7 Reasons to Get a Statistics Master’s Degree in 2024

Statisticians play an essential role in many industries. If you’ve just completed your degree in Statistics (or a similar course) then why not take your education and career-potential to the next level with a specialization in Statistics.

With a Master’s degree, you can choose to expand your knowledge in a wide range of topics. From business to artificial inteligence, there are many options available to you.

Regarding career options, having a Master’s will also make you more desirable in the jobs market, helping you start on a higher salary and opening new doors to many different industries. 

Study Statistics: Find Master’s fully taught in English

🏛️ What will I study in a Statistics Master?

A Master’s programme is designed to take you to the next level in your field, so many of the modules you will be offered will be advanced versions of what you would have studied in a Bachelor’s degree. The main topics are based on probability, data analysis and statistic theory but there are many specialities in the Statistics field, so enjoy exploring and learning what opportunities there are available to you.

Topics you can expect to study include:

• Applied Statistics, linear models, explanatory variables, diagnostics and model selection, regression.
• Computational Statistics, numerical methods, advanced simulations, statistical computing.
• Statistical Inference, hypothesis testing, confidence set construction.
• Probability, variables and vectors, distribution functions, theorems, probability, classification of states.
• Big data, deep learning, machine learning.
• Multivariate analysis, biostatistics, multivariate analysis, and survival models.
• Actuarial science, finance, risk management.

This is just a sample of the typical advanced courses, so always make sure to visit the university website for more information regarding lectures and requirements.

While many Master’s in Statistics won’t require you to have a Bachelor’s Degree in Statistics, they will likely look for evidence that you are good at maths. In most cases, the admissions team will ask you to provide proof of at least 30 ECTS credit points of special knowledge in the fundamentals of mathematics, probability, calculus, or other quantitative subjects. 

Statistics-related degrees might have different names depending on their focus, so double check their agenda in order to find the one that aligns best with your interests. As an example, at the London School of Economics and Political Science (LSE) their taught Master of Science programmes cover a wide range of topics:

• MSc Statistics: Provides a base for employment in the private or public sectors in Statistics, related quantitative fields or for academic research.
• MSc Quantitative Methods for Risk Management: Offers in-depth instruction in probabilistic, statistical, and computational methods to quantify risk arising from, but not limited to, economic, financial, and insurance applications.
• MSc Data Science: Provides training in data science methods, with a focus on statistical perspectives.
• MSc Health Data Science: Designed to equip future analysts with the skills they need to interpret, analyse, assess, and evaluate health interventions, services, programmes, and policies.

💭 Should I get a Statistics Master? 7 reasons:

There are many great reasons to choose a Master’s in Statistics, here are just a few:

1. Growing demand in various industries. 📈 Nearly every industry benefits from statistics. With a Master’s in Statistics, you will have opportunities to work in nearly every sector anywhere in the world – even online or fully remote! From education to energy and from media to finance, the opportunities are endless.
2. Many different specializations. 🚀 Statistics is a very broad field and there are many different areas that you can specialise in. This will not only make you adaptability to changing professional landscapes, but once you find your niche, how deep you go will be up to you.
3. Good job opportunities. 💼 There is always a high demand for data analysts, now more than ever. We are a data-hungry world and there are many great opportunities available for Statisticians.
4. Transferable skills. 🧠 The knowledge you’ll gain from studying statistics can be adapted to fit many different career requirements. Great transferrable skills you’ll learn include but are not limited to:
   • gathering and compiling research data
   • analyzing and assessing data
   • presenting research findings
   • general IT skills
   • teamwork
   • problem-solving
   • self-management
   • effective planning
   • meeting deadlines
5. High salaries. 💰 The important work that statisticians does mean that jobs are usually well-paid. The average salary for a statistician in the UK is just over £43,000. Entry-level positions start around £35,500, while experienced statisticians can expect to earn anything from £60,000, depending on the role and their speciality.
6. Curriculum prepared for real-world applications. 🌍 Statisticians study patterns and trends and help make important decisions that influence the real world, making it the perfect career for those who look for high impact jobs.
7. Impactful Decision-Making. 💡 Governmental institutions and NGOs that influence policy making (such as Eurostat and the WHO) all depend on Statisticians to help them make their important decisions. If you want to work with the big-hitters and make big changes, then Statistics could be for you.

If you decide to study statistics in Europe, you will not only benefit from a high-quality education and quite affordable tuition fees, but you will also grow in many other aspects of your life. You will be surrounded by amazing culture and languages, and there will be lots of opportunities for you to network with some of the biggest companies in the world. Moreover, most universities may be able to help you with work placements or internships after you graduate.

Study in Europe: Find Master of Science in Statistics

🏆 How to pick the right university for your Statistics Master’s:

We all know that choosing a university is a big decision. There are many things for you to consider, so we thought we’d give you a head start.

Many universities in Europe teach their courses in English. Be sure to double-check what the language requirements are if that’s not your first language since admission requirements vary between institutions.

Regarding university rankings, use them as a guideline. Rankings are not 100% accurate and can change every year, so make sure you check out the latest data on QS and Shanghai for World’s best Statistics universities.

Lots of us don’t like thinking about money, but make sure you do your homework when it comes to tuition fees and cost of living. Master’s can be expensive but there are many funding options available. If in doubt, speak to the university and they will be able to direct you towards funding, scholarships, and bursaries.

🔎 Similar subjects I could study:

An MSc degree in Statistics can lead you down many roads. If you love numbers, then some of these other courses might be just right for you.

• AI - Artificial Intelligence
• Business Analytics & Business Intelligence
• Data Science & Big Data
• Econometrics
• Economics
• Finance
• Financial Mathematics
• Mathematics
• Risk Management

 

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38 Statistics Masters in Europe