Master of Statistics [M.Stat]: Course Details, Eligibility, Admission, Fees

Duration

2 Years

Average Fees

INR 50,000 - 90,000 P.A

Rahil Ahmed

Updated on Oct 3, 2022 by Rahil Ahmed

Rahil Ahmed

Updated on Oct 3, 2022 by Rahil Ahmed

A Master of Statistics is a two-year programme that deals with a complete understanding of the role of advanced-level training in the theory, methods and applications of Statistics along with specialised training in selected areas of Statistics and allied fields. Master of Statistics jobs after graduation include Statistician, Business Analyst, Mathematician, Data Analyst, Risk Analyst, and Biostatistician.

M.Stat Course Details

Degree Masters
Full Form Master of Statistics
Duration 2 Years
Age No age limit
Subjects Required Mathematics , Statistics
Minimum Percentage 50%
Average Fees INR 50,000 - 90,000 P.A
Similar Options of Study PhD, M.Phil
Average Salary INR 4 - 15 LPA
Employment Roles Data Analyst, Data Scientist, Quantitative Analyst, Risk Analyst, Senior Associate, Statistician, Business Analyst, Mathematician, Biostatistician.
Opportunities Indian Economic Services, Social Centers, Commercial Hubs, Consulting Firms, Economics, Banks and so on...

About Master of Statistics 

A Master of Statistics course can be defined as a discipline concerned with the gathering, organisation, analysis, interpretation, and presentation of knowledge. According to Wikipedia “Statistics is the discipline that concerns the collection, organisation, analysis, interpretation, and presentation of data.”

Table of Contents

Eligibility Criteria for Master of Statistics

Students interested in pursuing a Master's degree in statistics should be aware of all eligibility requirements as well as all route information. Students must have a Bachelor's degree or a BE/B.Tech degree with Statistics/Mathematics as a subject, or a Post-Graduate Diploma in Statistical Methods and Analytics, to be eligible for the programme.ISI Admission Test is one of the most sought exams for the course. There is no upper age limit.

How To Get Admission for Master of Statistics?

Admission to the course is available via a merit-based or entrance exam selection process. Many universities offer direct/exam-based admission to Master of Statistics programmes. Candidates applying for this course should have results from the respective bachelor and entrance exams that the colleges they have chosen require.

Though the admissions process varies by university, the general steps to gain admission are as follows.

How to Apply?

The Master of Statistics programme is available online via the college website or in person at the admissions office. Furthermore, some faculties may conduct interviews prior to admissions to determine whether or not students have appropriate abilities regarding knowledge and mathematical usage of statistics. 

Selection Process

The selection process for a Master of Statistics in India is generally the same regardless of university. In general, after receiving an application for the course, faculties make their final decision on the applicants based entirely on their overall performance in the preliminary and examination rounds. 

Who Should Pursue a Master of Statistics?

The course is intended for students interested in a career in Statistics. Candidates can pursue careers in a variety of fields, including Data Analyst, Data Scientist, Quantitative Analyst, Risk Analyst, and Senior Associate depending on the nature and scope of the course. 

When to do a Master of Statistics?

Typically, Master of Statistics candidates should apply for their respective courses after a Bachelor's degree or a BE/B Tech degree with Statistics/Mathematics as a subject, or a Post-Graduate Diploma in Statistical Methods and Analytics. 

Types of Master of Statistics 

Aspirants can pursue the Master of Statistics course in a full-time course or a part-time course. There may be discrepancies regarding distance, so one may inquire with the university if a Master of Statistics is offered as a distance course.

Full-Time Master of Statistics 

A two-year full-time Master of Statistics is common. During this time, students are required to attend classes, submit assignments, and take exams on campus. When enrolled in a full-time Master of Statistics course, students gain more exposure, experience, and knowledge by interacting directly with colleagues and faculty.

Part-Time Master of Statistics 

Part-time degrees allow the student to complete their degree programme on their own time. The course is not offered as a part-time course.

Distance Master of Statistics 

Distance Education colleges allow students to earn their degrees while working. This is frequently the most adaptable type of degree programme. There is no distance education for this course.

Entrance exams are a common and popular way for some colleges to screen students to determine who will be admitted to the course. 

Many well-known colleges across the country have made a name for themselves through internationally acclaimed research projects. These colleges frequently hold entrance exams because the demand for admission is greater than the number of seats available. The most popular exam is listed below:

A Quick Glance at the Master of Statistics Entrance Exams

Students can access the course details by going to the college's official website to which they are interested in applying. The specialisation plays a vital role in the college's approach to the entrance exam. Below listed are some of the general guidelines for the entrance examinations: 

  • The exam pattern includes English, Logical Reasoning, Analytical Thinking, and subject-specific questions according to statistics and mathematics.
  • The papers are objective and MCQ-based.
  • The syllabus, mode of examination, and question pattern may change according to a university/conducting body.

