Why Econometrics and Business Statistics?
In this era of ‘big data’, econometricians and statisticians are increasingly important as we try to understand the data around us and use these skills to solve complex problems and inform critical business and government decisions.
This could be the area of study for you if you like to base decisions on empirical evidence, or you like to explore data to better understand the world around you. It is an area with very strong employment prospects as people with quantitative and mathematical skills are in great demand across all sectors and organisations.
Extensive career opportunities
Almost every business and industry collects data which needs expert analysis. Some examples are:
- Reviewing economic data to predict whether the Reserve Bank of Australia should raise interest rates;
- Forecasting how much electricity Australia needs in 10 or 20 years so power generation can be planned to meet demand;
- Analysing data for the United Nations to advise them on issues such as gender or income inequality;
- Forecasting volatility in the stock market to identify times of high risk for investment;
- Working with Google or Amazon to develop open-source software which companies can use across their products;
- Developing statistical models to help insurance companies to set their premiums;
- Working with Tennis Australia to help determine player behaviour and serve speed using statistics and data analysis;
- Studying patterns in aging to help set superannuation policy;
- Analysing hospital admission data to optimize staff rosters;
- Working with retail organizations to forecast demand for thousands of products across hundreds of stores.