‘Today the weather in Delhi will be partly cloudy and the temperature is around 31 °C.’ We hear the weather forecast every day without wondering how the weather conditions of a particular place are predicted? Statistics is basically mathematical equation sets that are used for analyzing things and situations. As the world is progressing at an accelerated rate with the emergence of technology, keeping up with all the information is becoming difficult. Organizations require qualified professionals who can handle the statistical data and deduct key details and information. Through this blog, we will be exploring the essential elements of MSc Statistics.
This Blog Includes:
- What is MSc Statistics?
- Why Pursue MSc Statistics?
- Highlights: MSc in Statistics
- Major MSc Statistics Courses
- Eligibility Criteria
- Top Colleges in India: Msc Statistics
- Top International Universities
- Career Prospects
- Average Salary: MSc Statistics Graduates in India
What is MSc Statistics?
Master of Science in Statistics, sometimes known as MSc Statistics, is a postgraduate Statistics study. Data gathering, management, and analysis are the subjects of this study. Naturally, it addresses every facet, including the organisation of data collecting in terms of survey and experiment design. MSc Statistics is a course that takes you deeper into the field of Statistics and its diverse applications in different areas of our lives.
Although it varies from university to institute, the MSc in Statistics typically takes two academic years to complete. The completion of a BSc in Mathematics/Statistics or graduation from an accredited university with a degree in a relevant field is the minimal requirement for entrance to this programme.
Why Pursue MSc Statistics?
MSc Statistics is structured to equip you with the assorted knowledge of theoretical as well as applied Statistics. It aims at offering a deeper understanding of different statistical applications along with a thorough professional training to prepare students for this field. This degree also forms a good foundation for several statistical concepts, you can also pursue a PhD in a specialized area of Statistics. You will get to learn about how data is critically analyzed and interpreted and how it is used for building statistical models for various real-time scenarios and creating different software packages for numerous statistical applications.
Highlights: MSc in Statistics
|Degree Name||M.Sc Statistics|
|Degree Duration||1 year-2 years|
|Entrance Exams in India||BHU PET, CSIR NET.|
|Eligibility Criteria||Graduation in a related discipline with 50 percent aggregate or above|
|Admission process||Merit and entrance based|
|Fees for the entire duration||India: INR 3 Lakh -INR 5 Lakhs
Abroad: INR 14 Lakhs- INR 20 Lakhs
|Average Salary||INR 5 Lakh – INR 35 Lakhs|
|Job profiles||Professors, Statistician, Investment Analyst, Service Estimator, Cost Estimator, etc.|
|Top recruiters||Neilson, Deloitte Consulting, Tata Consultancy Services Innovation labs, Blue Ocean Marketing, BNP Paribas, Goldman Sachs, Genpact, Accenture, GE Capital, HP, RBI, HSBC|
Also Read: BSc Statistics
Major MSc Statistics Courses
There are numerous areas of Statistics that you can specialize in and that’s why there are wide-ranging MSc Statistics courses that are structured to help students develop skills for specific job roles. Some of these courses include:
- MSc in Applied Statistics for Social Science Research
- MSc in Applied Statistics and Data Mining
- MSc in Mathematical Statistics
- MSc Statistics with Financial Mathematics
- MSc By Research in Statistics
- MSc in Biostatistics
- MSc in Psychological Research methods with Advanced Statistics
- MSc in Mathematics and Statistics
- MSc in Statistics with Applications to Finance
Also Read: Msc in Mathematics
- The applicant should have completed a bachelor’s degree in the field of Biological Science, Chemistry, Biochemistry or related field from a recognized or accredited institution.
- TOEFL, IELTS, PTE, Cambridge English.
Note: These are general eligibility requirements, any essential prerequisite specific to a particular university or colleges can be well researched on the official university or college website.
Admission Process: MSc Statistics
- Visit the official website of the institution.
- Click on ‘Apply Now’ or ‘Register Here’
- Complete filling your education history with all the qualifications.
- Fill in the details of your employment history.
- Fill in your personal statement.
- Submit the application form by paying the mentioned fees.
You will need the following documents to complete the application process:
- Academic Transcript(s)
- Proof of your English language proficiency (if your first language isn’t English or if English isn’t the language of guidance at your school)
- Letters of Recommendation
- Statement of Purpose
- A curriculum vitae
- A passport & UK Student Visa
- Financial Documents
- Personal portfolio (if asked by the university)
Top Colleges in India: Msc Statistics
|Colleges||Average Tuition Fee|
|Hindu College, New Delhi||INR 16,690|
|Christ University, Bangalore||INR 65,000|
|Ramjas College, New Delhi||INR 14,284|
|Aligarh Muslim University, Aligarh||INR 8,980|
|The Oxford College of Science, Bangalore||INR 50,000|
Top International Universities
There are numerous universities and colleges across the globe that offer MSc Statistics courses. Choosing the right university is a critical decision, you should consider the world’s leading universities that are renowned for their work in Statistics. Here we have listed the top international universities providing MSc Statistics courses with a promising exposure and well-structured curriculum:
- University of Sheffield, UK
- Massey University, New Zealand
- University of Glasgow, UK
- University of Wollongong, Australia
- University of Canterbury, New Zealand
- University of Liverpool, UK
- University College Dublin, Ireland
- Flinders University, Australia
- Cardiff University, UK
- Virginia Tech, USA
- University of Leeds, UK
- Trinity College Dublin, Ireland
Having a vast scope in an array of career fields and specializations, MSc Statistics is a field that offers immense career opportunities. Almost every industry requires statistical experts to help them interpret data and analyze the market trends in a timely manner. The various career prospects you can explore include:
- Statistic Trainer
- Content Analyst
- Data Scientist
- Data Analyst
Average Salary: MSc Statistics Graduates in India
|Job Roles||Average Annual Salary|
|Statistician||INR 5.18 LPA|
|Investment Analyst||INR 6.51 LPA|
|Arithmetician||INR 9.79 LPA|
|Cost Estimator||INR 4.50 LPA|
|Online Tutor||INR 2.26 LPA|
Hopefully, this blog has provided with quintessential information about Master’s in Statistics, its different specializations, top colleges for pursuing this course along with the job opportunities you can avail after completing this course. Statistics is thriving as a career because of the constant technological innovations and data revolutions emerging in our world. If you are unsure about the right specialization for pursuing this field, Leverage Edu experts can guide you in selecting an ideal program in Statistics to equip you with the right skill set for building a great career in Statistics.