Quantitative Skills: What Professions Require

According to a Committee for Economic Development report, quantitative skills are among the hardest-to-hire competences, and employees who have them are in short supply. However, companies prefer to work with quants, since they help move the business forward by following new philosophies and ideas. Thus, if you want to stand out from the crowd and avoid fierce competition, you should put some effort into the development of quantitative expertise.

In this article, we will go into quantitative skills, research, and reasoning. We will also highlight the spheres where they can be used and tips on how to boost them.

What are Quantitative Skills?

To understand quantitative skills better, we should begin by explaining the difference between quantitative and qualitative skills. Let’s start with definitions.

Qualitative skills are those that can be observed but not measured.

Quantitative skills are objective, numerical, and measurable. They include the use or manipulation of numbers in different forms and can be applied to everything from the design of evaluation surveys and experiments to the use of digital media, archives, or open data.

We have prepared a comparison chart to make the differences between these skill categories more transparent.

What Do Quantitative Skills Include?

A quantitative skillset includes competencies that require math, science, and strict research. The key is to understand statistical methods to check and investigate numerical data for practical insights. Let’s focus on 5 primary quantitative skills in more detail.

1. Math and Mathematical Reasoning Skills

Math is used in both our everyday life and professional life. Strong mathematical skills allow us to solve tasks more effectively, such as money counting, time management, order arrangements to accounting, and the preparing of financial forecasts.

2. Analytical Skills

This is an ability to highlight substantial connections. It helps establish and structure relationships between information elements and build a holistic and differentiated image of a problem.

3. Survey Skills

As a research method, a survey is used for collecting data and getting insights for different purposes. Employees can develop standardized procedures to collect data and ensure a level playing field for each respondent to avoid any prejudiced opinions that could influence the outcome.

4. Science Skills

The science process is natural for our minds. We can use it in any situation that requires critical thinking. This skill includes six main components: observing, classifying, measuring, communicating, inferring, and predicting.

5. Research Skills

Research skills are the ability to search, collect, analyze, interpret, and assess information relevant to the subject. They include report writing, critical thinking and analysis, planning and scheduling, data collection, etc.

Best Positions to Put Your Quantitative Skills Into Use

Employees with good quantitative abilities are needed in different industries: business, philanthropy, politics, science, public sector, etc. They mainly hold the roles required to achieve business goals. These are leadership, managerial, or research positions.

We have created a categorized list of the most popular jobs that use quantitative skills.

Media

• Investigative journalists
• Researchers for print, TV and online media

Government

• Politicians
• Evidence-based policymakers
• Political aides and opinion pollsters
• Government economists, statisticians, and researchers
• Civil Service managers
• Pressure groups
• Trade union representatives

Education

• Teachers
• Lecturers

Public services

• Police teams and prison officers
• Local authority strategists
• Finance and personnel managers
• Expert advisors and inspectors
• Neighborhood planners

Private sector

• CEO and industry officials
• Entrepreneurs and small business owners
• Finance managers
• PR and market analysts
• Management consultants
• Product designers and architects

NGOs and charities

• Project coordinators
• Lobbyists and activists
• Fund managers and fundraisers
• Social statisticians
• Charity workers

How to Show Quantitative Skills in a Cover Letter & Resume

One of the most important steps in a job search is to create high-quality self-presentations: resume and cover letter. Your documents should catch the recruiter’s eyes and stand out from the hundreds of other applicants. Meaningful application documents can help you get invited to an interview.

The presentation of your skills is an essential aspect of the perfect application. Skills are divided into two groups: hard and soft. The difference between them lies in how they are acquired. Hard skills are professional and can be taught, while soft skills are universal competencies acquired with personal experience.

Quantitative skills belong to the soft category. Since they are in high demand, it is necessary to properly show them in both your resume and cover letter.

Quantitative Skills in a Resume

Every resume should have a soft skills section where you can mention your quantitative expertise. If you want to write a chronological resume and show your previous experience in chronological order, we recommend you list the skills as the last section next to your contact information.

When writing a functional resume, focused more on your background than on chronological work history, your quantitative skills should be highlighted throughout the resume. List them in order of priority, taking into account the job requirements.

It is important to remember that a resume should not exceed 2 pages maximum (depending on your work experience). However, we recommend you to fit everything on one page.

If the description of your work experience and education takes up too much space and the resume turns into a lengthy autobiography, we advise that you integrate your quantitative skills into a cover letter.

Quantitative Skills in a Cover Letter

A cover letter gives you an excellent opportunity to show your soft skills and provide the employer with the chance to find out more about who you are and what you can offer.

