How can you broaden your career opportunities in statistics in India?

Every five years, we celebrate World Statistics Day, honouring the fundamental importance of statistics in the growth and development of countries across the globe. After all, a statistician holds a magnitude of power and necessity in today's time. Think of them as a fortune teller, but instead of a mystical globe they rely on data and numbers to predict the future. The career opportunities in statistics are endless, but many of us are only aware of traditional roles. Keep reading to find out the magic of statistics! 

Let’s be honest, having the ability to predict and analyse the future is super cool! No wonder, the United Nations celebrates 20th October as World Statistics Day. It is recognised on years divisible by 5 (like 2020), with a special theme every five years. This year’s theme is “Better Lives, Better Data”, calling for career opportunities in statistics to be recognised and utilised by the youth of our nation. 

Top colleges in India for statistics

In order to expand your career opportunities in statistics, the first thing you need to do is pursue a degree in the subject itself. There are several eminent colleges across India which provide a B.Sc. and B.A. in Statistics. They are as followed:

1. Indian Statistical Institute 

Indian Statistical Institute (ISI) is a public research university which is recognized as an institute of national importance under the 1959 act of the Indian parliament. It grew out of the Statistical Laboratory set up by eminent Indian scientist and statistician, Prasanta Chandra Mahalanobis in Presidency College, Kolkata. Established in 1931, this university of India is one of the oldest and most prestigious institutions focused on statistics, and has centres in Bangalore, Delhi, and Chennai. Its legacy makes it one of the best colleges to explore career opportunities in statistics in India. 

2. Delhi University

Delhi University is home to some of the most renowned colleges like Ramjas College, Hansraj College, St. Stephens College, Lady Shri Ram College, and more which provide a B.Sc. in Statistics. Another added benefit is the placements which it provides its students with, allowing them to discover career opportunities in statistics. 

3. Loyola College, Chennai

Established in 1925 and granted the status of autonomy in 1978, the college offers UG, PG and Doctoral courses in fields of Arts, Science and Commerce, making it one of the best campuses in Southern India. With an impressive faculty and placement process, Loyola College is one of the best colleges to explore career opportunities in statistics. 

4. St. Xavier’s College, Mumbai

With an enthusiastic Stats Society, state-of-the-art statistics lab, and an impressive alumni, St. Xavier’s College in Mumbai is a wonderful place to explore your career opportunities in statistics. It also conducts several guest lectures, workshops, and seminars to hone the skills of India’s future statisticians. 

5. Christ University, Bangalore

The University is recognised for its comprehensive undergraduate, postgraduate, and doctoral programs in the field of statistics. With special emphasis on applied statistics, Christ University should definitely be considered if you are looking for career opportunities in statistics. 

6. Indian Institute of Technology 

IITs situated in Kanpur, Bombay, and Madras have some of the best departments when it comes to boosting career opportunities in statistics. The IIT name has a class of its own, making a degree in statistics from such an institute much more valuable. IIT Kanpur and Delhi also provide online courses in Applied Multivariate Analysis and Stochastic Processes respectively. 

Other colleges which should be recognised include The Oxford College of Science (Bangalore), Presidency College (Kolkata), and Fergusson College (Pune). 

Career opportunities in India for statistics

After completing your education in the vast subject, there are several career opportunities in statistics lined up for you. A few of them are mentioned below:

1. Statistician 

Becoming a statistician is amongst the mainstream choices of career opportunities in statistics. It is a broad term for a professional involved in the field of either theoretical or applied statistics. As a statistician, you can work in the private industry, to maybe improve a supply chain or help a manufacturing company reach certain operational standards. You can also work in the public sector, which includes government surveys of all kinds. 

2. Market researcher

The market research industry is one of the most dynamic and fast-growing fields to work in, especially in a country like India. It is one of the career opportunities in statistics which makes you utilize both qualitative and quantitative skills. As a market researcher, you are responsible for collecting and analyzing data information to make informed political, social and economic decisions. 

3. Actuarial analyst 

Actuaries handle financial risk management for individuals, businesses and government organizations. A popular choice among career opportunities in statistics, you will be examining financial costs, assessing risk levels and recommending courses of action. Your background in statistics will come handy to collect data, review trends and use business models to forecast future events.

4. Data scientist 

Organisations are increasingly using and collecting larger amounts of data during their everyday operations. You will be using your background in statistics to interpret this data, and create data sets, establish variables, develop models and identify patterns and trends. Since data scientists are in demand, it is one of the most profitable career opportunities in statistics. 

5. Financial risk analyst

This job profile is one of the highly specialised career opportunities in statistics. Financial risk analysts identify and analyse the areas of potential risk threatening the assets, earning capacity or success of organisations in the industrial, commercial or public sector. As a financial risk analyst, you'll be responsible for predicting change and future trends, as well as forecasting cost to the organisation.

6. Cost estimator 

Amongst the lesser known career opportunities in statistics lies the job profile of a cost estimator. Cost Estimators gather and analyze data to estimate the amount of money, time, materials, and labor required to complete a construction project, provide a service or manufacture a product. Their job is to provide realistic estimates to ensure a project is completed on time and within budget.

7. Investment analyst

Investment analysts collect information, perform research and analyze assets, such as stocks, bonds, currencies and commodities. It is regarded amongst the flexible career opportunities in statistics. Some analysts work for investment management companies, providing information to in-house fund managers; some analysts work for stockbrokers and investment banks, where their research is needed by portfolio managers or by clients who make their own investment decisions.

8. Database Administrator 

Database administrators work with technology, using specialized types of software to store and organize a company's data. This could include a variety of information, from confidential financial numbers, to payroll data, to customer shipping records. They make sure that data is available to users, and that it's kept secure from unauthorized access or accidental loss or corruption, making them one of the most important career opportunities in statistics. Most database administrators have high-level knowledge of languages like Structured Query Language (SQL) to do their jobs effectively.

So, what are you waiting for? Kicksta(r)t your life with numerous career opportunities in statistics. Make an impact today, because after all better data means better lives. 

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