Is it a good idea to do a master’s degree in statistics
Is it a good idea to do a master’s degree in statistics?. First will check out what is statistics and the Importance of Statistics.
What is Statistics?
Statistics is a branch of mathematics that employs quantified models, representations, and summaries to analyze a set of experimental data or real-world research.
Statistics is the study of data collection, evaluation, analysis, and conclusion methods.
Statistical expertise aids in the collection of data, the application of reliable analyses, and the efficient presentation of results.
One of the most powerful fields of science is statistics. In today’s world, data is everything, and statistics will assist you in making data-driven decisions and forecasts.
If you employ the wrong analysis without knowing it will end up with wrong conclusions. So basic understanding of statistics is a must for data analysis.
Where can I study statistics in India?
The best and the most reputed Indian Statistical Institutes are mentioned below.
1) Indian Statistical Institutes -Chennai
2) Indian Statistical Institutes – Coimbatore
3) Indian Statistical Institutes -Hyderabad
4) Indian Statistical Institutes -Mumbai
5) Indian Statistical Institutes I-Pune
6) Indian Statistical Institutes -Vadodora
7) Indian Statistical Institutes -Giridh
8) Indian Statistical Institutes -Bangalore
9) Indian Statistical Institutes -New Delhi
10) Indian Statistical Institutes -Kolkata
Obviously, a lot of preparation is required for getting admissions to ISI, and other alternatives are IIM, Cochin University of Science and Technology, MG University, etc…
A lot of courses are available currently related to statistics like Master in Data Science, Machine learning, Diploma, and Online courses, etc.
What’s the Difference?
1) Courses focus on the theoretical foundation in statistical theory and model building
2) Mathematical and methodical approach to data analysis
3) Employer-trusted, traditional methodology
M.S. in Data Science:
1) Courses focus on manipulating data, Machine Learning, and database management concepts
2) Business-driven data analysis
3) Cutting-edge, relatively new degree, data-driven technology based on algorithms
Which one needs to choose is a big question?
Both the pros and cons of the methods are there, if you are going with the traditional methodology foundation will be strong but lack practical knowledge.
If you choose Data science relatively new degree lot of practical experiences and lack of theoretical knowledge.
While passing out MSc statistics, candidates don’t have much practical experience and the same will create some placement issues, this can be overcome by joining internship programs in reputed organizations or central / state research institutes.
Essential Skills for Data Analysts
1) Structured Query Language
2) Microsoft Office
3) Critical Thinking & Decision Making
4) R, Latex, Python, Azure Analytical tools advanced knowledge
5) Data Visualization
6) Presentation Skills
Is it a good idea to do a master’s degree in statistics?
Yes, before entering the field of data science, it is a good idea to gain a basic understanding of statistics, mathematics, and computer science.