What Are Some High Paying Jobs That Involve a Math Degree?
Mathematics majors study calculus, statistics, applied mathematics and other mathematical concepts, giving them the opportunity to work in several fields. Employers consider someone with math skills an "extremely valuable asset," according to Ed Koc, the director of research at the National Association of Colleges and Employers in an interview with CNNMoney.com. Completing a degree in mathematics opens the door to several jobs that offer lucrative compensation.
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Actuary
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Actuaries use their math skills to predict the risk of future events for insurance companies, hospitals and other companies that need to limit their financial risk. The Bureau of Labor Statistics says that the median annual wage for actuaries was $84,810 in May 2008. People with this job use their knowledge and skills to determine the probability of injuries, death, disabilities and property loss. They also advise companies on how they should invest their resources, design insurance policies and pension places, and develop financial strategies and policies.
Statistician
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Statisticians use mathematical principles to collect and analyze data for use in designing surveys, interpreting experiments and processing numerical data. Statisticians have the opportunity to work in the fields of biology, medicine, marketing, economics, politics and engineering. The salary for this position varies with experience level, education and type of employer. The Bureau of Labor Statistics reported a median annual wage of $72,610 in 2009 for this position. Statisticians for the federal government earned an average annual salary of $92,322 in 2009.
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Mathematician
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The salary of a mathematician depends on which career track she chooses. Theoretical mathematicians work with mathematical theory and create new math without a particular purpose in mind. Applied mathematicians use mathematical principles to solve real-world problems in fields such as economics, computer science and cryptography. Private employers require an advanced degree for this position, while the federal government requires a minimum of a bachelor's degree and at least 24 semester hours of mathematics coursework. Mathematicians had a median annual wage of $95,150 in 2008. Government mathematicians had an average annual salary of $107,051 in 2009, according to the Bureau of Labor Statistics.
Operations Researcher
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Operations researchers use their math knowledge and skills to interpret the data used to create business policies. People in this job work closely with managers and advise them how to solve problems and make business decisions. Those who want to enter this field should complete a bachelor's degree in math or a degree in management science with a significant focus on advanced math courses. The median annual wage for this position was $69,000 as of May 2008, according to the Bureau of Labor Statistics.
Mathematics Professor
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Mathematics professors teach college-level courses in applied mathematics, theoretical mathematics, statistics and other math topics. In addition to providing instruction in mathematics, professors advise students, grade tests and student projects, work on research projects and serve on university committees. The 2009 Annual Survey of the Mathematical Sciences, conducted by the American Mathematical Society, indicates that mathematics professors earn a median annual salary ranging from $76,700 to $119,300. Assistant professors earn the lowest salaries in that range and full professors earn the highest salaries.
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References
- CNNMoney.com; Most Lucrative College Majors; Julianne Pepitone; July 2009
- Bureau of Labor Statistics: Actuaries
- Bureau of Labor Statistics: Statisticians
- Bureau of Labor Statistics: Mathematics
- Bureau of Labor Statistics: Operations Research Analysts
- American Mathematical Society; 2009 Annual Survey of the Mathematical Sciences; Polly Phipps, et al.; March 2010
Resources
- Photo Credit math image by jaddingt from Fotolia.com
