Business Statistics

Keep reading to learn about studies in business statistics. See what career options include and how you can pursue a degree program to prepare for them. Find out what career and salary prospects are.

Are Studies in Business Statistics for Me?

Career Overview

Studies in business statistics can lead to careers in marketing, financial analysis, operations management and organization administration. Financial analysts work with their clients to assess the earning potential of investments and provide investment strategies. Marketing managers predict product demand and create pricing strategies to reach as many markets as possible. Budget analysts work with an organization to figure out how to use financial resources. You might create, evaluate and revise budget policies as a budget analyst.

You work in an office setting for nearly all jobs that use business statistics. A 40-hour work week is common for many business careers, although some jobs might require overtime during busy seasons or when deadlines are approaching. You may have to travel often for some occupations in business statistics in order to meet with investors, customers and other financial workers.

Employment Information

Overall, job prospects look favorable for people who study business statistics. The U.S. Bureau of Labor Statistics (BLS) reported that from 2012-2022 budget analysts could see a 6% increase in job opportunities, marketing managers could see a 13% increase and financial analysts could experience a 16% increase (www.bls.gov). Although the demand for professionals in business statistics is growing, you may face competition due to fewer available positions than there are workers who want those positions.

Many careers that use business statistics have moderate to high earning potential. In 2012, budget analysts earned a median annual income of $69,280, financial analysts made $76,950 and marketing managers made $119,480, reported the BLS.

How Can I Study Business Statistics?

Undergraduate Education

Degree programs in business statistics can be found at the bachelor's, master's and doctoral levels. Financial analysts, marketing managers and budget analysts need at least a bachelor's degree for most entry-level positions.

Some schools may offer a business statistics emphasis in a general 4-year statistics program. This program of study gives you course options in research data management, statistical consulting and environmental statistics. A bachelor's degree program in business also contains courses useful for students interested in business statistics and can prepare you for graduate school.

Graduate Education and Certification

Some employers may only hire applicants who have master's degree and a professional certification. There are certification options for many occupations that use business statistics, so it can be beneficial for you to check out which designations are designed for the career you want to pursue. A master's program in applied statistics can lead to advancement opportunities in areas such as market research, financial planning and project management. If you wish to obtain a doctoral degree, some schools offer a Ph.D. in Business Statistics. After you complete some foundation courses in statistics and economics, you can take courses in business forecasting, regression analysis and multivariate analysis. A dissertation or research project is typically required in a statistics doctoral degree program.

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