Career Options Involving Math & Business
Many occupations in the field of business, or that can be related to business, involve math. People in these careers may need to make calculations, use math to analyze and evaluate data and more. Here is a table that lists a few of the careers that involve math and business.
|Job Title||Median Salary (2016)*||Job Growth (2014-2024)*|
|Operations Research Analysts||$79,200||30%|
|Market Research Analysts||$62,560||19%|
|Personal Financial Advisors||$90,530||30%|
Source: *U.S. Bureau of Labor Statistics
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Career Information for Jobs Involving Math & Business
Operations Research Analysts
Operations research analysts solve real-world problems within organizations. They use their math and analytical skills to guide decision making in business, healthcare and several other fields. Based on the results of their research, they will make suggestions to management about how to solve a particular problem. They may examine data from an organization's databases, sales records or customer feedback to determine what actions need to be taken. Operations research analysts need a bachelor's or master's degree.
Actuaries work for many different kinds of businesses and clients but are especially needed in the insurance industry. They examine different kinds of statistics to try and estimate the cost and probability of risks, like natural disasters or death. They then design strategies to try to minimize the risk and thereby increase profitability for their employer. For example, their work may determine the prices and policies for a particular kind of insurance, like life insurance, based on your age. Their findings are usually presented in reports to their clients or management. Prospective actuaries will need to earn a bachelor's degree and get certified, which requires passing several different exams.
Like operations research analysts, statisticians also solve real-world problems, but they specialize in using statistics. They can also work in a variety of fields, such as engineering, science and business. They often design and distribute surveys or opinion polls to collect the desired data on a particular issue. Then, using statistical methods and calculations, they will analyze these results and report their findings to their clients or management. Statisticians usually have a master's degree, but may only be required to have a bachelor's degree. For more advanced positions that involve research, a Ph.D. may be required.
Market Research Analysts
Market research analysts use math and statistical software to monitor and analyze data concerning the condition of the market. They may use this information to help predict sales of a proposed service or product and determine what current consumers want. Their work also helps decide the price of products and services, gages the impact of marketing campaigns and explains sales trends. Their findings are outlined in reports that often include charts and tables. These professionals need at least a bachelor's degree, but may have a master's degree.
Personal Financial Advisors
Personal financial advisors must understand math and business to help their clients plan for the future. They meet with clients to understand their short- and long-term financial goals, and then may advise them on things like retirement and savings plans, investments, insurance and more. They must be able to clearly explain these options to their clients, as well as research and present their clients with individualized, viable options. Personal finance advisors will also closely monitor their clients' accounts and adjust investments as needed. They need a bachelor's degree, and may pursue a master's degree and certification for advancement.
Cost estimators are primarily responsible for doing what their name suggests, estimating costs. They may estimate the cost of creating a product, building a structure and more. Their work greatly affects businesses' financial decisions. Cost estimators must make careful calculations as they add up the predicted expenses for things like materials, labor and time. They must also keep detailed and accurate records and may be asked to find ways to reduce the cost of a project. Cost estimators typically hold a bachelor's degree, but may be able to find work with the appropriate amount of experience.