A Master’s in Applied Mathematics can lead to a variety of career paths, since it is such a widespread field. With coursework in differential equations, nonlinear analysis, statistics and so on, graduates of a Master’s in Applied Mathematics are prepared to apply the principles of math in the fields of science, engineering, computer science and business.
Potential career options for Master’s in Applied Mathematics majors include becoming actuaries, financial analysts, software developers and so on. If you think you are great with numbers and want to use this skill to enhance functionality in a variety of fields, then a Master’s in Applied Mathematics is for you. Find out all you need to know about this degree, including the typical coursework, salary potential and admission requirements.
What Is Applied Mathematics?
Simply put, applied mathematics is application of mathematics principles to problems that arise in areas of science and engineering. The subject is viewed as the use of math to explain observed phenomena and predict new, and unobserved phenomena. Therefore, the emphasis is on both, mathematical principles and the real world. The problems discussed come from various subject areas such as physical and biological sciences, social sciences and engineering.
What Can You Do with a Master’s in Applied Mathematics?
A Master’s in Applied Mathematics degree can lead to a variety of careers. Let’s take a look at some of the potential careers.
Actuaries
Actuaries are in-charge of analyzing statistical data to forecast uncertainty and risk with regards to insurance payments. They analyze data such as mortality, sickness, disability and retirement rates to create probability tables.
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Median Annual Salary, 2019: $108,350 per year
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Annual Mean Salary, 2019: $120,970 per year
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Projected Growth Rate, 2018-28: 20%
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State with the Highest Salary, 2019: New York - $152,920
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State with the Highest Employment Level, 2019: New York - 2,330
Economists
Economists are responsible for collecting and analyzing data and conduct research on the economic trends to evaluate issues relating to resources, services and goods.
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Median Annual Salary, 2019: $105,020 per year
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Annual Mean Salary, 2019: $116,630 per year
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Projected Growth Rate, 2018-28: 8%
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State with the Highest Salary (2019): New York - $145,840
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State with the Highest Employment Level (2019): District of Columbia - 6,480
Civil Engineers
Civil engineers are trained professionals who design, build and supervise different kinds of infrastructure systems and projects.
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Median Annual Salary, 2019: $87,060 per year
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Annual Mean Salary, 2019: $94,360 per year
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Projected Growth Rate, 2018-28: 6%
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State with the Highest Salary, 2019: California - $110,480
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State with the Highest Employment Level, 2019: California - 49,090
Note: These figures have been obtained from the US Bureau of Labor Statistics
How to Choose a Master’s in Applied Mathematics Program?
When looking for the ideal Master’s in Applied Mathematics program, you should keep certain factors in mind. The most important one should be the accreditation of the program by a reputable agency. In addition to that, you should consider the admission requirements, cost structure and faculty of the program. Notable alumni is another thing you ought to keep in mind, along with job placement options. Students should also take into account the length of the degree and the credit hour requirements.
What to Expect from a Master’s in Applied Mathematics Program?
A Master’s in Applied Mathematics program would expose you to courses such as differential equations, mathematical physics, asymptomatic and perturbation methods in applied mathematics, numerical solutions of partial differential equations and numerical methods for random processes. In addition to these courses, students are also required to take classes in stochastic methods, optimization, financial mathematics, data science and fluid mechanics. Course structure for this program would vary from university to university and program to program. Therefore, students are encouraged to check with individual university websites before applying.
Admission Requirements for a Master’s in Applied Mathematics
In order to get admission in a Master’s in Applied Mathematics program, students will have to meet requirements such as a minimum GPA, GRE/GMAT scores, letters of recommendation, clearing interviews, a personal essay, proof of a few years of relevant experience and official transcripts from an undergraduate degree. Admission requirements are typically different for each university.