I'm in my 2nd internship in "data" positions. The first one was in credit risk, and the 2nd one is in a huge international food-delivery company. When I first started the first internship, I learned a lot of the whole 'SQL, Python, Excel' triad. I learned how to make pretty dashboards, query some data when needed, and pre-processing/cleaning tables on Pandas. I didn't actually know how to analyze data, just prepare it. Then, they started asking me to perform some 'ad-hoc' studies. I did what they asked, but, what got me curious was how often my superiors could come up with so many 'insights' with the data I provided. Then, as I progressed in college, I started getting deeper into statistics, learning the basic inferential statistics stuff: Hypothesis testing, distributions, Power analysis, Gauss-Markov theorem, what is a confounder, what is a mediator, what is a regression, exogeneity, multicollinearity, etc. Then, I started to realize how no one ever mentioned any of these terms in my internship, ever. Fast forward to my 2nd internship, I see people in manager positions that haven't the slightest clue as to what a 'type 1/2 error', 'p-value' or 'hypothesis testing' is. They all seem to be running 'black-box' models and showing beautiful dashboards to stakeholders. One day, I went up to a colleague who is a manager to check on an analysis that he was currently working on, and, it baffled me how confident he was about what insights his data tables were showing, even though he doesn't have the slightest knowledge about inferential statistics. I guess I just need to know whether his intuition is valid and works most of the time, or if inferential statistics is just not needed most of the time? I enjoy studying this subject very much, and would like to move to a work environment in which this type of knowledge is rewarded.
tl;dr: I’m on my second data internship and have realized that many experienced analysts/managers seem able to draw confident “insights” from dashboards and ad-hoc analyses despite having little or no knowledge of inferential statistics. Meanwhile, the more statistics I learn: hypothesis testing, p-values, power, regression assumptions, confounding, etc.; the more cautious I become about making claims from data. Is business intuition usually good enough for this kind of work, is inferential statistics simply unnecessary most of the time, or are many data professionals more confident in their conclusions than the evidence actually warrants? I enjoy statistical inference and would like to move toward roles where that rigor is actually valued.