Careers in Mathematics
For those who have a head for figures, pursuing a job related to mathematics is a choice that can add up to a rewarding and lucrative career. Whether they are using math to solve business problems or help an individual make investments that will fund their retirement nest egg, students who love math can use their degrees in a number of ways after graduation. This guide gives information about several mathematics careers, including what these jobs entail, their growth and earning potential, and the skills needed to be successful.
Career Paths in Mathematics
The demand for mathematics experts has grown exponentially in a number of careers—and so has the interest in these jobs. According to the Mathematical Association of America, math professions are becoming increasingly attractive. In fact, mathematician, actuary, and statistician jobs are among the most promising career paths based on their income levels, growth outlook, and low-stress work environments.
In this section, different math careers are explored to illustrate what makes these careers so rewarding.
Actuaries
What are the chances of being killed in a car accident? What is the cost of treating cancer patients on a yearly basis? When companies need numbers crunched to determine the probability of events like death, sickness, accidents, natural disasters, and retirement in order to predict risk, they turn to actuaries for this data. Specific job duties of actuaries include compiling and analyzing statistical data, creating strategies that minimize risk, drafting reports that outline the implications of their research, and explaining study results to the stakeholders of the research.
Computer and Information Research Scientists
When there is a business challenge that needs to be addressed, computer and information research scientists invent a technological way to do it. People in these jobs conduct research on complicated issues and use their expertise to create solutions that are used in business, health care, and scientific settings. Work duties include creating computing languages and tools, helping engineers with their computing problems, and conducting studies and publishing the results.
Economists
The work of economists can be seen in several different areas, from education to health care to the environment. As experts in the production and distribution of goods and services, economists study the problems in the economy and craft proposals on how to solve them. This work includes researching economic issues, using mathematical and statistical techniques to analyze financial data, and providing advice to organizations. In addition, these professionals contribute to the knowledge of the field by publishing articles in industry journals.
Financial Analysts
When companies and individuals need to make investment decisions, they factor in the expertise of financial analysts. These professionals are charged with being knowledgeable about trends in the markets and the performance potential of different kinds of investments in order to help their clients make sound choices. The specific job duties of this profession include making recommendations about financial portfolios, studying financial statements, and writing reports for clients about the status of their accounts.
Mathematicians
Mathematicians use their analysis of facts and figures to find solutions to business problems. This position entails developing statistical models that are used to analyze data, interpreting mathematical information to make business decisions, and writing reports that explain calculations and how conclusions were reached. In addition, it's important for these professionals to keep up with the latest mathematical research, so they read professional journals, attend trade conferences, and discuss industry trends with colleagues.
Operations Research Analysts
Operations research analysts use data to help organizations make decisions, create policies, and solve problems. Specific job duties include identifying the specific business problems that an organization needs to solve, collecting information from both human and technological sources, examining data to determine how a challenge can be addressed, and creating simulations that show how a solution will look in practice.
Postsecondary Teachers
Mathematics, statistics, economics, and computer science teachers alike have the ability to inspire college students and get them excited about math careers. These teachers create a curriculum, as well as assignments and tests, designed to educate students on the class topic and challenge them to get the most out of the course. They also conduct research in their field and publish the findings in industry journals.
Statisticians
These professionals use statistical analyses to solve business, science, and engineering problems, among others. Their duties include developing statistical theories in response to a business challenge; evaluating the appropriate data points to consider; creating experiments, polls, and surveys to gather information; and analyzing data and coming to conclusions. In addition, statisticians create reports that explain their research processes and the conclusions they made.
Mathematics Salaries
STEM professionals are often well-compensated, and the following careers are no exception. The table below gives examples of the salaries that mathematics professionals can make, based on information collected by the U.S. Bureau of Labor Statistics.
$108,360
Computer and Information Research Scientists
$103,720
Mathematicians
$95,710
Economists
$96,700
Actuaries
$79,990
StatisticiansComponents of a Successful Mathematics Career: Skills, Tools, and Technology
Skills
Given the amount and importance of data that is used in mathematics careers, workers in these fields must be highly skilled—and not only in performing calculations. The following are some skills that employees need to multiply their chances of success.
