What is an MBA in Statistics
An MBA in Statistics develops the skills and insights needed to analyze many types of corporate data. A key challenge facing managers is the interpretation of the vast amount of data generated in the business world. Modern computing systems, SQL programming, and intuitive sales platforms now produce large volumes of information whereas previously one could often only rely upon managerial intuition. The ability to forecast using a company’s most vital pieces of information is critical to a company’s longevity. Whether it’s quarterly sales numbers, quality assurance metrics, inventory data, or real time customer satisfaction scores, quantitative data is the lifeblood of any company. For example, an organization interested in targeting their ideal consumer may ask the question: What combination of features is most desirable for consumers? What will sales be next month? How did we do last month? Data analysis and statistics offer a systematic approach that can help provide answers to these questions.
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What’s the Career Outlook for Mathematicians and Statisticians with an MBA
Overall employment of mathematicians and statisticians is projected to grow 33% through 2026, much faster than the average for all occupations. Employment growth will vary by occupation. Growth is expected to result from the more widespread use of statistical analysis to make informed business, healthcare, and policy decisions. In addition, the large increase in available data from the Internet will open up new areas for analysis. For example, supplier operations analyst for e-commerce startups must evaluate real-time inventory data to determine fulfillment rates. e-Commerce marketing managers must analyze quarterly sales numbers to pinpoint the next advertising campaign. Finally, customer service managers must evaluate Net Promoter Score (NPS) metrics for the sake of developing their next quality assurance training program for new reps.
The median annual wages for statisticians in the top industries in which they worked were as follows:
|Research and development in the physical, engineering, and life sciences||$87,160|
|Insurance carriers and related activities||$77,420|
|Healthcare and social assistance||$76,190|
|Colleges, universities, and professional schools; state, local, and private||$71,070|
Where Are Statisticians with an MBA Employed
Statisticians held about 37,200 jobs. The largest employers of statisticians are as follows:
|Research and development in the physical, engineering, and life sciences||11%|
|Insurance carriers and related activities||9%|
|Healthcare and social assistance||8%|
|Colleges, universities, and professional schools; state, local, and private||8%|
Mathematicians and statisticians typically work in corporate settings. They also may work in teams with scientists and other professionals. Mathematicians and statisticians work in many fields, such as banking, real estate, education, marketing, psychology, sports, or any other field that requires the collection and analysis of data. The following are other careers Statisticians can excel:
- Compensation and Benefits Managers plan, develop, and oversee programs to compensate employees.
- Computer programmers write and test code that allows computer applications and software programs to function properly. They turn the program designs created by software developers and engineers into instructions that a computer can follow.
- Economists study the production and distribution of resources, goods, and services by collecting and analyzing data, researching trends, and evaluating economic issues.
- Market research analysts study market conditions to examine potential sales of a product or service. They help companies understand what products people want, who will buy them, and at what price.
- Operations research analysts use advanced mathematical and analytical methods to help organizations investigate complex issues, identify and solve problems, and make better decisions.
- Survey researchers design and conduct surveys and analyze data. Surveys are used to collect factual data, such as employment and salary information, or to ask questions in order to understand people’s opinions, preferences, beliefs, or desires.
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What Skills Do I Need to be Successful as a Statistician
|Analytical skills||Statisticians use mathematical techniques and models to analyze large amounts of data. They must determine the appropriate software packages and understand computer programming languages to design and develop new techniques and models. They must also be precise and accurate in their analysis.|
|Communication skills||Mathematicians and statisticians must interact with, and propose solutions to, people who may not have extensive knowledge of mathematics.|
|Math skills||Mathematicians and statisticians use statistics, calculus, and linear algebra to develop their models and analyses.|
|Problem-solving skills||Mathematicians and statisticians must devise new solutions to problems encountered by scientists or engineers.|
What Typical Classes Will I Take in My Statistics MBA Program
- Regression Analysis for Business. The course will begin with a focus on the basic elements of exploratory data analysis, probability theory and statistical inference. With this as a foundation, it will proceed to explore the use of the key statistical methodology known as regression analysis for solving business problems, such as the prediction of future sales and the response of the market to price changes. The use of regression diagnostics and various graphical displays supplement the basic numerical summaries and provides insight into the validity of the models. Specific important topics covered include least squares estimation, residuals and outliers, tests and confidence intervals, correlation and autocorrelation, collinearity, and randomization. The presentation relies upon computer software for most of the needed calculations, and the resulting style focuses on the construction of models, interpretation of results, and critical evaluation of assumptions.
