Outsiders often assume that anybody graduating from a program that includes the word ‘mathematics’ will eventually take on a career as a mathematician. In reality, however, while many positions draw heavily on key math concepts, few actually include the word itself. Rather, these exciting careers span a variety of industries, many of which are decidedly high-tech in nature. Those who graduate with a Bachelor of Science in Applied Mathematics and Data Science can harness their in-depth understanding of such concepts to make a difference in the following fields:
Risk analysis lies at the heart of every actuary’s job. Specifically, actuaries examine the potential cost of various events—and they help the organizations they serve to prepare accordingly. Many are employed in insurance where they estimate the risk and associated cost of everything from illness to natural disasters. Their work involves the extensive use of database software which allows them to accurately compile detailed information.
Rapid growth in the field of actuarial science is expected to spur a variety of lucrative opportunities, especially as an already existing skills gap continues to widen. The Bureau of Labor Statistics revealed median wages of $102,880 per year as of 2018. Additionally, BLS data highlights a career outlook of 20 percent by 2028. In comparison, the BLS anticipates an outlook of just 7 percent across all industries.
Operations Research Analyst
Operations research analysts harness the power of advanced mathematical models to solve complex problems in numerous fields. In addition to gathering quantitative data, these professionals draw on predictive modeling and statistical analyses to reach actionable conclusions. From there, they advise key decision-makers on viable options that can be taken to successfully resolve an organization’s most urgent or costly issues.
According to the BLS, operations research analysts earned a median annual $83,390 as of 2018. Demand for skilled analysts is at an all-time high, with the BLS highlighting a job outlook of 26 percent. This demand will likely contribute to even higher annual wages as employers make every effort to hire the field’s most talented and passionate professionals.
The rise of electronic trading has sparked a rapid increase in the prevalence of quantitative analysts. Sometimes referred to as ‘quants,’ these professionals are key players in the modern financial sector. Their role can depend considerably based on whether they are primarily occupied with the buy or sell side of trading.
Some analysts focus primarily on measuring risk to identify the profit potential for promising investments. Others assist with valuing securities. All draw heavily on risk modeling and data analytics, plus several other applied math and computer programming skills. A Bachelor of Science in Applied Mathematics and Data Science can provide the diverse skill set needed to succeed in this promising field, one that delivers an average annual salary of $83,920, according to PayScale.
Supply Chain Analyst
Applied Science graduates often gravitate towards supply chain and logistics careers. These careers allow them to make the most of their natural talents while continuing to gain practical knowledge. Work in supply chain analysis is growing quickly, especially as organizations seek to improve operational efficiency and minimize security risks.
Daily job duties vary based on the nature of the position and the industry served, but typically include spend analysis and quantitative modeling. Additionally, supply chain analysts must possess exceptional interpersonal skills, as most are asked to work with multiple departments and, often, key suppliers or vendors. PayScale highlights average annual wages of $59,582 for today’s supply chain analysts, although considerable pay increases can occur as professionals move into management positions.
Sometimes referred to as cryptographers or cryptanalysts, cryptology technicians encrypt sensitive information to increase security for businesses, government agencies, and a variety of other vulnerable organizations. The field features a blend of mathematics, data science, and engineering that appeals greatly to Applied Mathematics graduates.
As the modern gatekeepers of digital information, cryptologists apply a variety of mathematical theories and models to decipher codes. Many take a more proactive approach by developing advanced systems to ensure exceptional encryption. The potential for earning is significant, with data collected by PayScale suggesting an average annual salary of $73,067. Opportunities for advancement abound, with experienced cryptographers often taking on supervisory roles. Regardless of level, however, cryptographers are expected to keep up-to-date with emerging technologies, which shift quickly in today’s change-filled digital landscape.
An already broad field, data science promises to involve an astonishingly wide array of applications in the near future. In general, however, data scientists understand how the power of data can be harnessed to achieve ambitious objectives. They are responsible for gathering extensive information and performing robust analytics. Ultimately, their findings drive greater efficiency and profits.
Increasingly, data science involves machine learning, artificial intelligence, and even quantum computing. While tomorrow’s data scientists will be asked to hold a variety of advanced tech skills, they must also demonstrate proficiency in discrete mathematics and programming.
Data science is a notoriously lucrative field, but the benefits don’t end there. It is also personally rewarding, particularly for those who thrive on challenges. Glassdoor highlights it at the very top of the 2019 list of America’s best jobs, revealing a median base salary of $108,000 and a job satisfaction score of 4.3 out of 5.
Whether you envision yourself as an actuary, a data scientist, or a cryptographer, your professional dreams will lie well within reach once you obtain your Bachelor of Science in Applied Mathematics and Data Science. The right credentials can pave the path to a successful and highly rewarding career in one of today’s most promising fields.
If you’re interested in earning your B.S. degree in Applied Mathematics and Data Science, contact Post University. Let us know how we can assist you in the enrollment process whether you need help with financial aid or with applying to the program.