A degree in financial mathematics and statistics offers the challenge of combining the study of financial analysis and economic theory with probability and statistics. The number of colleges and universities offering this degree is small but growing, as of 2012. Although the coursework is rigorous, graduating students face a number of potential career opportunities when they enter the job market. The skills obtained while pursuing this degree translate very well to professions in government, finance, marketing and even agriculture.
A career on Wall Street is definitely a possibility for the graduate with a degree in financial math and statistics. Brokerage firms, banks and insurance companies all need individuals who can analyze data, compile forecasts and research financial trends. Graduates with this degree bring with them the statistical knowledge to build risk-forecast models, which allow firms to analyze future investments. This knowledge is also helpful in insurance companies that need statistical information to better design health-care and insurance policies. Additional courses in risk management may help an individual break into these careers.
All facets of government employ individuals with a background in finance and statistics. Local governments need individuals to budget and utilize city revenues properly and efficiently. At the federal level, graduates may find employment with the Internal Revenue Service, congressional committees and the Federal Reserve. Government jobs are in high demand; begin networking and monitor job websites if you'd like to obtain one of these coveted positions.
Market researchers conduct focus groups, carry out surveys and utilize test markets to collect data. Individuals with degrees in statistics and mathematics are sought out to analyze such marketing data. Job applicants with a major in financial mathematics and statistics offer the ability to bring not only knowledge of how to quantify the data, but also how this data translates into financial information that can help a company make sound decisions.
A degree in financial math and statistics should not mean that you are automatically required to dress in a business suit and work on Wall Street. Other career paths allow you to use your skills outside of the traditional office setting. The field of agriculture needs statisticians to help analyze plant and animal experiments, as well as to interpret the data. Graduates may obtain a master’s degree and a Ph.D. to pursue a career in teaching or research at the university level.
About the Author
Adele Burney started her writing career in 2009 when she was a featured writer in "Membership Matters," the magazine for Junior League. She is a finance manager who brings more than 10 years of accounting and finance experience to her online articles. Burney has a degree in organizational communications and a Master of Business Administration from Rollins College.
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