Best Schools for Master’s in Statistics in the UK
A Master’s in Statistics in the UK presents a wide-ranging curriculum that covers the various aspects of theoretical and applied statistics. Students will cover the fundamentals including probability theory, computational statistics and statistical inference. They will also pursue an advanced study of statistical methods and applications. This program is offered by many excellent schools in the UK, where students can expect top-quality instruction and research facilities.
What Is a Master’s in Statistics?
UK schools typically offer the Master’s in Statistics degree at the completion of a post-graduate course of study. These programs usually take about one year to complete and many are open to international students.
The Master’s in Statistics curriculum generally contains a balance of required fundamental courses and a choice of specialised study areas. Many programs are research intensive and require the completion of a major research project. The course of study covers both practical and applied statistics problems and methodologies. The basics of advanced statistics are usually covered in the beginning of the year and may include the following:
- Probability theory
- Distributions and generating functions
- Central limit theorem
- Basic statistical inferences
- Bayesian methods
- Data reduction
- Frequentist theory
- Likelihood theory
- Statistical models
- Linear regression
- Experimental designs
- Statistical computing
- Numerical methods
- Simulation approaches
After covering a broad range of basics, students are able to choose courses that focus on their particular area of interest within the field of statistics. Some advanced Master’s in Statistics courses are:
- Advanced statistical theory
- Bioinformatics and genetics
- Bayesian data analysis
- Multivariate analysis
- Machine learning
- Graphical models
- Extreme value theory
- Financial econometrics
- Retail finance statistics
- Actuarial applications
- Medical statistics
- Stochastic processes
- Forensic statistics
As can be seen from the above partial listing, the field of statistics includes a wide range of mathematical, computational and analytical methods. Students will also learn about the ways in which statistics may be used in various fields including finance, marketing, biomedical research, healthcare and industry.
What Are the Benefits of Getting a Master’s in Statistics in the UK?
The UK contains many top schools that offer rigorous, high quality graduate programs in statistics. In today’s world where immense quantities of data are continuously generated, statistics are an essential tool to analyse information and make maximally accurate inferences and predictions. From high finance to healthcare, expertise in statics enables professionals to use available data effectively.
A Master’s in Statistics gives students a broad overview of the field of statistics while offering opportunities for specialisation in particular areas of interest. Students also gain hands-on experience in utilising the methods and theorems they covered in class through research projects and internships. UK programs strive to provide knowledge of both theoretical and applied statistics. They offer many courses that explore the use of statistics in specific industry areas while providing the mathematical background that forms the basis of statistical theories.
Students who complete a Master’s of Statistics degree program in the UK have the opportunity to learn about the various aspects and uses of statistical theories. The wide-ranging curriculum empowers them to find the are that most interests them and to develop their knowledge of that area.
What Kind of Career Can You Expect With a Master’s in Statistics?
Today, more industries than ever rely on immense quantities of data to streamline and optimize their processes. Master’s in statistics graduates can find employment in a wide range of sectors, including:
- Biomedical research
- Pharmaceutical development
- Healthcare policy
- Government agencies
- Policy research and formulation
- Oil and gas
- Chemical development
- Air and space
- Environmental science
- Non-governmental organisations
Statistics graduates go on to pursue several types of careers. Some enter the field of actuarial science, where they act as strategic consultants in variety of industries, including finance, insurance, and banking. Others become data analysts, where they use statistics to solve problems, identify trends and make predictions. Data analysts are often employed by retail sellers, marketing and advertising firms or corporate departments, public relations agencies, government agencies and financial institutions. A related statistical field is that of market research, where the statistician identifies the type of data that is needed, designs and implements data gathering techniques and creating reports that present the results of the data gathering and analysis. Statisticians may also find employment in academic or for-profit scientific research in areas such as chemistry, bio-medicine, pharmaceuticals, environmental science and others.