Please read my grad SOP: MS Statistics

Graduate School
1

<p>I must submit this tomorrow. This is a revision. The prompt is :</p>

<p>“Your statement should include your purpose in pursuing graduate study, any research you wish to pursue, and your future career goals. Write your statement on a separate sheet and submit it directly to your department.”</p>

<p>************<strong><em>START OF SOP</em></strong>*********************************MBS 7107</p>

<p>I am pursuing graduate studies in applied statistics because the ability to analyze data and forecast associated trends has wide application. With a MS in applied statistics, I will be well prepared to extract meaningful descriptive data, analyze that data backwards and forwards for trends, and provide stakeholders with the necessary information to complete their task. As a result of the University of Iowa having a solid statistics program to complement their actuarial science program, I will be able to obtain a thorough understanding of the statistics behind the tools of an actuary while simultaneously learning statistical essentials such as probability theory, inference, and modeling. Upon graduation, I will work in a data driven occupation within the private sector or for an agency of the federal government.</p>

<p>I hope to apply optimization to insurance and finance. Having studied engineering, I have seen how statistics can optimize processes and improve efficiency. Prior to the Load and Resistance Factor Design (LRFD) method, engineers used the Allowable Strength Design (ASD) method exclusively to calculate the weight structural members (beams, columns, base plates, etc.) had to withstand. The ASD method multiplies all load effects—e.g. snow, wind, cars—by the same amplification factor to account for uncertainty in estimating how much weight a structural member must support. The LRFD method takes into account the certainty with which we can estimate certain loads; the weight of a piece of machinery can be estimated with more certainty than the load effects from a group of workers occupying a space for a Christmas party. Probabilistic models were used to come up with larger amplification factors for load magnitudes with high uncertainty and smaller amplification factors for load magnitudes with low uncertainty. Where the ASD method says you would need a column that can support 1500 pounds, the LRFD method would more accurately require a column that can support 1000 pounds. Less required strength means a smaller I-beam could be used which results in money saved in steel. </p>

<p>I am also interested in learning more about data mining. This field of statistics would make good use of my computer programming skills. With my programming experience in C++, Visual Basic Applications in Excel, MATLAB, and Python, I will be able to use my degree in statistics to glean the last modicum of pertinent information from a set of data.</p>

<p>Actuarial sciences’ use in fields other than insurance is appealing to me. The application of statistical modeling to finance in the form of asset and liability valuation is very important; fallacies in the assumptions and logic used in these applications can have serious monetary consequences. Unlike Bayesian statistics, frequentist statistics gives little attention to prior knowledge of the process being modeled. Disregard of prior knowledge of the process being modeled is especially deleterious in the world of finance. For example, securities are connected to world events; world events do repeat themselves and the likelihood to repeat can be studied. If a negative world event is on the horizon, this should be factored into the statistical model I am looking forward to studying Bayesian statistics and seeing how it can be applied in finance and insurance to improve the accuracy of the estimating process.</p>

<p>The statistics program at the University of Iowa has everything I need to achieve a thorough understanding of the fundamentals of statistics. Considering the quality of your statistics program—as indicated by your national ranking—and the strength of your actuarial science program—as demonstrated by your CAE designation by the SOA—I feel confident in your program’s ability to prepare me for the actuarial exams and a career in the actuarial sciences or statistics.</p>

2

<p>Does the lack of responses mean it is ok?</p>

3

<p>I think your SOP is really professional. u combine your undergraduate study of engineering with the interest in applied statistics, which is a strength. but i think u need to emphasize your understanding of actuarial science, after all, financial knowledge maybe your disdvantages compared with the applicants who have a solid foundation in both mathematics and economics. FYI, i also applied statistics program only not in the University of Iowa:)</p>

4

<p>I only skimmed over it quickly, but here are my thoughts, each refers to the paragraph number.</p>

<ol>
<li><p>Most of the first paragraph is meaningless. You don’t need to explain the admissions committee what statistics is. The real important part is the last sentence, “Upon graduation, I will work in a data driven occupation within the private sector or for an agency of the federal government.”. That’s what you should focus on, <em>your</em> goals, and what <em>you</em> what you get out of the program.</p></li>
<li><p>First you say you want to go into finance and insurance, but then you go on talking about a random topic where statistics is applied, not something you have worked on, but something you have seen. I don’t think it’s relevant to an SOP. Again, you don’t need to explain anyone what the subject is, you want to explain why <em>you</em> want to study it and what you want to get out of it. Thus, the important part is the first sentence, and you should elaborate what you want to do. I don’t think your example adds any value to the SOP, cut it out completely.</p></li>
<li><p>I think it’s good, thought a bit random. Would be nice if you could tie it into one of your other goals.</p></li>
<li><p>I think it’s good.</p></li>
<li><p>Okay, but don’t talk about ranking and “strength”, it just shows that you don’t know much about the program except for some surface-level info, Give specific example why <em>this</em> program (research projects, classes, etc) is right for you and your goals.</p></li>
</ol>

<p>Hope that helps. One thing that seems to be missing is you talking about your past experience in the subject.</p>