2024 Best MBA Programs in Statistics

What is an MBA in Statistics

MBA Programs in Statistics will develop 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.

Key Highlights for Statistics MBA Programs

Executive Summary for Statistics MBA Programs

1. Comprehensive comparisons, data and analysis about tuition fees, average starting salaries, GMAT scores, and enrollment Statistics for Statistics MBA programs
2. Detailed profiles of Statistics MBA programs their strengths, faculty expertise, alumni networks to help align your program choice with your career ambitions.
3. Insights into top industries, companies, roles and salaries for graduates of MBA Statistics programs

Compare Online Statistics MBA Program Averages to Campus Averages

When comparing online and campus-based Statistics MBA programs, prospective b-students should consider many factors. Online programs offer lower average tuition costs ($52,608 vs : $52,607.95) and better average graduate ROI (137% vs 137%), while campus programs have slightly higher average graduate salaries ($85,867 vs $85,867). Both program types have comparable GMAT scores, full-time faculty numbers, and student-faculty ratios, indicating similar academic rigor and support.

Averages	Online Statistics MBA Programs	Campus Statistics MBA Programs
Average MBA Tuition	$45,250	: $52,607.95
Average Graduate Salary	$81,860	$85,867
Average Graduate ROI	140%	137%
Average GMAT Scores	567	577
Average Full-Time MBA Faculty	82	82
Average MBA Student Faculty Ratio	: 17:1	16:1

What are the Best Ranked Statistics MBA Programs?

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Sort the table by Rank, School Name, ROI, Tuition, Average Starting Salary, and State. Compare programs and find extensive school program detail by clicking on the school name.

