What does a Masters in Applied Statistics involve?

Education is an essential part of our lives, especially when looking at forging a successful career. Without the right qualifications behind you, it will be tough to break into many sectors and almost impossible to progress up the career ladder. That is especially true for people thinking of working in math-driven roles.

You might be considering enrolling for a course that develops all the critical skills needed to work in data science/statistical positions. One of the most popular choices is a Masters in Applied Science – but what does this course involve?

What is a Masters in Applied Science? 

In simple terms, it is a high-level award that equips you with the skills to work in high-demand, high-paying, applied statistics-based roles. It can be especially useful if you plan to work in higher-level positions, where a Master’s award carries more weight with employers. As you would expect, it is a math’s-driven qualification, meaning you must love working with numbers. It is also the next step up in terms of level from a Bachelor’s degree.

The Masters in Applied Statistics course from Michigan Tech University is worth looking at as a real-world example of what this course involves. Its applied statistics program is 100% online and offers world-class, accelerated learning to enable you to graduate faster. It also sets you up to analyze and draw insights from data in a wide variety of professional settings.

What does a Masters in Applied Statistics involve in more detail? 

Now we have a broad definition of what you can expect from this course; it is worth diving into it in more detail. The excellent news for anyone thinking of studying for this award is that it offers a wide-ranging curriculum that explores statistical science, experiment design, data modeling, and how to draw accurate conclusions from data.

In general terms, most Masters in Applied Statistics courses will focus the curriculum on specific areas. Learning about advanced statistical methods is one, and you are taught tested techniques in this field, along with the latest emerging methods.

Real-world problem solving is a big part of this course, and students learn how to analyze real-world datasets. You will also usually be introduced to many important and in-demand industry software/tools (such as Python). Leadership & Communications is also a vital part of this award, and students develop the skills needed to present the outcomes with total confidence.

What specific modules does it involve? 

Higher education in 2022 is essential for building your knowledge in specific areas and setting you up for the future career of your dreams. If you are thinking of studying for an Applied Statistics Master’s, it pays to know the kind of modules you will come across.

All Masters in Applied Statistics courses will naturally be slightly different in terms of the modules they contain and the order in which you complete them. You must research before choosing where to study and find the college/university that offers the course you think will suit you the best.

The type of modules you would usually expect to see on a course like this include:

  • Statistical Methods – this unit introduces students to the design, completion, and review of statistical studies. It also contains an introduction to the preparation of statistical reports and statistical computing.
  • Statistical Inference and Probability – gives an overview of probability laws, counting rules, probabilistic methods, random variables, expectation, and counting rules. This unit may also contain topics such as sampling distributions, hypothesis testing, and interval estimation.
  • Computer Statistics – an in-depth look at computational statistics methods. Subjects can include Monte Carlo integration, permutation tests, practice on standard stat-driven software packages, and simulating random variables from the distribution of probabilities.
  • Mathematical Statistics – this module has students learning about the application and review of stat models for presentation. In this unit, you would learn about data pre-processing, model tuning, and linear/nonlinear regression models.

Why study for a Masters in Applied Science? 

As the above shows, this course of study is perfect for those who like to work with data and is full of interesting topics. It is also an award that sets you up perfectly to work in a wide number of applied statistic-based roles in industry.

This last point is crucial because data professionals/statisticians are becoming highly sought after by businesses in all sectors. The large amount of data modern companies need to collect, review and analyze means opportunities in this recruitment sector are abundant.

To put this into context, it is thought that the employment of statisticians in business is expected to grow by 35% by 2030. When you also add in a median salary of $95,000 for roles in this field, you can see why studying for a Masters in Applied Statistics is so appealing.

What career paths could you take with this award behind you? 

Data engineering is a great example and attracts an average salary of $110,483. This job involves organizing the data in an organization’s systems and building data pipelines. Senior data analyst is another exciting job this award can prepare you for, with an average salary of $99,101. People in this role collect, organize and analyze data before presenting their findings to other departments/senior management for action.

You may also be interested in working as a business data analysis manager after graduation. This position comes with an average salary of $128,600. You will review datasets to pinpoint the latest market trends in business; it would also involve producing intelligence reports for senior management. Your findings then help drive strategic decisions around the company’s plans.

A statistician is another popular role those with a Masters in Applied Statistics can move into. The average salary is around $95,570 and involves applying statistical models to real-world business problems.

Masters in Applied Statistics – all you need to know 

It is always a big decision to decide on the right course of academic study to pursue. As the above shows, a Masters in Applied Statistics is ideal if you want to gain in-demand and high-level skills that equip you to work in various math-driven roles after graduation.

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