- Modern Data Mining. Statistics or Data Science has been evolving rapidly to keep up with the modern world. While classical multiple regression and logistic regression technique continue to be the major tools we go beyond to include methods built on top of linear models such as LASSO and Ridge regression. Contemporary methods such as KNN (K nearest neighbor), Random Forest, Support Vector Machines, Principal Component Analyses (PCA), the bootstrap and others are also covered. Text mining, especially through PCA, is another topic of the course. While learning all the techniques, we keep in mind that our goal is to tackle real problems. Not only do we go through a large collection of interesting, challenging real-life data sets but we also learn how to use the free, powerful software “R” in connection with each of the methods exposed in the class.
- Forecasting Management Methods. This course provides an introduction to the wide range of techniques available for statistical forecasting. Qualitative techniques, smoothing and decomposition of time series, regression, adaptive methods, autoregressive-moving average modeling, and ARCH and GARCH formulations will be surveyed. The emphasis will be on applications, rather than technical foundations and derivations. The techniques will be studied critically, with the examination of their usefulness and limitations.
- Actuarial Statistics. This course covers models for insurer’s losses and applications of Markov chains. Poisson processes, including extensions such as non-homogeneous, compound, and mixed Poisson processes are studied in detail. The compound model is then used to establish the distribution of losses. An extensive section on Markov chains provides the theory to forecast future states of the process, as well as numerous applications of Markov chains to insurance, finance, and genetics. The course is abundantly illustrated by examples from the insurance and finance literature. While most of the students taking the course are future actuaries, other students interested in applications of statistics may discover in class many fascinating applications of stochastic processes and Markov chains.
Campus vs. Online MBA in Statistics Programs
Whether it’s a part-time Executive MBA, full-time online, or a traditional MBA program, B-Schools offer a variety of scheduling options for the working professional and the recent graduate. The online option is ideal for students that want a reputable program without geographic limitations. An MBA in Statistics allows students to enjoy program flexibility and thanks to the advances in technology, have enabled greater access to coursework all over the globe.
With improvements made to eLearning and Blackboard educational technology platforms, the collaboration between professors and students has drastically improved the delivery of MBA content. There are nearly 3 million students currently enrolled in full-time online degree programs compared to 6 million students taking at least one online course as part of their degree program. B-Schools that fall into the category of “traditional” usually provide students with the option of taking a few online courses during their MBA in General Business program.
- The pros of online learning include lower overhead cost which includes online textbooks, dormitory expenses, and commuting cost. The convenience and flexibility of choosing your own times for learning, and the comfort of learning in your own home.
- The cons of online learning include limited social interaction, computer and software issues as well as cost of high-speed Internet, often requires the student be self-motivated and disciplined progress through the program.
- The pros of campus-based learning include face-to-face and in-person interaction with instructors and fellow students, regularly scheduled class hours, use of the school’s library, athletic facilities, and laboratories.
- The cons of campus-based learning include the requirement to travel to classes, lack of time flexibility, and housing costs.
- One of the benefits of online learning as it relates to tuition cost is that a number of schools offer free textbooks online and include these texts in the price of tuition.
How Much is Tuition for MBA Statistics Programs
As a Statistician, it’s best to start thinking about crunching the numbers and managing your finances. This is especially important if you plan on using financial aid to pay for business school. A prospective B-Student in Statistics needs to understand ROI (Return-on-Investment) while making sure the program is a right fit for your career. A highly reputable MBA program can pave the way for a great starting salary by way of on-campus recruitment and work at top firms. An online MBA program can provide the flexibility of completing a program while being employed in your field. With that being said, the lowest in-state tuition for on-campus MBA in Statistics programs is $4,815.00 compared to the highest average in-state tuition of $117,444.00. There’s a significant tuition range for in-state programs. The average in-state tuition is $41,937.31 compared to an average out-of-state tuition of $85,164.83 for traditional MBA programs. If you have the option of attending a well-respected in-state program, it may be worthwhile to save close to $10,000 in tuition costs. If geography is a limiting factor, then an accredited online MBA program may be the best option for aspiring B-Students. The average in-state online MBA program in Statistics is $36,067.97 compared to the average online out-of-state program of $56,848.33.
GMAT Scores for MBA Statistics Programs
It’s important to note that not all MBA in Statistics programs require a GMAT Score for acceptance; but most AACSB accredited programs do. As a prospective Statistics, you can imagine why an admissions department may want to analyze your quanititative skills prior to rendering a decision. There are other factors that ultimately decide an admissions decision. They include undergraduate GPA, professional experience, letters of reference, CV, and a personal statement. Any professional experiences overseas or internships working as an analyst may be a difference maker. The GMAT measures a prospective students’ ability to quantitatively analyze data. The MBA in Statistics is a unqiue speciality due to its heavy emphasis on data; therefore, GMAT scores will be a bit more competitive. The average GMAT score for on-campus programs is 582 compared to an online GMAT of 559. If you have a specific Statistics program in mind, it’s best to boost your GMAT to improve your chances of acceptance. With a GMAT Score range of 400 to 737, there’s plenty of opportunity to attend a high-quality MBA in Statistics program.
