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Best Careers for Math Majors

Best Careers for Math Majors

If you love numbers and love using them to exact data-driven decisions, then you should know that there is an increasing need for your knowledge and skill set in today’s technology-forward job market. If you are looking to pursue a career in math, then consider how Ottawa University’s accelerated online math degree can help guide you into a wide range of fast growing and money-making career opportunities. High paying math occupations are expected to grow at a much faster pace than other jobs through 2029. In fact, the U.S. Bureau of Labor Statistics projects the addition of 56,100 new math jobs with an average salary of $93,170. That is more than double the median annual wage for all occupations of $41,950. That certainly is worth going back to school for!

Top 3 Math Careers

  1. Actuary

Education Required:  Bachelor’s degree

Average Salary: Up to $111,030

Job Growth:  33%, much faster than for other jobs

Actuaries use mathematics, statistics, and financial theory to analyze the financial costs of risk and uncertainty for companies. Using that data, actuaries help inform policies or financial decisions to minimize short and long-term risk for their businesses or clients. Get on the path to becoming an actuary by enrolling in Ottawa University’s Bachelor of Arts in Mathematics program.

Actuaries must have an in-depth knowledge of economics, business, and statistics to conduct financial risk analysis for organizations. Many actuaries start out in the insurance industry, where they help develop profitable policies. In addition to compiling statistical information, they also estimate probability and even test specific insurance policies. With greater experience and continuing education, actuaries may move into the fields of banking, healthcare, or investment, where salaries can climb as high as $180,000 annually.

  1. Operations Research Analyst

Education Required: Bachelor’s Degree

Average Salary: $86,200

Job Growth: 25%, much faster than average

Operations research analysts use advanced mathematical and analytical methods to help solve complex issues and inform decisions that impact a business’s bottom line. Industries of all kinds are using operations research analysts to improve their efficiency and profit margins, making it one the most stable careers in math.

Duties might include:

  • deciding how a hardware store’s inventory is organized
  • creating efficient transcontinental delivery schedules
  • setting retail pricing of products based on the competition and consumer demand
  • identifying current healthcare trends and needs for treatment
  • determining the best marketing niche for a product
  1. Auditor/Accountant

Education Required: Bachelor’s degree

Average Salary: $73,560

Job Growth: 4%, on pace with other jobs

Auditors examine and prepare financial records while checking for their accuracy. They also explain their financial findings to key stakeholders. While internal auditors check for mismanagement of an organization’s funds and identify ways to improve processes for eliminating waste and fraud, external auditors are hired by an outside organization to conduct the same tasks. Information technology auditors, on the other hand, review controls for their organizations’ computer systems.

If you aspire to be an accountant, then you may want to consider earning a master of accounting degree and becoming a licensed Certified Public Accountant (CPA) or furthering your education with an MBA.

Top 3 Advanced Math Careers

  1. Statisticians

Education Preferred: Master’s degree

Average Salary: $93,290

Job Growth:  33%, much faster than average

Statisticians use statistical theory and techniques to collect, analyze, and summarize large amounts of data to help solve problems, typically working with those in other occupations or departments. By identifying trends and relationships from data sets, they provide organizations with usable information to inform their decision-making for greater profitability and efficiency. With today’s growing sources for collecting information, most organizations benefit from the data-driven business practices and actionable projections that statisticians highlight. Statisticians often design surveys, questionnaires, experiments, and opinion polls to collect the data they need, and then use specialized statistical software to analyze the data.

Statisticians can specialize in specific industries, such as agricultural or economic statistics. Alternately, they may work in government, healthcare, and research and development companies. Other fields such as education, marketing, psychology, and sports also require the collection and analysis of data. Ottawa University’s online math degree is the perfect first step toward becoming a highly paid statistician. 

  1. Economist

Education Required: Master’s degree

Average Salary: $108,350

Job Growth: 14%, much faster than average

Economists research, evaluate, report, and make recommendations regarding the production and distribution of resources, goods and services. Their economic research can be focused on a wide range of areas, such as energy costs, interest rates, employment, wages, the housing market, taxes, education, or healthcare. By studying historical trends, economists can make educated forecasts on future trends. 

Many economists work in federal, state, and local government, often using the data to identify spending needs and to assess the economic impact of laws and regulations. Economists that work within a corporation help decisionmakers understand how the economy will affect their business, while those that work for research firms may have their findings published.

  1. Financial Analyst

Education Required: Bachelor’s degree; MBA preferred

Average Salary: $83,660 per year

Job Growth: 5%, faster than average

Financial analysts help businesses and individuals make decisions about spending money to turn a greater profit. This is usually done by assessing the performance of stocks, bonds, and other types of investments and developing investment portfolios. They study economic and business trends, evaluate current and historical financial data, perform financial forecasting, conduct performance analysis/reporting, and examine a company’s financial statements. They then use the data to create financial models for making informed business decisions that generate the highest profit.

Financial analysts generally focus on targeted trends, such as those associated with a particular country, industry, or product/service. They must understand how economic trends, regulations, policies, and even political environments could affect a company’s investments. In addition to a degree, a securities license is required to manage investment portfolios and sell financial products, which may be a part of some positions. These licenses, such as the Chartered Financial Analyst (CFA) certification, are usually sponsored by an employer after gaining several years of experience.

Other Math Careers

Data Analyst or Market Research Analyst

Education Required: Bachelor’s degree

Average Salary: $65,810 per year

Job Growth: 18%, much faster than average

A bachelor of arts in mathematics can also be the pathway to a career in data analytics. These analysts study market trends and conditions to determine current demand and selling potential for a product or service. Data analysis in math may include data mining, data management, statistical analysis, and data presentation. Typically, the objective of a data analyst is to increase efficiency and improve performance by discovering patterns in data.

Market research analysts measure the effectiveness of marketing programs and strategies, collect and analyze consumer data, and develop reports to present to clients and management. They may also research competitors’ prices, sales, and marketing methods. The information gathered allows the organization to develop targeted advertising campaigns, sales plans, and product promotions.

Loan Officer

Education Required: Bachelor’s degree

Average Salary: $63,960 per year

Job Growth: 3%, as fast as average

A mathematics degree is well-suited for a career as a loan officer. A loan officer assesses whether loan applicants are qualified to borrow money from a lending institution through a process known as underwriting. Loan officers collect, verify, and evaluate required financial documents to determine actual need for a loan and any repayment risk associated with the applicant. Underwriting software is often used to create a loan recommendation based on the applicant’s financial status.

Two important components of a loan officer’s job include customer service and sales, as they personally guide customers through the loan application process and offer them products and services from their lending institution. There are a variety of loan officer specializations, including commercial, consumer, and mortgage loans. Other related roles include loan underwriters and loan collections officers.

Math Teacher

Education Required: Bachelor’s degree

Average Salary: $62,870

Job Growth: 4%, as fast as average

Middle and high school math teachers prepare academic lessons and equip students with the mathematics skills and knowledge they will need to attend college and enter the job market.

It is not hard to do the math on this one! Online math degrees can lead to lucrative and satisfying careers in math through a wide variety of occupations. Get started today by enrolling in one of Ottawa University's accelerated online degrees. You’ll be joining the best, fastest, and most affordable university in the Kansas City, Milwaukee, and Phoenix areas. Reach out to an enrollment advisor today!

Posted: 06/04/2021 by OU Online
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