Math & Stat Graduates

Transcription

1 Math / Stat Job Market Day Iowa State University Industry Job Market for Math & Stat Graduates Max Wang, Ph.D. Director, Marketing Analytics Lincoln Financial Group September 11,

2 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 2

3 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? 3

4 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. 4

5 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 5

6 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. 6

7 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. 7

8 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, oneway 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. 8

9 Typical Analytical Business Problems Customer acquisition Marketing campaign Cross/up selling Basket analysis Survey design & analysis Risk management Customizing services Customer long/shortterm valuation Web analytics Distribution channel Location determination Routing & Scheduling Feature selection Customer retention Price optimization Quality control Segmentation on basis of risk, profit, service, product 9

10 Analytical Competitors 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 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 10

11 Most Employers Are Desperate for Good Analysts Analytics 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! 11

12 Analytics Trend More data, more sophisticated analytical tools, and better technology and more demand for analytics. Top Analytics Markets: Web Analytics Marketing Risk Management Best Jobs (by WS Journal) Mathematician Actuary Statistician 12

13 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. 13

14 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 14

15 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! 15

16 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) 16

17 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! 17

18 Big Employers for Math & 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) 18

19 Jobs for Math & Stat Graduates Mathematician Statistician Actuary Data Analyst Analytical Consultant Statistical Consultant Quantitative Analyst Financial Analyst Business Analyst Market Analyst Operation Researcher Research Associate Biostatistician Graphics Design Computer Programmer Software Developer Analyst Financial Math 19

20 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! 20

21 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. 21

22 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. 22

23 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. 23

24 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! 24

25 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!) 25

26 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. 26