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Master of Science in Statistics or MSc Statistics is a postgraduate degree course. It is the study of the collection, organization, and interpretation of data. It contends with all aspects of course, including the planning of data collection in terms of the design of surveys and experiments.
Admission to the MSc Statistics course is mostly through Entrance Exams conducted by the respective institute. However, a few colleges also grant admission based on merit. This course aims to train you to solve real-world statistical problems. The MSc Statistics syllabus includes subjects like Computational Statistics, Statistical Machine Learning, and the Fundamental Principles of Statistical Inference.
Postgraduates of MSc Statistics get jobs in consultancies, in roles that require analyzing people’s preferences and tendencies. Marketing, Finance, and Data Metrics are other such areas of employment. The average annual salary offered in India to successful postgraduates in MSc Statistics ranges between INR 3,00,000 to 7,00,000.
Read More: MSc Entrance Exams in India
Table of Content
- MSc Statistics Course Highlights
- Why Study MSc Statistics?
- What is the Admission Process for MSc Statistics?
3.2 Entrance Exams
6.1 Important Books
7.1 Future Scopes
MSc Statistics Course Highlights
Tabulation below is the details of the MSc Statistics program followed by the duration, course fee, admission process, job profiles, areas of employment, etc.
| Course Level | Post-graduation |
| Full-Form | Master of Science Statistics |
| Examination Type | Semester-based |
| Eligibility | BSc Honors in Statistics or Mathematics or Mathematics with Computer Applications along with Statistics with a minimum of 60% marks from a recognized university |
| Admission process | Merit-Based or Entrance Examination |
| Average Course Fee | INR 5,000 - 65,000 |
| Average Salary | INR 3,00,000 - INR 7,00,000 |
Why Study MSc Statistics?
- Having a MSc in Statistics can confer a candidate with the skills and knowledge to work directly with the government and help in monitoring and controlling price rise and fluctuations.
- A career in teaching, particularly one to do with numbers becomes a distinct possibility with this degree.
- After completion of this course, candidates should be able to choose an appropriate statistical method to solve a given problem of data analysis, implement the analysis on a computer, and communicate your results clearly and succinctly.
- MSc Statistics candidates can find jobs in various finance organisations, data centres, government offices, etc.
- The salary for MSc Statistics candidates is good. The starting salary ranges between INR 3,00,000 to INR 7,00,000, depending on the skills of the candidates.
What is the Admission Process for MSc Statistics?
Students looking to apply for MSc Statistics 2024 can consider the below-mentioned steps -
Step 1: Check the Eligibility
Students must check the parameters before applying to the institution or for the entrance test. For instance, candidates must have a bachelor's degree in Mathematics, Statistics, or a related field from a recognized university.
Step 2: Choose an Entrance Test
Before applying, students must check if their preferred institution admits students using a merit-based admission process or entrance exams. For instance, top institutions prefer admitting students using exams such as IIT- JAM, CUET, etc.
Step 3: Merit List and the Application Process
After that, the institution or the entrance examination authority will conduct a counseling round to admit students. Then, a merit list will be prepared and students have to complete the documentation and verification process further to secure admission.
What are the Eligibility Criteria for Admission to MSc Statistics?
MSc in Statistics admission varies from college to college. In various colleges and Universities, they conduct entrance exams for the admission of the students.
- Completion of BSc Honors in Statistics or Mathematics or Mathematics with Computer Applications along with Statistics as one of the papers or graduation in a related discipline from a recognized institute.
- A minimum aggregate score of 60% at the level of graduation is required for admission into this program.
Which are the Top Entrance Exams for Admission to MSc Statistics?