Campus GMAT Scores
Online GMAT Scores
Student / Faculty Ratio for MBA Statistics Programs
The best MBA Student/Faculty ratio for Statistics programs is 0.08 compared to the worst on-campus Student/Faculty ratio of 19.64. The lower the ratio, the better it is for students interested in networking with professors in the industry. B-Students sit in classrooms with low Student/Faculty ratios receive personalized one-on-one attention from professors that have extensive experience as Statisticians/Mathematicians. The Student/Faculty metric is a matter of personal preference and for those students who excel in lecture hall environments, you may choose a program that has a higher Student/Faculty ratio. The best Student/Faculty ratio for online MBA in Statistics is 0.08 compared to the worst online Student/Faculty ratio of 19.64. The combination of cutting-edge eLearning platforms and innovative Blackboard courses make the online experience a rewarding one for prospective business students. The Student/Faculty ratio comes down to personal preference. For a B-Student interested in networking with professors and fellow students via a cohort style classroom environment, it’s best to look for programs with lower Student/Faculty ratios. If you don’t mind the lecture hall environment, then a higher Student/Faculty ratio may be a suitable option for the prospective MBA applicant.
Campus Student/Faculty Ratio
Online Student/Faculty Ratio
Student Population for MBA Statistics Programs
Every accredited MBA program has a strategy behind enrollment sizes. If a prospective B-Student is looking for networking opportunities, is interested in attending job fairs, and plans on joining student organizations, B-School enrollment size plays an important role in the decision making process. For the B-Student interested in the smaller cohort-style classroom experience and thrive in more intimate settings, a manageable enrollment size is the preferred option. This is especially true for cohort MBA programs where the class stays together for the entire program. For the newbie statistician, this may be a preferred environment. The average MBA full-time enrollment for on-campus programs is 278 compared to the average online MBA program of 166. The average MBA part-time enrollment for on-campus is 414 students compared to the average part-time online enrollment of 471. It’s important to note there is a significant difference between the online study experience versus the traditional classroom experience. And if you plan on learning from fellow students, you may want a smaller traditional classroom setting over an online learning environment.
Student Population from the United States
One of the many benefits of your MBA coursework is the networking opportunities that you will have from both your U.S. colleagues and international colleagues. Math is the language of the world and as an aspiring Statistician, you’re most likely going to interact with people from all over the world. On average, 71.83% of students will be from the U.S. in your MBA program. This means that you will be able to network with roughly 23% of the student population. Your contact with these individuals could lead you to global employment opportunities after the completion of your MBA program. Interacting with foreign classmates in the classroom will also enable you to obtain a perspective from different cultures. By interacting with U.S. and foreign colleagues, you will have better job prospects and obtain a diverse perspective on international business environment.
Campus Global Enrollment
Online Global Enrollment
Faculty Information for MBA Statistics Programs
The MBA in Statistics is a fantastic opportunity to network with your Mathematicians in the industry. Within this field, many of the professors are still working in top firms and serving as adjunct faculty. Most of them will have a doctorate degree and have post-doctoral research experience. If you select a program with coursework that has smaller class sizes, it can be a great way to get acquainted with your professors and create long term connections for post-MBA graduate networking. The average full time MBA program has 83 full time professors, 99 part time professors, and 86 professors with doctoral degrees. If you use these connections to your advantage, you will gain many job prospects upon graduation and internships during your program.
Campus Faculty Numbers
Online Faculty Numbers
Research the Best MBA Programs in Statistics – GMAT Scores, Salaries, Rankings
- The number of on-campus MBA Statistics programs offered: 172
- The number of online MBA Statistics programs offered: 83
If you are looking to pursue the MBA in Statistics, there are 172 on-campus programs. If the traditional program is not close to you and you prefer to take advantage of in-state tuition, there are also 83 online programs that currently have the Statistics specialization as well. There is also a hybrid option between on campus and online MBA programs with the Statistics concentration. It is important to evaluate your schedule if you are still working during school. For example, it could be wise to complete a flexible part-time online MBA if your work is demanding. Lastly, bear in mind the impact of geographic location on long-term job opportunities in particular industries when you are deciding between an on-campus and online program. There may be high demand for statisticians in your area and top firms may be aggressively recruiting at your business school.
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Robert works in Healthcare Administration as a Lean Six Sigma Black belt, Certified Mentor, and Transformational Coach. He enjoys promoting and educating on process improvement, Lean Six Sigma, OpEX and project management. He also enjoys projects for environmental initiatives including corporate social responsibility, LEED, and sustainability initiatives.