If you are thinking of getting a statistics master’s degree then you are probably wondering whether or not it will be worth it.
This post will show you whether or not it will be worth it for you to get a statistics master’s degree and some other things to consider.
So, is a statistics master’s degree worth it? Getting a statistics master’s degree will help you qualify for a number of highly-rated jobs that a bachelor’s wouldn’t get you. However, it is important to take classes that are relevant to the jobs that you want to be applying for.
There are actually a number of things to consider when deciding on whether or not to get a master’s degree in statistics and there are a number of alternatives that you might want to consider.
Job prospects
The Bureau of Labor Statistics predicts that the demand for statisticians and mathematicians will rise by 33% by 2026. This is mainly due to the surge in data that companies have been receiving in recent years that they need people with statistical skills to make sense of.
According to Payscale, the average salary of someone with a statistics master’s degree is $80,000 based on 1065 survey respondents. This is $12,000 more than the average reported salary for someone with just a bachelor’s degree in statistics (source).
This suggests that getting a master’s degree in statistics will go a long way in improving your job prospects. The reason that the master’s degree seems to pay a lot more is likely to be that many of the highly statistical, well-paying, jobs such as a machine learning engineer require a master’s degree.
Types of jobs that you will qualify for
While a statistics bachelor’s degree can qualify you for a number of well paid and satisfying jobs, a master’s degree in statistics will help you to qualify for a number of even more highly sought after positions.
Jobs that a master’s degree in math can help you qualify for can include:
- Data scientist
- Machine learning engineer
- Quantitative researcher
- Statistics teacher
- Cryptographer
- Statistician
- Mathematical modeler
Something to consider is that the types of jobs that you will qualify for will depend a lot on the types of classes that you take. If you take more classes that are focused on data science/machine learning then naturally you will be better qualified for those job roles.
Different statistics programs will offer different statistics specializations. Before choosing a statistics master’s degree it would help a lot to consider what you want to do with the degree and then to choose a program that offers classes and specializations suitable for that job role.
Additionally, while a master’s degree in statistics can be a very useful degree for employers it would still help to get internships and to do relevant projects for the job while doing the master’s degree.
Types of classes you will be taking
The types of classes that you will be taking will depend a lot on the university and specialization that you choose.
Possible courses that you might take can include stochastic processes, probabilistic learning or statistical modelling.
You can take a look at the Duke statistics website and see their statistics master’s specializations to get an idea of the classes you might be taking here.
Alternative degrees to consider
If you are thinking of getting a statistics master’s degree then there are a number of alternative degrees that you might want to consider which can include:
- Computer science
- Mathematics
- Applied mathematics
- Data science
Should I do a statistics master’s or a data science master’s degree?
The best option for you will depend largely on what you want to do after you get the degree. If you want to get a job in data science then a degree tailored to data science will naturally be a good fit.
With that being said, something to consider is that many statistics master’s degrees offer data science specializations and differ with data science master’s in name only.
If you take a statistics degree that has a machine learning or data science specialization then you will likely find that it will be just as marketable as a data science master’s for data science jobs.
It is important to take classes specific to the job that you want. However, some other factors to consider when deciding on a master’s program will be its job placement rates, what you think of the culture of the program and its cost.
Should I do a statistics or applied mathematics degree?
Depending on the applied math specialization, an applied math master’s degree can be very similar to a statistics master’s degree.
The best one for you will be the one that will put you in the best position upon graduation for the specific jobs that you are hoping to get.
It would be helpful for you to consider the types of jobs that you would like to qualify for and then to consider the best classes, colleges and degrees for that job. It would help to talk to people in that job role and especially hiring managers to see what they advise.
Is a master’s degree much more valuable than a bachelor’s in statistics?
Since most statistics classes require a lot of math in order to do them properly, many statistics classes are only offered at the graduate level.
With that being the case, jobs that require people with statistics knowledge will often require a master’s degree. This means that, while a bachelor’s in statistics is a valuable degree in its own right, a master’s degree will be even more valuable.
Is a statistics master’s degree marketable?
As mentioned above, businesses have had a surge in data becoming available to them in recent years and they need people with statistical skills to make sense of it. With that being the case, a master’s degree in statistics is currently highly marketable and it is projected to continue to be.
Statistics is not an easy master’s degree
Something to consider is that getting a master’s degree in statistics will require a significant time commitment on your part and it won’t be easy. Before deciding to do the master’s degree it would help for you to be sure that it is the right degree for you and that it is really what you want to do.
How difficult the degree will actually be for you will depend on how much math and statistics you have already done or are doing as an undergrad. If you take lots of math and statistics classes as an undergrad and you do well in them then you will be well prepared for a master’s degree in statistics.
