Master of Statistics or M.Stat. is a two-year program that offers advanced-level training in the theory, methods and applications of Statistics along with specialized training in selected areas of Statistics and allied fields.
On successful completion of this program, students are able to pursue an academic/research career in Statistics, Mathematics, Economics, Computer Science and allied fields, depending on their chosen area of specialization. They will also be able to work competently as Statisticians and specialists in research institutions and scientific laboratories, government departments or industries.
The basic eligibility to pursue M.Stat. course is that the students should have completed their graduation in a relevant field from a recognized college. Candidates should have a minimum aggregate of 55% or its equivalent CGPA.
Selection for admission to this program is based on performance in written admission tests and subsequent interviews. Few colleges also conduct the admission process through marks obtained by the candidates in their qualifying examinations.
Candidates can pursue M.Stat. as a full-time course. A few top colleges that offer Master of Statistics courses are ISI Bangalore, ISI Delhi, Dr. B.R. Ambedkar University, ISI Kolkata, ISI Chennai, etc. The average annual tuition fee to study a full-time Master of Statistics program is around INR 50,000- 90,000 depending on the college. Career options are huge in the industry sector after M.Stat. degree. Graduates can pursue other jobs in the private sector and work as a Professor, Lecturer, Researcher, Expertise in Research (Statistician), Photo Statistician, Senior Statistician, Arithmetician, Subject Matter Expert (Statistics), Statistical Investigator, etc. The average starting salary ranges from INR 4-20 Lakhs per annum.
Table of Content
2.1 Why Study?
3.1 Eligibility
3.2 How to get Admission in Top M.Stat. College?
5.1 Important Books
7.1 Future Scope
The M.Stat. degree holders have excellent career opportunities in both Public and Private Sectors, Colleges & Universities and also have scope in Financial Analysis, Medical Research, Biotechnology, Weather and Commodity, Forecasting, etc.
M.Stat. Scope
M.Stat. Course Highlights
| Course Level | Post Graduate |
| Full form | Master of Statistics |
| Duration | 2 years |
| Examination type | Semester |
| Eligibility | Graduate from a recognized university with statistics/ mathematics as a subject |
| Admission process | Entrance exam based and merit based |
| Course fee | INR 50,000/- to INR 90,000/- |
| Average Salary | INR 4 – 15 LPA |
| Top Recruiting Companies | Goldman Sachs, JP Morgan Chase & Co., Microsoft, Oyo, Flipkart, Myntra, LinkedIn, Morgan Stanley |
| Job Positions | Data Analyst, Data Scientist, Quantitative Analyst, Risk Analyst, Senior Associate |
M.Stat.: What is it About?
Check the mentioned below points to know more about Master of Statistics course details:
- Master of Statistics is popularly known as M.Stat. It is a postgraduate course. This program is a professional degree and it prepares individuals to serve in collecting and interpreting statistics
- The course duration is two years divided into four semesters. It can be pursued full-time.
- The M.Stat. course offers advanced level training in the theory, methods and applications of Statistics along with specialized training in selected areas of Statistics and allied fields.
- Depending on the area of specialization, students would be able to pursue an academic/research career in Statistics, Mathematics, Economics, Computer Science and allied fields. They would be able to work competently as Statisticians and specialists in research institutions and scientific laboratories, government departments or industries.
Why Study M.Stat.?
Candidates can choose Master of Statistics due to it following advantages:
- A career in M.Stat. offers great job opportunities in India and also abroad. The statisticians and their analytic skills are highly demanded in today’s job market.
- Candidates can use statistics in various fields such as business, industry, agriculture, government, private, computer science, scientific, health sciences & other disciplines
- After completing their study in statistics, candidates can also apply for the Civil Services, Indian Statistical Services & Indian Economic Services exams
- Candidates who complete their degree, one can opt for finance, analytics, software development, actuarial science & many more options
M.Stat. Admission Process
Admission to the M.Stat. courses is either through the merit of the qualifying examination or through an entrance test conducted by the respective colleges.
