industry job market for math & stat...
TRANSCRIPT
Industry JobMarket for
Math & Stat Graduates
Max Wang, Ph.D.Director, Marketing Analytics
Lincoln Financial Group
September 11, 2010
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Math / Stat Job Market Day
Iowa State University
Be Proud! Be Confident! Be Ready!
Math Majors• SAT and GMAT tests: 13% higher than average.• Salary: 38% higher than average. • Job Satisfaction: #1! (by WSJ)
Business Week: “Math Will Rock Your World”
Wall Street Journal: “Doing the Math to Find the Good Jobs”
CareerBuilder.com: “Why It Pays to Be a Math Geek”
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Industry Analytics at a Glance
• What is analytics?
• Why do companies need it?
• What skill is needed to conduct analytics?
• How do companies acquire, develop and retain analytical capabilities?
• What is the analytics future trend?
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What is analytics?
Analytics is the use of data through quantitative analysis and fact‐based management to drive business decisions.
Analytical Skill: ability to articulate complex problems, to apply logical thinking to gather and analyze data, and to come up a solution.
Who might have the skill? Everyone. Math & Stat graduates have the edge.
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Why Do Companies Need Analytics?
Business decisions are made on basis of combination of Judgment and Analytics.
Organizational areas that apply much analytics:
● Customer ● Financial
●Manufacturing ● R&D
● Supplier ● Human Resources
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Typical Analytical Applications (1/3)
• Multiple Regression Analysis – logistic regression, linear regression and other generalized linear models, and two stage modeling.
• Segmentation – Clustering analysis, decision tree, and modeling.
• Price Optimization – Demand and supply relationship, and elasticity curve.
• Design of Experiment – Compare the effects of different treatments, offers, communication cadences, etc.
• Lifetime Value Analysis – Estimate customer value for a period of time; involve segmentation, predictive modeling, time series, and simulation, etc.
• Conjoint Analysis – Determine the optimal combinations of product features; involves DOE, modeling, and simulation.
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Typical Analytical Applications (2/3)
• Time Series Design and Analysis – longitudinal data analysis, impact analysis by advertising, economical environment, etc.
• Hypothesis testing – Product A is preferred to B; Offer 1 has 10% higher response rate than Offer 2; observational and experimental data.
• Survey Design and Analysis – sample size determination, data collection and analysis, summarize and make inferences, and make recommendations.
• Monte Carlo Simulation – risk analysis, possible distribution of outcomes, stress testing, etc.
• Constraint Analysis – increase sales with expense constraints, maximize profit under market size constraint etc.; constrained optimization, etc.
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Typical Analytical Applications (3/3)
• Neural Network Analysis – fraud detection, prediction of the onset of disease, etc.
• Textual Analysis – analysis of frequency, semantic relationships, and relative importance of particular terms, phrases, and doc in online text.
• Exploratory Data Analysis – mean, median, standard deviation, one‐way analysis, and multi‐variate analysis etc.
• Combinatorial optimization – integer programming, etc.
• And all others – The bottom line is to be able to Simplify, to Articulate, to Hypothesize, to Spot Patterns, to Model, and to Solve.
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Typical Analytical Business Problems• Customer acquisition• Marketing campaign • Cross/up‐selling • Basket analysis• Survey design &
analysis• Risk management • Customizing services• Customer long/short‐
term valuation• Web analytics
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• Distribution channel
• Location determination
• Routing & Scheduling
• Feature selection
• Customer retention
• Price optimization
• Quality control
• Segmentation on basis of risk, profit, service, product
Analytical Competitors
Consumer Products• Procter & Gamble• Mars• E. & J. Gallo• Anheuser‐Busch
Telecom • Sprint • Verizon Wireless• Bouygues Telecom• O2
Others• FedEx• Oakland A’s • John Deere & Company • AstraZeneca• UPS• CEMEX• Marriott International
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E‐Commerce• Google• Netflix, Inc.• Yahoo
Retail• Amazon.com• JC Penny • Tesco • Wal‐Mart
Financial Services• Capital One• Progressive Casualty Insurance • Barclays Bank• WellPoint • Royal Bank of Canada
Most Employers Are
Desperate for Good AnalystsAnalytics recruiters said “This has been the busiest year!”
• Try to get them from other big companies. • Develop and maintain relationships with colleges.
• Work with recruiters; take resume from internet and college job fair.
There is a lack of good analysts, not analysts!
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Analytics Trend
More data, more sophisticated analytical tools, and better technology and more demand for
analytics.
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Top Analytics Markets:• Web Analytics
• Marketing
• Risk Management
Best Jobs (by WS Journal)
• Mathematician
• Actuary
• Statistician
Get an Analytics Job
• Know what employers really want.
