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Mathematics is a subject that has uses and applications in most career fields ranging from technology to medicine. Candidates who specialise in mathematics and associated subjects like statistics often have strong job prospects. If you have an interest in this subject, you may benefit from knowing more about the career paths you can choose with a formal academic background in mathematics. In this article, we will discuss the top 15 careers in mathematics, ranked by earning potential.
With a mathematics degree, you can prepare for a teaching role or choose to work in multiple fields. If you combine mathematics with specialty subjects like economics, statistics, computer science, applied mathematics, engineering and mathematical sciences, you can greatly improve your job prospects. Engineers with good mathematical skills can look at chemical engineering and electronic engineering jobs that require a good understanding of the subject. You can also pursue career options in business, science, social services, education, public sector undertakings and specific technical fields like system design or risk analysis.
Average salary: Rs. 2,73,807 per year
If you love to learn and shape young minds, being a Mathematics teacher is the role for you. Guiding students and teaching mathematics can be a noble and highly satisfying role. Mathematics teachers work in schools, universities, and a couple of other institutions, where some places may require an additional BEd. degree. Other work may require a teacher to make study curricula and lessons for students and create assignments.
Average salary: Rs. 2,22,068 per year
As a market researcher for a company, you gather data from customers and competitors, assist in developing goals and strategies, improve your customer base, and beat your competitors.
As a market researcher, you will also design surveys, formulate reports, track market trends, and present information to executives. As you gain experience, there are plenty of scopes for you to manage a team of researchers and evaluate strategies.
Average salary: Rs. 2,93,193 per year
Financial planners assist individuals and companies in managing their financial assets. They are also involved in assisting individuals with managing their finances. A financial planner’s primary duties may include:
Average salary: Rs. 2,87,747 per year
Insurance underwriters are the ones who, on behalf of the insurance company, evaluate, analyze, and assess the possible risks associated with insuring people and assets. They use statistics and probability to forecast risks involved with financial assets.
The insurance company then evaluates your application and chooses the best plan for you based on their evaluation. Insurance underwriters may specialize in life insurance, health insurance, or property insurance.
Average salary: Rs 2,74,551 per year
A purchase manager relies on their problem-solving and analytical skills in mathematics to function effectively on a day-to-day basis. A typical day involves purchasing goods and materials for a company or to meet production and retail needs.
Many companies specify in their job descriptions that they are looking for candidates with a mathematics degree. This position involves researching multiple suppliers, comparing costs and quality, and finding the best value for the company's purchases. It also requires maintaining inventory and evaluating future purchasing needs.
Average salary: Rs 8,51,643 per year
These specialists work with unstructured and unorganized data sets. They analyze the data, transform it into models, and apply analytical tools to make interpretations.
Businesses use these interpretations to shape plans as well as formulate short-term and long-term policies. Data scientists can work in fields such as politics, healthcare, and insurance. Some roles in this field require expertise in machine learning and software engineering.
Average salary: Rs 4,16,848 per year
Statisticians are experts who perform statistical analysis for business, science, and engineering issues, among other things. Their responsibilities include:
Average salary: Rs. 5,07,486 per year
Specifically, operations researchers work to make decisions, formulate policies, and solve problems by using data to help organizations create solutions for business problems. Collecting information from human and technological sources, reviewing data to determine how to address a challenge, and creating simulations to visualize how a solution will look in practice are all jobs of an operations researcher.
Average salary: Rs. 9,48,641 per year
The job of an economist is to collect socio-economic and financial data. They mainly use this data to:
Average salary: Rs. 7,96,461 per year
To forecast risk, companies turn to actuaries to compute the probabilities of events such as death, sickness, accidents, natural disasters, and retirement. Specific actuary duties include:
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Mathematicians have a wide variety of job opportunities available for them to pursue. In fact, predictions from the U.S. Bureau of Labor Statistics reveal an increase in demand for jobs such as mathematician, operations research analyst, actuary and statistician. These predictions expect a 33% growth rate for mathematicians and statisticians between 2020 and 2030, which is much higher than the average for all jobs.
While mathematics is essential for developing a technologically active society, there are additional skills that math majors learn that are useful beyond the parameters of their occupation. Such skills may include improved reasoning and analytical capabilities, which are crucial to a variety of aspects of life. Additionally, continuous interaction with complex mathematical problems builds critical thinking skills, allowing for more structured navigation through life.
Aside from the emotional fulfillment of achieving your dream career, financial compensation can also be an important motivation. Fortunately, one benefit of being a mathematician is the opportunity to earn an average salary of $86,164 per year. If you opt to use your skills in mathematics as a statistician, you can earn an even higher average salary of $97,738 per year. As for mathematics teachers, these individuals make lower wages than some other mathematicians, but they still remain significant in the field, with an average salary of $47,889 per year.
Students who complete a degree in mathematics typically enjoy the subject. Therefore, they may enjoy their work in a mathematics-focused career. The ability to employ your mathematics skills and contribute to humanity's development by solving complex tasks can be gratifying.
:The path to becoming a good mathematician is long and challenging. It's a very academically rigorous field and may require extensive education. Additionally, achieving success in the field often includes securing funding, publishing and presenting your work and teaching. Ultimately, succeeding in this field requires a lot of work. While this may seem challenging, it's not impossible to gain special recognition. Developing new and innovative ideas can help you in this regard.
If your hard work pays off and you find yourself on the frontier of research, you may end up spending a lot of your time analyzing and assessing data. Mathematicians may often find themselves working individually. Conducting research may also require longer hours, which can affect your work-life balance. These periods of isolation can be managed by maintaining a positive mindset and surrounding yourself with family and friends when you're not working.
It may be challenging to get into this career because of a lack of experience or knowledge. You typically need extensive education or experience to make a name for yourself as a mathematician, considering the fact that you may find yourself conducting lengthy research about different areas of math. While this may seem challenging to achieve at first, if you put in the time and effort, you can acquire the expertise you need.
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.
Active learning skills
Those who work in math-related jobs are required to take in a lot of complex information in order to create theories, find solutions, and provide guidance. This requires active learning skills, which allow them to stay informed about the data and issues that impact their industries.
Communication skills
Although handling numbers is a huge part of mathematics careers, on a day-to-day basis, professionals must know how to handle people. As a result, verbal and written communication skills are critical. Whether they are communicating with their peers or with lay people, math professionals must know how to craft written or verbal messages in a way that a specific audience can understand.
Decision making skills
Workers are often responsible for making judgment calls that affect their clients. People rely on their expertise and their ability to understand complex information, so they need strong decision making skills that allow them to act as trustworthy advocates on behalf of their clients.
Systems analysis skills
This skill entails figuring out how systems work and change, given the conditions of their environment. This can help professionals understand how the fast-changing worlds of science, technology, and finance can influence the work they're doing and the organizations or individuals they're trying to help.
Teamwork skills
Although some may erroneously have the image of a lone scientist working in an office without another person in sight, mathematics careers actually require a great deal of collaboration. In order to find solutions to technological and mathematical problems, these workers must be able to effectively work as a member of a team, always keeping in mind the bigger picture and how their work affects those around them.
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