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Statistics

Summary

Statistics is a field concerned with the collection, analysis, interpretation and presention of numerical data. Statisticians use data to solve problems for different organisations. A student who pursues statistics learns about both pure statistics like probability theory, statistical methodology, stochastic processes, statistical inference, operational research, bio statistics, etc., and also the application of these statistical concepts. Statisticians are uniquely qualified to help both the public and private in order to prepare, organize and analyse their respective data.

Career Opportunities in Statistics

  • Public sector
    Government organizations actively hire statisticians for various functions, such as assessing population demographics and characteristics, economic measurements and policy formulation. These organizations mostly include statistical and economic bureaus, and those related to socio-economic research. Other than this, banks, environmental, scientific and agricultural agencies also employ statisticians for similar type of work in their respective fields.
  • Private sector
    In the private sector a statistician can become part of large multi-national companies. Banks and insurance companies need statisticans who have the knowledge of blending both maths and stats to create different financial models /products (eg. loans, investments etc.). Statisticians are also hired for varied roles, such as project development, reserch operations, commercial surveys and numerical analysis in share markets, stock markets etc.
  • Healthcare Sector
    Statisticians also known as biostatisticians/biometricians are employed in hospitals, pharmaceutical companies or public health agencies. Their work includes designing studies to test whether drugs successfully treat diseases or conditions. They may also assist hospitals or public health agencies in identifying the origins of outbreaks of illnesses in humans and animals.
  • Education
    A prime avenue for statistics graduates is the education sector. They can work as full-time or guest lecturers at universities and colleges. They may also teach in schools to higher secondary class students.
  • Research
    A large number of mathematicians end up in research roles. The indispensability of mathematics demands the employment of mathematicians in various research organizations to solve complex problems. They are even engaged by aeronautical research agencies such as Indian Space Research Organisation (ISRO) and National Aeronautic Limited (NAL).

How to Pursue a Career in Statistics

Stream Graduation After Graduation After Post Graduation
Path 1
Clear Class XII in Any Stream with MathsPursue B.A./B.Sc in Statistics/ B.Stats/ Applied Statistics for 3-4 yearsPursue M. A./ M.Sc in Statistics /MStats for 2 yearsPursue Ph.D for 3-5 years
Path 2
Clear Class XII in Science with Maths Pursue Integrated Program in M.Sc. Statistics for 5 years-Pursue Ph.D for 3-5 years

Important Facts

  • Maths is a compulsory subject in Class 12th
  • Some universities demand minimum 55% criteria in PCM in class 12th along with good rank in their respective entrance exams.

Leading Institutes

Top Statistics Institutes in India
College Location Website
Indian Statistical Institute (ISI) Multiple www.isical.ac.in
Hindu College Delhi www.hinducollege.ac.in
Lady Shri Ram College Delhi www.lsr.edu.in
Ramjas College Delhi www.ramjascollege.edu
Kirori Mal College Delhi www.kmcollege.ac.in
Sri Venkateswara College Delhi www.svc.ac.in
St. Xavier's College Mumbai www.xaviers.edu/main
St. Xavier's College Kolkata www.sxccal.edu
Fergusson College Pune www.fergusson.edu
Savitribai Phule Pune University Pune www.stats.unipune.ernet.in
IIT Kanpur Kanpur www.iitk.ac.in
IIT Bombay Bombay www.iitb.ac.in
IIT Kharagpur Kolkata www.iitkgp.ac.in
IIT (BHU) Varanasi www.iitbhu.ac.in
Indian Agricultural Statistics Research Institute (IASRI) New Delhi www.iasri.res.in
Loyola College Chennai www.loyolacollege.edu
Presidency University Kolkata www.presiuniv.ac.in/web
Banglore University Banglore www.bangaloreuniversity.ac.in
Mumbai University Mumbai www.mu.ac.in/portal
Top Statistics Institutes in the World
Institution Location Website
Harvard University United States www.harvard.edu
Massachusetts Institute of Technology (MIT) United States www.web.mit.edu
Stanford University United States www.stanford.edu
University of California, Berkeley United States www.berkeley.edu
University of Cambridge United Kingdom www.cam.ac.uk
University of Oxford United Kingdom www.ox.ac.uk
Georgia Institute of Technology United States www.gatech.edu
National University of Singapore Singapore www.nus.edu.sg
ETH Zurich Switzerland www.ethz.ch/en.html
Carnegie Mellon University United States www.cmu.edu
Imperial College London United Kingdom www.imperial.ac.uk
University of Michigan United States www.umich.edu
Princeton University United States www.princeton.edu/main
University of California, Los Angeles United States www.ucla.edu
University of Toronto Canada www.utoronto.ca
University of Tokyo Japan www.u-tokyo.ac.jp/en/index.html
University of Chicago United States www.uchicago.in
The University of Hong Kong Hong Kong www.hku.hk

Statistics Entrance Exams

Undergraduate
College Tentative Date Important Elements Website
JEE Main (Paper 1) April Physics, Chemistry, Maths www.jeemain.nic.in/webinfo/Public/Home.aspx
JEE Advanced May Physics, Chemistry, Maths www.jeeadv.ac.in
ISI Admission Test May Algebra, Calculus, Geometry, Trigonometry www.isical.ac.in/~admission

Work Description

Statistician's job is to plan and conduct the trials and inspections, and deal with the first collection of data. They operate and examine the data in various situations, finding patterns to help draw conclusions.
Typical work activities include
  • Discussing with clients and agreeing what and how to gather data, considering any legal and moral parameters
  • Designing experiments, inspections to develop the needed data
  • Gathering and examining the data collated
  • Apply statistical tools and techniques to solve business problems
  • Analyzing and compiling data and ensuring that the correct conclusions are drawn based on the outcomes
  • Presenting results to senior members/ clients
  • Recommending policy-makers on important decisions based on results drawn

Pros & Cons of a Career in Statistics

Pros
  • Professionals get the opportunities to work on, and lead advanced research projects.
  • The field is rapidly growing, and there are a number of opportunities, both in India and overseas.
  • Professionals can find emploment in several roles and sectors such as finance, banks, market research, product testing, etc.
  • The field has high earning and growth potential.
Cons
  • The educational path for the career is long, and a Ph.D is generally preferred for research roles.
  • It involves spending most of the time indoors, with numbers.
  • It can be hard to get into the career, as it requires extensive knowledge, skill and traning.
  • The field is highly competitive and difficult to get into.
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