MATHEMETICS

Is the mean starting salary for ACCA student $28,000?

Is the mean starting salary for ACCA student $28,000?

Introduction

The test is being conducted from the students of Association of Certified Chartered Accountants (ACCA). The data have been gathered from the students of past two years, i.e. 2010 and 2011. This sample is used for applying statistical tools to identify the answer of the topic question. A hypothesis statement has also been made for the project, which is similar to that of the topic question; “Is the mean starting salary for ACCA student $28,000?”.

After gathering the data, statistical tool will be applied to examine the results. Furthermore, mean, median, mode, standard deviation, and variance will be identified. Those results will then be applied to check the validity of hypothesis test.

Sampling

Initially, the sample has been gathered from the management of ACCA about which of the students are currently employed somewhere. Then, on the basis of initial data collection, employed students were approached for further gathering the data about their salaries.

Data

The initial data collection from the management of ACCA found out that 100 students were currently employed. This data involved the students of previous two years, which is 2010 and 2011. Out of those 100 students, 55 students were from 2010, whereas 45 students were from 2011. Then, those 100 students were being interviewed, to get the insight about their pay scale.

Statistics

The data that has been gathered provide a mix result from the students employed. This can be justified from the fact that the maximum amount of salary a student receives is $33000, while the minimum amount of salary a student receives is $23000. The mean amount of salary of the entire sample is $27998.50, while the median salary of the sample is calculated to be $28100. The mode salary is identified to be $24600. Standard ...