Average Salary for Math Majors
By Indeed Editorial Team
Updated March 31, 2021 | Published January 22, 2021
Updated March 31, 2021
Published January 22, 2021
The Indeed Editorial Team comprises a diverse and talented team of writers, researchers and subject matter experts equipped with Indeed's data and insights to deliver useful tips to help guide your career journey.
A math degree teaches critical thinking and reasoning skills that are useful in a variety of career paths. If you have a math degree or if you're thinking about getting one, it's helpful to know specific jobs that use the skills taught in math degree courses. In this article, we discuss common jobs for math majors and their average salaries to help you determine the best math-related path for you.
What is the average salary for math majors?
According to the Bureau of Labor Statistics, the median salary for math professionals is $90,410 per year. Your specific salary will depend on factors like what industry you're working in and how much experience you have. For example, the average salary for math teachers is $48,787 per year, while economists' average salary is $109,275 per year.
Common jobs for math majors
A degree in math can help you do well in many professions, but certain jobs are common for math majors, including the following. For the most up-to-date information from Indeed, please click on the salary link for each job title below.
1. Math teacher
National average salary: $48,371 per year
Primary duties: A math teacher's role is to explain mathematics principles and teach students how to solve complex problems independently. A math teacher typically works in a middle school or high school, and their salary depends on the specific area they're working in and how many years they've been teaching. Public school teaching jobs come with government employee benefits like health insurance and a pension after a certain number of years.
National average salary: [$54,785 per year**](https://www.indeed.com/career/accountant/salaries)
Primary duties: An accountant keeps track of a business's finances and creates regular financial reports. All businesses need to keep financial records, so accountants can find work in every industry. However, they often work in accounting firms or accounting departments of companies. Math majors can be hired for this role because it involves using mathematical equations and formulas.
Related: Learn About Being an Accountant
National average salary: $71,421 per year
Primary duties: Financial analysts use mathematical skills to prepare and analyze diverse financial statements. They can work in many industries because every public company in the U.S. must release financial information. Financial analysts use this data to help companies determine their financial goals.
National average salary: $94,754 per year
Primary duties: Mathematicians use mathematical formulas and equations to analyze and manipulate data for businesses and organizations. They can solve problems like determining the feasibility of purchasing new inventory or if distribution trucks should take a different, less expensive route. They often work in government and public education roles, but they may obtain private industry jobs in industries like banking and computer science as well. Math majors may have an advantage in this role because the degree teaches how to read and write mathematical reports.
National average salary: $107,904 per year
Primary duties: Software engineers create and test software for businesses, often working with companies that have complex technological needs. Software engineers may work with companies that focus on technology, but many non-tech companies use software engineers as well. A plumbing company might hire a software engineer to build its website, or a financial company might employ a software engineer to protect and organize sensitive data. A math degree can help someone find a job in software because it teaches ideas and algorithms that are also important in computer science.
National average salary: $110,230 per year
Primary duties: Economists study and make predictions about the economy based on data to help influence financial policies and decisions. Economists often work within government or research organizations where their guidance can help inform decisions on financial matters like the national interest rate or the size of import taxes. Someone with a bachelor's degree in math may increase their earning potential as an economist by obtaining a master's degree or a doctorate.
National average salary: $116,366 per year
Primary duties: Actuaries use their knowledge of math and statistics to help businesses assess financial risks. They often work for insurance companies and help determine policy rates by estimating the likelihood of events like unpredictable storms and last-minute cancellations of large, ticketed gatherings. Actuaries can also work in industries like banking and consulting where they predict the risks associated with large investments.
Related: Learn About Being an Actuary
National average salary: $127,647 per year
Primary duties: Insurance underwriters use probability and statistics to determine the price of insurance policies for insurance companies. Math majors can do well in this career because it involves analyzing numbers and using predictive mathematical models.
How to increase your salary as a math major
You may increase your earning potential as a math major by going back to school for an advanced degree or completing specialized training in a specific subject like actuarial sciences.
1. Earn an advanced degree
Obtaining an advanced degree may help you earn more money as a math major because many employers prefer a master's degree for math-based roles and may be willing to pay more for that qualification. If you know what you want to do or the kind of company you want to work for, you can research the requirements and figure out if an advanced degree is required. While some advanced roles within academia may require a Ph.D., private industry jobs for math professionals more commonly require a bachelor's or master's degree.
2. Obtain a Chartered Financial Analyst certificate
A Chartered Financial Analyst (CFA) certificate can potentially affect your salary as a mathematics major as the specialized training may qualify you for senior-level positions as a financial analyst. To obtain the certificate, you need a four-year college degree or four years of working experience. After you satisfy this requirement, you will need to log 4,000 hours of work experience within 36 months and then pass three exams to earn your qualification.
3. Obtain a Financial Industry Regulatory Authority license
Obtaining a license issued by the Financial Industry Regulatory Authority can enable you to pursue advanced or lucrative roles selling financial products in a bank or similar organization. One of these licenses certifies you to sell certain financial products that can only be sold by people with the appropriate active FINRA license. For example, you'll need the Series 7 license known as the general securities representative (GS) license to legally sell individual securities, including preferred stocks and fixed-income investments. To get your license, you need to pass a test.
4. Complete an internship
With an internship, you accept a lower salary at first with the expectation that it may lead to a better opportunity in the future. An internship allows you to connect with a company professionally and demonstrate your ability to work. You may also meet people who can help you find a job elsewhere.
Whether you're in school or a recent graduate, a great way to find internships is by reaching out to people you know and letting them know that you're looking for a position. Or, you might try reaching out to your academic adviser at school.
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