Careers in Computational Mathematics
Explore the different career options in computational mathematics. Read more and find out the education requirements, training, certification, career facts and salary information.
Careers in Computational Mathematics: Salary and Job Facts
Computational mathematics is the combination of computer science and applied mathematics. The concept of computational mathematics can be used in different areas such as banking, market research, logistics, and even computer science. In this article, you will learn about various careers in computational mathematics, the education and training requirements, the needed licenses and certifications, and salary information.
|Actuaries||Financial Analysts||Buyers and Purchasing Agents|
|Degree Required||Bachelor's degree||Bachelor's degree||Bachelor's degree preferred; high school diploma sometimes acceptable|
|Educational Field of Study||Mathematics, statistics or business||Economics, mathematics or finance||Business, finance or supply management|
|Training Required||Long-term, on-the-job training||None||On-the-job training|
|License and/or Certification||Actuary certification||License for selling financial products; specialty certifications sometimes required||Certification for purchasing professionals sometimes required|
|Key Responsibilities||Analyze financial costs and assess risks for businesses and individuals||Help businesses and individuals in making financial decisions||Purchase products and services for the clients to sell or re-sell|
|Job Growth (2018-2028)||20%*||6%*||-7% *|
|Annual Median Salary (2018)||$102,880*||$85,660*||$62,750*|
Source: *U.S. Bureau of Labor Statistics (BLS)
What Are The Education Requirements?
For actuaries, a bachelor's degree is required, and graduates must have a strong background in statistics, mathematics, and business, as well as economics and corporate finance. They must also have completed coursework in computer science and have learned how to use spreadsheets and statistical analysis tools. A bachelor's degree is also required for financial analysts, specifically in economics, mathematics, finance or any related field. There are companies that hire buyers and purchasing agents with a high school diploma, but some employers require a bachelor's degree in business, finance or supply management.
What Kind of Training is Required?
Actuaries start off their careers as trainees mentored by experienced actuaries and are teamed up with other professionals, such as accountants and underwriters. There is no specific training for financial analysts. Buyer and purchasing agents receive on-the-job training for more than a year learning about how to negotiate with suppliers, evaluate contracts and maintain inventory.
What Licenses and/or Certifications Do I Need?
The Casualty Actuarial Society (CAS) and the Society of Actuaries (SOA) are the two main certification programs that certify actuaries based on their chosen specialty, such as insurance, investments, and the property and casualty field. Some financial analysts selling financial products are required to get a license from the Financial Industry Regulatory Authority (FINRA), while some financial analysts get certifications in their chosen field of specialty. The Certified Purchasing Professional (CPP) certification offered by the American Purchasing Society is one of the certification programs for buyers and purchasing agents, and it can be renewed every five years.
What Are The Key Responsibilities?
Actuaries help clients and businesses analyze and assess the risks of certain events through the use of financial, statistical and mathematical theories. Financial analysts guide individuals and businesses in making financial decisions by evaluating their historical and financial data, studying business and economic trends and recommending investment options to their clients. Buyers and purchasing agents buy products and services for their clients to sell or re-sell, evaluate both the suppliers and vendors, and analyze and negotiate the prices of the products and services.
How Much Are The Salaries and What Are Other Related Careers?
According to the U.S. Bureau of Labor Statistics, actuaries earn an annual median pay of $102,880 based on 2018 data, while financial analysts earn $85,660 annually. Buyers and purchasing agents earn $62,750 annually. Other related careers in computational mathematics include statisticians, credit/loan officers, budget analysts, and controllers.