A truly versatile degree, a Bachelor of Science in Applied Mathematics can prepare you for a vast array of applied mathematics careers. Graduates work in a wide range of industries, using their in-depth understanding of statistical analysis to help organizations solve complex problems.
Love math but not sure how your expertise will help you land the career of your dreams? Keep the following options in mind as you prepare for your post-graduation professional journey:
A subset of data analysis, statistical analysis involves designing statistical models based on carefully researched and interpreted quantitative data. Typically, statistical analysts begin each project with a question asked by an administrator or manager.
Most statistical analysts find work in a specific niche, such as marketing, engineering, or education. Statistical analysis jobs are increasingly common in the healthcare sector. In the insurance industry, statistical analysts work closely with actuaries to calculate the risks associated with various events. Although most statistical analysts work in a traditional office setting, some travel extensively to collect data or to oversee strategy implementation.
Often referred to as logisticians, logistics analysts research and coordinate the entire lifecycle of a particular product or function, playing a major role in everything from purchase and distribution to resource clearance. Throughout each product’s life cycle, logistics analysts strive to improve efficiency and reduce costs. Their ultimate goal is to streamline operations. The work is fast-paced and no two days are quite alike, but this appeals greatly to applied math experts in need of mental stimulation and workplaces challenges. The Bureau of Labor Statistics anticipates that most job growth in this field will be driven by the global economy, which has made the transportation of goods across borders more extensive and more complex.
Clinical Data Manager
Clinical trials generate considerable statistical information, which must be accurately analyzed and compiled. Clinical data managers complete this essential function, recording information surrounding patient responses to medication, unforeseen study complications, and even scientific paper publication. The vast majority of clinical data managers work for pharmaceutical companies and government entities.
Operations Research Analyst
Through applying advanced analytical concepts and mathematical formulas to challenging organization issues, operations research analysts are able to arrive at impressive solutions. They play a significant role in all aspects of organizational management, including resource allocation, production schedule development, and supply chain management. Their efforts streamline operations in a variety of sectors, including healthcare and marketing. Job opportunities in operations research analysis are abundant; the Bureau of Labor Statistics anticipates a job outlook of thirty percent between 2014 and 2024, compared to just seven percent across all industries.
Typically employed by insurance companies or consulting firms, actuaries determine the probability of a specific event occurring, such as a natural disaster. A common saying among actuaries: “We use numbers instead of crystal balls.” Once they understand the likelihood of certain events, actuaries can design creative methods for reducing that likelihood, or at least mitigating negative effects.
The BLS projects an outlook of 18 percent for actuaries between 2014 and 2024. Wages are even more impressive; in 2016, the BLS estimated a median annual income of $100,610 for actuaries, with those working in scientific and technical services earning an impressive $104,550 annually.
Applied math is one of the most marketable skill sets in today’s competitive economy. Organizations are more eager than ever to stomp out inefficiencies, but they need analysts’ help. Your hard work as an applied math student could ultimately lead to a rewarding and lucrative career, so start thinking carefully about professional opportunities and how you can make the most of your major now.