Statistics & Biostatistics

According to Forbes Magazine, Best Master's Degree
No. 4 (tie) Best Master's Degree For Jobs: Mathematics
Mid-career median pay: $91,500 
Projected employment increase for common jobs associated with this degree: 24.7%

Overview

The goal of the Statistics & Biostatistics concentration is to train individuals who will take management roles in organizations that use statistical decision-making tools, and to apply statistical methodology to improve management practice. These organizations are found in the pharmaceutical, manufacturing, marketing, banking, and insurance industries.

Most entities that employ statisticians segregate their talent into separate employee pools and career tracks. The PSM program seeks to bridge this gap. Preparing individuals for specialized degrees in individual disciplines is a necessary function of higher education.  However, in addition to advanced specialists who provide significant contributions in specialized fields, generalists are also needed that can practically apply this knowledge.

For those students interested in Analytics, please also see the Analytics Curriculum which can be done within the statistics concentration.

Related Concentration: AnalyticsIndustrial Mathematics, Actuarial ScienceQuality & Reliability Engineering

Employment Opportunities

Pharmaceutical, Manufacturing, Marketing, Banking, and Insurance industries.

Admission Requirements

For admission, students are required to submit GRE & TOEFL (if necessary) results, two letters of recommendations, personal statement and transcripts. Applicants are expected to have completed 10 semester-hours of undergraduate calculus (640:151-152 and 640:251 if taken at Rutgers, or equivalent), a senior-level rigorous statistical methods course (960:401 or 960:484 if taken at Rutgers, or equivalent), and a course in linear algebra (640:250 if taken at Rutgers, or equivalent). Students lacking these prerequisites may be asked to take additional courses that will not generally count toward the MBS degree, except that at the discretion of the program director, credit for 960:484 or 960:495 may be counted among the thirty credits necessary for graduation. Students concerned about their preparation should contact the concentration coordinator.

Course Descriptions

Program Requirements

For the Master of Business & Science (MBS) degree, students take 8 courses (24 credits) in the sciences and 19 credits in business. The business requirements include courses in finance & accounting, marketing, communication & leadership, capstone, ethics and electives. The business curriculum is listed here. The science courses for the Statistics and Biostatistics concentration are given below.

Click here to see the Business Course Requirements

The Statistics and Biostatistics concentration consists of 4 required core courses and 4 electives in the 500 level.

Core Courses:

16:960:563 Regression Analysis (3) (Spring and Fall)
16:960:580 Basic Probability (3) (Spring)
Note: 16:960:582 may be substituted in place of 16:960:580. Credit will not be given for both 580 and 582.
16:960:583 Methods of Inference (3)  (Spring)
16:960:590 Design of Experiments (3) (Spring and Fall)

Electives

Concentration Coordinators

Dr. John Kolassa
kolassa@stat.rutgers.edu

The MBS (Master of Business & Science) is a Professional Science Master's Degree combining graduate  science courses (MS level) in a particular concentration with courses in business.