When I was a graduate student back in the dark ages, I took an advanced statistics course and then briefly worked in a laboratory where statistical analysis of data derived from animal models of disease (in this case the guinea pig model of tuberculosis) were essential. After leaving that lab, I developed an appreciation for the power of statistics (when appropriately designed according the laws of parametric statistics) and actually used statistical analyses of in vitro data for my PhD thesis. Unlike me, most of my contemporaries never understood statistics and thought that statistics can be used to manipulate data to confirm any hypothesis put forth by an investigator.
Imagine my surprise when I read in today’s NY Times that statistics are one of the hottest new career opportunities in technology and related industries. This is because billions of bytes of data (aka "big data sets")are generated daily and someone (usually a statistician or a person with knowledge of some arcane statistical analyses) is regarded to tease out trends and interpret the data. Companies like Google, Facebook, as wells as marketers, risk analysts, spies and companies that engage in competitive intelligence are desperately seeking new employees who understand applied statistic, analytics and trend analysis.
According to a recent LinkedIn survey, from 2009 to 2011 the number of new jobs with titles related to analytics grew 53%. Unfortunately, there are not enough trained or qualified persons available to fill these positions at most of these companies. Because of workforce shortages, universities like Stanford, Harvard and North Carolina State (NC State) have created graduate programs to train students in statistics and advanced analytics.
Ninety per cent of NC State advanced analytic students (a 10 month program created in 2006) annually found jobs. The average graduate’s starting salary for an entry-level job is $73,000. Stanford and Harvard statistics department graduates head to Google, Wall Street and in many instances bioscience companies and start with salaries of over $100,000.
Not surprisingly, competition for entry to these programs is getting fierce. NC State takes only 40 new students per year in its program (185 applicants last year). Moreover, this year, Stanford received over 800 applications for 60 openings in next’ years class; nearly twice the number of applications that it received three years ago.
Like it or not “big data” and analytics are de rigueur and persons with advanced analytics training may be the new rock stars. That said if you like statistics or love to look for trends in large data sets then a career in analytics may be right for you. Now, you have to figure out where to get the training.
Until next time…
Good Luck and Good Job Hunting!!!!!!!.