Rank	University	ROI	In State Tuition	Avg. Starting Salary	State	Online
1	Northwestern University	54.00%	$162,030	$175,000	IL	No
2	Stanford University	55.04%	$165,591	$182,272	CA	No
3	Columbia University	44.96%	$180,258	$162,099	NY	No
4	Duke University	48.33%	$157,546	$152,297	NC	Yes
5	New York University	50.42%	$160,130	$161,475	NY	No
6	The University of Michigan	55.99%	$137,056	$153,465	MI	Yes
7	University of Southern California	48.70%	$154,339	$150,314	CA	Yes
8	The University of North Carolina at Chapel Hill	65.25%	$102,314	$133,517	NC	Yes
9	Harvard University	58.40%	$149,820	$175,000	MA	No
10	University of Notre Dame	53.85%	$123,500	$133,018	IN	No
11	Georgetown University	55.50%	$124,814	$138,552	DC	Yes
12	Dartmouth College	48.31%	$165,442	$159,842	NH	No
13	University of California, Berkeley	54.73%	$139,628	$152,831	CA	No
14	The University of Texas at Dallas	171.45%	$35,918	$123,163	TX	Yes
15	Emory University	49.36%	$151,689	$149,759	GA	Yes
16	Cornell University	35.29%	$219,688	$155,048	NY	No
17	Washington University in St. Louis	43.91%	$134,020	$117,687	MO	Yes
18	Georgia Institute of Technology	107.89%	$63,404	$136,819	GA	No
19	The George Washington University	51.26%	$113,090	$115,951	DC	Yes
20	University of California, Davis	61.53%	$88,634	$109,075	CA	Yes
21	Boston College	49.36%	$118,336	$116,815	MA	No
22	Carnegie Mellon University	50.21%	$147,456	$148,067	PA	Yes
23	Boston University	48.65%	$124,248	$120,884	MA	Yes
24	University of California, San Diego	48.93%	$106,246	$103,969	CA	No
25	The University of Georgia	196.87%	$30,606	$120,510	GA	Yes
26	Northeastern University	48.77%	$102,582	$100,063	MA	Yes
27	Fordham University	64.08%	$99,497	$127,511	NY	Yes
28	The Pennsylvania State University	93.48%	$61,236	$114,483	PA	Yes
29	Case Western Reserve University	52.08%	$92,040	$95,875	OH	Yes
30	The Ohio State University	50.31%	$106,123	$106,779	OH	Yes
31	Queens University of Charlotte	105.03%	$41,940	$88,100	NC	Yes
32	Arizona State University	101.59%	$61,354	$124,664	AZ	Yes
33	Baruch College-The City University of New York	158.86%	$37,338	$118,633	NY	Yes
34	University of Cincinnati	181.31%	$23,996	$87,013	OH	Yes
35	University of Massachusetts Amherst	165.41%	$33,622	$111,227	MA	Yes
36	Miami University	34.00%	$136,342	$92,700	OH	Yes
37	University of Miami	59.35%	$92,290	$109,555	FL	Yes
38	Tulane University	41.90%	$116,040	$97,241	LA	Yes
39	Georgia State University	128.14%	$36,522	$93,600	GA	Yes
40	The University of Michigan-Dearborn	91.38%	$50,997	$93,200	MI	Yes
41	University of San Francisco	52.08%	$79,200	$82,500	CA	No
42	University of San Diego	72.79%	$69,610	$101,333	CA	No
43	Willamette University	43.24%	$80,500	$69,615	OR	No
44	Hofstra University	93.71%	$58,960	$110,500	NY	Yes
45	Clemson University	91.40%	$43,088	$78,767	SC	Yes
46	Central Connecticut State University	330.79%	$12,848	$85,000	CT	No
47	Suffolk University	67.73%	$59,391	$80,455	MA	Yes
48	Purdue University Northwest	352.63%	$12,350	$87,100	IN	Yes
49	The University of Alabama	130.49%	$28,377	$74,060	AL	Yes
50	Chapman University	39.06%	$97,750	$76,368	CA	No
51	Illinois Institute of Technology	60.83%	$67,690	$82,352	IL	Yes
52	Colorado State University	110.99%	$42,480	$94,300	CO	Yes
53	Drexel University	73.48%	$59,241	$87,061	PA	Yes
54	Baylor University	46.20%	$85,692	$79,176	TX	Yes
55	Wake Forest University	48.64%	$79,975	$77,800	NC	Yes
56	Murray State University	274.75%	$16,455	$90,419	KY	Yes
57	Rutgers-The State University of New Jersey-Newark/New Brunswick	97.36%	$58,442	$113,800	NJ	Yes
58	Dominican University	176.54%	$32,004	$113,000	IL	Yes
59	University of Oregon	64.84%	$65,726	$85,236	OR	No
60	Siena College	118.42%	$34,200	$81,000	NY	No
61	North Carolina State University	85.77%	$55,732	$95,606	NC	Yes
62	SUNY University at Albany	114.55%	$34,750	$79,615	NY	Yes
63	Elon University	97.78%	$42,237	$82,600	NC	No
64	Seton Hall University	68.22%	$57,225	$78,081	NJ	Yes
65	University at Albany, State University of New York	114.55%	$34,750	$79,615	NY	Yes
66	Oakland University	143.72%	$30,024	$86,300	MI	Yes
67	Auburn University	141.74%	$27,385	$77,633	AL	Yes
68	University at Buffalo, State University of New York	99.31%	$35,716	$70,938	NY	Yes
69	University of Detroit Mercy	129.95%	$28,050	$72,900	MI	Yes
70	University of Oklahoma	144.42%	$33,306	$96,200	OK	Yes
71	Missouri University of Science and Technology	220.16%	$16,488	$72,600	MO	Yes
72	Western Michigan University	161.69%	$29,377	$95,000	MI	Yes
73	The University of Rhode Island	524.26%	$7,048	$73,900	RI	No
74	Northern Arizona University	309.43%	$11,004	$68,100	AZ	Yes
75	California State University, East Bay	318.21%	$12,036	$76,600	CA	Yes
76	Clark University	51.94%	$59,080	$61,367	MA	Yes
77	College of William and Mary	133.33%	$42,000	$112,000	VA	Yes
78	The University of Tampa	30.70%	$107,114	$65,758	FL	Yes
79	University of Tennessee at Chattanooga	153.26%	$25,788	$79,043	TN	Yes
80	Illinois State University	191.77%	$20,050	$76,900	IL	No
81	New Mexico State University	356.31%	$10,314	$73,500	NM	Yes
82	Radford University	286.54%	$15,984	$91,600	VA	Yes
83	Rockhurst University	143.69%	$24,150	$69,400	MO	Yes
84	University of Colorado Denver	114.91%	$47,102	$108,246	CO	Yes
85	Texas Tech University	118.48%	$28,155	$66,717	TX	Yes
86	St. Bonaventure University	80.12%	$37,380	$59,900	NY	Yes
87	Bryant University	89.40%	$42,180	$75,417	RI	Yes
88	The College of New Jersey	89.14%	$50,482	$90,000	NJ	Yes
89	Rochester Institute of Technology	29.90%	$108,352	$64,800	NY	Yes
90	University of North Florida	174.52%	$17,767	$62,014	FL	Yes
91	University of South Florida St. Petersburg	213.24%	$17,000	$72,500	FL	Yes
92	California State University, Northridge	125.25%	$30,897	$77,400	CA	No
93	Northern Illinois University	178.95%	$26,096	$93,400	IL	Yes
94	San Francisco State University	337.09%	$11,362	$76,600	CA	No
95	Minnesota State University Moorhead	162.09%	$26,220	$85,000	MN	Yes
95	Colorado Mesa University	261.55%	$19,155	$100,200	CO	Yes
97	University of Houston-Clear Lake	164.90%	$20,892	$68,900	TX	Yes
98	Frostburg State University	250.00%	$16,740	$83,700	MD	Yes
99	La Salle University	124.54%	$27,200	$67,750	PA	Yes
100	North Dakota State University	130.82%	$21,022	$55,000	ND	Yes

Read about our ranking methodology.