Our recommendation is to highlight your quantitative skills, mentioning situations that describe what you've been able to accomplish. Here are some examples of powerful phrases that can help you show off your quantitative skills:

1. Time management has always been crucial to me. This skill helps me to plan successful annual budget conferences, meeting all the deadlines and understanding the dynamics.
2. My ability to quickly analyze large amounts of information helps me to develop relevant practical recommendations on increasing the efficiency of operation processes.
3. Due to my experience, I am well-versed in research and data analysis and can present detailed information in a scientific manner.
4. While working with a team of mathematicians and engineers to analyze investment data for stock market trading, I contributed to 90% of our company’s successful investments.
5. My master’s thesis helped me in the development of strong quantitative skills. I set myself deadlines to review more than 70 statistical sources, and as a result, identified issues that required further research. I would like to discuss my quantitative, analytical, and leadership skills in more detail during the interview.

Using Quantitative Research Skills as an Additional Advantage

One of the most important steps in a job search is to create high-quality self-presentations: resume and cover letter. Your documents should catch the recruiter’s eyes and stand out from the hundreds of other applicants. Meaningful application documents can help you get invited to an interview.

Quantitative research can give you answers to such questions as “how much” and “how often.” These results are essential when developing a business case for new products or services. Moreover, it can be beneficial for making business decisions. For instance, you can use sampling or surveys to collect information from existing and potential customers in the form of numbers. The analysis of these numbers can help you predict the future of the product or service and make relevant updates or changes over time.

Here are some more examples of how you can demonstrate your quantitative research skills in a cover letter or during the interview:

1. When company X struggled with the question, “How happy are our customers with the services we provided?” I initiated a customer satisfaction (CSAT) survey. I collected quantitative data about the services based on such parameters as price, quality of customer service, etc. I also used the net promoter score (NPS) question and matrix table questions. The analysis of the numbers helped to develop new strategies and increased customer satisfaction by 30%.
2. After conducting a conference on web services, I began collecting feedback from participants to find out whether the event was useful for them. My event survey template helped me receive effective feedback which was used to improve the organization of future events.

How to Improve Quantitative Reasoning Skills

Quantitative reasoning is also known as quantitative literacy or quantitative numeracy. In simple words, it means doing math (that’s the quantitative part) and explaining how this math works, how important it is, and how it influences us while using our logical skills (that’s the reasoning part).

Extensive quantitative reasoning skills help define successful managers, doctors, architects, engineers, scientists, sales representatives, etc. It improves critical thinking skills and allows us to identify the most relevant and accurate decisions based on numerical information.

Here are some ideas on how you can improve your quantitative reasoning:

• Mental math without a calculator
  Train yourself to multiply double digits in your head and try not to use a calculator. This will help improve your math skills which are essential for quantitative reasoning. You can also use the Mimir Mental Math app to learn and practice some mental math tricks.
• Case math
  To improve your skills in making assumptions, we recommend that you practice common market sizing topics. Analyze airport and subway passenger flows, sales volumes, car usage, etc. Moreover, you can research and learn critical financial issues such as profit and loss statements and balance sheets.
• Books
  Theory is always useful. So read books on quantitative reasoning and analysis to extend your knowledge. Here are some suggestions: Quantitative Analysis for Management by Charles P. Bonini, Warren H. Hausman, Harold Bierman, 1997 Quantitative Analysis for Decision-Making by Gerald I. Harel, Tej S. Dhakar, 2002 Case Studies for Quantitative Reasoning: A Casebook of Media Articles, by Bernard L Madison, Stuart Boersma, Caren L Diefenderfer, Shannon W Dingman, 2012
• Tables and graphs
  Develop your skills of working with tables and graphs and drawing conclusions based on your analysis. The book by Gene Zelazny, “Say It With Charts: The Executive’s Guide to Visual Communication’ published in 2001, will help you understand business presentations.
• Online learning courses
  Usually, online courses combine theory and practice in the form of homework. You will also have a chance to talk to the course tutors to get feedback. We recommend the following: GRE Prep: Crack the Quantitative Reasoning Section at Udemy Fundamentals of Quantitative Modeling at Coursera Fat Chance: Probability from the Ground Up at edX

Final Words

Quantitative skills present your ability and willingness to change your perception of the subject if the numerical data you’ve analyzed shows the need. Including them in your bundle of skills will make you a better candidate for the position.

If you feel that, for you, numbers tell more than words, use our tips to demonstrate your quantitative skills in the best way to your potential employer, using a convincing resume and cover letter.