Analyzing Career Trends in Major Fields

This assignment delves into the career prospects of three popular majors: Marketing, Accounting, and HR. Students analyze data on employee salaries, experience, and educational backgrounds to identify trends and potential career paths within each field. The analysis reveals that education level significantly impacts starting salaries, with MBA graduates commanding higher earnings. While marketing majors demonstrate slightly higher average salaries, the study emphasizes the importance of a strong educational foundation for success in any chosen major.

Introduction To Statistics
STUDENT ID:
[Pick the date]

PART 1
a) Major is a qualitative variable since the underlying data is non-numeric as is apparent
from the given data.
Education background is a qualitative variable since the underlying data is non-numeric as
is apparent from the given data.
Starting salary is a quantitative variable since the underlying data is numeric. Further, the
given variance is discrete since the underlying values are in the form of integers also and it
seems that these cannot be represented as decimals.
Previous Experience is a quantitative variable since the underlying data is numeric.
Further, the given variance is continuous since the underlying values are both in the form
of integers as well as decimals.
b) The requisite frequency table for major is indicated below.
The requisite frequency table for education background is indicated below.
c) The requisite graphical distribution for major variable is indicated below.

The requisite graphical distribution for education background variable is indicated below.
d) The requisite table highlighting the various aspects of given quantitative variables is
indicated below.
Particulars Starting Salary (per year) ($) Previous experience (in years)
Mean 70555.00 2.39
Median 69000.00 2.75
Standard deviation 11481.77 1.47
First Quartile Q1 60750.00 1.00
Third Quartile Q3 80337.50 3.00

e) i) The mean annual starting salary of an employee in the accounting major is $ 68,100.
This has been computed by dividing the total salaries of all accounting major employees
($ 681,000) by the total accounting major employees (10).
ii) The median annual starting salary of an employee in the marketing major is $ 69,000.
iii) The average experience of the employees in the HR major is 2.25 years. This has been
computed by dividing the total experience of all HR major employees (22.5 years) by the
total HR major employees (10).
iv)There does seem to be some weak correlation between the educational background and the
starting salaries which is evident from the fact that average starting salary of marketing
person seems to be significantly higher than the other to education backgrounds.
v) Summarization of data is critical since it provides a concise overview of the information
which is not possible otherwise. Hence, with a summarised data, no critical aspect is
overlooked and also it allows for comparison between the various variables which is not
possible when only individual variables are analysed. However, when a summary of the
given data is providing, then the decision maker is able to cross linkages which enhances
creative thinking and improves the overall decision.

PART 2
Summary
The objective of the given report is to summarise the respective trends in relation to the
potential scope of three majors namely marketing, accounting & HR. The same is expected to
be useful to the other students who can make prudent career choices based on the respective
future prospects that are linked with each majors. In order to collect the relevant information,
data has been collected about the 30 staff members in the context of their respective majors,
education background starting salary along with the experience.
Based on this, it is apparent that the majority of them have completed their college degrees
while a significant percentage has also done MBA. Also, it seems that higher degrees in the
field of major may be preferable as the highest salary levels are commanded by those
individuals who have MBA followed by college degree holders and diploma holders at the
last. Also, in terms of starting annual salary, the range for the three majors lies between $
68,000 and $ 75,000. However, more than the field of study, this is dependent on the
education background. But, considering that the average salary of marketing major
employees is slightly higher than the others hints towards the better career prospects
associated with marketing personnel.
However, it is essential to consider that the sample size for the study was quite limited and a
higher sample with more representative experience can potentially provide more insights in
this regards. But based on the given information, it might be concluded that there not appear
any significant linkage between starting salaries and profession but the critical factor is the
education factor which ideally should be MBA or atleast a college degree.