What is the Average Graduate MBA Salary for MBA Statistics Programs?

The average graduate salary range for MBA in Statistics graduates is quite wide. At the lower end, University of Arkansas at Fort Smith reports an average starting salary of just $44,550 for its MBA in Statistics graduates. On the other hand, Stanford University boasts the highest average starting salary at an impressive $182,272.

The average starting pay across all finance MBA programs hovering around $85,867.

This substantial difference in starting salaries is due to a number of factors including reputation and ranking of the business school, the strength of its alumni network, the cost of living in the state and region, and the industries and locations where graduates find employment. Prospective b-students can research career outcomes and salary data of their target MBA programs to get a clearer picture the earning potential post-graduation.

While a high average starting salary is undoubtedly attractive, the savvy b-student will consider other factors like tuition costs, financial aid, and the overall return on investment when choosing an MBA in Statistics program.

Average Graduate Salaries for Statistics MBA Programs

• Average: $85,867 from 867 Statistics MBA Programs
• Lowest: $44,550 from Elizabeth City State University MBA
• Highest: $182,272 from Stanford University

Graduate Salary by State for Statistics MBA Programs

1. District of Columbia - $121,848
2. New Hampshire - $113,255
3. Massachusetts - $100,630
4. Arizona - $97,127
5. Wyoming - $93,010
6. Illinois - $92,682
7. Washington - $91,447
8. California - $90,698
9. Michigan - $89,920
10. Pennsylvania - $89,328
11. Utah - $89,172
12. Nevada - $88,249
13. Maine - $87,535
14. Minnesota - $86,736
15. Virginia - $86,642
16. Tennessee - $84,991
17. New Jersey - $84,703
18. Texas - $83,926
19. Colorado - $83,807
20. Indiana - $83,648
21. Iowa - $83,468
22. Connecticut - $83,241
23. New York - $81,215
24. Maryland - $80,131
25. Nebraska - $79,913
26. Georgia - $79,652
27. Alaska - $79,087
28. Ohio - $77,307
29. Wisconsin - $76,959
30. Oregon - $76,503
31. Rhode Island - $75,889
32. Oklahoma - $75,600
33. Hawaii - $74,209
34. Florida - $73,349
35. Idaho - $72,446
36. North Carolina - $71,631
37. Missouri - $71,608
38. Montana - $69,487
39. Alabama - $67,949
40. South Carolina - $67,447
41. New Mexico - $67,250
42. West Virginia - $66,028
43. Vermont - $66,000
44. Kentucky - $65,025
45. Kansas - $64,772
46. Mississippi - $64,196
47. Arkansas - $62,951
48. Delaware - $62,333
49. Louisiana - $55,392
50. North Dakota - $50,600
51. South Dakota - $50,102

What is the Average Tuition for Statistics MBA Programs?

Investing in your future with a finance MBA can be a very smart decision. On average, you can expect to pay $52,607.95 for a finance MBA program. However, tuition rates can vary significantly, with the most expensive programs costing up to $219,688.00 and the most affordable options starting at $7,048.00.

When comparing in-state and out-of-state tuition for MBA programs in statistics, you’ll find that in-state students pay an average of $52,608, while out-of-state students face an average tuition of $63,796. With such a wide range of tuition costs, spanning from $7,048.00 to $219,688, it’s essential to carefully consider your options. Factors that impact tuition rates include your enrollment status, the program type, and whether you attend a private college or public institution. Choosing a highly respected program could provide better value for your money than opting for an out-of-state school.

The ROI of an online MBA program is often more favorable than traditional programs, as students can continue working while studying. According to a 2017 US News survey, the average salary for students three months after graduating from an online MBA program was $96,974, a 22% increase from the average entering salary. The highest average salary increases for online programs hover around 60%. With the right program choice and financial planning, an online finance MBA can be a worthwhile investment in your future, leading to increased earning potential and career advancement opportunities.

