Online Statistics Degree

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Online Statistics Degree

An online statistics degree melds math with modern analytics and trend spotting skills. As statisticians tell stories with data, these skills are in demand. If you need a flexible way to study, online schools offer these degrees at all levels.

An online statistics degree studies the math and science of making decisions based on data. It explores the tools that are used to collect, organize, analyze, and present data for many types of industries. Then touches on how to use these models to spot trends, solve problems and make forecasts. The methods used in this field are made to deal with the common questions found in business. Grads must gain strong skills in being able to communicate in order to explain their findings to people that don’t have experience in this field.

There are online statistics degrees at all levels. Bachelors, Masters and PhD. A bachelor’s degree often is an entry point for roles in gov’t. While master’s and PhD programs are for those that want a more formal role. Some programs are for those in pursuit of a career as a statistician. These will often focus on math stats. As such, they place more weight on theory and probability. You will often spend time learning models and about chance.

Other programs focus on applied statistics. These may be a great fit for numbers people who have a side interest in other areas. Like finance or business. Applied stats bridge the gap between tools and their use. There are also online degree programs for those who want to study big data from the inside out. These newer degrees are in data science. They cover math, stats and computing.

Bachelor’s Degree in Statistics

Bachelor’s programs in this field usually award a Bachelor of Science (BS) degree. Some programs award the BS in Data Science, Math or Applied Math instead. Such programs may give you the knowledge that you need to pursue an analyst role. Many online BS programs entail about 120 credits. This may take a full time student about four years to complete. Though some online schools offer faster paced formats that can take about 18 months.

A bachelor’s degree aims to provide you with a solid base in many key areas. Some of these are probability, data science and math stats. This often means you will take classes in algebra and calculus. These subjects can give you the skill and knowledge that you will need for a grad program. Many of these programs also want you to broaden your skills. Whether by pursuing a minor or second major in a close field. Business analytics for instance. This may, down the line, help you stand out more in the job market.

To apply to one of these BS programs, you need at least a high school diploma or GED. But each school will set its own standards. You may need some high school statistics, math and computer courses under your belt. GPA, SAT/ACT scores, and other entrance standards differ too. Another variable is tuition. At last check, the average cost of a degree in this field from an in state college is $8,568. For an out of state college, the average cost is $45,640. This means you may find programs that either cost less or more than those.

Master’s Degree in Statistics

Masters programs usually award a Master of Science (MS) degree. MS in data science, business analytics or applied stats also. Such programs may give you the entry level education that you need to go for a role as a Statistician. Many online MS programs entail 30 to 36 credits. This may take a full time student from one to three years to complete. Some programs may ready you for continued studies at the doctoral level. But others are professional degrees and may ready you to pursue a career.

Most MS programs have a practical side. They often help you gain the skills to turn data into information. This means learning some ways to work with raw data. Then being able to express your findings to those who make the business decisions. Masters students can also pick an area of focus to guide their career. One of these is data science. This area is gaining traction as it deals with how to pull meaning from large data sets. Students often gain knowledge in machine learning, analytics, and modeling tools.

Another is statistical science. This area focuses less on theory and more on use. As such it often covers applied statistical methods, ways to visualize data, and computing. To apply to an online master’s program, you will need a bachelor’s degree. For some online schools, you may need some prior knowledge. Areas like calculus and linear algebra are common. Not all schools need to see a math entrance exam or GRE scores, but some do. You may also need to furnish a resume and an essay.

PhD in Statistics

A PhD in statistics is a research degree and the highest award for students in this field. It can prepare grads to be researchers. Or, to remain in academia as a teacher. The goal is to come up with an original piece of research to be published.

There may be less online programs at the PhD level than on campus ones. Some schools may offer a part of the program online, but also have campus standards that need to be met. This is usually time where a student assistant teaches and performs research. Many online schools also award PhDs in math, data science or computer science. Most programs include classes in theory and applied stats as well as data mining. You may need to complete about 60 credits. Length varies as each person works on their dissertation. But some schools give averages of between three to five years. You may enter an online PhD program with a bachelor’s or master’s degree. Some programs are flexible enough that they accept students that are newer to the field. Having a foundation in calculus, algebra and math stats may help.

How much might it cost to earn a master’s or PhD in this field online? The average cost of a grad degree from a public institution is $11,617. This means you will be able to find online grad programs that are easier to afford and online grad programs that are more expensive than this amount.

What can I do with an Online Statistics Degree?

Grads with this degree are sought after in many industries. Their knowledge in how to crunch big data and use it to solve problems applies to almost all areas. From business to finance, to marketing and sports. In today’s data driven world, many people work in jobs that relate to their degree in statistics. As such, one may find job titles other than that of Statistician. Here are 7 jobs where this degree may come in handy.

