Studying mathematics opens a number of professional doors.
In a similar vein to English Literature, a number of people may advise you against pursuing a master’s in mathematics, citing poor job prospects as a primary reason. But they would be wrong. Opting to study for a master’s degree in mathematics can open a number of professional doors. Indeed, the Mathematical Association of America stated that mathematicians now have incredibly promising job prospects, based on metrics such as income, outlook and environment.
This is because the skills you can learn while studying for a master’s in math can prove to be invaluable and not to mention transferrable. According to New York University, math MS programs offer students general math education as well as the ability to specialize in certain areas, such as statistics or scientific computing. Most master’s programs will contain courses on core topics such as complex analysis, linear algebra and real analysis.
So if you’re debating whether a master’s of science in math is the right choice for you, check out the list of potential careers below:
This is a job that involves risk assessment. Actuaries will weigh up the financial cost of certain decisions that are considered risky, Chron.com explained. Actuaries are most commonly found in organizations such as insurance firms and large corporations that deal with money. They use data-based programs, statistical models and financial information to compile reports on certain risks and strategies to prevent them. In today’s economy a master’s degree in mathematics is preferred, although some organizations will accept a bachelor’s as a minimum qualification, the source stated. In terms of salary, actuaries can expect to be compensated well – the average salary, according to Chron.com, is a little over $100,000 per year. It must be noted, however, that actuaries need certification. In order to obtain certified status, hopefuls must successfully complete a series of exams.
“An actuary can make over $100,000 a year.”
The demand for this kind of position has increased with the technological boom of the digital age. Someone involved in the cryptography field works to hide important data-based information, the Mathematical Association of America detailed. Although it sounds suspect or even criminal, this is a legitimate position within banks and credit card companies that helps protect vulnerable customer data.
3. Banking and Finance
This one may seem obvious, and a master’s degree isn’t a prerequisite for this kind of career, but it certainly helps in terms of progressing through the ranks. According to 1Salary.com, the average salary of a banking executive, as of Spring 2016, is a handsome $179,000 per anum.
Statisticians work to analyze quantitative data, Chron.com reported. Using statistical tools, professionals in this field carry out, interpret and then present the findings of studies. The source elaborated that statisticians can be found in an array of fields, since nearly every industry requires statistical analysis of some type. Common positions include roles at government agencies, consulting firms, multinational corporations and pharmaceutical organizations. A statistician can earn upwards of $77,000 a year.
5. Computer science
While this requires additional specialization throughout master’s studies, many math graduate students go on to work in the booming field of computer science. A computer scientist will study and analyze the basic information systems that a computer needs to operate, the Mathematical Association of America explained. The source reported that because mathematicians undergo extensive training in areas such as logic, their skills often prove useful in this field.
6. Quantitative analyst
Quantitative analysts use math, computer programs and statistical models to ascertain which securities carry high levels of risk, Chron.com outlined. A quantitative analyst is typically found working at hedge funds, insurance firms and investment banks. The source noted that a master’s in this field is absolutely imperative, with many employers looking for candidates with PhDs. The average salary nears $87,000 a year.
7. Math teacher
Many math teachers at the high school level hold a master’s, while teachers at the college level are typically expected to have PhDs. Exceptions can be made for non-tenure track adjunct positions and jobs at community colleges, Chron.com stated. Opting to go down the high school teaching route will require additional training. A typical high school teaching salary is somewhere around the $55,000-a-year mark.