Online MBA Program in Statistics
Students who earn an online MBA in statistics graduate with the necessary skills to analyze data, in particular, corporate and economic data generated throughout the business world.
Using statistical data to forecast trends is a challenge faced by many business owners and managers. Despite the importance of using statistical data to create business plans, the ability to skillfully analyze numbers such as sales, quality assurance metrics, and customer satisfaction ratings is a specialty that’s hard to come by. Graduates of online MBA programs that specialize in statistics have the unique ability to use this data effectively to help businesses and governments make accurate predictions and create successful business and economic plans.
After obtaining an online MBA in statistics, graduates can find employment in various jobs and industries, including government, health care, insurance, and research and development.
What is an Online MBA in Statistics?
Online MBAs in statistics prepare students for numbers-focused careers in government and private business. Students who enroll in these programs learn the skills they need to analyze statistical data and use numbers to predict change effectively. Students who receive an accredited online MBA in statistics graduate with the necessary tools to meet common workplace challenges and possess great insight into economic futures and planning. In addition to excellent analytical skills, graduates of online MBA programs in statistics typically possess the advanced mathematical ability and the knowledge required to move to upper-level management roles during their careers.
Students who are considering obtaining an online MBA with a concentration in statistics may compare the benefits of applying to an MBA program instead of a master’s degree program. These students need to keep in mind that while both education levels include masters-level statistics courses, an MBA program provides students with a broader knowledge of business operations and prepares them to take on top-level management positions throughout their careers.
It’s crucial for anyone who wishes to apply to any online MBA program to consider whether or not online education is a good fit for their lifestyle. While the benefits of studying online are extensive, it’s not always a good fit for students who prefer individualized attention from instructors or the strict study schedule that accompanies traditional classroom study.
Online MBA in Statistics Curriculum
Online MBA programs in statistics prepare students for high-level careers with various courses that focus on mathematics and statistics and general business management courses such as accounting, marketing, human resources, and business law. By covering a broad range of statistics-related courses and business topics, graduates can easily transition into managerial roles during their careers.
Program requirements and course titles vary depending on the institution, but most online MBA programs in statistics include some variation of the following courses:
- Theory of Probability: Students learn a variety of mathematical principles, including Levy processes, Brownian motion, infinitely divisible laws, and central limit phenomena. Additionally, students learn how to apply these principles to statistical data to make accurate predictions.
- Linear Modelling and Matrix Algebra: This class teaches students to use matrix algebra to analyze high-dimensional data and represent linear models. Students are provided with some software engineering and parallel computing instruction.
- Statistical Learning: This course focuses on classification and regression techniques, including linear and polynomial regression, model selection, and ridge and lasso methods. Students are introduced to the theories behind these and other mathematical methods.
- Computational Statistics: Students in this course are introduced to several methods for using technology to optimize statistical analysis. The course focuses on topics that include bootstrap methods, Monte Carlo methods, and random number generation.
Throughout the US, most online MBA programs in statistics require students to have a bachelor’s degree in a field related to mathematics or statistics before they apply. Additionally, students are typically required to have at least one year of work experience in a similar field. Although many schools require applicants to have high GMAT scores, it’s becoming commonplace for online MBA programs to waive the GMAT requirement2 to attract more students.
What Unique Career Paths Can I Pursue an MBA Specializing in Statistics?
Students who graduate with an online MBA in statistics can choose from a wide array of career options. Jobs in government, finance, manufacturing, and product development are just a few of the paths they can choose. With an online MBA, the sky is often the limit when it comes to advancement opportunities.
The list that follows outlines just some of the career options that are possible for those who’ve obtained an online MBA with a concentration in statistics.
Statisticians3 typically work in the federal government or for private research companies. Their job is to analyze data and use statistical and mathematical techniques to make accurate predictions and provide solutions for problems in business, health care, and science. Typically, day-to-day duties might include:
- Spending long periods of time analyzing numbers and inputting data into computers
- Congregating with a team of peers, including engineers, scientists, mathematicians, and other statisticians, to solve problems
- Preparing reports and other paperwork
According to the Bureau of Labor Statistics4, statisticians earned an average of $87,780 annually as of May 2018. This position’s job availability is expected to grow 33% by 2026, which is above average, thanks to statisticians’ need to analyze increasing digital and electronic data levels.
Senior Financial Analyst
Financial analysts5 are required to analyze economic trends and predict change to help their clients choose how to best invest their savings. They may work with businesses or individuals. Financial analysts in a senior role are also typically responsible for managing large accounts and supervising a team of analysts. Day-to-day duties usually consist of:
- Presenting and explaining investment opportunities to clients
- Holding large amounts of cash in trust for clients and making investments on their behalf
- Keeping up to date with changes in the market and analyzing trends to determine the best course of action when it comes to investment opportunities
- Preparing reports and providing clients with written statements
While those in a senior role can usually expect to earn a higher salary, financial analysts earned an average income of $85,660 per year as of May 2018. Job availability for this role is expected to grow 11% by the year 2026.