Average Tuition for Statistics MBA Programs

• Average: $52,608 from 195 Statistics MBA Programs
• Lowest Statistics MBA: $7,048 from The University of Rhode Island
• Highest statistics: $219,688 from Cornell University

Average Tuition Costs by State for MBA Programs

1. New Hampshire - $103,312
2. District of Columbia - $83,309
3. Massachusetts - $74,395
4. Oregon - $61,583
5. New York - $61,321
6. California - $59,093
7. Pennsylvania - $54,581
8. Connecticut - $51,233
9. New Jersey - $51,100
10. Maryland - $50,582
11. Illinois - $48,710
12. Washington - $48,319
13. Ohio - $47,833
14. Virginia - $45,876
15. Michigan - $45,734
16. Minnesota - $44,597
17. Tennessee - $44,060
18. Arizona - $40,003
19. Colorado - $38,995
20. Texas - $37,995
21. North Carolina - $37,844
22. Florida - $37,711
23. Utah - $36,682
24. Wisconsin - $33,557
25. Louisiana - $33,470
26. Indiana - $32,023
27. Missouri - $31,909
28. Vermont - $31,878
29. Georgia - $31,430
30. Rhode Island - $29,922
31. Delaware - $27,790
32. Oklahoma - $27,566
33. Wyoming - $26,460
34. Iowa - $25,779
35. Kentucky - $25,407
36. South Carolina - $25,244
37. Montana - $24,913
38. West Virginia - $21,722
39. Alaska - $21,467
40. Nebraska - $21,340
41. Hawaii - $21,288
42. Mississippi - $21,282
43. North Dakota - $21,022
44. Alabama - $21,005
45. Nevada - $20,392
46. Maine - $19,935
47. Kansas - $19,893
48. New Mexico - $18,520
49. Arkansas - $17,073
50. Idaho - $15,079
51. South Dakota - $14,503

What is the ROI for Statistics MBA Programs?

The average ROI full-time for MBA programs in Statistics is 137% with a highest of 524% and the lowest of 30%.

Return on investment (ROI) is an essential factor when considering which MBA program(s) to apply to. To calculate ROI, consider both the tuition for the MBA program and the average salary a graduate earns. The average tuition cost for an MBA degree in Statistics is approximately $52,607.95, while the average starting salary for MBA graduates is around $85,867.04. To calculate ROI, you need to subtract the tuition from the salary and divide by the tuition cost. This will give you a rough estimate of how much value you will get out of the MBA statistics.

The average ROI for all MBA programs in the United States is 146%. The average ROI for Statistics programs is 137%.

ROI for Statistics MBA Programs

• Average: 137% from 867 Statistics MBA Programs
• Lowest: 30% from Rochester Institute of Technology
• Highest: 524% from Tennessee State University

Average ROI by State for MBA Programs

1. Idaho - 270%
2. New Mexico - 235%
3. Indiana - 224%
4. Maine - 220%
5. Nevada - 216%
6. North Dakota - 208%
7. Rhode Island - 208%
8. Nebraska - 207%
9. Kansas - 203%
10. Georgia - 201%
11. Arkansas - 201%
12. Montana - 196%
13. Hawaii - 189%
14. Alaska - 187%
15. Mississippi - 185%
16. Kentucky - 179%
17. Oklahoma - 178%
18. Wyoming - 176%
19. Utah - 174%
20. Alabama - 174%
21. South Dakota - 173%
22. Texas - 171%
23. Tennessee - 170%
24. Arizona - 170%
25. Iowa - 168%
26. Missouri - 159%
27. California - 152%
28. South Carolina - 152%
29. Wisconsin - 148%
30. North Carolina - 147%
31. Illinois - 142%
32. Minnesota - 140%
33. West Virginia - 137%
34. Florida - 135%
35. Maryland - 132%
36. Ohio - 131%
37. Washington - 131%
38. Louisiana - 127%
39. Virginia - 126%
40. Connecticut - 125%
41. Colorado - 125%
42. Delaware - 125%
43. Michigan - 122%
44. Pennsylvania - 104%
45. Vermont - 104%
46. Massachusetts - 102%
47. New York - 97%
48. New Jersey - 88%
49. New Hampshire - 65%
50. Oregon - 64%
51. District of Columbia - 62%

What is the Average GMAT Score Needed for Statistics MBA Programs?

The Graduate Management Admission Test (GMAT) is a standardized examination used by MBA schools to assess their applicant pool. The test is strategically designed to measure an applicant’s analytical, verbal, writing and mathematical skills. The GMAT is used as a predictor of success in MBA programs and tests one’s ability to successfully handle the advanced quantitative and qualitative study of business and management.

