Difference Between Economist and Statistician (2024)

FAQs

Difference Between Economist and Statistician? ›

An economist concentrates on data that is derived from changes in market conditions. A statistician is someone who specializes in the improvement of procedures used to collect data.

Both are good subjects. Economics will help you pursue a career in financial research, equity research, financial journalism whereas Statistics will give you option of pursuing a career in a range of Data Analytics related field which is in demand now a days.

Some of the roles you can pursue include: Statistician: Collect, analyze and interpret data in a wide range of fields, including economics, finance, marketing, social and medical sciences.

While an economist focuses on data based on market trends, a statistician focuses on the improvement of data collection methods.

In India, the annual compensation for a statistician may vary anywhere from 5.6 to 8.2 LPA, whereas the annual salary for an economist can go anywhere from 5.5 to 9.5 LPA.

Math and statistics are used in economics, but at the undergraduate degree level, the math and statistics are certainly not overwhelming. Economics majors are usually required to take one statistics course and one math course (usually an introductory calculus course).

Not a lot of listings of the most difficult majors include statistics, which means that it's neither the hardest nor the easiest. However, a lot of majors known to be challenging require undergraduate students to know statistics. Some of them include engineering, computer science, physics and mathematics.

Working as an economist can be very stressful, particularly in high-profile companies or unpredictable industries.

Low-stress job

Though statisticians complete many mentally stimulating tasks throughout their workday, professionals consider this a low-stress career .

Does economics and statistics go together? ›

Reason 1: Statistics allows economists to understand the state of the economy using descriptive statistics. Reason 2: Statistics allows economists to spot trends in the economy using data visualizations.

Economic statistics is a topic in applied statistics and applied economics that concerns the collection, processing, compilation, dissemination, and analysis of economic data. It is closely related to business statistics and econometrics.

Statistics is a branch of applied mathematics that involves the collection, description, analysis, and inference of conclusions from quantitative data.

Yes, economists typically make a lot of money. While there is a wide range of roles with different salary levels, most economists make at least $100,000 in a year.

$69,000 is the 25th percentile. Salaries below this are outliers. $98,500 is the 90th percentile.

California average economist salary: $124,430. Massachusetts average economist salary: $117,680. Maryland average economist salary: $116,870.

According to the United States Bureau of Labor Statistics (BLS), four important qualities economists should have are analytical skills, critical-thinking skills, speaking skills and writing skills. You cultivate strong skills in all of these areas even if you are “bad” at math.

Most universities with economics majors will require at least a basic level of mathematics. This, however, should not discourage anyone from pursuing an undergraduate degree in economics. With that said there are options for those who's strong-suit is not math but would still like to dive into the world of economics.

The economics major is not an easy degree choice. It requires a great deal of critical thinking and analysis on the part of economics students. As you advance in your coursework, the subject matter covered in economics degrees become even more thought-provoking and challenging.

At an advanced level, statistics is considered harder than calculus, but beginner-level statistics is much easier than beginner calculus. Frankly, it mostly depends upon the student's interest as some students find it hard to comprehend statistics while others find it hard to understand calculus.

What is the hardest degree in the world? ›

Business Major

Business isn't just one of the easiest college majors — it's also the most popular major. You'll study core topics like accounting, management, and organizational behavior. You can specialize your skills with upper-level courses in logistics, training and development, or entrepreneurship.

Entry Level Economist Salary. $69,000 is the 25th percentile. Salaries below this are outliers. $98,500 is the 90th percentile.

Age and gender

The median age of Economists is 37 years. This is similar to the all jobs average of 40 years.

Economists aren't trying to be rich. A lot of economists go to work for institutions of government and higher education. You don't go to work for such employers because you aspire to vast riches. According to the Bureau of Labor Statistics, the median annual wages of economists in May 2021 were $105,630.

The average age of an employed senior statistician is 37 years old.

Statisticians are in high demand in today's global job market as organizations have realized the value of data-driven decision-making.

Statisticians typically work in cozy offices and work normal hours 9 to 5 business hours. However, some statisticians must work extra hours to meet deadlines. Statisticians may have to travel to supervise research projects, distribute surveys, or collect data.

