If you’re one of those brainy types who always got As on all their math tests, then the chances are that you will appreciate studying statistics and applied math. By going deeper into the mathematical makeup of our world, you will be able to reach a deeper understanding of how it all works and hopefully make some money at the same time.

At the same time, if you are more leaning towards the academic side of life – going into mathematics and taking it further is a great way to continue your exploration of numbers and applied math, while teaching people at the same time.

What Will I Study?

In the math faculty of your university you can do degrees in pure math. You may be able to take this as far as you like into a PhD and even post-doctoral studies. Just remember that unless you have a really strong grip of mathematics, you may find a qualification in the math field very difficult to achieve. You may not even study long division and basic algebra at all.

Applied mathematics is all about creating mathematical models that can solve real world problems. There are many overlaps between applied mathematics and statistics, theoretical physics and also scientific computing, computer science and actuarial science. It is up to you where you would like to take your studies.

How Long Will It Take?

As with any undergraduate program, you can expect to study for four years and after that you can continue as far as you would like. The more qualified you are, the better your chances could be of finding a good job, is a good way to think about it.

What Kind Of Career Options Will I Have?

The field of statistics and applied math is open to many different career paths. You can continue studying further and even go into academia, if that appeals to you. You can also work in business, helping to develop models that enable better understanding of their entire offering.

Going into academia – If you have always wanted to teach and you have a true love (and skill) for math, then getting your Master’s and PhD can be a great way to take your passion and make it your life.

Expanding into the business world – There are many businesses that can benefit from your skills. Not everyone can understand and use math as well as you. You can also pursue moving into actuarial science, which is the study of statistics and probability with regard to the business world.

How Much Will I Make?

As there are very many different career options to choose, it’s difficult to say for sure, but if you stick with math and become a mathematical statistician you could be on your way to earning more than you may think.

Recommended Reading:

Introduction to the Foundations of Applied Mathematics (Texts in Applied Mathematics) – Basic principles for the beginner student of applied mathematics.

Author: Mark H. Holmes

Finite Mathematics for the Managerial, Life, and Social Sciences – A practical guide to how mathematics can be applied to business, marketing, and many other disciplines.

Author: Soo T. Tan

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