Master of Science in Statistics

Introduction

Statistics is an essential topic in the financial world as it helps us in evaluating the situation of economic status. People admire a career in statistics but are not aware of the relevant studies, so here is the answer to this question. You must think of pursuing a Master of Science in Statistics, also known as M.Sc in Statistics. It is a 2-year long postgraduate course after pursuing graduation in a similar field. The curriculum consists of 4 semesters, including topics like Sample Surveys, Ancillary Mathematics, Environmental Studies, Design of experiments, and so on. This program trains the students to collect, organise and evaluate financial statements useful in various investment and manufacturing organisations.

Many institutes in India offer the course of M.Sc in Statistics. The average fee charged by some of the excellent institutes in India varies between ₹5,000 - ₹50,000. After pursuing this course, the graduates get an opportunity to choose one option for two options. The options are to either pursue further studies or obtain a job. They can be employed in manufacturing or investment or a relevant company. Posts available for an M.Sc in Statistics graduates are Statistician, Cost Estimator or a suitable position at an average annual salary ranging between ₹5,00,000 - ₹8,00,000 depending upon the job profile and skills set.

Eligibility

Aspirants willing to pursue M.Sc in Statistics, students have to prove their eligibility to the institutes by fulfilling specific requirements criteria. Most institutes demand the standard requirements while some colleges change it as per their condition. Given below are the standard requirements accepted in most institutes. 

• Aspirants must have complete B.A/ B.Sc in Statistics or Mathematics or a related course from a recognised institute. 
• Aspirants have to take Mathematics and Statistics as the primary subjects in graduation. 
• Aspirants have to secure a minimum score of 60% in graduation. 

Syllabus

M.Sc in is a 2-year long course in the field of statistics. The course comprises of 4 semesters and each semester consists of 6 subjects except last semesters which include three topics. The topics may consist of Multivariate Analysis, Time Series Analysis, Distribution Theory, Linear models and Regression Analysis, etc. The curriculum is showcased in the table below.

Institutes

Private or government organisations administer institutes offering the course of M.Sc in Statistics in India. Private institute charge a high fee as the services provided by them are excellent, while government colleges demand less fee and the service provided are considerable. Some of the institutes, its location and the average are mentioned in the table given below.

Future Prospects

M.Sc in Statistics provides a lot of job opportunities for its graduates. After pursuing this course, they can be employed in various manufacturing and financial organisation. Some of the posts available for an M.Sc in Statistics graduates are Investment Analyst, Statistician, Cost and service estimator or a relevant position. They can expect an average annual income ranging between ₹5,00,000 - ₹8,00,000. Some of the most demanded and high yielding job profile in this field is tabulated below.