The above is the motto of the Society of Actuaries. If it appeals to you and you enjoy mathematics, think about becoming an actuary.
A strong affinity for mathematics can take you in many different career directions. I will concentrate on becoming an actuary.
I recently retired from a 40 year career as a pension actuary in the US. I majored in mathematics and political science. I always loved mathematics. I also loved studying (pretty weird) and learning. When I graduated all I knew was that I wanted to pursue mathematics. I thought about getting an advanced degree but wanted to be on my own first and not go directly to graduate school. Randomly, I heard about the actuarial profession and what I heard interested me very much. I liked the idea that the career required further study and that I could work and study at the same time. And what was really appealing was that many employers would support my efforts by providing study time at work and reimbursement for the cost of exams I passed as well as bonuses and/or salary increases for passing.
The exams and course of study is very challenging and requires a lot of studying beyond the times provided at work. But for me, I liked the challenge. Also, my first job was at a large insurance company and there were 100 of us taking one exam or another and the camaraderie of that was a comfortable transition from college life.
Various organizations offer professional designation, such as Fellow of the Society of Actuaries, upon completion of a syllabus. In the US, the two main organizations are the Society of Actuaries (life, health and pensions) and the Casualty Actuarial Society (property and casualty). In India, there is the Institute of Actuaries in India and in the UK there is the Institute and Faculty of Actuaries. If interested, you should look at the various websites for tons of information on actuarial careers and how to gain your professional designation. When I took the Society of Actuaries exam back in the 1970's there were 9 exams and it took me 5 years to complete, which was considered a fairly fast pace. The exams at that were given every 6 months and the more advanced ones only once a year. It is common to need to take a particular exam more than once. Things have changed a lot since then as I believe than now there are courses as well as exams but it still takes a lot of effort and time to get through the syllabus.
I spent most of my career in pension consulting at large employee benefits consulting firms. In the US that required being certified as an Enrolled Actuary (separate requirements). For me, this was a simple by-product of passing the Society of Actuaries exams in the pension specialty but that has changed to require some separate testing. I am not sure exactly how this works today.
What I liked most about my career as an actuary is that it is essential to financial well-being of society. Managing and evaluating risk is what actuaries do. Sound assumptions and practices are essential and that takes training and adherence to best practices. Day to day my work was always challenging. Being bored at work was a rare occurrance. Actuaries can follow many different directions - - more mathematical as those who do modeling, more people focused as those who get involved in benefit calculations and plan design. One can be very technically focused or more marketing/new business focused. One can get involved in project management or people management. I was involved for many years in developing training programs for junior staff. At the end of my career, I worked remotely and worked with a small team that reviewed every new pension plan that came to our firm to make sure we could match the results from the prior actuarial firm that had handled the plan.
I never ended up with an advanced degree in mathematics but my career allowed me to have a formal education that trained me for an exciting field that provides valuable services to all of us as it teaches sound approaches in the management of risky situations.
Donna recommends the following next steps:
Mathematics being the fundamental element of science, opportunities are countless. There are a lot of areas that can be of your interest, I can cover one area of Mathematics with Information Tech.
This era has made Data as the most valuable asset, analytics on the data to help decision making is an area that is in demand.
In the industry, people who do analytics are called Data Analysts, Data Scientists, Statistical Analysts, Data Engineers and so on.
Raghunath recommends the following next steps:
FOUR CAREER PATHS IN MATHEMATICS
A postsecondary education in mathematics provides a variety of career paths. Most math careers go far beyond just crunching numbers, they're challenging, interesting and provide a good salary. Some careers focus on mathematical research and education, whereas others use mathematics and its applications to build and improve work in finance, sciences, manufacturing, business, engineering and communications. Some mathematicians work in fields such as climate study, astronomy and space exploration, national security, medicine, animated films and robotics. The Federal Government, mainly in the U.S. Department of Defense, employs many mathematicians. Some working for the Federal Government work for the National Institute of Standards and Technology or the National Aeronautics and Space Administration.
ACTUARY – Becoming an insurance actuary requires a bachelor's degree in a math-related program such as economics, statistics, or finance. Other programs that aspiring insurance actuaries might concentrate on are mathematics, actuarial science, and business. The integral role that an actuary has in insurance companies stems from their risk assessment research. This research helps them forecast how likely it is for certain risk events to occur and how these events will impact their company with potential loss.
• EDUCATIONAL REQUIREMENT – While having a Bachelor's degree and a strong background in math is paramount, insurance actuaries may find the exams that they need to pass to be the most challenging and time consuming aspect of their educational requirements. Similar to an attorney, an insurance actuary needs to pass several exams in order to advance in their career. Through these exams, many of which can be taken while already employed, they are able to achieve different levels of professional designation.
