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Benefits and Drawbacks: Economist and Mathematical Statistician

Introduction

Nowadays a person needs not only knowledge of sciences, but also the ability to communicate with people. The work of an economist and mathematical statistician is similar since their job is to properly prioritize and set goals to maximize profits with the least loss. The purpose of the report is to contrast an economist and mathematical statistician positions and choose the right profession from these two options.

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Main body

The economist is a universal and high-paid job; therefore, more people are seeking additional economic education. In May 2019, the average annual wage was $105,020 (Bureau of Labor Statistics, “Economists”). Economists are also in demand in the technical field; more precisely, economists can switch between academic science and practice. For instance, Microsoft, Facebook, Yelp, eBay, Uber, and other companies received academic economists, and practitioners also moved into academia, leaving Facebook and Microsoft for MIT and Stanford (Athey and Michael 226). The majority of academic economists solve problems that are important for technology companies’ efficiency and profitability. This shift preserves the economists’ flexibility in their career opportunities.

One of the shortcomings in the economists’ profession is that there is significant competition among economists at the initial stage of the career ladder; thus, they have to gain experience in small companies. It follows that an economist’s position requires high job preparation. According to the Bureau of Labor Statistics, Master’s or Ph.D. students’ job prospects will be top, but undergraduate students will suffer from intense competition.

On the other hand, the job of mathematical statisticians is also promising because they work in many fields, for example, education, sports, psychology, and any area that requires data collection and analysis (Bureau of Labor Statistics, “Mathematicians and Statisticians”). Besides, the annual salary of statisticians is approximately the same as that of economists, which was $105,030 in May 2019. However, irregular working hours during reporting periods are a drawback of work. Statisticians may work overtime depending on the deadline, and deadlines may require working more than 40 hours a week (Bureau of Labor Statistics, “Mathematicians and Statisticians”).

Conclusion

In conclusion, both positions in demand and employment prospects have a positive trend. As between two majors, an economist is more appealing since this activity is relatively independent. It is necessary not only to analyze processes in the economy but also to influence their implementation as a strategist. This task is accomplished by improving the structure of the enterprise, the efforts concentration to achieve the objectives.

Works Cited

Athey, Susan, and Michael Luca. “Economists (and economics) in tech companies.” Journal of Economic Perspectives, vol. 33, no. 1, 2019, pp. 209-230. American Economic Association.

Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, Economists, 2020. Web.

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Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, Mathematicians and Statisticians, 2020. Web.

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StudyCorgi. (2022, April 25). Benefits and Drawbacks: Economist and Mathematical Statistician. Retrieved from https://studycorgi.com/benefits-and-drawbacks-economist-and-mathematical-statistician/

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StudyCorgi. (2022, April 25). Benefits and Drawbacks: Economist and Mathematical Statistician. https://studycorgi.com/benefits-and-drawbacks-economist-and-mathematical-statistician/

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StudyCorgi. "Benefits and Drawbacks: Economist and Mathematical Statistician." April 25, 2022. https://studycorgi.com/benefits-and-drawbacks-economist-and-mathematical-statistician/.

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StudyCorgi. 2022. "Benefits and Drawbacks: Economist and Mathematical Statistician." April 25, 2022. https://studycorgi.com/benefits-and-drawbacks-economist-and-mathematical-statistician/.

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StudyCorgi. (2022) 'Benefits and Drawbacks: Economist and Mathematical Statistician'. 25 April.

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