The major research areas in the Department of Statistics and Applied Probability can be divided into statistical theory and methodology, applied statistics, applied probability and financial mathematics. Our faculty members each bring a unique perspective to the department, and have wide range of interests, specialties, and expertise. Those research interests include asymptotic statistical inference, Bayesian inference, Bayesian networks, biostatistics, data mining, directional data analysis, environmental statistics, financial mathematics, functional data analysis, linear models and generalized linear models, Markov Chain Monte Carlo (MCMC) methods, microarray data analysis, nonparametric curve fitting, nonparametric inference, resampling methods, smoothing spline methods, spatial data analysis, statistical computation, stochastic processes, stochastic control, stochastic differential equations, stochastic partial differential equations, and time series. The statistical needs of science, technology, business and government are huge and growing rapidly. Our faculty members and graduate/undergraduate students participate in interdisciplinary research programs. They have collaborations with other departments at UCSB in the research areas such as Biological science, Economics, Education, Engineering, Finance, Geography, Mathematics, and Psychology.

The Department of Statistics and Applied Probability offers a general B.A. in Statistics and a B.S. in three specialized subfields: Actuarial Science; Applied Statistics; and Statistics. In addition, the department jointly with Mathematics department offers a B.S. program in Financial Mathematics and Statistics. Such advanced undergraduate Actuarial program is the only one in California and one of only two such programs on the entire West Coast of US. The joint program in Financial program is unique to California. The department also offers a Master's degree in Statistics and a Ph.D. in Statistics and Applied Probability, with optional emphasis in Financial Mathematics and Statistics, and optional emphasis in Quantitative Methods in the Social Sciences. The department is the home to the Center for Research in Financial Mathematics and Statistics.