• Bayesian Thinking Course Overview

Bayesian methods give us an alternative way to think about probability, with applications in business decision-making.

While traditional statistics requires us to observe a meaningful sample to inform decisions, Bayesian methods allow a “best guess” approach based on available information. These approaches also allow us to include other information such as beliefs and outside knowledge.

This course will take you on a step-by-step journey, from traditional statistical approaches, through conditional probability and Bayes Theorem. These concepts will form a foundation to help you understand two basic Machine-Learning examples introduced in the course. In the end, you’ll produce a real-world classification model using Python.

Illustration of inputs within a bayesian classification model.

Bayesian Thinking Objectives

Upon completing this course, you will be able to:

  • Describe, compare, and contrast the three main approaches to probability
  • Understand the fundamentals of the Bayesian approach—such as conditional probability, priors, and updating beliefs
  • Apply Bayesian methods such as Bayes theorem and contingency tables to simple problems
  • Describe two Bayesian machine learning methods—multinomial and gaussian Bayes classifiers
  • Recognize the benefits of using these machine learning methods for modeling complex scenarios
  • Evaluate the results of the machine learning tests against business goals in Python

Summary statistics in a gaussian naive bayes classification walk-through.

Who Should Take this Course?

This Bayesian Thinking course is perfect for professionals who work with data and want to apply an understanding of statistics to solving business problems. This course covers critical concepts for anyone working with statistics or data science and introduces both the concepts and practical applications. No background in coding with Python is required for this course. Common career paths for students who take the BIDA™ program are Business Intelligence, BI Developer, Data Analyst, Quantitative Analyst, and other finance careers.   Slide illustrating process of updating a prior using a likelihood ratio or bayes factor.    

Bayesian Thinking


Level 5

Approx 3h to complete

100% online and self-paced

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What you'll learn


Qualified Assessment

What Our Members Say

Explains Bayesian in the simplest possible manner but you will have to use other resources if your probability concepts are not sounds!

Jyotkaran Gill

Amazing experience
The tutor really explained the concept

Stephen Akinosi

Interesting to learn about the Bayesian model

Olusegun Akinlolu

Keep learning
Please, keep learning new things like Bayesian Statistics

Atinafu Asefa

Frequently Asked Questions

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What are the requirements to take the courses?
All of our certification programs are open to students and professionals in various industries and levels of experience. Our curriculum is designed to teach what you need to know from basic fundamentals to advanced practical case studies. To take the courses and complete the exercises, students will only need access to a PC and/or Mac, Microsoft Suite (2016 or newer), and a stable internet connection. Click here to view the Technical Requirements
Can I download the Excel files and financial modeling templates for the course?
Absolutely! All the files and templates needed in a course are available for download. Just look for a module that shows Downloadable Files within the course dashboard. See here for a visual guide on how to do this.
How long do I have to complete the courses?
You will have yearly access to the courses as long as you maintain an active subscription. All the courses are self-paced as well so you can take your time in learning without worrying about any deadlines. Click here to compare our available enrollment options.
Are CFI courses officially accredited?
Yes, CFI is accredited by the Better Business Bureau® (BBB) to maintain training standards, the CPA Institutions in Canada, and the National Association of State Boards of Accountancy (NASBA) in the USA. Most of our courses qualify for verified CPE credits for CPA charter holders. Please refer to this page to view all available CPE credits.
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Students must complete all the video lessons, quizzes, and final assessments in each course. You can retake the assessments as many times as necessary until you reach an 80% passing grade. For more information on how to earn a course certificate, click HERE.
How are the exams conducted?
Students are required to complete an online assessment (Multiple choice questions, Fill-in-the-Blanks, and Excel Questions) at the end of each course. You can take the exams on your own schedule and will need to earn at least 80% to pass the course and earn your certificate of course completion. Please note that course exams can be repeated as many times as you need. Students are also required to complete the FMVA® final exam to earn their certification. How to Take a Qualified Assessment
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Will these courses help me advance my career?
Based on hundreds of reviews from thousands of students we know how CFI courses have helped so many people advance their finance careers. Our courses are designed to be extremely practical and simulate the experience of being trained as a professional financial analyst…the ultimate way to advance your career. For real-world examples and to help delve even deeper into the course concepts, please look into our free career resources library.
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