Love Mathematics? Pursue These Well Paying Careers

As most major companies are focusing towards data-driven technologies such big data, business intelligence and cloud computing to increase their competitiveness, those with excellent number skills don’t have to wait for very long to find high-paying and high growth jobs. The importance of good mathematicians cannot be downplayed any more. It takes a good mathematician to understand the complexities of any business.

Rank Job Title Median Pay %Math Majors Most Common Degree Level
1 Data Scientist,IT $109,700 8% Bachelor’s
2 Quantitative Analyst $103,300 14% Master’s
3 Actuary $97,900 33% Bachelor’s
4 Statistician $82,200 11% Master’s
5 Mathematician $81,700 70% Master’s

 

Here are some well paying careers for those good with numbers:

Image Source : Shutterstock

Image Source : Shutterstock

Data Scientist

With the rise of new and innovative technologies like Big Data we are also witnessing the growth of the job title Data Scientist.  It is not that data scientists are exclusively tied to working on Big Data, there are other fields as well which require their help. In its truest sense, a data scientist’s role has evolved from that of a business or data analyst. Therefore, the formal training required for this role is computer science engineering, along with excellent knowledge of mathematics, particularly topics like modeling, statistics, and analytics. Some people call data scientist as a mix of analyst and artist. According to Anjul Bhambhri, vice president of big data products at IBM, “A data scientist is somebody who is inquisitive, who can stare at data and spot trends. It's almost like a Renaissance individual who really wants to learn and bring change to an organization."

Data Scientists are a part of the IT industry and have a median pay of $109,700, highest amongst the professions. In the current scenario 8% of the data scientist professionals are qualified Maths major.

Quantitative Analyst

The job of a quantitative analyst is quite lucrative financially. It is also very intellectually stimulating and there is tough competition, particularly if you are looking for jobs in top tier corporate companies and investment banks. Being good at mathematics is the simple most requirements for any quantitative role. However, the best jobs in quant go to the one who is highly qualified such as a PhD in a mathematical discipline. Some topics related to mathematical finance, such as probability stochastic calculus, statistical analysis and machine learning are particularly important for candidates pursuing this career. Alternatively, one can pursue a Masters course in Mathematical finance to get an entry as quantitative analyst.   Having a natural mathematical ability is an indispensable requirement for this career to be successful.

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A quantitative analyst gets around $103,300 median annual salary which is the second highest in this list. 14% of Maths major go on to become a quant analyst.

Actuary

Actuary is a peculiar career as one has to deal with the stress of estimating how many people are going to die. This can be understood as follows; actuaries evaluate the probability of events and quantify the contingent outcomes so as to minimize the impact of financial losses associated with uncertain and undesirable events. Death is the highest form of such an event which is unavoidable and thus predicting when this event occurs minimizes the financial impact. Assessing these risks requires logical reasoning skills, and quantifying data.  Actuarial professionals have a salary which is linearly proportional to their tenure. 33 % of actuaries are Maths graduates, and have at least a bachelor’s degree. The annual median salary of actuaries is around $97,900.

The profession has another related branch which is senior actuarial analyst who gets paid an annual median salary of $86,600. 40% of these professionals are Maths graduate.

Image Source : Shutterstock

Image Source : Shutterstock

Statistician

Statisticians are essentially mathematicians who deal with collection, analysis, interpretation and presentation of quantitative information.  There is a huge demand of statisticians in various sectors such as health, government, transportation, sport, market research and finance. Their work responsibilities involve interpreting data and communicating results to their clients.  There are some studies that take a few months to complete while others take a little longer such as a year or more. The studies conducted by statisticians have the capability of affecting the directions of their respective industries. The annual median salary of statistician is $82,200 and it requires at least a master’s in maths to make it big in this industry as a statistician.

Mathematician

It is a straightforward choice for a person who has an affinity for mathematics. You will have to solve a lot of quantitative problems in this profession throughout dozens of industries. To ensure you are made for this course, just know that you are a perfect fit for the same. The easiest way for making this sure is by taking an online aptitude test. It will aptly let you know of your abilities and aptitude for a career in mathematics. According to the PayScale, Mathematician get paid around $81,700 as an annual media salary. Around 70% of Math graduates go on to become a mathematician. If you wish to work as a mathematician in the engineering domain, you can refer technical seminar topics and presentations where various industry experts have explained in detail about the application of maths in various fields of science and technology.

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1Comment
  • Somya gupta
    Posted at 15:10h, 20 July

    Which books should be preferred fpr the preparation of isi and cmi entrance exam for bachelors???