If you have an aptitude for figures, pursuing a career in mathematics can be a rewarding decision after graduation. Students with an interest in math have the opportunity to apply their degrees in a variety of ways after graduation, whether it is to solve business problems or to help individuals invest their money for retirement as a job.
Employers often value mathematics graduates, especially those with an interest in statistics. All types of mathematics careers are addressed in this guide, including what they involve, the growth and earning potential, and the necessary skills to succeed.
How Does a Degree in Mathematics Help?
Mathematics graduates have many options for careers including teaching as well as working in multiple disciplines. Combining mathematics with other specialist subjects such as economics, statistics, computer science, applied mathematics, engineering, and mathematical sciences can greatly improve job prospects.
Engineers with good mathematical skills can find employment in chemical engineering and electronic engineering. Additionally, you can consider careers in business, science, social services, education, public sector undertakings, and specialized technical fields such as system design.
Career Options in Mathematics
1. Mathematics Teacher
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.
2. Market Research Analyst
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.
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3. Financial Planner
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:
- Developing effective financial strategies for businesses and individuals.
- Setting financial goals, assessing financial risks, and helping to ensure retirement or investment plans are among their primary duties.
- They help companies formulate stock market investment strategies, real estate investing strategies, and new business ventures.
4. Insurance Underwriter
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.
5. Purchasing Manager
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.
6. Data Scientist
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:
- Developing statistical theories to address business challenges
- Evaluating the appropriate data points to consider conducting experiments, polls, and surveys to gather information
- Analyzing data and coming to conclusions.
- In addition, statisticians write reports that explain their research processes and conclusions.
8. Operations Research Analyst
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:
- Assist in determining the policies that should be implemented by the government and business.
- Engaging in forecasting to assist firms in making long-term financial and investment decisions.
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:
- Compiling and analyzing statistical data,
- Developing risk-minimization strategies,
- Writing reports describing research implications,
- Communicating study results to their stakeholders.
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Necessary Credentials for Mathematics
Sometimes, mathematics executives have to earn specific credentials to qualify for employment. Other times, certifications are earned voluntarily as a means of advancing in their careers. Here is a list of examples of both mandatory and voluntary credentials earned by mathematical professionals.
- Obtaining full professional status requires actuaries to complete a graduated certification process. First, they earn associate certifications before moving on to the fellowship credential. Those working in the property and casualty industry are certified through the Casualty Actuarial Society (CAS), while insurance professionals are certified through the Society of Actuaries (SOA).
- The Financial Industry Regulatory Authority (FINRA) licenses financial analysts. To become a licensed analyst, the applicant must be sponsored by their employer.
- The CFA Institute offers an optional certification for financial analysts called the Chartered Financial Analyst (CFA).
Even though all these jobs are thrilling if you love mathematics and enjoy solving problems, some jobs in financial services, insurance, and investment may be highly demanding, and pretty stressful. Generally, most of the above jobs are challenging and rewarding if mathematics is what you enjoy doing. However, the arduous roles often pay more than jobs that are comparatively less demanding. You may find the challenging work to be fulfilling and enjoyable.
For those with an interest in mathematics, careers in academia and research may not pay as well but are also worthwhile if you have an academic interest in the subject. These jobs usually have fixed hours and may provide a good work-life balance. Depending on your skill level, expertise, experience, and preferences, you can choose a career path. The type of career path you will follow will shape your life for a better tomorrow.