Statistics: What to do After Graduation?

by Debraj Pal |

What path to choose as a Statistics student after graduation? With statistics being hailed as one of the best (read: most profitable and rewarding) careers in recent times, a student pursuing statistics honors at the Undergraduate level is bound to face a crisis mainly about what to do after graduation- especially with there being so many spheres in which statistics is used and therefore which would be the best option for them according to their interests, passion, imagination and will. Often, students choose their path after graduation without having been exposed to the real-world possibilities and the doors which a statistics degree can open to an individual, even at the mere age of 21.

Here we will be discussing some of the main options after graduation. They are (listed in no order, whether difficulty or popularity):

1. Actuarial Sciences:

Firstly, what do actuaries do? They are experts in assessing the financial impact of tomorrow’s uncertain events by applying mathematical and statistical methods. They enable financial decisions to be made with more confidence by analysing the past, modelling the future, assessing risks and communicating the results in financial terms.

Depending upon the number of exams cleared by an individual, a person is appointed as an Actuary in a company. There are 9 papers in CT (core technical) series, 3 in CA series. After this at stage 3 and 4, 2 and 1 papers need to be cleared respectively. There are several actuarial societies; the most famous among the Indian students are UK society and Indian society (for its membership an actuarial common entrance test -ACET needs to be cleared).

2. Sitting for placements at the end of the 3rd year:

Although most people advise not to take a job after graduation because of the low packages offered, companies do come to campus for placements. The main companies that hire statistics graduates are consulting and data analytics companies like Bain, BCG and ZS Associates. Some companies also look for students who are pursuing actuaries.

One of the most important documents required while sitting for placements is one’s CV (curriculum vitae). You must ensure that you possess a commendable CV by the beginning of your 3rd year. A good CV is one that has a Position of Responsibility (PoR), internships in a field related to the one the applicant has applied for a job in, social work and extra-curricular activities. Companies follow different procedures of selection, mainly including CV shortlisting, an aptitude test, Group discussions and finally the interview. Consulting firms also conduct case study interviews. Learning how to tackle case studies is therefore of prime importance. Many institutes exist which provide training to students on how to tackle placement interviews and case studies.

3. Opting to do masters after graduation:

Pursuing masters in statistics (or mathematics) is one of the more popular choices for statistics graduates. You can either do your masters from IIT (mainly IIT Kanpur and IIT Bombay, for which you would have to give the entrance exam called IIT-JAM, for which one should ideally begin preparing from the middle of the 2nd year), or you could do it a state university, where the marks in your 3 years of graduation matter.

MSc. takes one deeper into the core concepts and MSc statistics has a lot of maths as well. After MSc. one can either go for a job (in areas such as data analysis, market research and in government agencies like Indian Statistical Services (ISS)), or one can pursue a PhD and go into teaching or research.

4. Studying management:

Pursuing an MBA after graduation is also a popular choice. Any graduate from a government recognised university can pursue MBA. After deciding on the type and duration of MBA course, one must get into the top management institutes by taking the MBA entrance exams that are conducted all over the nation. Various national level tests to get into the best business schools are:

> CAT (Common Admission Test): for admission to all IIM’s (Indian Institute of Management) and other institutes.

>And other exams like XAT, CMAT and MH-CET.

5. Sitting for civil service exams:

Statistics graduates can also give civil service exams like UPSC or state civil service exams. In the UPSC exam there are prelims and mains stage papers, and statistics could be one’s optional paper in the mains stage. The right time to start preparing could be as early as possible, but usually people start preparing in their 2nd or 3rd year or after graduation, when they can give their full attention to preparation. In short, the syllabus is considered quite lengthy and includes economics, history, geography, political science, science and environmental ethics. Also, knowledge of current affairs and therefore reading the news regularly is crucial.

Finally, it all depends on you to decide in which domain you would want to apply Statistics. There are numerous options to pursue after BSc. (Statistics) and diligent planning combined with hard work will pay off with fruitful results!