Top 15 Careers in Mathematics (And Salary Information)
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Mathematics is a subject that has uses and applications in most career fields ranging from technology to medicine. Candidates who specialise in mathematics and associated subjects like statistics often have strong job prospects. If you have an interest in this subject, you may benefit from knowing more about the career paths you can choose with a formal academic background in mathematics. In this article, we will discuss the top 15 careers in mathematics, ranked by earning potential.
What are the careers in mathematics?
Most employers may consider those who use mathematics and statistics to solve complex problems as highly skilled. If you are a skilled mathematician, you can pursue several high-paying jobs across the world in many industries. Some popular career fields for mathematics majors include banking, academia, business, research, analytics, insurance and consulting.
What jobs can you get with a mathematics degree?
With a mathematics degree, you can prepare for a teaching role or choose to work in multiple fields. If you combine mathematics with specialty subjects like economics, statistics, computer science, applied mathematics, engineering and mathematical sciences, you can greatly improve your job prospects. Engineers with good mathematical skills can look at chemical engineering and electronic engineering jobs that require a good understanding of the subject. You can also pursue career options in business, science, social services, education, public sector undertakings and specific technical fields like system design or risk analysis.
Top 15 careers in mathematics
These are some careers you may consider pursuing with a mathematics degree:
National average salary: ₹2,22,068 per year
Primary duties: A market researcher gathers customer and competitor data for companies. Companies use this information to develop goals and strategies, improve their customer base and outperform their competitors. Market researchers also design surveys, build reports, track market trends and present all relevant information to executives who are in charge of making decisions. As you grow in this job role, there is scope for you to lead a team of researchers and evaluate strategies against market data.
National average salary: ₹2,73,807 per year
Primary duties: A mathematics teacher can work in schools, colleges and universities based on their qualifications, experience and expertise. Schools may require an additional BEd (Bachelor of Education) degree and experience in teaching mathematics for a specific curriculum or syllabus. Apart from teaching various branches of mathematics, their duties include preparing lesson plans, assigning homework and training students for common examinations. Teachers can also partner with online academies and guide aspirants for specialised courses.
National average salary: ₹2,74,551 per year
Primary duties: Purchasing managers use their problem-solving and analytical skills in mathematics on a day-to-day basis. Their main responsibilities include buying goods and materials either for the use of a company or for production or retail. Many companies specify that they are looking for candidates with a degree in mathematics in their job description for the role of purchase manager. Purchasing managers research multiple suppliers, compare costs and quality and look for the best value for their company's purchases. Maintaining inventory and assessing future purchasing requirements are also part of this job role.
National average salary: ₹2,87,746 per year
Primary duties: When you apply for insurance, insurance underwriters are the ones who evaluate, analyse and assess risk on behalf of the insurance company. They use their knowledge of statistics and probability to determine the risk involved while insuring people and assets. The insurance company then decides if you are eligible for insurance and chooses the best plan for you based on their evaluation. Insurance underwriters may specialise in life insurance, health insurance or property insurance.
National average salary: ₹2,93,153 per year
Primary duties: A financial planner helps people and companies manage their financial assets. They are capable of developing effective financial strategies for the same. Setting financial goals, assessing financial risks and helping with retirement or investment plans are some of their primary responsibilities. They also help companies make decisions regarding stock market investments, real estate investments and new business ventures.
National average salary: ₹3,53,889 per year
Primary duties: Investment analysts track and review financial data and trends to advise companies on how to make investments. They also monitor how company stocks and bonds perform. They may review accounts and financial statements of companies to evaluate profit and loss. They also submit periodic reports to the management to help make better decisions for business development.
National average salary: ₹4,16,848 per year
Primary duties: Most private and public sector undertakings require the services of statisticians to collate and compare data. Census boards, healthcare, government, media, agriculture, insurance and ecology are some domains where statisticians find employment. They gather information and interpret and analyse data to present inferences in a format that is easy to understand. They also design questionnaires and data collection surveys.
National average salary: ₹4,18,408 per year
Primary duties: A financial analyst tracks a company's financial information and prepares reports to forecast financial performance for a particular period. This helps the company to understand if they are heading towards profit or loss, and identify areas for improvement. Analysts build financial models that help companies maintain stable revenue and productivity over time. They may also help clients and companies with investment plans.
9. Data analyst
National average salary: ₹4,40,601 per year
Primary duties: There are many statistical tools and mathematical models that help professionals to interpret data. Data analysts use these tools and help companies understand their performance. They identify trends in customer behaviour, sales patterns, productivity levels and other relevant areas in a company's functioning. They also generate reports from such analysis and present them to the management in ways that they can easily understand. There are multiple hierarchies in a data analyst role and a lot of scope for moving up to senior roles after some years of experience.
National average salary: ₹5,07,486 per year
Primary duties: Operations research analysts work behind the scene and enable the smooth operation of businesses. They use mathematical techniques to evaluate and improve business operations and strategies. They study functional aspects like logistics and allocation of resources. Their role is crucial in optimising transportation, supply chain management, manufacturing, distribution, inventory management, scheduling and retail. The smooth functioning of an airport or a train network and prompt logistic allocation for e-commerce websites are some examples of domains where the services of operations research analysts are necessary.
National average salary: ₹7,96,461 per year
Primary duties: You can become an actuary after gaining some years of experience in risk analysis. Actuaries solve complex problems to calculate risks for companies. They use their knowledge of mathematics, business and data to solve financial problems systematically. Actuaries may work in domains like insurance, finance, banking and health care. They help develop policies for companies by speculating risks and unforeseen events.
12. Data scientist
National average salary: ₹8,51,643 per year
Primary duties: Data scientists work with unorganised and unstructured data volumes. They analyse data, process it using analytical tools and convert the data into models for interpretation. Businesses make use of such interpretations to create plans and formulate short-term and long-term policies. Data scientists can work in fields like politics, healthcare, insurance and finance. Some job roles in this domain may require expertise in machine learning and software programming.
National average salary: ₹9,48,641 per year
Primary duties: Economists study markets to collect socio-economic and financial data. They use this information to advise government or independent businesses to help decide on various policy matters. They also help in forecasting to help businesses make long-term financial and investment plans.
National average salary: ₹9,76,243 per year
Primary duties: Mathematicians are experts in building algorithms and theories. In the field of applied mathematics, these theories and algorithms are used to solve day-to-day problems. Their services may be required in fields like business, technology, astronomy, ecology, defence, health care and finance.
15. Budget analyst
National average salary: ₹13,74,319 per year
Primary duties: Almost all industries employ budget analysts to review budget proposals and help companies decide how to allocate funds for operation. They are also responsible for evaluating and approving funding requests. They build budgets with the help of management officials and department heads by creating cost-benefit analyses. Budget analysts also closely monitor how different departments spend the funds allocated to them.
Which job is best for maths students?
All the above jobs are fulfilling if you love mathematics and enjoy solving problems. While most jobs are challenging, some jobs in financial services, insurance and investment may involve huge risks and could be stressful. However, these high-risk job roles tend to pay more compared to other jobs with lower professional risks, and you may find that the challenging work is rewarding.
While jobs in research and academia may not pay as much, they are more fulfilling for individuals with an academic interest in mathematics. These roles usually have fixed work hours and may provide a good work-life balance. You can choose a career path based on your level of skill, expertise, experience and preferences.
Salary figures reflect data listed on Indeed Salaries at time of writing. Salaries may vary depending on the hiring organisation and a candidate's experience, academic background and location.
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