A statistician will most commonly work in an office setting during regular business hours. Most of the day will be spent at a desk using a computer to perform statistical analysis or create reports from the prior analysis.

What is the lowest statistician salary? ›

$73,000 is the 25th percentile. Salaries below this are outliers. $116,500 is the 75th percentile.

Studying Economics will provide you with insight into issues such as taxation, inflation, and interest rates that influence our daily lives. Having a degree in Economics helps uncover and understand current real-world issues.

How Hard is Statistics? Statistics is mandatory for many college programs. Learning it can be more difficult than other college math courses. This is due to the different concepts introduced in statistics, including descriptive and inferential statistics that are not typically used in other math courses.

Economics courses frequently use math techniques at a level beyond MATH 1110. Statistics and econometrics classes use material from integral calculus (MATH 1120), and core microeconomics, core macroeconomics, and many advanced electives use material from multivariable calculus (MATH 2130 or MATH 2220).

The cycle consists of five stages: Problem, Plan, Data, Analysis, Conclusion. The cycle is sometimes abbreviated to the PPDAC cycle.

Economics is generally regarded as a social science, which revolves around the relationships between individuals and societies. Critics argue that economics is not a science due to a lack of testable hypotheses and ability to achieve consensus.

Employment of economists is projected to grow 6 percent from 2021 to 2031, about as fast as the average for all occupations. About 1,400 openings for economists are projected each year, on average, over the decade.

What is the highest paid economist? ›

General studies covers such studies as liberal, interdisciplinary, university, and general. The overall undergraduate GPA for all majors is 3.24, or between a B and B+ letter grade. The GPA for economics majors is only slightly below the average at 3.16.

If you are more interested in the theory behind economics and its practical application, you should consider the B.A. degree since it offers more opportunities to take theory-based economic classes. If you are interested in the math behind economic decisions, the B.S. degree is a better choice for you.

The earning potential and salaries are comparable between the finance and economics fields. While the professions are related to one another, they're also very diverse, and salary can range based on the type and level of the job. As candidates gain more experience, they can typically negotiate for higher salaries.

It usually takes around 5 – 10 years for an individual to become a successful Economist. In order to become an Economist not only in India but also Abroad, aspiring candidates have to pursue Postgraduate or PhD in Economics Courses.

While ZipRecruiter is seeing annual salaries as high as $134,500 and as low as $32,500, the majority of Bachelor Economics salaries currently range between $86,500 (25th percentile) to $116,500 (75th percentile) with top earners (90th percentile) making $116,500 annually across the United States.

Statistics has gotten a reputation for being a very hard class, especially when taken in college, because it combines math concepts in order to form an analysis of a data set that can be used to understand an association in the data (whoo that was a mouthful).

But for many other students, calculus isn't the math course that will most help them—the right course often is statistics. But most admissions counselors have favored calculus (in many cases informally), the report says, and that hurts students.

You might be wondering, “Is an economics degree worth it?” The answer is simple. Economics is a field that is definitely worth pursuit by those with the desire to do so. The monetary rewards are there as well as the potential to benefit the larger society through knowledge of economic theory.

Are statisticians in high demand? ›

Job Outlook

Overall employment of mathematicians and statisticians is projected to grow 31 percent from 2021 to 2031, much faster than the average for all occupations. About 4,100 openings for mathematicians and statisticians are projected each year, on average, over the decade.

Calculus Courses

Calculus teaches problem-solving and develops numerical competency, both skills that are important for statistics. In addition to this, a knowledge of calculus is necessary to prove results in statistics.

Statistics is its own field separate from mathematics similar to physics. Although the two are closely related because the concept of probability is indeed studied in mathematics, and statistics makes use of many tools of analysis/calculus.

Expert Answer

The most difficult topic in statistical inference is the 'Test of hypothesis.

Bachelor's degree holders generally earn 75% more than those with just a high school diploma, according to "The College Payoff," a report from the Georgetown University Center on Education and the Workforce — and the higher the level of educational attainment, the larger the payoff.

Along with the calculus requirement, most business degree courses require additional study in statistics. Most programs use the statistics coursework as the bulk of their undergraduate math sequence.