Highest Paying Jobs For Statistics Majors! (Top 10 Jobs)
TLDRIn this video, Calvin Rabb discusses the top 10 highest paying jobs for statistics majors, emphasizing that while salary is important, passion and interest should also guide career choices. He covers roles from logisticians to machine learning engineers, highlighting the diverse applications of statistical knowledge in various industries and the potential for growth and high earnings in these fields.
Takeaways
- 🎓 A statistics major opens up opportunities for a variety of high-paying jobs, preparing graduates for the future job market.
- 📈 The top 10 list starts with the lowest paying job and ends with the highest, emphasizing the importance of not just focusing on salary.
- 📦 Logistics is the field for those interested in supply chain management, with logisticians earning over $74,000 per year on average.
- 💹 Investment analysts, who advise on company investments, earn around $76,000 per year and work with various types of assets including stocks and real estate.
- 🔍 Research analysts, specializing in stock analysis, earn over $85,000 per year and their work often influences investment decisions.
- 💼 Financial analysts, who interpret a company's finances, earn over $85,000 per year and are crucial for budgeting and cash flow management.
- 📊 Actuaries, with a base salary of over $91,000, deal with risk statistics and are commonly employed by insurance companies.
- 👨💻 Software engineers apply engineering and programming knowledge to create software products, earning just over $92,000 per year.
- 🌐 Computational scientists, earning over $99,000 per year, create complex mathematical models to solve scientific problems, often requiring supercomputers.
- 📈 Quantitative analysts, or 'quants', specialize in mathematical and statistical models for financial risk analysis, making just under $107,000 per year.
- 🔍 Data scientists, at the top of the list with over $113,000 per year, interpret complex data to aid decision-making within companies.
- 🤖 Machine learning engineers, with a base average salary of just over $114,000, develop and design machine learning and deep learning systems, seen as the future of AI and automation.
Q & A
What is the main topic of the video?
-The main topic of the video is the top 10 highest paying jobs for statistics majors.
Why does the speaker encourage viewers not to skip to the number one job on the list?
-The speaker encourages viewers not to skip to the number one job because salary isn't the most important thing, and they might find something that piques their interest along the way.
What is the role of a logistician?
-A logistician is in charge of a company's supply chain, which involves managing how products move from suppliers to customers in the most efficient way possible.
What does an investment analyst do?
-An investment analyst works for a company and decides how the company should invest its money, looking at different investments and trying to decide the best course of action.
What is the main responsibility of a research analyst?
-A research analyst is responsible for researching stocks and other investment-related matters, analyzing a company's fundamentals, and making recommendations on whether to buy, sell, or hold stocks.
What does a financial analyst do?
-A financial analyst is in charge of making sense of a company's finances, looking at cash flow, and making decisions based on financial data.
What is the role of an actuary?
-An actuary deals with the statistics of risk, determining the chances of certain events happening and the financial fallout if they do, typically working for insurance companies.
What is the main task of a software engineer?
-A software engineer combines knowledge of engineering and programming to create helpful software products and applications for consumers or businesses.
What does a computational scientist do?
-A computational scientist creates complex mathematical models to solve scientific problems, often requiring powerful computers to run these models.
What is the job of a quantitative analyst?
-A quantitative analyst specializes in mathematical and statistical models to analyze financial risk and make investment decisions.
What is the highest paying job on the list for stats majors?
-The highest paying job on the list is a machine learning engineer, who develops, creates, and designs machine learning and deep learning systems.
Outlines
📈 Introduction to High Paying Jobs for Stats Majors
Calvin Rabb introduces the video by addressing statistics majors and economics majors, highlighting the similarities in their undergraduate courses. He emphasizes the importance of statistics in preparing for the future job market and outlines his intention to discuss the top 10 highest paying jobs for statistics majors. Calvin advises viewers not to skip to the highest paying job immediately, as salary isn't the most important factor and interest might be piqued along the way. He then begins the list with the lowest paying job, which will gradually lead up to the highest.
💰 Logistician and Investment Analyst Roles
The video continues with Calvin discussing the role of a logistician, who manages a company's supply chain and is responsible for the efficient movement of products from suppliers to customers. This role involves significant statistical analysis and can earn a base average salary of over $74,000 per year. Calvin then describes the job of an investment analyst, who advises companies on investment strategies, including stocks, bonds, and other assets. This position typically pays just under $76,000 per year and requires a deep understanding of financial markets and company goals.
📊 Research Analyst and Financial Analyst Careers
Calvin explains the role of a research analyst, who investigates stocks and companies, analyzing fundamentals, R&D, and future projections to provide investment recommendations. This position has a base average salary of over $85,000 per year. He then moves on to describe the financial analyst role, which involves understanding and managing a company's finances, including cash flow and budgeting. Financial analysts are crucial for companies and can expect to earn over $85,000 per year.
🔢 Actuaries, Software Engineers, and Computational Scientists
Calvin details the role of an actuary, who deals with risk statistics and is often employed by insurance companies to calculate potential financial outcomes of various events. Actuaries earn over $91,000 per year on average. He then discusses software engineers, who combine engineering and programming to create software products, earning just over $92,000 per year. Calvin also introduces computational scientists, who develop complex mathematical models to solve scientific problems, typically using supercomputers, and earn over $99,000 per year.
📈 Quantitative Analysts, Data Scientists, and Machine Learning Engineers
The video concludes with Calvin discussing the roles of quantitative analysts, or 'quants,' who specialize in mathematical and statistical models to analyze financial risk, earning just under $107,000 per year. He then talks about data scientists, who make sense of vast amounts of data, combining software engineering and data science to aid decision-making, with a base average salary of just over $113,000 per year. Finally, Calvin highlights machine learning engineers, who develop AI systems and are seen as the future of automation, earning just over $114,000 per year. He encourages viewers to comment with their thoughts and experiences, wrapping up the list of top 10 highest paying jobs for stats majors.
Mindmap
Keywords
💡Statistics Majors
💡Logistician
💡Investment Analyst
💡Research Analyst
💡Financial Analyst
💡Actuary
💡Software Engineer
💡Computational Scientist
💡Quantitative Analyst
💡Data Scientist
💡Machine Learning Engineer
Highlights
Statistics majors are well-prepared for high-demand jobs in the future job market.
Logisticians, managing supply chain efficiency, earn over $74,000 per year.
Investment analysts, who advise on company investments, make around $76,000 annually.
Research analysts, who delve into stocks and investments, earn over $85,000 as a base salary.
Financial analysts, responsible for understanding a company's finances, make over $85,000 yearly.
Actuaries, dealing with risk statistics, earn more than $91,000 per year on average.
Software engineers, combining programming and engineering, make just over $92,000 annually.
Computational scientists, creating complex mathematical models, earn over $99,000 per year.
Quantitative analysts, or 'quants', specialize in financial risk and investment models, making just under $107,000.
Data scientists, who interpret vast amounts of data, earn just over $113,000 as a base salary.
Machine learning engineers, developing AI systems, are paid just over $114,000 on average.
Salary is not the only factor to consider when choosing a career; interest and job satisfaction are also important.
The job market for statistics majors is diverse, ranging from finance to technology and insurance.
A strong foundation in statistics can lead to careers that require analytical and problem-solving skills.
Many high-paying jobs for statistics majors involve the use of programming languages like Python and R.
The field of machine learning is considered the future of AI and automation, offering promising career prospects.
Data scientists play a crucial role in making sense of complex data, aiding decision-making within companies.
Actuaries are essential in the insurance industry, calculating risks and determining pricing strategies.
Logisticians ensure products are delivered to customers efficiently, impacting a company's bottom line.
Transcripts
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