The average GMAT scores full-time MBA programs in Statistics is 577 with a highest of 737 and the lowest of 399

More than 233 AACSB accredited MBA programs do not require their applicants to take GMAT exam. Many well-known programs such as the University of Michigan and the University of California, Los Angeles no longer require the exam. If you are unsure where you would like to take your program, then you should take the GMAT sooner rather than later so you don’t lose time meeting the score requirement of a program.

The average GMAT score needed for a Statistics MBA program from an institution is between 399 from University of New Haven to 737 from Stanford University. The average GMAT scores for Statistics MBA programs is 577.

Average GMAT Score for Statistics MBA Programs

• Average: 577 from 867 Statistics MBA Programs
• Lowest: 399 from University of Wisconsin-River Falls
• Highest : 737 from Stanford University

Average GMAT Scores by State for MBA Programs

1. New Hampshire - 643
2. Vermont - 640
3. District of Columbia - 639
4. Massachusetts - 623
5. Oregon - 608
6. Indiana - 602
7. Oklahoma - 597
8. Maryland - 586
9. Ohio - 582
10. Mississippi - 581
11. Idaho - 579
12. New York - 579
13. Minnesota - 577
14. Pennsylvania - 571
15. Illinois - 571
16. New Mexico - 569
17. Missouri - 566
18. Montana - 565
19. Iowa - 565
20. Tennessee - 564
21. Texas - 564
22. Maine - 562
23. Washington - 561
24. Nevada - 557
25. South Carolina - 556
26. California - 555
27. Connecticut - 555
28. Virginia - 554
29. Arkansas - 553
30. Georgia - 551
31. New Jersey - 551
32. Michigan - 550
33. Wisconsin - 550
34. North Dakota - 550
35. Arizona - 549
36. Nebraska - 549
37. Utah - 547
38. Colorado - 544
39. South Dakota - 544
40. Kentucky - 541
41. Kansas - 536
42. Rhode Island - 536
43. Delaware - 534
44. North Carolina - 533
45. Florida - 532
46. Louisiana - 528
47. Alaska - 524
48. Hawaii - 520
49. Alabama - 515
50. West Virginia - 507
51. Wyoming - 460

Student / Faculty Ratio for Statistics MBA Programs

Faculty to student ratio is an important factor in the quality of education you will receive. The lower the ratio, the more individualized attention you will receive. The more individualized attention you receive, the greater the odds you will understand the material better.

Student / Faculty Ratio for Statistics MBA programs offering a Statistics concentration varies between 4:1 and 63:1 with an average of 16:1 students.

The ratios provided are based off all MBA programs regardless of concentration. To discover what the ratio is for the program you are interested in, research the faculty pages of the school and average size of the programs. Faculty could be part or full time. Many also work in the concentration and can provide the students with real-world examples.

Which MBA Programs in Statistics Have the Highest Student Enrollment?

When reviewing how the student population is spread across program formats, you will find the highest concentration of students are, then part time, then full time. The concentration is spread based on flexibility. The higher the flexibility (aka the least amount of scheduled class time), the higher the number of students.

The average Student Enrollment for full-time MBA programs in Statistics is 391 with a highest of 3,933 and the lowest of 4

There are pros and cons to small cohorts versus large cohorts. Small cohorts can become very cohesive and encourage each other to make it through the program. However, if the personality dynamic is off, it is hard to find new group members in a smaller pool of students.

The large cohorts cultivate a variety of approaches to solve the same problem, help others to think outside of the box and foster creativity. However, you could feel like just a number and desire more individual attention. When researching schools, try to reach out to current students and ask about the culture to help you decide which type of culture best suits you.

The Importance of MBA Accreditation

The importance of accreditation can’t be underestimated. For many, knowing your school is accredited by the AACSB and regionally accredited by the US Department of Education is enough assurance that you will receive a quality education, where credits are more likely to transfer, and you will be qualified for loans, grants, and scholarships.

AACSB accreditation is considered to be the gold standard in business school credentialing. Established to promote high-quality business education in the U.S., AACSB members developed a stringent accreditation process. Members are held accountable for following an established business education framework set forth by the AACSB. With that comes MBA degrees conferrals that are widely recognized by Fortune 500 companies. This results in lucrative job opportunities.

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:

Sector	Avg. Salary
Federal government	$100,750
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 39,000 jobs. The largest employers of statisticians are as follows:

Sector	Avg. Salary
Federal government	13%
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.

What Skills Do I Need to be Successful as a Statistician?

Sector	Description
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 Programs in Statistics

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.

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.