Study Master of Statistics in India

Indian colleges offer Master of Statistics. Candidates must make an informed decision based on the type of Master of Statistics programmes that are available. The following are some of India's top colleges that offer the programmes:

Top 10 Master of Statistics Colleges in India

Below is the list of the 10 best Master of Statistics colleges in the country:

Top Master of Statistics Colleges in India

Sl.No

Name of the College

1 Dr. B.R. Ambedkar University, Agra
2 Indian Statistical Institute, New Delhi
3 Indian Statistical Institute, Kolkata
4 Indian Statistical Institute, Bangalore
5 Amity University, Lucknow
6 Indian Statistical Institute, Hyderabad
7 Indian Statistical Institute, Pune
8 Kishinchand Chellaram College, Mumbai
9 Gargi College, Delhi
10 Indian Statistical Institute, Chennai

Top Master of Statistics Colleges in New Delhi

India’s capital city is home to some of the best institutions for Master of Statistics in India. Check the table below for the top Master of Statistics colleges in New Delhi:

Sl.No

Institution

1 Indian Statistical Institute
2 Hindu College
3 Amity University, Noida
4 IGNOU
5 Gargi College

Top Master of Statistics Colleges in Mumbai

Mumbai also has some of the best institutions for Master of Statistics in India. Check the table below for the top Master of Statistics colleges in Pune:

Sl.No

Institution

1 Kishinchand Chellaram College
2 University Of Mumbai
3 Mithibai College
4 K J Somaiya College Of Arts And Commerce
5 H.R. College

Top Master of Statistics Colleges in Raipur

Raipur also has some colleges offering a master's in statistics. Below is a list of some colleges offering statistics:

Sl.No

Institution

1 ITM University
2 C.M. Dubey Postgraduate College
3 Pragati College of Engineering and Management

Top Master of Statistics Colleges in Kolkata

West Bengal’s capital city, Kolkata, has some of the best colleges for Master of Statistics courses in India. Check the table below for the best Master of Statistics colleges in Kolkata:

Sl.No

Institution

1 Goenka College of Commerce and Business Administration
2 St. Xavier's College
3 JD Birla Institute
4 Jaipuria College
5 Heramba Chandra College

Top Master of Statistics Government Colleges

There are several top Government Colleges offering quality Master of Statistics across the country. Check the table below for the top Master of Statistics government colleges in India:

Sl.No

Institution

1 BHU
2 University of Hyderabad
3 Indian Statistical Institute
4 IIT, Kanpur
5 Calcutta University

Top Master of Statistics Private Colleges

India has seen significant growth in the number of quality Master of Statistics private colleges that offer some of the best programmes in the country. Check the table below for the top private colleges in India:

Sl.No

Institution

1 St. Aloysius College, Thrissur
2 New Arts, Science and Commerce College, Ahmednagar
3 Udai Pratap College, Varanasi
4 D.A.V College, Kanpur
5 Shia Degree College, Lucknow

Study Master of Statistics Abroad

Compared to India, the structure of diplomas is specific to a particular subject area. Students with sufficient financial resources can obtain a master's in statistics in other countries. Statistics is one of the best courses for studying abroad because of its diversity. Below are some of the best universities for physical education around the world, along with tuition and facility information.

Top Master of Statistics Colleges Abroad

The table below contains the list of some of the best colleges abroad for Master of Statistics:

Top Abroad Colleges for M.Stat

Sl. No.

The Institutions

1 Arizona State University, USA
2 Greenville University, USA
3 Douglas University, Canada
4 Auburn University, USA
5 California State University, USA
6 Buckinghamshire University, UK
7 Graceland University, USA
8 Bath Spa University, UK
9 University of Auckland, New Zealand
10 Gonzaga University, USA

Top Master of Statistics Colleges in the USA

The United States is home to some of the best universities and colleges in the world, offering world-class Master of Statistics. The table below contains a list of the top Master of Statistics schools in the United States:

Sl.No

Institution

1 Auburn University
2 Greenville University
3 Arizona University
4 Gonzaga University
5 Graceland University

Top Master of Statistics Colleges in the UK

The UK is host to some of the best colleges offering Master of Statistics. The table below lists the top Master of Statistics colleges in the United Kingdom:

Sl.No

Institution

1 Liverpool Hope University
2 University of Cambridge
3 Buckinghamshire New University
4 University of Northampton
5 London Metropolitan University

Top Master of Statistics Colleges in New Zealand

The home of the Kiwi birds, New Zealand, a tranquil country at the southern tip of Australia is home to some of the best colleges offering Master of Statistics. Below is a list of the top five colleges:

Sl.No

Institution

1 Auckland University of Technology
2 Massey University
3 University of Canterbury
4 University of Auckland

Top Master of Statistics Colleges in Australia

New Zealand has emerged as one of the top destinations for higher education for many students. The following are the top Master of Statistics colleges in New Zealand:

Sl.No

Institution

1 RMIT University
2 University of Sydney
3 Monash University
4 UNSW
5 University of Queensland

Fee Structure for Master of Statistics 

The Master of Statistics course fee is not fixed and depends on many factors. Some of the factors which affect the Master of Statistics fees include location, faculty, demand, infrastructure, and the facilities available to the students. The average Master of Statistics course fee in India is around INR 5,000 - 2 LPA.