- Merit based admission
Universities like Dr. B.R. Ambedkar and Amity, Lucknow provide admission on the basis of merit of the qualifying examinations.
Here are steps for merit based admission:
- Candidates can either apply to the college online or offline by downloading the application form from the college website
- On filling up the application form, the candidates can pay the application fee either online or through Demand Draft as per the guidelines
- Post submitting the application form, the college declares the cut off list on the basis of marks obtained by the candidates in their graduation through which candidates are shortlisted
- Upon getting shortlisted, few colleges take group discussions and personal interviews on the basis of which, the final selection is made
- Such candidates are asked to report at the institution for completing the admission process.
- Entrance Based admission
Colleges like Indian Statistical Institute, New Delhi, Indian Statistical Institute, Kolkata and Indian Statistical Institute, Bangalore conduct their own entrance exams for selecting the candidates.
The written admission test is designed to assess competence in the theory and methods of Statistics and comprehension in Mathematics, and has two parts:
- multiple-choice questions in Statistics and Mathematics at the under-graduate level in the first part, and
- Short-answer questions in Statistics and Mathematics at the under-graduate level in the second part.
Candidates are shortlisted based on their marks in the entrance test and further selection is based on group discussions and personal interview.
M.Stat. Eligibility
The M.Stat.course eligibility remains university or college-specific and is prescribed through an admission notice. However, in almost all educational institutions, the educational qualification for Master of Statistics remains the same.
- Applicant must have a three-year Bachelor’s degree or a BE/B Tech degree with Statistics/ Mathematics as a subject or
- a Post-Graduate Diploma in Statistical Methods and Analytics
How to prepare for M.Stat. Entrance Exams
- M. Stat. entrance exams usually consists of sections like Maths and Statistics
- For scoring in Maths, candidates can practice from Class 11th and 12th level Maths focusing on Algebra and Calculus. Books like R.D. Sharma and R.S. Aggarwal can be referred.
- Candidates should solve previous years’ papers to get a knack of paper pattern
- Candidates while solving previous years’ papers solve them in a timed manner so that they get a practice to solve it in time
- Candidates should read the instructions carefully before starting the paper. Candidates should know whether negative marking is there or not since there are times when such instructions change with every year.
- Sometimes candidates are given a choice to attempt a certain number of questions therefore having a look at the instructions is very vital.
How to get Admission in Top M.Stat. College?
Keep the following things in mind to get an admission in a good M.Stat. college:
- Few colleges take admission on the basis of marks obtained in the graduation, hence candidates should perform exceptionally well during their graduation so that it becomes easier to clear the cut off list
- For colleges that take entrance tests, candidates should prepare thoroughly to clear the cut of marks
- Be updated with the deadlines of filling the application forms through websites, newspapers and magazines
- Practice previous years papers to improve your time management skills at the time of entrance exams
M.Stat. Top Colleges
Some of the top Master of Statistics colleges in India are described in the table below:
| College Name | City | Admission Process | Annual Fees |
|---|---|---|---|
| Dr. B.R. Ambedkar University | Agra | Merit basis + Interview | INR 10,000/- |
| Indian Statistical Institute | New Delhi | Institute Entrance Exam + Interview | INR 20,000/- |
| Indian Statistical Institute | Kolkata | Institute Entrance Exam + Interview | INR 50,000/- |
| Indian Statistical Institute | Bangalore | Institute Entrance Exam + Interview | INR 60,000/- |
| Amity University | Lucknow | Merit + Interview | INR 86,100/- |
| Indian Statistical Institute | Chennai | Institute Entrance Exam + Interview | INR 55,000/- |
| Indian Statistical Institute | Hyderabad | Institute Entrance Exam + Interview | INR 60,000/- |
| Indian Statistical Institute | Pune | Institute Entrance Exam + Interview | INR 55,000/- |
M.Stat. College Comparison
The table below lays out a comparison between the top 2 colleges offering M.Stat. program.
