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Business Statistics Major

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Business Statistics

581 Bachelor's Degrees Annually
1,809 Master's Degrees Annually
#49 in Popularity
$87,140 Median Salary

Types of Degrees Business Statistics Majors Are Getting

The following table lists how many business statistics graduations there were in 2019-2020 for each degree level.

Education Level Number of Grads
Master’s Degree 1,961
Bachelor’s Degree 516
Graduate Certificate 457
Basic Certificate 62

What Business Statistics Majors Need to Know

In an O*NET survey, business statistics majors were asked to rate what knowledge areas, skills, and abilities were important in their occupations. These answers were weighted on a scale of 1 to 5 with 5 being the most important.

Knowledge Areas for Business Statistics Majors

Business Statistics majors often go into careers in which the following knowledge areas are important:

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  • Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
  • English Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
  • Education and Training - Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.
  • Computers and Electronics - Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
  • Customer and Personal Service - Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.

Skills for Business Statistics Majors

When studying business statistics, you’ll learn many skills that will help you be successful in a wide range of jobs - even those that do not require a degree in the field. The following is a list of some of the most common skills needed for careers associated with this major:

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  • Speaking - Talking to others to convey information effectively.
  • Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
  • Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
  • Active Listening - Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
  • Mathematics - Using mathematics to solve problems.

Abilities for Business Statistics Majors

As a business statistics major, you will find yourself needing the following abilities:

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  • Oral Expression - The ability to communicate information and ideas in speaking so others will understand.
  • Written Comprehension - The ability to read and understand information and ideas presented in writing.
  • Written Expression - The ability to communicate information and ideas in writing so others will understand.
  • Oral Comprehension - The ability to listen to and understand information and ideas presented through spoken words and sentences.
  • Inductive Reasoning - The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).

What Can You Do With a Business Statistics Major?

People with a business statistics degree often go into the following careers:

Job Title Job Growth Rate Median Salary
Statisticians 33.9% $87,780

Who Is Getting a Bachelor’s Degree in Business Statistics?

516 Bachelor's Degrees Annually
38% Percent Women
24% Percent Racial-Ethnic Minorities*
This major attracts more men than women. About 62% of the graduates in this field are male.

Racial-Ethnic Diversity

At the countrywide level, the racial-ethnic distribution of business statistics majors is as follows:

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Race/Ethnicity Number of Grads
Asian 52
Black or African American 22
Hispanic or Latino 37
White 270
International Students 107
Other Races/Ethnicities 28

Geographic Diversity

Americans aren’t the only ones with an interest in Business Statistics. About 20.7% of those with this major are international students.

How Much Do Business Statistics Majors Make?

Salaries According to BLS

Business Statistics majors often go into careers where salaries can range from $63,240 to $92,600 (25th to 75th percentile). This range includes all degree levels, so the salary for a person with just a bachelor’s degree may be a little less and the one for a person with an advanced degree may be a little more.

To put that into context, according to BLS data from the first quarter of 2020, the typical high school graduate makes between $30,000 and $57,900 a year (25th through 75th percentile). The average person with a bachelor’s degree (any field) makes between $45,600 and $99,000. Advanced degree holders make the most with salaries between $55,600 and $125,400.

Median Salary for a Business Statistics Major  ( 63240 to 92600 )
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Median Salary for a High School Graduate  ( 30000 to 57900 )
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Median Salary for a Bachelor's Degree Holder  ( 45600 to 99000 )
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250K
Median Salary for an Advanced Degree Holder  ( 55600 to 125400 )
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250K

Some careers associated with business statistics require an advanced degree while some may not even require a bachelor’s. In general, the more advanced your degree the more career options will open up to you. However, there is significant time and money that needs to be invested into your education so weigh the pros and cons.

Find out what the typical degree level is for business statistics careers below.

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Education Level Percentage of Workers
Bachelor’s Degree 16.4%
Post-Baccalaureate Certificate - awarded for completion of an organized program of study; designed for people who have completed a Baccalaureate degree but do not meet the requirements of academic degrees carrying the title of Master. 1.2%
Master’s Degree 39.4%
Post-Master’s Certificate - awarded for completion of an organized program of study; designed for people who have completed a Master’s degree but do not meet the requirements of academic degrees at the doctoral level. 0.9%
First Professional Degree - awarded for completion of a program that: requires at least 2 years of college work before entrance into the program, includes a total of at least 6 academic years of work to complete, and provides all remaining academic requirements to begin practice in a profession. 0.2%
Doctoral Degree 38.7%
Post-Doctoral Training 4.5%

Online Business Statistics Programs

In the 2019-2020 academic year, 89 schools offered some type of business statistics program. The following table lists the number of programs by degree level, along with how many schools offered online courses in the field.

Degree Level Colleges Offering Programs Colleges Offering Online Classes
Certificate (Less Than 1 Year) 0 0
Certificate (1-2 years) 3 0
Certificate (2-4 Years) 0 0
Associate’s Degree 2 1
Bachelor’s Degree 22 7
Post-Baccalaureate 0 0
Master’s Degree 56 14
Post-Master’s 3 0
Doctor’s Degree (Research) 0 0
Doctor’s Degree (Professional Practice) 0 0
Doctor’s Degree (Other) 0 0

Is a Degree in Business Statistics Worth It?

The median salary for a business statistics grad is $87,140 per year. This is based on the weighted average of the most common careers associated with the major.

This is 118% more than the average salary for an individual holding a high school degree. This adds up to a gain of about $944,800 after 20 years!

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You may also be interested in one of the following majors related to business statistics.

Major Number of Grads
Management Science 19,595
Other Management Sciences and Quantitative Methods 11,382
Actuarial Science 2,065

References

*The racial-ethnic minorities count is calculated by taking the total number of students and subtracting white students, international students, and students whose race/ethnicity was unknown. This number is then divided by the total number of students at the school to obtain the racial-ethnic minorities percentage.

More about our data sources and methodologies.

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