the long-term financial goals of their organization.||A bachelor's degree in finance, accounting, economics, or business administration is often the minimum education needed for financial managers. However, many employers now seek candidates with a master’s degree, preferably in business administration, finance, accounting, or economics. These academic programs help students develop analytical skills and learn financial analysis methods and software.|
|Management Information Systems||Computer and information systems managers, often called information technology (IT) managers or IT project managers, plan, coordinate, and direct computer-related activities in an organization. They help determine the information technology goals of an organization and are responsible for implementing computer systems to meet those goals.||Computer and information systems managers normally must have a bachelor’s degree in a computer- or information science–related field. These degrees include courses in computer programming, software development, and mathematics. Management information systems (MIS) programs usually include business classes as well as computer-related ones.|
|Marketing Management||Advertising, promotions, and marketing managers plan programs to generate interest in products or services. They work with art directors,sales agents, and financial staff members.||A bachelor’s degree is required for most advertising, promotions, and marketing management positions. For advertising management positions, some employers prefer a bachelor’s degree in advertising or journalism. A relevant course of study might include classes in marketing, consumer behavior, market research, sales, communication methods and technology, visual arts, art history, and photography.|
|Taxation||Accountants and auditors prepare and examine financial records. They ensure that financial records are accurate and that taxes are paid properly and on time. Accountants and auditors assess financial operations and work to help ensure that organizations run efficiently.||Most accountant and auditor positions require at least a bachelor’s degree in accounting or a related field. Some employers prefer to hire applicants who have a master’s degree, either in accounting or in business administration with a concentration in accounting.|
Job Outlook for other majors in Accounting , Accountancy
|Job Title||Number of jobs||Median Salary||Job outlook|
|Project Management||1314400||$75430||Much faster than average|
|Business Administration and Management -MBA||2572000||$103950||As fast as average|
|Operations Management and Supervision||367600||$135800||Faster than average|
|Non-Profit, Public, Organizational Management||147300||$64680||Much faster than average|
|Human Resources Management/Personnel Administration||15800||$116240||As fast as average|
|Finance and Financial Management Services||580400||$121750||Much faster than average|
|Management Information Systems||367600||$135800||Faster than average|
|Marketing Management||249600||$127560||As fast as average|
|Taxation||1397700||$68150||Faster than average|