Listed below are some of the popular MSc Statistics entrance exams.
| Name of the Exams | Registration Dates (Tentative) | Exam Dates (Tentative) |
|---|---|---|
| NPAT | December 06, 2023 – May 20, 2024 |
January 1, 2024 to May 25, 2024 |
| CUET | February, 2024 to March, 2024 | May 15 - 31, 2024 |
| CUCET | October 20, 2023 – May 30, 2024 | October 20, 2023 - May 31, 2024 |
| SET | December 13, 2023 – April 12, 2024 |
Test 01 - May 05, 2024 (11.30 AM to 12.30 PM) Test 02 - May 11, 2024 (11.30 AM to 12.30 PM) |
MSc Statistics vs MSc Mathematics
MSc Statistics is a study of the collection, organization, and interpretation of data, and MSc Mathematics degree provides in-depth knowledge to the students in advanced applied mathematics and prepares them for various research activities. Both these postgraduate degrees has the following differences between them:
| Parameters | MSc Statistics | MSc Mathematics |
|---|---|---|
| Full-Form | Master of Science in Statistics | Master of Science in Mathematics |
| Overview | MSc Statistics involves the comparison of various data, it teaches us topics like Distribution Theory, Time Series Analysis, Regression Analysis, etc. | MSc Mathematics involves the study of all forms of Mathematics including Trigonometry, Geometry, Algebra, Matrix and Determinant, Calculus, etc. |
| Duration | 2 years | 2 years |
| Eligibility | BSc Honors in Statistics or Mathematics or Mathematics with Computer Applications along with Statistics with a minimum of 60% marks from a recognized university | Graduation in relevant discipline with a minimum of 50% marks from a recognized university |
| Admission Procedure | Entrance Exam / Merit-based | Entrance Exam / Merit-based |
| Exam Type | Semester-based | Semester-based |
| Average Fees | INR 5,000 - 65,000 | INR 10,000 - 1,00,000 |
| Average Salary | INR 3,00,000 - INR 7,00,000 | INR 6,00,000 - INR 9,00,000 |
| Job Profiles | Statistician, Investment Analyst, Arithmetician, Cost Estimator, Online Tutor, Service Estimator, Subject Matter Expert, Assistant Professor, Statistical Investigator, etc. | Teacher or Professor, Quantitative Risk Analyst, Mathematical Analyst, Equity Quantitative Analyst, Interest Rate Trading Strategist, Quantitative Developer, Assistant Developer - Mathematics, Manager - Mathematics, Mathematics Specialist, Assessment, etc. |
| Areas of Employment | Manufacturing Sector, Research Centers, Pharmaceutical Companies, Educational Institutes, Public Sector, Scientific Research Organizations, Research Organizations, Banking Sector, Market Research Companies, Insurance Companies | Commercial and Industrial Companies, Financial Organizations, Marketing Companies, HR Departments, Govt. Social Services, Defense Forces, Colleges & Universities |
Which are the Top Colleges Offering MSc Statistics Course?
The tabulation below shows the best MSc Statistics colleges and universities that offer the course.
Top MSc Statistics Universities
| NIRF Ranking | Name of University | Location | Average Annual Fees | Average Placement Package |
|---|---|---|---|---|
| 3 | Banaras Hindu University | Varanasi | INR 6,720 | INR 4,50,000 |
| 6 | University of Hyderabad | Hyderabad | INR 9,450 | INR 5,25,000 |
| 17 | Aligarh Muslim University | Aligarh | INR 8,980 | INR 4,00,000 |
| 58 | Pondicherry University | Pondicherry | INR 26,235 | INR 5,00,000 |
| 65 | Mumbai University | Mumbai | INR 13,720 | INR 4,75,000 |
Top MSc Statistics Colleges
| NIRF Ranking | Name of College | Location | Average Annual Fees | Average Placement Package |
|---|---|---|---|---|
| 3 | Hindu College | New Delhi | INR 16,690 | INR 5,00,000 |
| 7 | Loyola College | Chennai | INR 5,952 | INR 5,00,000 |
| 14 | Sri Venkateswara College | New Delhi | INR 13,191 | INR 3,50,000 |
| 17 | Madras Christian College | Chennai | INR 17,583 | INR 4,00,000 |
Source: College Websites
MSc Statistics College Comparison
The tabulation below shows the comparison made among the three top MSc Statistics colleges in India.