• Search for analytics jobs.
• Write resumes and apply for a position.
• Prepare for and conduct interviews.
• Make a decision.
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Skills Highly Sought After
• Communication– listening, verbal and written
• Analytical– math, statistics, analytical thinking and problem solving
• Flexibility, adaptability & multi‐tasking
• Leadership– for now, to make a change, to make a difference
• Team and individual work
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Skills for Analytics Jobs
Analytical skill is not enough for analytics jobs!
You also need:• Good communication.
• Good Inter‐personal skill.
• Two‐hats: Analytics & Business.
• Tools, e.g., SAS, MATLAB, SPSS, R and C++.
• To be imperfect, and , sometimes, incorrect mathematically or statistically!
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Personal Values Employers Seek in Employees
• Integrity (honest, responsible, accountable)
• Intelligence (innovative, genuine curiosity)
• Energy (energetic, extroverted, optimistic)
• Passion (authentic excitement, ambition)
• Attitude (can‐do‐it, go‐go‐go, be positive, yes‐and)
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Search Job
• Connect someone you already know.
• Explore companies which hired ISU graduates.
• Attend Job Fair and utilize the Career Services.
• Work with recruiters.
• Use the internet.
Don’t submit your resume yet!
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Big Employers forMath & Stat Graduates
• Banks– Wells Fargo, BoA, JPMorgan Chase, HSBC, Citi, Barclays
• Insurance Companies – AllState, Progressive, Liberty Mutual, Nationwide, State Farm
• E‐Commerce– Google, eBay, Amazon, Expedia
• Financial Companies – Capital One, Hartford, MBNA)
• Big Corp – GE, IBM, AT&T, Sprint, Verizon, P&G, J&J
• Retailers– Wal‐Mart, JC Penny, Target, McDonald
• Consultant Companies – Acxiom, Merkle, Ernst & Young, Equifax, TransUnion, Experian, Watson‐Wyatt, Genpact)
• Others– SAS, MATLAB, Alliance Data, Putnam Investment, Merck, Pfizer)
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Jobs for Math & Stat Graduates
• Mathematician• Statistician • Actuary • Data Analyst • Analytical Consultant • Statistical Consultant• Quantitative Analyst• Financial Analyst• Business Analyst
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• Market Analyst • Operation Researcher• Research Associate • Biostatistician• Graphics Design • Computer Programmer• Software Developer• … Analyst• Financial Math
Write a Resume
Project! Project! Project!• Put much emphasis on projects – course and internship.
• List application oriented courses. • Thesis or dissertation – describe it in a couple of sentences a layman can understand.
• Be clear, be relevant, be simple! • No errors, no brags, no hobbies!
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Submit a Job Application
One size does not fit all!
• Research on the company.• Research on the position.• Customize your resume for each application.• If you know someone (a credible one), ask for additional information and may even have the person pass your resume.
• Use the internet such as LinkedIn.
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About Interview
Interview is about Expectation and Match!
Characteristics expected for quantitative candidates like Math & Stat graduates:• Being intelligent.• Having critical thinking skill.• Being able to solve complex problems.• Being curious about everything. • Being elegant.
Your resume and interview must match what is expected of you.
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Phone Screening Interview
Do your homework prior to the interview:• Know the company’s business.• Do research on that industry and the company.• Make a list of questions.
During the interview (likely w/ an HR recruiter): • Articulate your answers so she can understand.• Show your passion and excitement. • Demonstrate your curiosity – one of the important characteristics an employer is looking for in a fresh graduate.
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In‐Person Interview
Remember: Expectation and Match! Do a lot research on the industry to which the company
belongs and the company itself. – Who the customers are.– What products they sell. – What the trend is.
During the interview:– Be energetic, be curious, be honest! – Be accurate not too meticulous!– Be a big picture thinker; keep a pyramid in mind!– Start with a problem, and end with a solution!– Know what the employer is looking for; don’t show too much
passion for any particular subject or topic!
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Make a Decision
Congratulations!• Learn to negotiate – salary, sign‐on bonus, relocation, vacation, stocks, annual bonus
• Factors to consider for decision:– The industry’s future – The company’s competitiveness and growth potential – The team’s structure (team members, their background, experiences and culture)
– The manager (very important!)
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Make a Decision
For Non‐Graduating Students
Suggestions for students who will compete for industry analytics jobs:
• Document and summarize each of course projects in a few sentences.
• Get internship as relevant as possible to your interest. • Take some applied math, statistics, economics and
computer science courses. • Provide consultancy for companies. • Start to develop a network of people that may provide
any help.
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