5 Lucrative Careers With a Master’s in Mathematics

5 Careers with a Master’s in Mathematics

• Actuary
• Mathematician/Statistician
• Operation Research Analyst
• College Mathematics Professor
• Chartered Certified Accountant

Individuals who are good with number and statistics and looking for a lucrative career may find that pursuing careers in mathematics to be a good choice. Earning a Master’s in Mathematics can be the first step towards a mathematics career. Earning this degree may take a few years, but the doors it can open to graduates in unbelievable. Whether it’s working as an accountant, actuary, math professor, mathematician or statistician, there are some excellent jobs to be found with a master’s degree in mathematics. Below are give lucrative careers available with a Master’s in Mathematics.

1. Actuary

Actuaries have the task of analyzing the financial cost of uncertainty and risk for organizations. Using their knowledge of mathematics, statistics and financial theories, actuaries assess the potential for risk and help companies develop policies to minimize the cost of those risks, Actuaries may work in a few different industries but are most often found working with insurance companies. They design and test insurance policies to determine the best rates with customers while keeping the risk of loss as low as possible. The U.S. Bureau of Labor Statistics (BLS) reports that actuaries earned average annual wages of $114,850 with wages going to $184,770 or more.

2. Mathematician/Statistician

Mathematician and statisticians work with numbers and statistics. Individuals who have excellent mathematical, analytical and problem-solving skills best utilize this career. They collect and analyze data, interpret data and develop mathematical theories to solve problems or make important decisions. They collect their data through questionnaires, opinion polls, and design surveys. They work with individuals in various industries. They use data analysis and specialized software to help businesses make wiser decisions. Mathematicians and statisticians earned an average annual wage of $104,870 in 2018.

3. Operation Research Analyst

Operation research analysts use their advanced analytical and math skills to help businesses solve problems and improve their decision-making. They identify and correct problems in areas such as logistics, business, healthcare, manufacturing and more. They gather their information from sales histories, computer databases, customer feedback and input from employees. Operation research analysts assess information and data to determine what is relevant to the issues at hand and what methods might be used to solve the problem. They also write documents and reports to explain their findings to management. Operation research analyst is one of several careers in mathematics that offers good wages and excellent employment growth. Wages for operation research analysts ranged from $46,810 to $136,250 with the average wage at $88,350 according to the bureau.

4. College Mathematics Professor

College mathematics professors provide a variety of services to the college and the students. In addition to teaching courses in mathematics and statistics, they also develop and design the curriculum plans. One of their main responsibilities besides teaching is to motivate student learning, stimulate student participation and provide an interesting learning environment. College math professors also tutor students, assess student coursework, maintain student records, and collaborate co-curricular activities. They must have extensive experience teaching and must be qualified to teach at both the undergraduate and graduate levels. College math professors earn an average annual salary of $62,000 with wages going to $100,000 or more according to PayScale.

5. Chartered Certified Accountant

A chartered certified accountant is an excellent career choice for a business-minded individual who’s good with numbers and enjoys solving problems. Their duties include financial forecasting, creating and maintaining a company’s financial and accounting systems; investigating financial discrepancies, and auditing financial records. They may also work on an international level providing advice on insolvency, taxation and corporate finance. Some chartered certified accountant work as part of a management consultant team. These professionals may work in the public, private or corporate finance sectors with their goal being to make the company as efficient and valuable as possible. Annual wages earned by chartered certified accountants range from $$23,000 to $154,000 with the average annual wage at $75,000.

Related Resource: 25 Most Affordable Online Master’s of Mathematics/Statistics Education Degrees

As of May 2018, math occupations overall had a median annual wage of $86,700. This amount is substantially higher than the $38,640, which is the average annual wage all occupations. This information came from the BLS, which also predicted all jobs in mathematics would see a 28 percent job growth between 2016 and 2026. As long as we need for math, candidates with a Master’s in Mathematics will continue to be in demand to pursue the many careers in mathematics.