| Parameter | Banaras Hindu University | Aligarh Muslim University | University of Hyderabad |
|---|---|---|---|
| Overview | This University is a public university from Varanasi. It is one of the oldest universities in the country. This is one of the best colleges for a MSc Statistics program. | Aligarh Muslim University is established in 1875, which has students from around the world. Its MSc degree is highly ranked and respected in India. | The University of Hyderabad is a public research university, established in 1974, it has students from around the country. Its Statistic program is highly ranked among other research programs. |
| Ranking | NIRF University Rank: 3 | NIRF University Rank: 17 | NIRF University Rank: 6 |
| Average Fees | INR 6,720 | INR 8,980 | INR 9,450 |
| Average Placement Offered | INR 4,50,000 | INR 4,00,000 | INR 5,25,000 |
| Top Companies Visited | Infosys, Coal India, ICICI Bank, IDBI Bank, Pantaloon, Visa Steel, FINO, Ansal API, etc. | IBM, TCS, ICICI Bank, ONGC, L&T, Kotak Securities, Genpact, etc. | TCS Digital, TCS R&D, Convergence, Deloitte, Dr. Reddy's, Renovo Hospital, Aster Prime Hospital, Vedanta, etc. |
Source: College Websites
What are the Subjects Taught in MSc Statistics Course Syllabus?
MSc in Statistics syllabus is almost the same in all the colleges. The table below shows common subjects that are included in the structured MSc Statistics syllabus and subjects included in it:
| 1st Semester | 2nd Semester |
|---|---|
| Distribution Theory | Inference I |
| Distribution Theory (Practical) | Inference I (Practical) |
| Measure Theory and Probability | Linear Models and Regression Analysis |
| Matrix Algebra and Numerical Analysis (Practical) | Linear Models and Regression Analysis (Practical) |
| Computer Programming (Practical) | Sample Surveys |
| Ancillary Mathematics | Sample Surveys (Practical) |
| 3rd Semester | 4th Semester |
| Inference II | Multivariate Analysis |
| Design of Experiments | Econometrics and Economic Statistics |
| Time Series Analysis | Environmental Statistics |
| Inference II (Practical) | - |
| Design of Experiments (Practical) | - |
| Time Series Analysis (Practical) | - |
Which are the Important Books for MSc Statistics Course?
The tabulation below is some of the Statistics subject books that can help students to have a broader and better understanding of the course. The books mentioned below will also help the students in cracking various MSc Statistics exams.
| Name of the Book | Author |
|---|---|
| Introduction to Probability & Statistics | V K Rohatgi |
| The Fundamentals of Mathematical Statistics | S C Gupta and V K Kapoor |
| An Introduction to the theory of Statistics | Mood and Graybill |
| An Introduction to Mathematical Statistics | Hogg and Craig |
| Statistical Methods | N G Das |
What are the Job Options Available for MSc Statistics Candidates?
- In this digitalized world, data plays a very important role and Statistics is the key to learning from data and navigating common problems that can lead you to incorrect conclusions.
- Statistics-related work placements are available across both government and private departments.
- Candidates can also develop their skills in statistics through work placements and internships, in sectors such as market research, financial services, operational research, banking sectors, etc.
- Aspirants in the field of Statistics can find job openings in Indian Statistical Services, Insurance industries, Agricultural research, Banks, Demographic Studies, Indian Economic Services, Statistical & Economic Bureaus, Planning Commission, Civil Services and Research, etc.