Fee Strucutre for Master of Statistics

Sl.No.

Name of the College

Total Fee Structure

1. Dr. B.R. Ambedkar University, Agra INR 10,000 P.A
2. Indian Statistical Institute, Kolkata INR 20,000 P.A
3. Indian Statistical Institute, Delhi INR 50,000 P.A
4. Indian Statistical Institute, Bangalore INR 60,000 P.A
5. Amity University, Lucknow INR 86,100 P.A

Syllabus and Subjects for Master of Statistics

The following are the course syllabi for some of the most popular Master of Statistics courses. Most colleges across the country adhere to the core of the syllabus, with minor variations observed at a few colleges. The following are some of the subjects that students can study:

  • Linear Models and Markov Chain
  • Regression Techniques
  • Applied Stochastic Processes
  • Metric Topology and Complex Analysis

Read More: Master of Statistics Syllabus and Subjects

Why Choose Master of Statistics?

Students who decide to pursue the Master of Statistics qualification should conduct research on the Master of Statistics course details to ensure that they understand the course in which they are enrolled. Students frequently ask, "What is a Master of Statistics?" and "Why Master of Statistics?" We can make the answers to these questions easier to understand by breaking them down into the following short questions:

What is Master of Statistics All About?

The Master of Statistics course focuses on the structure of comprehensive analysis as it includes a comprehensive and thorough study of Statistics as a discipline at an advanced level. It includes a study of the science of collection, organisation, analysis, interpretation, and presentation of numerical as well as categorical data. 

What Does a Master of Statistics Graduate Do?

Students can choose courses based on their interest in the job opportunities available in their field. Master of Statistics graduates have a diverse set of skills and can work in a variety of fields. Furthermore, graduates in this position must take on a wide range of responsibilities, making the positions highly dynamic and diverse.

Statistician: Statisticians are experts who solve real-world problems using statistical methods and models. They gather, analyse, and interpret data to aid in a variety of business decision-making processes.

Reasons Why Master of Statistics Can Fetch You a Rewarding Career?

Master of Statistics is an enthralling and thought-provoking field of study. Students can recognise the intrinsic value of the courses because they provide the greatest number of job opportunities across all disciplines. As a result, the scope of work for a Master of Statistics is ever-expanding and enticing.

Diversity in Job roles: Graduates of this course will be able to choose from a wide range of job opportunities. Because the course available to students is so diverse, they can pursue a wide range of roles in their careers.

Read More: Master of Statistics Jobs & Scope

Master of Statistics Course Comparison

Master of Statistics is typically catered to students interested in and inclined toward mathematics and statics. Below is a comparison of the Master of Statistics course with other courses:

Master of Statistics vs MBA

The table below showcases the differences between the Master of Statistics and Certificate in P.Ed:

Course Comparison between M.Stat and MBA
Course Master Master
Full-Form Master of Statistics Master of Business Administration
Stream Business Business
Course Duration 2 Years 2 years
Eligibility Bachelors/B.Tech with Mathematics and Statistics in 50% total aggregate BBA or relevant subject with 50% in total aggregate
Entrance Exams ISI Admission Test CAT, SNAP, XAT
Top Colleges Dr. Ambedkar University, Indian Statistical Institute, Amity University IIM Ahmedabad, Amity University, LPU, Christ University
Fees INR 50,000 - 90,000 P.A INR 20,000 - to INR 30 LPA

Read More: MBA

Scope For Higher Education

After completing a Master of Statistics, students can pursue a higher degree to attain more knowledge and develop their career prospects. The diploma course can act as a booster for development during the pursuit of higher education in their prospective field. Below are a few courses to pursue after a Master in Statistics: 

  • M.Phil (Statistics)
  • PhD (Statistics)

Salary of a Master of Statistics Graduate

Salaries for graduates will vary depending on the discipline chosen by the applicant. Experience, geography, and the industry in which they work can all have an impact on Master of Statistics salaries in India.

Internships help graduates earn more money by expanding their experience. The average salary for a Master of Statistics job for graduates is around INR 4 to 20 LPA. [PayScale]

Read More: Master of Statistics Salary

Career Options After Master of Statistics Graduation

There are numerous job opportunities for students interested in a career in the corporate and finance industry. Master of Statistics jobs will be determined by the area of expertise you choose when earning your degree. Master of Statistics graduates will find a plethora of job opportunities with competitive pay packages in the following fields:

  • Indian Economic Services
  • Business Complexes
  • Commercial Hubs
  • Educational Institutes
  • Indian Statistical Services
  • Social Research Centres

Skills That Make You The Best Master of Statistics Graduate

Master of Statistics graduates must have a diverse set of complex and interpersonal skills in order to advance in their careers. These skills may not always be taught to students in school. These are skills that can only be acquired through practice. As a result, students should always strive to go beyond their comfort zone and gain as much experience as possible. The following are examples of these abilities:

  • Mathematical Ability
  • Qualitative Analysis Ability
  • Interpersonal Communication
  • Quantitative Data Interpretation
  • Tactical Ability

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