Introduction and overview
A math degree equips graduates with critical thinking skills as well as problem-solving skills. They are very proficient in algebra, calculus, geometry and other calculations needed to tackle problems. Mathematics knowledge can be applied to almost every industry out there.
There are endless opportunities for math grads, but your interests will define your career path. If you love technology, you could become a data scientist or software developer. If you prefer the business sector, you could work as a financial analyst or operations research analyst.
Top 7 careers for math graduates
According to the Bureau of Labor Statistics, the demand for mathematicians is expected to grow by 33% between 2020 and 2030. The career options for math graduates are promising and quite rewarding too. Below are the job descriptions, career prospects and salary information of the best math careers.
1. Actuary
An actuary is a mathematician who uses math and statistics to calculate the financial costs of uncertainty. They mostly work with insurance companies, brokerage firms, and corporate management teams. They assess and manage the financial risk of insurance policies, company investments, business disasters, etc.
The job duties of actuaries include reviewing company policies, analyzing statistical data, developing risk management strategies, and presenting their conclusions to stakeholders. Actuaries earned a median income of $105,900 in May 2021. These jobs are projected to grow 24 percent from 2020 to 2030.
2. Economist
Economists collect and analyze complex data then use the insights to provide financial advice to businesses. They mostly research and monitor trends as well as evaluate economic issues affecting the production and distribution of goods, resources and services. They can work with private agencies or the government.
Their duties include researching economic issues, analyzing data using mathematical, and statistical techniques, presenting research results, and proposing solutions to economic problems. Jobs for economists are expected to increase by 14% between 2019 and 2029. They earn an average of $78,400 per year.
3. Data scientist
Data scientists are professionals who analyze and interpret large data sets to discover trends and patterns so companies can make better decisions. They need mathematics, statistics and programming skills as well as the ability to work with complex data sets. They may work in finance, retail or e-commerce sectors.
The responsibilities of a data scientist include gathering and organizing data, developing predictive models and machine learning algorithms, and gaining useful insights from the analyzed data. A master of science in data science is often required for these jobs. There’s a projected job growth of 31.4% between 2020 and 2030 and the average salary is $100,560.
4. Operations Research Analyst
An operation research analyst uses statistics, mathematical modelling, data analysis, and critical thinking to solve complex problems. They study the day-to-day operations of businesses and come up with strategies to improve efficiency and cost-effectiveness.
The duties of an operational research analyst include: discovering specific business problems in an organization, collecting and analyzing data, interpreting information and proffering solutions to challenges. The estimated job growth is about 25 percent from 2020 to 2030 and the median annual salary is $82,360.
5. Financial Analyst
A financial analyst evaluates financial data and studies economics and business trends to help businesses make sound investment decisions. They mostly assess the performance potential of investments and are often employed in banking institutions, insurance firms, banks, pension funds, securities firms and others.
The job duties of a financial analyst include: studying financial statements and functions, organizing a company’s financial reports and creating reports to show the status of client accounts. These jobs are expected to grow 6 percent from 2020 to 2030. The average salary was $81,410 in May 2021.
6. Statistician
Statisticians use statistical models to analyze and interpret data for better decision-making. They conduct opinion polls, experiments and surveys to gather information about a problem before performing an analysis. They may work in business, science and technology fields.
The responsibilities of statisticians are collecting, analyzing and interpreting data, recognizing trends and patterns, and creating reports to explain their research processes and conclusions. The employment of statisticians is projected to grow 33 percent from 2020 to 2030. The average income for statisticians was $95,570 in May 2021.
7. Pharmacist
Pharmacists are healthcare professionals who ensure that patients get the best results from their medications. They are trained to prepare and dispense prescriptions, check the right medicine dosage, and advise patients to make appropriate use of their medications.Â
Their duties include dispensing and reviewing prescriptions, providing information and advice about drugs, keeping accurate records of inventory in the pharmacy, etc. These jobs are expected to stay constant or decline 2 percent from 2020 to 2030. The average salary was $128,570 in May 2021.
Also Read: How Colleges Nurture Entrepreneurship and How Math Contributes