| Parameters | Dr. B.R. Ambedkar University | Indian Statistical Institute |
|---|---|---|
| Location | Agra | New Delhi |
| Overview | It is affiliated with Sarojini Naidu Medical College, approved by AICTE and accredited by NAAC. More than 200 Colleges are affiliated to DBRAU and 15 residential Institutes are spread out in its residential campuses. | It is an institute of worldwide repute offering postgraduate and doctoral programs under different specializations. ISI also claims to give 100% placements to its students. |
| Ownership | State University | Autonomous |
| Types of programs offered | UG, PG, and M.Phil/ Ph.D. | PG and Doctoral |
| Admission Process | Merit based followed by an interview | Entrance based |
| Average Fees | INR 20,000 | INR 40,000 |
| Average Placement Package | INR 7 lakhs | INR 12 lakhs |
| Recruiting Companies | Genpact, HDFC Bank, HCL Technologies, Kotak Mahindra Bank, ICICI Bank, Axis Bank, Jio, Swiggy, Teleperformance | KPMG, HDFC Bank, Accenture, Cognizant, RBS, Reliance, Deloitte, ICICI Bank, Idea, Goldman Sachs, Mercados, DE Shaw & Co, etc. |
Source: College Websites
M.Stat. Syllabus
A detailed Master in Statistics syllabus is mentioned below:
| Semester I | |
|---|---|
| Linear Models and Markov Chain | Sample Surveys and Design of Experiments |
| Large Sample Statistical Methods | Large Sample Statistical Methods |
| Real Analysis | Applied Stochastic Processes |
| Measure Theoretic Probability | Statistical Inference I |
| Semester II | |
| Regression Techniques | Metric Topology and Complex Analysis |
| Multivariate Analysis | Elective Course I |
| Programming and Data Structures | Elective Course II |
| Semester III | |
| Analysis II | Elective I |
| Statistical Computing | Elective II |
| Time Series Analysis | - |
| Semester IV | |
| Probability and Stochastic Processes III | Elective IV |
| Project | Elective V |
| Elective III | - |
M.Stat. Important Books
Important books for M.Stat. course are:
| Book | Author |
|---|---|
| Statistics | Freedman, Pisani & Purves |
| Modern Applied Statistics | Venables & Ripley |
| Probability and Statistics for Engineering and the Sciences | Devore |
| The Elements of Statistical Learning: Data Mining, Inference, and Prediction | Hastie, Tibshirani & Friedman |
| Bayesian Data Analysis | Gelman, Carlin |
| Probability and Statistics (4th Edition) | Morris H. DeGroot, Mark J. Schervish |
| All of Statistics: A Concise Course in Statistical Inference | Larry Wasserman |
M.Stat. Course Comparison
M.Stat. Vs MBA
M.Stat. is Masters of Statistics and MBA is Masters of Business Administration. Both these courses have their own specializations and subjects. Below are the major points of difference in them:
| Parameters | M.Stat. | MBA |
|---|---|---|
| Full Form | Masters in Statistics | Master of Business Administration |
| Domain | Mathematics | Business Administration |
| Objective | The course is essentially about collecting and interpreting statistics | It is more focused on developing business and technical knowledge among students |
| Examination type | Semester | Semester/Trimester |
| Admission process | Merit or Entrance exam | Entrance Exam |
| Job Opportunities | Statisticians, Business Analyst, Mathematician, Professor, Risk Analyst, Data Analyst, Statistic Trainer, Data Scientist | Marketing manager, Financial manager, Human resources manager, Nonprofit director, Operations manager |
| Average Annual Fees | INR 50,000/- to 90,000/- | INR 20,000/- to INR 30,00,000/- |
| Average Placement Package | INR 4 to 20 LPA | INR 15 LPA |
M.Stat. Career Prospects
A career in Statistics is becoming popular in India. Statistician jobs can be found in government and semi-government institutes; in the public and private sectors; and in factories. Statistics jobs can include teaching in research institutions and establishments dedicated to higher education. Clearly, a statistics career has excellent potential.
