Have A Passion For Maths And Statistics? Then You Can Explore A Career In Data Science
Maths is a subject that intimidates many students but if you have the head for it, then a lucrative new career welcomes you .Abundant career opportunities and high earning potential have made data science one of the most attractive profession in the 21st century.
The job of data scientists to find the pattern in large of amount of data and convert it into insights that will help people to make decisions. Data science is important as it help industries in product development and indentifying new business opportunities.
“ Over a last couple of years artificial intelligence ,machine learning and data science have become important in the industry context .Data science has implications in other area such as social issues and health too”says Sanjoy Bose, solution consultant and associate partner, Sahaj software Private Limited which has offices in Bangalore and Chennai.
Students with a postgraduate degree in maths and statistics who also have knowledge of languages such as R.Python and SPSS can get a job as data scientists. “You should be interested in maths and statistics. To analyse a lot of structured data, you need to apply theories from these two subjects,” says Bose, adding that the area has got a lot of growth potential. “So there is an increasing demand for data scientists,”he adds.
Data science, artificial intelligence and machine learning are applied in many areas. “For example, in finance, we give loans to people based on their credit score. That is a huge application of data science in health care , a lot of research on detection of cancer uses data science .In retail segment , it helps companies know more about consumers who are logging on to the site and the kind of products they like to purchase ,” says Bose.
It is also a career that pays well .A very experienced data scientist can be paid as much as $ 1 crore per annum .At a entry level ,people can except to draw about 30,000 per month.
An MSc (Actuarial science) can place you with leading companies such as price water-house Coopers and Stanley Morgan.
“There are enough opportunities for bright students,”says professor Arivudainambi, department of maths, Anna University.
“Students with degrees in statistics are in demand, especially in the software industry, that’s because they conduct surveys to understand the need of the market and their potential consumers before they launch any products,” says M R Sreenivasan, professor and head, department of statistics, University of Madras.
“Today, statictical analysts are used in every industry .so students of statistics have bright career prospects,” he says.
Did You Know??
By 2025, the big data analytics sector in India is estimated to grow eight fold, reaching $ 16 billion
The first data scientist was Tobias Mayer
R is one of the most popular programming languages in data science .you can’t call yourself a skilled data scientist if you don’t know how to work on R
The Harvest Business Review calls data science as the hottest job of the 21st century
Google uses about 1000 computers for answering a single search query
By 2020, there will more than 50 billion smart connected devices in the world, collecting, analysing and sharing data.
Bad data costs US business $ 600 billion annually
There are nearly as many pieces of digital information as there are stars in the universe
By 202, about 1.7 megabytes of new information will be created every second for every human
A Stack of CD –ROMs equal to the current global digital storage capacity would tower 80,000 km beyond the moon