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Data science is the new must-have degree – Here’s how to train people to do it

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THE world is inundated with data. There’s a virtual tsunami of data moving around the globe, renewing itself daily. Take just the global financial markets. They generate vast amounts of data – share prices, commodity prices, indices, option and futures prices, to name just a few.

But data is of no use if there aren’t people able to collect, collate, analyse and apply it to the benefit of society. All that data generated by global financial markets gets used for asset and wealth management – and it must be properly analysed and understood to inform good decision making. That’s where data science comes in.

Data science’s primary aim is to extract insight from data in various forms, both structured and unstructured. It’s a multi-disciplinary field, involving everything from applied mathematics to statistics and artificial intelligence to machine learning. And it’s growing. This is because of advances in computer technology and processing speed, the relatively low cost to store data, and the massive availability of data from the Internet and other sources such as global financial markets.

SEE ALSO: How big data predicts what you really want to watch on Netflix

For data science to happen, of course, you need data scientists. Because data science is so wide in scope, being a data scientist covers a range of professions. These include statisticians, operations researchers, engineers, computer scientists, actuaries, physicists and machine learners.

This variety........

© Asian Correspondent