A mathematics degree does not necessarily mean that you should become a bespectacled professor. It has enormous scope in the field of commerce. The average salary of an accountant is $40,000 to $100,000. The popularity of business mathematics and statistics field is due to the huge sums of ROI. A degree and a few years of experience will give you a decent amount of earning. Further, there is a lot of scope for promotion and development of a person’s career. This makes commerce highly attractive field for youngsters.
This article speaks of career opportunities in business mathematics and statistics. If you are a youngster and still confused among the plethora of options available for study and career, contact us for help. We mentor, guide, counsel, help with admissions, and study abroad.
To begin with let us assume that you have pursued a degree with one of the subjects as mathematics, statistics, or business. Moving forward let us have a look at the career opportunities for freshers.
Accounting and Finance
Accounting and finance do not require any prior education except graduation with math or business. An account is the backbone of any company or organization. Thus, there is always an increasing demand for accountancy jobs in the corporate world. It is underrated when it is compared to other high paid jobs such as data scientist, data analyst, etc. But in my view, this post has a great deal of scope for career development, after all the subsequent promotion leads to finance manager, general manager, etc. the average salary of an accountant is $40,000 per annum.
Banking
More than 20% of the banking sector is occupied by mathematicians and statisticians. One of the most important jobs in a bank is risk analysis or risk management. A risk analyst ensures the bank doesn’t have losses beyond what they can tolerate. The financial crisis in banks are not uncommon but they are suppressed by the team of mathematicians who work on quants and manages the credit risks, liquidity, and operation risk, etc. some other job titles in banks are operation manager, customer banking, product manager, stock broker, finance manager, etc. Some of these titles require additional study or internships but they are worth investing your time into as they are high-paid.
Statistics
A statistician is crucial to the healthcare, government, finance, education, marketing, sports, and research and development sector. According to the labour and statistics department, the increase in the demand for statisticians from the year 2016 to 2026 will be 30%. This means that in the near future there is a lot of room for this career to bloom.
Also read: Is a career in analytics and research good for you?
Now let us move on to the jobs that require some more study.
Data Science
Data analysts or data scientists are jobs that prefer highly qualified individuals. The majority of the people in this field have a master’s degree in Data Science and few even have a Ph.D. the eligibility for masters in data science is a bachelor’s degree in computer science and statistics. After education you need experience, most people gain an online experience by building an app, or starting a blog, or doing an online internship. At entry-level a data scientist earns around $70,000 per annum.
Actuarial Sciences
Actuarial sciences deal with the management of losses, risks, and analyze the previous year’s data to predict future trends. To become an actuary you need to have a master’s degree in actuarial sciences. The eligibility for this degree is a bachelor’s degree in math or statistics and a GRE score.
Also Read: Global business school ranking in 2020
To get a job as an actuary you also need to pass the actuarial exams. These exams are difficult and may take 5 to 10 years to qualify. Without qualifying for the exam you can apply for jobs like business analyst, risk analyst, investment analyst, financial planner, etc with an average salary of $60,000. After qualifying the exam you can apply for the actuary and the senior actuary analyst post with an average salary of $80,000.
IT and Computing
Math and computer are an excellent combination. It gives you a wide range of opportunities. Some jobs require extensive machine learning, coding, algorithms, etc, these can only be achieved by mathematicians with in-depth computer knowledge. Some of the job titles that you can look for are software developer, operations manager, JAVA developer, IT engineer, game designer, machine learning engineer, etc. The average income of an IT engineer is $75,000, of a software developer is $100,000 and of an operations manager is $100,000 per annum.
Also Read: Top 10 universities for computer science
Conclusion
Math, business, and statistics are non-specific subjects, they provide you with a wide prospect after every step. Most of the jobs related to this field are high-paid but requires a good deal of skills and knowledge. To improve your CV you need to work harder, take up part-time jobs, have better exposure to the related industry, etc. if you have even an atom of doubt about anything ranging from education, course to careers and jobs, contact us now.
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