Some of the job options are mentioned below:
| Job Position | Job Description | Average Annual Salary |
|---|---|---|
| Statistician | A statistician collects all numerical data and then displays the results with the organization for analyzing and predicting future demand. Statisticians use all statistical tools and methods to collect and analyze the data and solve real-time problems in business, engineering, the sciences, or other fields | INR 4,05,000/- |
| Business Analyst | A business analyst is the one who analyses the organization’s processes and systems, assesses the business model and integrates with technology. Analyzing the business needs to assess the client, is the main responsibility of a business analyst | INR 5,25,884/- |
| Mathematician | Help organizations by applying mathematical theories and techniques to solve practical problems. Collect data, analyze this data and present their findings with the aim of solving practical problems in business, government, engineering and science | INR 4,50,000/- |
| Data Analyst | Interpret data and turns it into information which can offer ways to improve a business, thus affecting business decisions | INR 4,00,000/- |
| Risk Analyst | Examine a firm's investment portfolios, including overseas investments, and analyze the risk involved in associated decisions | INR 5,12,950/- |
| Biostatistician | Analyze data and statistics on living things collected during medical research studies to draw conclusions or make predictions. Contribute to the design and execution of research studies in collaboration with other statisticians and scientists. | INR 4,00,000/- |
| Econometrician | They use statistics and mathematics to study, model, and predict economic principles and outcomes. Use statistical and other quantitative measures and mathematical formulas to produce objective results in the study of economics. | INR 6,00,000/- |
Scope: Payscale
M.Stat. Future Scope
After pursuing a Master of Statistics, candidates can go for further education in Master of Philosophy in Statistics and Ph.D in Statistics.
Master of Philosophy in Statistics: In this course, both the theoretical and applied features of statistics are taught. The work of a statistician is to collect, interpret and verify data. In every field statisticians are required, right from Government offices to sporting international events. M.Phil. is a combination of course work and research training. It also helps in extending competence of the candidates in their chosen discipline.
Ph.D. in Statistics: Ph.D. is a research-based program in Statistics. The course consists of four areas of specialization, viz. Biostatistics, Mathematical/Probability Statistics, Statistical Modeling, and Actuarial Science/Financial Mathematics. A compulsory thesis needs to be submitted by students of the course upon completion of 24 months of study of the subject.
M.Stat. FAQs
Ques. What is the course duration of M.Stat.?
Ans. The Masters of Statistics has a course duration of two years which is further divided into four semesters.
Ques. Are there any Master of Statistics entrance exams conducted in India?
Ans. Yes, Indian Statistical Institute conducts its own entrance exam – ISI Admission Test.
Ques. What is the educational qualification required for admission to the Master of Statistics course?
Ans. Applicants must have a three-year Bachelor’s degree or a BE/B Tech degree with Statistics/ Mathematics as a subject or a Post-Graduate Diploma in Statistical Methods and Analytics to take admission in a M.Stat. course.
Ques. What jobs can I get with a degree in M.Stat.?
Ans. There are several job opportunities after completing a Master of Statistics. Some of the job roles include Data Analyst, Data Scientist, Quantitative Analyst, Risk Analyst, Senior Associate, Risk Analyst, Content Analyst.
Ques. What is the admission procedure for a Master of Statistics?
Ans. Few colleges admit the candidates on the basis of merit whereas few colleges conduct their own entrance tests. Candidates should check the college website to learn about a particular college’s admission process.
Ques. What is the scope of a Master of Statistics?
Ans. After pursuing M.Stat. course candidates can go for further education in Master of Philosophy in Statistics and Ph.D. in Statistics.
Ques. What are some top Master of Statistics colleges in India?
Ans. Some of the top M.Stat. colleges in India are Dr. B.R. Ambedkar University, Indian Statistical Institute Kolkata, Indian Statistical Institute Delhi, Indian Statistical Institute Hyderabad, Indian Statistical Institute Pune, Indian Statistical Institute Chennai.
Ques. What is the average fee for the course Master of Statistics?
Ans. The fee ranges from INR 50,000- 90,000 depending on the college.
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