Operations Research Analyst
Operations research analysts6, who are often called data analysts, work with statistical data and use analytical methods to search for problems within an organization. They’re required to use their interpretive skills to predict change and recommend solutions to help the businesses they work for increase efficiency and combat potential issues. Day-to-day duties usually include:
- Obtaining and analyzing statistical data
- Preparing reports and other paperwork to present to upper management
- Meeting with managers to recommend solutions
As of May 2018, operations research analysts earned an average income of $83,990 per year. Job availability for this role is expected to increase by 27% by the year 2026.
Marketing managers7 plan and direct marketing campaigns. They are sometimes directly employed by companies; other times, marketing managers may be responsible for directing marketing initiatives on behalf of an advertising firm that works with various companies. Marketing managers often use statistical data to determine a brand’s image or the success of a specific product and use that information to formulate appropriate advertising campaigns. Day-to-day duties include:
- Analyzing past and current sales trends to determine the brand image, sales, customer satisfaction, and demand
- Researching the advertising campaign and products of direct competitors
- Determining the best target audience and pricing to maximize sales
As of May 2018, marketing managers earned an average of $147,249 annually. Job availability for this role is expected to grow by 10% by 2026, above average.
Market Research Analyst
Market research analysts8 are responsible for gathering information about market conditions and analyzing data to predict the potential sales of a specific product or service. They help businesses to understand the products and services that people want and determine their target audience and price. Typical day-to-day duties might include:
- Gathering market research and statistical data about customer satisfaction, consumer need, demand, and pricing
- Creating consumer surveys and analyzing results
- Preparing reports and other paperwork
- Making appropriate recommendations to managers or clients
The average market research analyst made an average wage of $63,120 per year as of May 2018. Job availability for this position is much higher than average and is expected to increase by 23% by 2026.
Insurance Claims Examiner
Claims examiners9 analyze insurance claims and help to determine if insurance companies are responsible for paying them. They work with a variety of statistics and numbers regarding vehicle safety ratings, weather conditions, health history, and driver history, depending on the type of claim. Claims examiners are also responsible for detecting insurance fraud. Typical day-to-day duties include:
- Reviewing insurance claims thoroughly to detect fraud or other misleading information
- Investigating suspicious information
- Analyzing statistical data pertaining to the claim
- Preparing reports to present to managers
Claims examiners earned an average wage of $65,900 as of May 2018. Little to no change in job availability is expected in this position between now and 2026.
Should I Get an Online MBA in Statistics?
Students looking into an MBA in statistics online may want to consider the following considerations to ensure this program is the right one.
Online MBA in Statistics vs. an Online MBA in Data Science
Although data science is a statistics-based field of study, it’s primarily focused on computing and using algorithms to interpret data. On the other hand, statistics students study the mathematical theories and methods used to analyze data. Unlike data science, statistics courses don’t offer much technical knowledge.
Are you comfortable with advanced mathematical techniques, including calculus and algebra?
Statistics is a highly mathematical field of study. Most students applying to an online MBA program with a concentration in statistics have advanced mathematics, calculus, and algebra knowledge.
Are you hoping to obtain a promotion with your current employer or apply for a managerial position within your current field?
Completing an accredited MBA program in statistics online is a great way to advance your numbers-focused career. If you’re interested in applying for an in-house promotion or looking for managerial jobs with another employer, an online MBA is a great way to set your career on the right course. Graduates complete these programs with an enhanced knowledge of statistics and mathematical theory and the skills they need to succeed in high-level management positions.
Do you already have a bachelor’s degree and work experience in a related field?
Most online MBA programs require a bachelor’s degree and at least one year of work experience as a prerequisite, but even for those that don’t, it’s a good idea to enter the program with a working knowledge of the field. Prior education and work experience will ensure your success in any online MBA program and help you determine whether this is the right field for you to pursue as a long-term career.
Are your time management skills good enough to pursue online study?
Obtaining an MBA is a challenging task under any circumstances, but the challenge can be exceptional for students pursuing their MBA online. Online study requires a student to have incredible time management skills and focus on meeting deadlines and completing the program in the allotted time.
Frequently Asked Questions
How do I know if the MBA program I’m applying to is accredited?
When comparing online MBA programs, it’s important to keep in mind that not all online universities are accredited. Before completing an application, make you’re applying to an accredited online MBA program in statistics by searching for the school online at the United States Department of Education’s database of accredited programs10.
How long does it take to finish an online MBA program?
Online MBA programs often vary in the amount of time they allow students to complete the coursework, but the average length is two years. Students who prefer to obtain their MBA quickly can apply to fast-track online MBA programs, which are typically between six and eight weeks long.
Is it better to apply for a classroom-based MBA program?
More than anything, the answer to this depends on the student and their particular learning style. For some, online study is a perfectly reasonable way to obtain an MBA, while others require the structure that comes with classroom study.
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Online MBA Statistics