• SALARY OUTLOOK – The average Actuary salary in the United States is $82,600 as of May 28, 2020, but the range typically falls between $75,000 and $92,900. Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of years you have spent in your profession.
COMMERCIAL PILOT – An airline pilot operates a plane's engines and controls to navigate and fly the vessel. He or she also checks hydraulic and engine systems for pre-flight safety and monitors fuel consumption and aircraft systems in-flight. Prospective pilots must satisfy a set number of flying hours and be in good physical and mental health to fly an airline carrier. Pilots must deal with possible hazards, such as jet lag, fatigue, and unfavorable weather conditions. However, they also might get to travel all over the world. The skills you'll need for this career include strong communication, problem solving and observation skills, good depth perception and reaction time, and the ability to operate aircraft computer and navigation systems.
• EDUCATIONAL REQUIREMENT – While a college degree is not always required to get started in this career field, the BLS reports that airline pilots are required to have a bachelor's degree, which can be in any major. However, aspiring pilots can gain more relevant knowledge by enrolling in an aviation or aeronautics bachelor's program. Regardless of major, students must complete coursework in physics, aeronautical engineering, mathematics, and English. It's important to enroll in an aviation or aeronautics program that has been approved by the Federal Aviation Administration (FAA).
• SALARY OUTLOOK – The average Pilot salary in the United States is $132,000 as of May 28, 2020. The range for our most popular Pilot positions typically falls between $66,900 and $197,500. Keep in mind that salary ranges can vary widely depending on many important factors, including position, education, certifications, additional skills, and the number of years you have spent in your profession.
OPERATIONS RESEARCH ANALYSTS – Use their quantitative reasoning skills and ability to think critically, solve complex problems, and provide solutions. Companies hire operations research analysts to improve their business practices by performing a variety of tasks, such as studying cost effectiveness, labor requirements, product distribution, and other factors involved in their day-to-day operations. An analyst may be a full-time member of a company's staff or hired just to handle special projects on a contractual basis through consulting firms. Many work hours may be spent sitting at a desk and overtime might sometimes be required.
• EDUCATIONAL REQUIREMENT – For an entry-level position as an operations research analyst, a minimum of a bachelor's degree, such as the Bachelor of Science in Mathematical Sciences and Operations Science, is required. Develop key skills through relevant coursework. Operations research analysts will need logical thinking capabilities. Students can include classes in operations research, statistical analysis, mathematics, and computer science in their elective coursework. Be sure to also include several computer courses such as, but not limited to, Microsoft Visual Basic, C++, and SQL.
• SALARY OUTLOOK – The average Operations Research Analyst salary in the United States is $67,900 as of May 28, 2020, but the salary range typically falls between $59,900 and $76,000. Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of years you have spent in your profession.
STATISTICIAN– A statistician works for various companies interpreting data and making estimates and hypotheses, among other tasks. These professionals must be adroit in statistical mathematics and software, usually requiring at least a master's degree in their field, and many research positions demand a doctorate. Statisticians use their numerical skills to analyze data for corporations, government agencies and other organizations for a variety of purposes. While some jobs are available to those with a bachelor's degree, most positions require the completion of graduate schooling.
• EDUCATIONAL REQUIREMENT – According to the U.S. Bureau of Labor Statistics, some jobs with the federal government are available to individuals with a bachelor's degree in statistics or mathematics. Undergraduate programs offer students the option of majoring in mathematical or applied statistics. These curricula include coursework in statistics and other advanced mathematics, such as calculus, differential equations and linear algebra. Computer programming, software and science courses are typically required as well.
• SALARY OUTLOOK – The average Statistician II salary in the United States is $74,900 as of May 28, 2020, but the range typically falls between $66,000 and $89,000. Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of years you have spent in your profession.
Ritvik the demand for mathematics experts has grown exponentially in a number of careers—and so has the interest in these jobs. According to the Mathematical Association of America, math professions are becoming increasingly attractive. In fact, mathematician, actuary, and statistician jobs are among the most promising career paths based on their income levels, growth outlook, and low-stress work environments.
Hope this was Helpful Ritvik
I am a Data Scientist and have a lot of Mathematics graduates as my fellow co-workers. I think data science is a very good fit for Math majors. I am not sure, if this would fit your liking exactly - but I will share with you my experience in this field and some tips on getting started, if indeed this interests you.
