M.Stat (Master of Statistics) - Course, Admission, Syllabus, Scope

What is M.Stat?

Master of Statistics or commonly known as M.Stat is a two-year postgraduate programme for admission into the relevant discipline. Various colleges and universities offer admissions into M.Stat to eligible students. The course focuses on interpreting statistics and admission is provided mostly through entrance tests. M.Stat is a semester-wise programme and it is a steadily growing field with a number of high-end companies recruiting graduates from different institutes. To excel in M.Stat, the students should have analytical skills and be able to practically apply the statistical inferences to everyday or business-related problems. These skills will allow the students to excel in their academics as well as in the jobs that they undertake in the future.

For admissions into M.Stat, the students will have to meet the eligibility criteria as specified by the institute authorities. Usually, students who have graduated with B.Stat are given preference for M.Stat, however if they meet the required criteria then they may be given a chance for admissions. Personal interviews and written tests are the main basis of admissions. M.Stat has recently seen a surge of job opportunities in the business sectors.

Advantages of Master of Statistics

An M.Stat. course provides students with knowledge and expert level skills in the theory, methods and applications of statistics. Students enrolled in the programme are also offered with specialised training in specific fields where statistics can be applied. Students who successfully complete M.Stat. course can find various job opportunities and opt careers such as statistician, data analyst, business analyst, financial analyst and business manager.

Types of M.Stat

Masters in Statistics (M.Stat) is in itself a type of science course. There are no other types of M.Stat programmes. Students will have to study the postgraduate programme and gain specialization for better career opportunities in the future.

M.Stat Eligibility

There are certain criteria that the students are expected to meet while applying for admission into M.Stat. If these conditions are not met, then the students will have fewer chances of getting allotted. While there may be some differences in M.Stat eligibility criteria for various institutes and universities, the most common ones are listed below:

• Should have completed graduation from a recognized institute/university/board in the relevant stream.
• Students should have scored at least 50 per cent aggregate marks during graduation. Reserved category students should have secured a minimum of 45 per cent marks.
• Those students who will be appearing for the final graduation examination in the year of admission will also be eligible on a provisional basis.

M.Stat Admissions

For M.Stat admissions, the authorities select students on the basis of their performance in the entrance test. Shortlisted students, who perform well in the entrance test, will be invited for group discussion and personal interviews. All of these evaluations will be considered while selecting students for admission. This admission procedure is general and may vary as per the institute or university that the student is applying for.

Top M.Stat Exams

IIT JAM: IIT JAM or Joint Admission Test for M.Sc Programmes is a university-level entrance examination conducted by IIT Madras For admissions to the M.Sc course. Candidates can apply for the IIT JAM entrance exam by visiting the official website of the institution.

CUET PG: CUET PG or Common University Entrance Test-PG is a national-level entrance examination conducted by NTA (National Testing Agency) for admission to various master's degree programmes. The score of the CUET-PG entrance examination is accepted by 47 central universities in India.

M.Stat Specializations

Students will have to choose their preferred M.Stat specializations during the second year (final two semesters). By choosing their preferred specialization, the students will be able to guide themselves on the type of career they wish for themselves in the future. The specialization has to be taken along with other compulsory courses by the students. The following specializations listed are the most common and popular ones in this degree.

Probability Specialization

Theoretical Statistics

Applied Statistics

Students who apply for Applied Statistics specialization will be required to choose one from the given tracks:

• Biostatistics

• Computational Statistics

• Finance

• Actuarial Statistics

Biostatistics Track

Computational Statistics Track

Finance Track

Actuarial Statistics Track

List of Probable Optional Courses of M.Stat Second Year (as per ISI)

Any compulsory course listed above (except Introductory Economics)

• Dissertation

• Advanced Design of Experiments

• Advanced Functional Analysis

• Advanced Multivariate Analysis

• Advanced Nonparametric Inference

• Advanced Sample Surveys

• Analysis of Directional Data

• Asymptotic Theory of Inference

• Bayesian Computation

• Branching Processes

• Commutative Algebra

• Descriptive Set Theory

• Ergodic Theory

• Fourier Analysis

• General Topology

• Life Testing and Reliability

• Markov Processes and Martingale Problems

• Mathematical Biology

• Ordinary and Partial Differential Equations

• Percolation Theory

• Random walks and Electrical Networks

• Representation Theory of Finite Groups

• Resampling Techniques*

• Risk Management

• Robust Statistics

• Signal and Image Processing

• Statistical Methods in Demography

• Statistical Methods in Epidemiology and Ecology

• Stochastic Calculus for Finance**

• Theory of Extremes and Point Processes

• Theory of Games and Statistical Decisions

• Theory of Large Deviations

• Theory of Random Graphs

• Special Topics in Economics

• Special Topics in Finance

• Special Topics in Probability

• Special Topics in Statistics

* Open only for those students who have not taken the course in M. Stat 1st Year

** Open only to those students who have not taken Martingale Theory

Special Topics in Probability

M.Stat Syllabus

Students can take a look at the M.Stat syllabus given below for each semester. Along with the topics, optional courses also have to be studied and completed by the students during the course of their degree.

M.Stat Syllabus for Semester 1st & 2nd

M.Stat Syllabus for Semester 3rd & 4th

M.Stat Salary

The salary of M.Stat graduates will depend on the type of job that they will take later in their life. M.Stat graduates will have a wide variety of job roles from which they can select the one that they wish to pursue. At a minimum, the graduates will be able to earn around 2.4 lakh to maximum 14.6 lakh and more. The table given below lists out some jobs that the students can pursue after graduating M.Stat along with the average salary per year.

Salary Statistics of M.Stat

Scope of M.Stat

After successfully completing this programme, the graduates will be able to pursue an academic/research career in Statistics, Mathematics, Economics, Computer Science and allied fields, depending on their choice of specialization. As per the scope of M.Stat, they will also be able to work competently as Statisticians and specialists in research institutions and scientific laboratories, government departments or industries. Other career opportunities such as analyst, trainer and more will also be open to the students.

Careers Opportunities after M.Stat

Students will be able to apply for any enterprise which uses statistical methods for special projects or to analyze/evaluate/interpret techniques to solve problems. M.Stat graduate students often make a career by performing duties such as:

• Applying mathematical and statistical knowledge to solve social, economic problems.

• Solving problems in various fields

• Analyzing data that they have collected

• Applying statistics such as government, private, computer science, agriculture, statistics business, scientific, health, private and other ones.

• Using statistical methods to solve practical problems in various fields.

• Preparing surveys to collect data.

• Doing a presentation to clients

• Writing reports and articles of their analysis

The course will also be related to fields such as Engineering, Medicine, Science, Marketing and more fields, so students will have many career opportunities after M.Stat. Some of the most sought-after career opportunities after M.Stat are:

• Business analyst

• Mathematician

• Consultant

• Data analyst

• Content analyst

Many companies offer jobs to students through the placement process of the institute that they are studying in. The most popular companies that offer jobs to M.Stat graduates are McKinsey and Company, Reliance Industries Limited, Deloitte, TATA, Samsung, ICICI Bank, Accenture, LinkedIn, JP Morgan Chase & Co. and Microsoft.