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Master of Statistics (M.Stat) - Students who are eligible and meet the required eligibility criteria can apply for Master of Statistics (M.Stat), which is an emerging programme in India. M.Stat is a postgraduate programme which is usually opted by B.Stat graduates. Students who complete M.Stat can step into a great number of job opportunities as an analyst in various fields such as business, data, content and more. Different specializations in M.Stat are offered to students in their second year (final two semesters). For admissions, it is important for the students to meet the eligibility criteria. Admissions are usually done on the basis of a written entrance test. However, personal interviews/group discussions may also be held if required. Read the full article to know more about M.Stat.
Latest: Top M.Stat Colleges in India
M.Stat Highlights
Name of Degree | Master of Statistics |
Commonly Known As | M.Stat |
Level | Postgraduate |
Duration | 2 years |
Semester/Yearly | Semester |
Admission Process | Entrance test followed by counselling by the authorities. personal interviews may also be conducted |
Eligibility Criteria | Should have completed graduation in the relevant course from a recognized institute/university |
Course Fee | 1 to 4 lakh per annum |
Entrance Tests | CUET PG, IIT JAM |
Top Recruiters | McKinsey and Company, Deloitte, Reliance Industries Limited, Accenture, TATA, ICICI Bank, LinkedIn, Samsung, Microsoft, JP Morgan Chase & Co. |
Types of Careers | Data analyst, Business analyst, Statistician, Content analyst, Risk analyst, Mathematician, Statistical analyst, consultant etc. |
Salary Particulars | 2.4 lakh to 14.6 lakh |
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.
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.
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.
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:
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.
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.
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
First Semester | Second Semester |
Statistical Computing I | Weak Convergence and Empirical Processes |
Time Series Analysis | Brownian Motion and Diffusions |
Martingale Theory | Optional Course |
Functional Analysis | Optional Course |
Optional Course | Optional Course |
Theoretical Statistics
First Semester | Second Semester |
Statistical Computing I | Weak Convergence and Empirical Processes |
Time Series Analysis | Statistical Inference III |
Martingale Theory | Optional Course |
Statistical Inference II | Optional Course |
Optional Course | Optional Course |
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
First Semester | Second Semester |
Statistical Computing I | Clinical Trials |
Time Series Analysis | Survival Analysis |
Statistical Inference II | Project |
Statistical Genomics | Optional Course |
Optional Course | Optional Course |
Computational Statistics Track
First Semester | Second Semester |
Statistical Computing I | Statistical Computing II |
Time Series Analysis | Inference for High Dimension Data |
Statistical Inference II | Project |
Pattern Recognition | Optional Course |
Optional Course | Optional Course |
Finance Track
First Semester | Second Semester |
Statistical Computing I | Financial Econometrics |
Time Series Analysis | Computational Finance |
Statistical Inference II | Project |
Quantitative Finance | Optional Course |
Introductory Economics*/Optional Course | Optional Course |
Actuarial Statistics Track
First Semester | Second Semester |
Statistical Computing I | Actuarial Models |
Time Series Analysis | Survival Analysis |
Statistical Inference II | Project |
Actuarial Methods | Optional Course |
Life Contingencies | Optional Course |
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
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
Semester 1 | Semester 2 |
Statistical Inference I | Metric Topology and Complex Analysis |
Linear Models and Markov Chain | Multivariate Analysis |
Measure Theoretic Probability | Regression Techniques |
Applied Stochastic Processes | Programming and Data Structures |
Large Sample Statistical Methods | Resampling Techniques |
Real Analysis | Optional Course I |
Sample Surveys and Design of Experiments | Optional Course II |
Multivariate Analysis | |
Categorical Data Analysis |
M.Stat Syllabus for Semester 3rd & 4th
Semester 3 | Semester 4 |
Statistical Computing | Probability and Stochastic Processes III |
Time Series Analysis | Project |
Analysis II | Optional Course III |
Optional Course I | Optional Course IV |
Optional Course II | Optional Course V |
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
Job Role and Description | Estimated Average Salary per year (in Rs.) |
Content Analyst (analysing content accuracy, facts and grammar) | 2.5 lakh |
Data Analyst (collecting data for market research, logistics, and transportations, to use that data in order to take decisions) | 3.4 lakh |
Statisticians (evaluation, interpretation, and presentation of quantitative data) | 3.6 lakh |
Statistic Trainer (tutor students to prepare course plans and material) | 4.3 lakh |
Risk Analyst (estimating the financial risks involved in the investments and operations of an organisation) | 5.1 lakh |
Consultant (gives training, advice, and support) | 8.3 lakh |
Business Analyst (develops solutions to solve business problems in a technical way and also analyses to advance sales) | 8.6 lakh |
Mathematician (use statistical techniques to solve business related problems) | 12.3 lakh |
Biostatistician (combines Math, Science and Statistics to prevent public health problems) | 14.6 lakh |
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.
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:
Mathematician
Consultant
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.
For M.Stat admissions, the students need to have studied Statistics to a certain extent during undergraduate. The students will have to check if they match the eligibility criteria.
Indian Statistical Institute (ISI) is one of the most popular institutes for admissions into M.Stat admissions.
Students will be able to work in various fields after graduation depending on their specialization. Careers as business analyst, data analyst, content analyst, statisticians and more will be open.
There are no application dates available on the official website. However, Admission test for ISI JRF COMPUTER SCIENCE will be held on 12th March 2022. For all the other subjects the entrance Admission Test will be held on 8th May 2022.
I am mentioning below the important topics which are covered in the syllabus of Master of statistics:
Mathematics:
Statistics and Probability:
Read more about ISI masters of statistics exam, by clicking on mentioned below link:
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