The data science and AI boom has begun to exhibit effects on other parts of the talent pipeline. Universities have now begun increasing the cut-off marks for statistics across Pune, showing the rising need for statisticians in data science.
Undergraduate courses in colleges now have over 90% as the cut-off rates for statistics. The course is normally open for any students who have taken science and have an aptitude for numbers and logic. Seats are also scaling up in numbers, owing to the higher demand for Bachelor's and Master's courses for statistics.
Moreover, with the rise of big data and analytics, there is a need for statisticians and similarly skilled professionals in the job market. A variety of verticals such as banking, financial services, market research, and more heavily utilize statistics and, by extension, statisticians.
Master's courses specifically have seen a higher rate of adoption owing to the idea that more qualifications net better careers. These are usually individuals who wish to take up data analytics in a software company, said Prakash Dixit, head of the department of statistics at Modern College, Pune.
Data science heavily requires statistics as a base for many reasons. The science itself has statistics at its basis, with better insights coming from understanding the data properly. Statisticians also have the ability to detect bias in the collected data through scientific methodology.
This, along with a background in computer science and handling large amounts of data, is usually the kind of candidate many big companies are looking for. Many have noticed this trend and are looking to make it a part of their career as well, owing to the lucrative pay and growth in the future.
The startup boom is also to blame for the increase in awareness in the field, as smaller companies are innovating better ways to apply data science. The need for technical and qualified talent is now driving the realignment of colleges to the job market.
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