Do entry level PhD statisticians really make 200K a year?

In summary, the conversation discusses the salary expectations for statisticians with a PhD, with various factors such as industry, experience, and position affecting the potential income. While some may make $200K right out of a PhD, it is not the norm and should not be used as a general indicator. Additionally, finding an employer who values a PhD in a different industry can lead to a higher salary. The conversation also mentions the limited number of positions for PhD statisticians and the potential to earn higher salaries in fields like finance or consulting.
  • #1
oahz
13
0
that's what one of my math profs told me.

i forgot what the industry needs to be in order to make that much as an entry level. perhaps insurance?
 
Physics news on Phys.org
  • #2
Not US dollars.
 
  • #3
  • #4
Maybe it's just my experience but, professors seem to...embellish a students potential earnings if they just get this degree or get this paper published, etc.
 
  • #5
I made just under half that when I started in statistics/machine learning with a physics phd. With 3 years of experience, I'm not yet to 3/4 of that, but I'm getting close.
 
  • #6
Depends on the field. my master thesis was on statistical learning which has an obvious benefit to finance and I started at 6 figures. However, I don't want you to think that this is what you should expect to be paid. With no work experience, or without showing that you can be a benefit to a certain company, expect your initial pay to be quite a bit lower with the potential to increase rapidly if you prove valuable.

Also, you have to look at potential slots for a PhD in statisticians. We tend to have a more natural ability to float from field to field and settle in anywhere, however, the spots for an actual PhD are limited, and usually required management experience and or a consulting position. The exception to this tend to be within the government, but then you'll never reach 200,000. (But retirement and fringe benefits are rather good, but once you tell people you're a government employee they think of you as a slacker. It's weird!)
 
  • #7
To the OP:

I am based in Canada so my experiences may differ somewhat from those based in the US, but I would concur with MarneMath that the number of actual slots for PhD statisticians are actually quite few. Typically, many positions for statisticians require those with a PhD or a MS with additional years of experience.

It's generally the case that the more experience you have, the higher you can expect. It is also industry dependent -- I currently work in the pharmaceutical sector (with a decade of experience in various sectors) and I earn about half what you quote. But I know that those who work in finance or consulting can earn substantially more than this.

I think the take home message is that those with a PhD in statistics do have many opportunities for relatively well-paying jobs open to them, and I don't personally see this changing in the immediate future.
 
  • #8
oahz said:
that's what one of my math profs told me.
Did your math professor tell you that they can make 200K, or that they do make 200K?

I'd be willing to bet that somewhere in some industry (probably financial) there is at least one PhD statistician who received 200K or more in salary and bonuses right off the bat. However, using that one outlier as an indicator of what a freshout PhD statisticians should expect to make falls into the category of "there are lies, damned lies, and statistics."
 
  • #9
I've never heard of anyone making $200K immediately after getting a statistics PhD. If it happens, I'd bet it's a rare outlier like D H said.

There are definitely $100K+ positions for recent statistics PhDs. For PhDs with no industry experience, I think the key to a higher salary is to find employers who consider you "experienced hire in a different industry" rather than "entry-level."

For example, I just started working for a trading firm. They (correctly) consider me a n00b at finance and an experienced hire at stochastic models of noisy dynamical systems. I won't make $200K/year, even with bonuses, but I'll still be in a pretty high tax bracket.
 

1. Is it true that entry level PhD statisticians make 200K a year?

While this may be possible in certain industries and locations, it is not the average salary for entry level PhD statisticians. According to the Bureau of Labor Statistics, the median annual wage for statisticians in 2020 was $92,270, with the lowest 10 percent earning less than $55,040 and the highest 10 percent earning more than $158,660.

2. What factors contribute to the salary of an entry level PhD statistician?

Salary for any job is influenced by various factors such as location, industry, company size, and job responsibilities. Entry level PhD statisticians may also have varying levels of experience and education, which can impact their starting salary.

3. Are there any industries or locations where entry level PhD statisticians can make 200K a year?

While it is possible for entry level PhD statisticians to make 200K a year in certain industries and locations, it is not the norm. Industries such as finance, consulting, and pharmaceuticals tend to offer higher salaries for statisticians, and certain cities with a high demand for these professionals may also offer higher salaries.

4. What skills and qualifications are necessary for entry level PhD statisticians to earn a high salary?

In addition to a PhD in statistics, entry level statisticians may need to have experience in programming languages such as R and Python, as well as knowledge of statistical software and techniques. Strong analytical, critical thinking, and communication skills are also important for success in this field.

5. How can entry level PhD statisticians negotiate for a higher salary?

Entry level PhD statisticians can negotiate for a higher salary by researching the average salary for their position and location, highlighting their skills and qualifications, and demonstrating the value they can bring to the company. It is also important to be professional, confident, and open to compromise during the negotiation process.

Similar threads

  • STEM Career Guidance
Replies
27
Views
1K
  • STEM Career Guidance
Replies
2
Views
2K
  • STEM Career Guidance
Replies
11
Views
2K
  • STEM Career Guidance
Replies
30
Views
2K
  • STEM Career Guidance
Replies
5
Views
758
  • STEM Career Guidance
Replies
2
Views
2K
  • STEM Career Guidance
Replies
15
Views
2K
  • STEM Career Guidance
Replies
2
Views
2K
Replies
17
Views
1K
  • STEM Career Guidance
Replies
7
Views
3K
Back
Top