Applied mathematics is a wide range of studies through which a person can perform problem-solving in different fields, such as engineering and data analysis.
Many people choose to study applied mathematics because of the career opportunities it can provide. You may be able to find work with an applied mathematics degree in a variety of industries, as business owners often benefit from having employees who can help them understand financial risk and determine the likelihood of extraordinary events occurring so that they can make important business decisions. You should learn more about applied mathematics jobs if you are passionate about working with numbers and analyzing data to uncover important insights. Below-mentioned is a list of various jobs you can get with a mathematics degree.
1. Data Analyst
A data analyst is supposed to assess larger data sets to understand a company’s problems and how to solve them easily. The data that is collected and analyzed properly can assist an organization’s leadership team in making good business decisions. It is also common for data analysts to keep developing systems that can hold the data.
They work in these systems to save important data that is easy to retrieve. Data analysts can identify trends and patterns in case of data and produce reports to aid stakeholders in understanding how a few factors might affect the company.
2. Program Manager
A program manager oversees the various projects that comprise a program within an organization. They examine the program’s objectives and devise a strategy to assist the company in meeting its objectives while assessing how it may affect the organization.
Program managers may hire staff for various projects, calculate the company’s return on investment, implement various tools and processes to keep the program within budget, and collaborate with teams to achieve goals. A program manager is frequently involved in budgeting and scheduling activities.
3. Benefits Manager
A benefits manager oversees employee benefits plans, including health, dental, life, and disability insurance policies. They also select the retirement plans and benefits policies that a company provides to its employees, such as tuition reimbursement and short-term leave.
The role of a benefits manager is to design and administer each of these unique benefit packages and research packages offered by competitors. They gather this valuable market information to ensure that their company offers fair and competitive benefits packages. Finding the right candidate also necessitates time and knowledge.
Benefits managers must understand employees’ needs and know how to analyze costs to determine the best options for both the company and employees.
4. Underwriter
An underwriter can assess an individual’s key ability to pay a loan. They can use the information they collect to determine whether a lender should give a loan to a person.
Underwriting is a common practice in insurance, commercial, and investment banking. Underwriters are typically employed by a mortgage, loan, insurance, or investment firms. During the underwriting process, they evaluate everything from your health to your financial situation. Based on their findings, underwriters assist companies in determining whether or not to accept an applicant’s contract based on the associated level of risk.
An underwriter is a financial organization member. They are employed by a mortgage, insurance, loan, or investment firms. For a fee, they assess, evaluate, and assume the risk of another party. This fee is frequently expressed as a commission, premium, spread, or interest.
If you’re collaborating with an underwriter, you’re probably looking for approval for a large purchase or insurance coverage.
Each industry has its underwriters, who must understand the nuances of their particular field. They use their skills, expertise, and knowledge to assess an applicant’s risk. Underwriters determine whether making a loan or issuing an insurance policy will benefit their company. The underwriter is liable for the loss if the contract proves too risky.
The underwriter will review the applicant’s information, including current health condition, age, and past medical and family history. An underwriter will put the data into underwriting software using this information and other factors. The software will calculate the premium and terms that should apply to the policy. This assessment also determines whether the policy is too risky to proceed.
Underwriters often look at a few factors, such as credit score, history, finances, income, and debts, to decide whether a customer’s loan should be approved. An underwriter can use their knowledge to determine an individual’s risk level regarding a financial transaction.
5. Financial Analyst
A financial analyst can provide financial guidance to clients and businesses and can help them make decisions. They analyze proper investment opportunities and assess a few different potential investments like stocks, bonds, and assets. Financial analysts can develop and manage financial portfolios for clients, produce reports and assess some financial documents.
- Financial analysts are typically employed by banks, consulting firms, mutual funds, and corporations to develop prudent investment strategies and to support overall financial growth and stability. They are answerable to a supervisor or manager. Before entering this position, a Financial Analyst should have at least some experience working in finance or investment banking. Their finance degree can demonstrate an applicant’s knowledge of the field, which may be sufficient to replace any experience requirements.