1. Statistician

To pursue this career, you needs a master’s degree or PhD. But some entry level roles may accept those with a bachelor’s degree. As a statistician, you will work in any field that requires being able to collect and analyze data. Gov’t, health care, and research companies are a few.

2. Actuary

These pros use financial and statistical theories to assess risk and uncertainty. Many start out with a bachelor’s degree in statistics. But, along the way may study further to pass industry exams. Others may want to gain manager based skills as they pursue roles that call for this trait.

3. Risk Management Specialists

These specialists are the pros who set up contingency plans. They identify, measure and make decisions on operational or enterprise risks. Some have titles like Operational Risk VP. A bachelor’s degree may help you launch a career, while a masters may help you climb the corporate ladder.

4. Financial Analysts

Financial analysts guide businesses and people when making decisions about how to invest. They use their math and stat skills to watch how stocks, bonds and other assets perform. A bachelors in this field may help you pursue an entry level role.

5. Data Scientists

Data scientists use many skills in areas like statistics, math and IT, just to name a few. Part of what they do is to analyze big data. They are also able to read into data and turn it into helpful info. You may be able to find some jobs with a bachelor’s degree. But a master’s or PhD is more common for complex research jobs and teaching.

6. Market Research Analysts

Market research analysts need strong math, statistics and analytics skills. They watch and forecast sales trends. Then convert this data into tables, graphs and reports. A bachelor’s degree may help you get your foot in the door. But many roles call for grads with a master’s or MBA.

7. Operations Research Analysts

These pros use complex math and analytics. They identify and solve problems in business, health care and many other areas. This takes strong skills in data collection, data bases and statistical software. The usual entry level degree is a bachelor’s degree. But many employers prefer those with a master’s.

Is a Degree in Statistics Worth it?

A degree in this field may yield skills that apply to many in demand jobs with high wages. Statisticians are among these with growth predicted at 34% over the next few years. There are many reasons that fuel the need for stat experts. One is that more businesses rely on this type of analysis to drive decisions. This applies to health care, finance, cyber security, pharma and more.

Another is the vast amount of big data. Since the Internet is here to stay, people who can make sense of this data are vital to the economy. The words you hear like “big data,” “data mining,” and “business analytics” are about statistics. You may also start to think about what you might earn with this degree. This is going to vary. But, recent figures from the BLS show Statisticians earned from $53,000 to above $139,350 last year. That places the average yearly salary at $87,780.

Statistics Degree Jobs & Salary

Occupation	Average Salary	Jobs
Statistician	$92,600	39,920
Market Research Analyst	$71,570	678,500
Actuary	$120,970	22,260
Financial Risk Analyst	$94,160	459,510

Top States for Jobs as a Statistician

State	Jobs	Annual Mean Wage
CA	5,650	$99,860
PA	3,710	$85,180
MA	3,090	$108,670
MA	2,950	$107,400
TX	1,860	$84,940

What classes will I take with an Online Statistics Degree?

Statistics is a branch of math. Thus, most programs study math models, statistics software and data in depth. Because you will often work with data analysis software, many also touch on computing. A typical stat degree program usually includes classes like:

BS programs often rely on math classes. A focus in math or math statistics may be useful at this level if your end game is grad school. These courses often study a specific sequence for statistical math, or probability. MS programs are less general. They often cover a wide range of classes in math statistics, modeling and data analytics. But, also may focus on applied stats more than theory. PhD programs may focus on both theory and use. They also tend to get into many research methods. Plus, the writing and presentation skills that you may be need to go along with your dissertation. Key at this level is a course on statistical consulting.

How long does it take to get a Statistics Degree online?

It may take four years for a full time bachelor’s student to earn a 120 credit statistics degree online. Full time students that are going for their online master’s may need from one to three years. These programs entail from 30 to 36 credits, and some require a thesis. Four to five years are usually needed to complete an online PhD. Length often depends on how much time you can devote to study and to finish your dissertation.

15 Online Statistics Degrees

A wide range of online schools offer statistics degrees at all levels. We have ranked our top 15 schools based on the number of graduates from the program in 2019. Our process looks at 2019 data from the NCES. And, it may help you narrow your search down.

1. Lipscomb University Online
2. The University of Iowa
3. University of Massachusetts – Lowell
4. Southern New Hampshire University
5. Bellevue University
6. Texas A&M University
7. Oklahoma State University
8. Colorado State University
9. University of Houston
10. North Carolina State University
11. Capitol Technology University
12. Northcentral University
13. Colorado Technical University
14. University of South Carolina
15. University of North Texas

FIND AN ONLINE STATISTICS DEGREE

Let’s take a closer look at the online stat degrees that these 15 schools have to offer.