Tools and Technology
Tools and technologies are essential in mathematics careers to ensure accuracy and efficiency. The following are some examples of the instruments these professionals rely on.
- Accounting software, such as JD Edwards software, Fund accounting software, Sage 50 Accounting, and Intuit QuickBooks
- Analytical or scientific software, including programs such as Minitab software, SPSS Amos, UNISTAT Statistical Package, Wolfram Research Mathematica, and Cytel StatXact
- Compliance testing software
- Data scanners
- Graphing calculators
- Map creation software, like Microsoft MapPoint, ESRI ArcView, and ESRI ArcGIS software
- Optical disk drives
- Project management software, such as Microsoft Project and Microsoft SharePoint software
- Tableau software
Credentials
In some cases, mathematics professionals need to earn a specific credential in order to get a job. Other times, certifications are earned voluntarily as a way to facilitate career advancement. The following are examples of both mandatory and voluntary credentials that are earned in these occupations.
- In order to get full professional status, actuaries must complete a graduated certification process: First they earn an associate certification and then they move on to the fellowship credential. Professionals who work in the property and casualty field are certified by the Casualty Actuarial Society (CAS), while insurance professionals get credentials through the Society of Actuaries (SOA).
- Financial analysts are licensed through the Financial Industry Regulatory Authority (FINRA). In order to receive a license, the applicant must have employer sponsorship.
- Financial analysts can also receive the voluntary Chartered Financial Analyst (CFA) certification that is offered from the CFA Institute.
- The American Board for Certification of Teacher Excellence offers a mathematics certification for teachers who want to demonstrate their knowledge and skills.
Mathematics Career Job Growth, Prospects, and Outlook
The outlook for mathematical careers depends on where people are hunting for jobs. The following information, compiled by the U.S. Bureau of Labor Statistics, shows the growth of several careers in math:
Mathematicians will be needed to analyze the increasing amounts of digital data that companies generate online and on mobile devices.
These professionals will see growth as insurance companies evaluate the effects of new health care legislation that has resulted in more customers and changes in coverage. Also, companies in other sectors will hire more actuaries to manage and avoid risk.
Technological advances are driving the increase of this profession.
Growth in this industry is tied to the increased use of statistical analyses to make business, policy, and health care decisions.
Growth is tied to increased college enrollments.
Growing investment opportunities coupled with increased complexity of investment portfolios will create a demand for financial analysts.
As businesses amass larger amounts of data, this profession will expand. With increased data mining, workers will be needed to manage this information.
Competition in the global economy and complex laws will result in a demand in this career.
What Do Related Occupations Make?
Occupations that are related to mathematics are also commanding healthy salaries. The following list gives examples of these careers and the range of earnings workers make.
Related Occupations: What You Need to Know
The potential career options for those who study mathematics are as vast as the discipline itself. The table below illustrates some related occupations, the education and training needed to land them, and their growth and salary potential.
Computer Systems Analysts
25%
Projected Growth
$82,710
Education and Training:
Bachelor's degree
Market Research Analysts
32%
Projected Growth
$60,300
Education and Training:
Bachelor's degree and internship
Nuclear Engineers
9%
Projected Growth
$100,470
Education and Training:
Bachelor's degree and hands-on experience
Astronomers
10%
Projected Growth
$105,410
Education and Training:
Doctorate
Survey Researchers
18%
Projected Growth
$49,760
Education and Training:
Bachelor's degree and research experience
Budget Analysts
6%
Projected Growth
$71,220
Education and Training:
Bachelor's degree and hands-on experience
Personal Financial Advisors
27%
Projected Growth
$81,060
Education and Training:
Bachelor's degree
Logisticians
22%
Projected Growth
$73,870
Education and Training:
Associate's degree and work experience
Management Analysts
19%
Projected Growth
$80,880
Education and Training:
Bachelor's degree
Computer and Information Systems Managers
15%
Projected Growth
$127,640
Education and Training:
Bachelor's degree and work experience
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