- Analyze Financial Data And Assist With Forecasting
- They Should Organize Data Into Easily Accessible Reports, And Various Types Of Analysis Should Be Performed Using Key Metrics, i.e., Yearly Growth, Return On Assets, Return On Equity, And Earnings Per Share.
- Examine All Non-Legally Relevant Information About Potential Transactions.
- He Is In Charge Of Financial Functions, i.e., Assessing, Auditing, Planning, Budgeting, Taxes, Consolidation, Cost Control, And Project Management.
- Capital Expenditures, Depreciation, Proposals, Investment Opportunities, Rate Of Return, Profit Plans, Operating Records, Financial Statements, And So On Are All Evaluated And Analyzed.
- Examine a Company’s Financial Data To Guide Business Investments And Overall Financial Strategy.
6. Accounting Manager
An accounting manager can oversee the accountants present within an accounting department. They develop accounting systems, incorporate few tools, produce appropriate financial reports and write policies. Accounting managers ensure that the department and the entire business comply with federal, state, and local financial regulations.
7. Risk Analysts
A risk analyst usually analyzes the risks for certain investments and financial decisions. They assess the organization’s financial portfolios and evaluate the proper risk that each financial decision can present to the company. Risk analysts also offer suggestions to decrease risk and help organizations implement strategies such as diversification.
8. Investment Analyst
An investment analyst can educate businesses and individuals about investments, that include stocks, bonds, and commodities. They also analyze the market, review proper data and trends and advise the clients on which investments are worth considering and which are not. Many investment analysts work with businesses to aid them in discovering ways to gather more capital to improve operations or expand a new market.
9. Nuclear Engineer
A nuclear engineer can design and develop nuclear equipment, for example, reactor cores. They also oversee the operations at some nuclear facilities or power plants. They can also develop systems to dispose of nuclear waste effectively and ensure that the employees who maintain nuclear facilities follow a proper safety protocol in their work.
10. Civil Engineer
A civil engineer can create transportation systems as well as structures. They often can use specific design tools to accomplish tasks, including designing, building, and maintaining critical infrastructures such as roads, bridges, buildings, and airports. Civil engineers can also visit some project sites to supervise construction teams and ensure everyone is doing well.
11. Compensation Manager
A compensation manager can develop an organization’s pay scale, which has all employees in the company, starting from entry-level personnel to a few company executives. They research what competing businesses are specifically paying for similar positions, analyze a few industry trends and ensure that all employees can receive a fair salary for their job. Compensation managers can write company policies regarding pay, raises, and bonuses.
12. Statistician
A statistician can use learned statistical methods to analyze data and provide a few solutions to business problems. They also develop effective conclusions based on data and produce a few reports for the key stakeholders. Statisticians can also design surveys for the customers and create some experiments to collect additional data that can better inform business owners’ decisions.
13. Database Administrator
Database administrators are the ones who create and maintain databases. They collect and organize data to retrieve it later for reporting and analysis. Secure information such as company financial records or the social security numbers of customers or employees may be among the data that these administrators store and secure. Database administrators also configure access for authorized users and monitor database usage, reporting unusual activity as it occurs.
14. Software Engineer
A software engineer creates a wide range of software applications based on the requirements of end users. They also analyze and modify existing software and run beta tests to ensure that end users are satisfied with a given application.
These engineers may investigate possible solutions if a customer makes a software request. In addition, they frequently work with teams of other engineers to develop software solutions for large organizations.
15. Economist
An economist employs economic analysis to understand better problems in specific businesses or industries, such as health care, education, technology, and manufacturing. They collect data, conduct economic research, and write reports to key stakeholders that explain economic problems and offer viable solutions.
Economists also investigate the costs of various goods and services and how taxes and interest rates affect income to determine a business’s best course of action.
16. Business Intelligence Developer
A business intelligence developer uses data to inform key business decisions of a company’s stakeholders. They design and manage business intelligence databases as well as data processing interfaces. These interfaces may include data visualizations, reports, and data querying tools to help users find the necessary information.
17. Reliability Engineer
A reliability engineer evaluates the dependability of a tool, software application, or other instrument used in business operations. They test and evaluate existing processes to check if there are any improvements.