The following table shows some of the major areas where you can find employment after pursuing a MSc Statistics degree:
| Job profile | Job Description | Average Annual Salary |
|---|---|---|
| Statistician | Employees in this help companies to make sense of quantitative data and to spot trends and make predictions by profession collecting numerical data and then display it. | INR 4,00,000 |
| Investment Analyst | The job of an Investment Analyst is to provide stockbrokers, fund managers, and stock market traders with financial information and to give advice and recommendations derived from global investment data. | INR 5,50,000 |
| Service Estimator | The Estimator gathers proposals, blueprints, specifications, and related documents. They are responsible for identifying labor, material, and time requirements. They also calculate costs by analyzing labor, material, and time requirements. | INR 6,00,000 |
| Cost Estimator | They gather and analyze data to estimate the money, materials, time, and labor required to manufacture a product, construct a building, or provide a service. They generally specialize in a particular industry/ product. | INR 6,25,000 |
What are the Future Scopes and Further Studies Options After MSc Statistics?
- Candidates can choose a MPhil and a PhD in Statistics as their higher studies, if they want to study further.
- If MSc Statistics graduates prefer research experience, then they can apply for the Senior Research Fellow post available in this institute.
- This imparts the importance of the role of approximation and mathematical approaches to analyze real problems.
- One can go for teaching positions in leading schools and universities as a Junior Faculty, professor, or as a Research Associate.
- Thus, there are a lot of opportunities open for students after they complete this course. Some of the major profiles are Statistician, Investment Analyst, Arithmetician, Cost Estimator, Online Tutor, Service Estimator, Subject Matter Expert, Assistant Professor, Statistical Investigator, etc.
Some of the popular employment areas for MSc in Statistics postgraduates are:
- Manufacturing Sector
- Research Centers
- Pharmaceutical Companies
- Educational Institutes
- Public Sector
- Scientific Research Organizations
- Banking Sector
- Insurance Companies
MSc Statistics FAQs
Ques. What is the duration of the MSc statistics program?
Ans. The MSc statistics program duration is 2 years (or four semesters) for regular courses. However, for distance courses, the duration may vary and a student can complete their degree in approximately 5 years.
Ques. Is there any entrance exam for MSc statistics?
Ans. Admission and Selection in the MSc statistics courses occur through either Merit or Entrance Exams. In this regard, a few of the top entrance tests include IIT-JAM, CUET, etc.
Ques. How much is the salary after the MSc statistics course?
Ans. The average starting salary ranges from INR 3 LPA – INR 7 LPA. However, this salary might vary according to experience and expertise.
Ques. What are the top colleges for MSc statistics?
Ans. The top institutes and colleges for MSc statistics are the University of Hyderabad, Christ University, Mumbai University, Banaras Hindu University, Loyola College, Hindu College, and Ramjas College, among others.
Ques. Which job profiles are available for the MSc statistics graduates?
Ans. Students of MSc statistics can work as Statistician, Investment Analyst, Arithmetician, Cost Estimator, Online Tutor, Service Estimator, Subject Matter Expert, Assistant Professor, Statistical Investigator, etc.
Ques. What is the annual average fee charged for the MSc statistics program?
Ans. The annual average fee at the top MSc statistics colleges is between INR 5K to INR 65K for 2 years. Students must also know that usually, the fees in private college more than the government/public institutions.
Ques. What is the scope after the MSc statistics degree?
Ans. Candidates can opt for higher education like they can pursue higher education like M.Phil. Or Ph.D. in statistics or there are a lot of opportunities open for students after they complete this course. Some of the major profiles are Statistician, Investment Analyst, Arithmetician, Cost Estimator, Online Tutor, Service Estimator, Subject Matter Expert, Assistant Professor, Statistical Investigator, etc.
Ques. What are the areas of employment after the MSc statistics degree?
Ans. After this degree, there are diverse fields where students can get into are Manufacturing Sector, Research Centers, Pharmaceutical Companies, Educational Institutes, Public Sector, Scientific Research Organizations, Research Organizations, Banking Sector, Market Research Companies, Insurance Companies, etc.
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