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.
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 |
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.
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 |