Reliability engineers also investigate the risk associated with systems that aren’t performing optimally and may devise protocols to eliminate risk and avoid a potential loss of profits.
18. Mechanical Engineer
A mechanical engineer creates power-generating systems such as engines, turbines, generators, refrigerators, and air conditioners. They may also design and maintain elevators, escalators, and other mechanical systems. Mechanical engineers frequently work in various industries, from manufacturing to environmental science.
19. Mathematician
A mathematician solves problems by using numbers and symbols. Their work frequently advances parts of science and engineering, and many private companies hire mathematicians to improve organizational processes.
Mathematicians typically use a wide range of mathematics, such as calculus, algebra, geometry, and statistics, to assess relationships between phenomena, complete project sampling, and provide data to stakeholders to make informed business decisions.
20. Credit Analyst
Credit analysts a professional who collects and analyzes applicants’ data. They mostly use this information to approve or deny loan applications and advise borrowers on improving their credit. Soliciting and collecting credit applications, assessing applications, adhering to lending protocols, communicating results, and answering loan seekers’ questions are all possible. Credit analysts may handle these tasks for individuals or businesses looking to open a new credit account. They may also change a person’s interest rate or extend their credit.
21. Security Systems Engineer
A security systems engineer manages cyber security by developing algorithms and encrypted codes. They could work for individuals, businesses, or government agencies. Their responsibilities may include developing information security protocols and systems, writing and testing code to predict and adapt to security issues, and monitoring who has access to the information within the organization. Other responsibilities may include training other professionals in the organization on best safety practices, producing security reports for management, and deciphering encrypted data.
22. Architect
An architect creates architectural plans for commercial and residential structures. They assist their clients with renovations and expansions and facilitate the execution of construction projects. Architects may review building codes, zoning, and safety regulations to ensure their designs comply with applicable laws.
They also collaborate with contractors to obtain governmental permits and incorporate other necessary building details, such as plumbing, air conditioning systems, and lighting, into their designs.
23. Actuary
An actuary evaluates the financial risks and uncertainties that businesses may face. They frequently assist insurance companies in evaluating the current plans they provide to individuals to determine the suitable rates to charge based on the financial risks those individuals pose to the company.
Actuaries assist insurance companies in setting rates. If you enjoy analytical math, you can make a good living as an actuary. As an actuary, a professional will manage risk and set rates for an insurance company. Actuaries examine various statistics and conduct client research to protect an insurance company’s bottom line. Being an actuary is all about numbers. Your ability to analyze complex data will put you ahead of the competition in this field.
To become an actuary, you only need a bachelor’s degree. Actuaries use statistics and probability to comprehend various risk factors such as age, weight, and medical history. They use complex calculations to determine the likelihood of various outcomes, such as accidents.
24. Supply Chain Analyst
A supply chain analyst gathers data to improve the supply chain operations of a company. They make recommendations and create improvement plans to help a company produce orders, manufacture products, and deliver goods as efficiently as possible. Regularly, supply chain analysts examine weather patterns, warehouse space, and inventory.
25. Economist
Because money numbers with a monetary value attached, math majors naturally make excellent economists. If you’re a math whiz, economics is the field for you. One of the most robotic paths you can take in your math career is that of an economist. Market analysis is almost entirely analytical; you can predict how they will move by watching markets.
As an economist, you could work at a think tank and conduct economic research for policy purposes. On the other hand, you could work for a company and assist your bosses in increasing their profits.
Economics is nerdy math with the bonus of being all about money. If you don’t want to analyze the physical world and would rather stay in the office, crunching numbers for a large corporation or think tank could be ideal.
You’ll probably need at least a master’s degree to get a good job as an economist. While a bachelor’s degree (with applied mathematics as a core course) may be sufficient to secure an economist position, you’ll need to demonstrate to a potential employer that you’re more valuable than competing applicants with more education.
Conclusion
You can work in various fields with a degree in applied mathematics. These jobs may require solving problems and predicting outcomes using mathematical strategies. Learning about various options can help you decide which career path is best for you. In this article, we have provided 25 applied mathematics jobs, along with each role’s primary responsibilities.