Career in Mathematics and Statistics
To put it simply, Mathematics is the study of numbers, equations, functions, geometric shapes and their relationships. Statistics –on the other hand- is the presentation of data in the form of numbers apart from collection of data in numbers, its analysis and interpretation.
- M.Sc/Ph.D: One of the best higher studies option available for the B.Sc Mathematics graduate is to do Master’s Degree in Mathematics followed by a PhD or M.Phil. This way they can find a promising career in Research or Teaching field. Another option is to do a Master’s Degree in Economics or Econometrics and then pursue a career in the Indian Economics Services (IES).
- MCA: Master of Computer Application (MCA) is also a great higher study option for the B.Sc Mathematics graduates who wish to pursue their career in IT sector. Research Agencies like Defense Research and Development Organization prefer MCA graduates with Mathematics background in their Remote Sensing Centers. So MCA is a good higher study option.
- MBA: For those who wish to pursue their career in the management field, MBA in mathematics is the most apt option. If they specialise in Finance in MBA, then they can reach up to higher positions like Chief Finance Officer in Corporate Sector.
- M.Sc Actuarial science
- M.Sc. in Library and Information Science
- M.Sc. in Quantitative Economics
- Masters in Math
- Masters in Statistics
Top Colleges
There are various courses available, if you wish to pursue Mathematics and Statistics studies. US, UK and India are the top 3 preferred destinations for students wishing to study Mathematics and Statistics.
USA
Massachusetts Institute of Technology (MIT) | Harvard University | Princeton University
UK
University of Cambridge | University of Oxford | University of Warwick
INDIA
Indian Statistical Institute (ISI) | St. Stephen's College | St. Xavier's College
Career Prospects
- Scientific research, design and development
- Management services and computing
- Accounting and professional services
- Banking- investment and retail
- Operational and statistical research
- Teaching
Jobs & Salary
Apart from the regular positions that are filled with Mathematicians, there is always a possibility of starting up an entrepreneurial venture no matter which course one pursues. One could start an accounting or an investment firm. Alternatively, you could help other firms optimise their performance by opening up a firm for Operational Research. In fact, you could also work as a freelance Cryptologist and help make banks and ATMs secure. Following are some of the organisations that employ graduates with Mathematics and Statistics background:
- Deloitte
- KPMG
- American Express
- Biotechnology and Biological Sciences Research Council (BBSRC)
- Du Pont
The income of a Mathematician mostly depends upon his/her qualifications, experience and the organisation that he/she works in. According to US pay scale, a Mathematician’s average annual salary scale is $100,000.
Pros & Cons
What did Galileo Galilei receive after his extensive research on the cosmos? A wrath from the Church! So being a Mathematician is not always an advantage. Following are some of the advantages and disadvantages of being in this field:
Advantages:
- High earning potential
- Employment available in assorted industries
- The exciting possibilities of research and development
Disadvantages:
- Non-government jobs typically require a master's or doctoral degree
- Higher education costs due to possible post-graduate degree requirement
- May attract pressure at work
- Seemingly minimal mistakes may undo the whole work