Do Math Majors Get Paid Well?
Are you considering majoring in mathematics but wondering if it’s worth it in terms of salary potential? The answer is yes, math majors can earn a considerable amount of money in their careers. In fact, math majors can qualify for a wide range of high-paying jobs, especially if they also study engineering or computer science. Some of the most common math careers are actuary, statistician, research analyst, teacher, and mathematician.
FAQs About Math Majors and Salaries
1. What is the average salary for someone with a math degree?
According to the Bureau of Labor Statistics, the median annual wage for mathematicians was $105,030 in May 2019, while the median annual wage for statisticians was $91,160. However, it’s important to note that salary can vary depending on the specific job and industry.
2. What are some high-paying jobs for math majors?
As mentioned earlier, some of the most common high-paying careers for math majors are actuary, statistician, research analyst, teacher, and mathematician. According to Business Insider, other well-paying jobs for math majors include financial analyst, data analyst, software engineer, and economist.
3. How much do actuaries make?
Actuaries are professionals who analyze and manage risks for insurance companies. According to the Bureau of Labor Statistics, the median annual wage for actuaries was $108,350 in May 2019. However, top earners in the field can make upwards of $200,000 annually.
4. What is the salary range for math teachers?
If you’re passionate about math and education, becoming a math teacher can be a rewarding career path. According to the Bureau of Labor Statistics, the median annual wage for high school teachers was $61,660 in May 2019. However, the salary range can vary depending on the location, level of education, and experience of the teacher.
High-Paying Careers for Math Majors
Now that we’ve answered some frequently asked questions about math majors and salaries, let’s take a closer look at some of the highest-paying careers for math majors.
As mentioned earlier, actuaries are professionals who analyze and manage risks for insurance companies. They use math and statistical models to calculate the likelihood of events, such as natural disasters or accidents, and determine how much the insurance company should charge for insurance policies. Actuaries typically need a bachelor’s degree in math, statistics, or a related field, and must pass a series of exams to become certified. According to the Bureau of Labor Statistics, the median annual wage for actuaries was $108,350 in May 2019.
Statisticians collect and analyze data to solve problems in a variety of industries, such as healthcare, government, and finance. They use statistical software to interpret data and provide insights to help organizations make informed decisions. Statisticians typically need a bachelor’s degree in statistics, math, or a related field. According to the Bureau of Labor Statistics, the median annual wage for statisticians was $91,160 in May 2019.
Software engineers design and develop computer programs and systems. Math majors who also study computer science can use their math skills to solve complex problems in software development. Software engineers typically need a bachelor’s degree in computer science, software engineering, or a related field. According to PayScale, the average salary for a software engineer is $86,441 per year.
Math majors can indeed get paid well in a variety of careers. Actuary, statistician, software engineer, and math teacher are just a few examples of high-paying jobs that require a strong background in math. It’s important to note that salary can vary depending on the specific job, industry, location, and level of experience. If you’re passionate about math and problem-solving, pursuing a math degree can lead to a fulfilling and lucrative career.