Advanced statistics skills are essential for work in data science, machine learning, and artificial intelligence (AI), as statistical approaches are at the heart of the learning algorithms that make these applications possible. An understanding of statistics is likewise important for professionals in finance, healthcare, and other industries that are increasingly making use of machine learning and AI, as they increasingly need to work closely with data scientists to ensure that these powerful techniques are developed to solve the right business problems.
Those wishing to delve deeper into advanced statistical methods and help develop new mathematical approaches in the field may pursue a master’s or even a PhD in statistics. These experts work in academia, government, or at private sector companies involved in scientific or engineering research. According to the Bureau of Labor Statistics, professional statisticians earn a median annual salary of $91,160, and this specialized career path is expected to be in high demand due to expanding opportunities to use statistics to navigate our data-rich world.