A statistician’s salary is directly related to the amount of education and experience the worker has. Other factors that can affect the salary of a statistician include the industry the candidate chooses for employment and the type of work secured, such as with public or private entities. In addition, location can affect the amount a professional working in statistics can expect to earn.
The field of statistics involves the use of mathematics to collect, analyze, and present a wide range of data and findings. Employees in the field typically work in a variety of areas, including science, medicine, and sports. Statisticians develop surveys and interpret the results of various studies to help companies and government agencies reach a determination on everything from meeting consumer needs to guaranteeing pharmaceutical safety.
As in any profession, the amount of education is generally attached to the amount of compensation received. The same holds true for a statistician’s salary. Those in the field holding a bachelor’s degree may qualify for entry-level work, which comes with an entry-level salary. On the other hand, an individual with a master’s degree or doctorate can expect to earn a higher salary as compared to others in the field.
Experience above and beyond that gained while seeking an education can also affect a statistician’s salary. For instance, an individual with a degree in statistics and real-world experience in the field should garner a higher salary than someone without experience. One example is an individual working in finance who seeks out additional education to earn a statistics degree for a promotion, or to open the door for additional employment opportunities.
Beyond the basics related to education and experience, a statistician’s salary can be affected by the industry chosen for employment. Those working in industries like banking and scientific research tend to earn more than those working for insurance carriers and universities. In addition, salary level can be impacted by whether an employee works for a public corporation or government agency. Government agencies tend to pay less than private sector employers, though the additional benefits and job security attached to government employment should be taken into account.
Location is another factor that can affect a statistician’s salary. Employees may find that employers located in urban centers with a high concentration of industries that call on the skills of statisticians will pay a higher wage. Of course, other factors can impact the relative wage received, such as cost of living and accessibility of public transportation.