Financial Services Area of Work
Statistics
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Serve customers and help them meet their daily financial needs.
Required skills
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discipline that encompasses the collection, analysis and interpretation of quantitative data by using scientific methods to design data collection methods, statisticians can determine the best way to process the information collected and decide how to best interpret it. Statisticians are also able to use data to make forecasts and provide projected figures about any given project, investment prospect, or business. It’s a researchbased role that has broad applications in various industries such as market research, government departments, hospitals, newspapers, development and finance, among others.
Finance Career Guide 2023
General overview As this is an immensely difficult area to get into – candidates need to be highly qualified to become statisticians – doctoral studies may be needed for career progression. On the other hand, keep in mind that while master degrees in computer science, statistics and maths are typically needed to enter, they may not be a requirement, depending on the sector. Successful applicants will likely have to go through graduate rotation programmes in order to understand the company’s business before settling into the position with a mentor to provide guidance. Onthejob training generally lasts between six months to a year. With work mostly revolving around analysing and interpreting data, as well as supervising and managing others in the collection of data, career progression will more likely than not solely hinge on performance.
Besides an eye for detail and good IT, numerical and analytical skills, great written and verbal communication skills are needed; the task of explaining complex data in layman terms in board meetings or even conferences often falls to statisticians. They also need to understand how the data they’ve generated is used by clients or organisations, and then present the information in the most appropriate way for each application. For instance, a statistician may choose to present a simple infographic to a client, and submit a detailed report within their organisation.
Pros and cons On top of high remuneration, work done has valuable contributions to important, life-changing industries, such as collecting and analysing crucial data for government agencies to improve public services. Just about every industry also requires statistics and data of some kind, and there are plenty of employment opportunities in both the private and government sector. This translates to flexibility in switching to a different sector, and having plenty of room for growth. However, on the other side of the coin, it can be incredibly hard to enter this field due to the high level of skills and knowledge needed.