From my experience in this field, I think I can divide the skill set to become a data scientist into three areas - Core skills (Mathematics/Statistics and programming), Business Problem Solving (acquired over time and working on real time projects in a specific industry), Communication (both written and verbal).
While you keep this framework in mind, I would also like to point you to resources - First, as a beginner, you could start out by participating in some Kaggle competitions. These give you experience in working on a near-real-life projects and being a community based platform - you will also get a lot of exposure to other people's way of thinking and problem solving. For coding, if you are new to it - you could start with online learning. I found Datacamp tutorials to be super useful. You can also start with any other online courses you feel more comfortable with.
Hope this gives you a good career option to look into. Enjoy Mathematics!
Sonal recommends the following next steps:
Try professions where thinking is not an add-on, but the main requirement: consulting, engineering, finance, sales, marketing, data analytics.
Great question. I have done my master's in Mathematics.
Almost every job involves math to some extent, though the type of math used in jobs can vary from basic addition and subtraction to complex algebra and inferential statistics. Math skills are clearly important in many careers, most notably the science, technology, and engineering professions.
A major in mathematics is a springboard to a wide range of rewarding careers. Whether you focus on theoretical mathematics or applied math, the analytical and quantitative skills you develop in a math program are valuable assets that many employers need.
Some of the careers are:
Operations research analyst.
Hope this helps. All the best!!
You could choose to be a continuous learner and take up research in the field or you could join the industry.
As you keep progressing, think about what areas within maths are of most interest to you.
For example, as I loved probability and statistics since the time it was introduced to me, it has helped me better appreciate statistical modeling work. Strong foundations in matrix algebra make for good machine learning basics, geometry is essential to civil engineering, arithmetic in accounting, etc.
Anumeha recommends the following next steps:
Economics etc .
• Operations Research Analyst
• Data Analyst/ Business Analyst
• Market Researcher
3. Operations Research Analyst
5. Data Analyst/ Business Analyst/ Big Data Analyst
6. Market Researcher
My cousin graduated with a math bachelors degree from UC Davis and is now a high school math teacher. She loves teaching math especially because many girls think that math is too hard, so she loves helping them excel and go into fields that require math.
Kimberly recommends the following next steps:
Operations Research Analyst. ...
Data Analyst/ Business Analyst/ Big Data Analyst. ...
Market Researcher. ...
Some of the top data scientists are mathematicians. The ability to work with number, identify patterns and grasp models and algorithms is already tuned if you have background in maths and helps you abstract problems and solve them.
In addition to DS, a maths major has lot of potential in any profession where data/stats are required:
One career option would be Data or Research Analyst.
Data Analysts use mathematical skills and analytical methods to solve complex issues in business, address inefficiencies and make strategic decisions. They frequently use statistical tools to interpret data sets and prepare reports for the leadership team to communicate business trends, patterns and predictions.
Hope it helps!!
College Math Professor
Market Research Analyst
Economics etc .
Operations Research Analyst. ...
Data Analyst/ Business Analyst/ Big Data Analyst. ...
Market Researcher. ...
But with an education in Math, you could go down a bunch of different paths. Note that this isn't exhaustive, so there are many other roles that could be open for you:
1) You could do something where Math isn't the core requirement, but a comfort with numbers will definitely help. This could include things such as strategy consulting, investment banking, digital marketing, etc.
2) You could do something in the corporate world that's centered around Math/analytics: Data science, trading, risk, operations research. An affinity for Math could also translate to an affinity for programming, so you could examine roles within that genre too.
3) You could continue in academia, do a PhD
If you are good in ONLY MATHEMATICS, then try to become an Actury . It is very well paying and makes you a professional like CA. You can also go towards pure academics courses like B.A ( Maths), B.Sc.(Maths) to be followed by PG in Mathematics . Here you can combine it with B.Ed and become a school teacher. If you wasn't to become a college lecturer then you need to study upto Ph.D, with NET I'm Mathematics. You can also become a research person , if that interests you.
NEXT is how good are you in Mathematics. If you are just good enough then you shall focus on becoming teacher or take up clerical examinations for bank and other govt agencies. But if you are very good then you must aim higher .
Below is a sample list of some future choices to explore following studies in Applied Mathematics. This list is not exhaustive but it provides a solid idea of what fellow graduates have gone on to do and what potential careers an Applied Mathematics degree can offer. Some options are more directly associated with specific areas of Applied Mathematics than others.
Artificial Intelligence Designer
Computer Security Analyst
Emergency Response and Disaster Analyst
Medical Technology Developer
National Security Analyst
Satellite Communications Specialist
Computer and Information Research Scientists
Operations Research Analysts
All the best!