Mathematics & Statistics
Types of Degrees Mathematics & Statistics Majors Are Getting
The following table lists how many mathematics and statistics graduations there were in 2018-2019 for each degree level.
| Education Level | Number of Grads |
|---|---|
| Master’s Degree | 11,437 |
| Doctor’s Degree | 2,011 |
| Graduate Certificate | 372 |
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What Mathematics & Statistics Majors Need to Know
O*NET surveyed people in occupations related to mathematics and statistics and asked them what knowledge areas, skills, and abilities were important for their jobs. The responses were rated on a scale of 1 to 5 with 5 being most important.
Knowledge Areas for Mathematics & Statistics Majors
According to O*NET survey takers, a major in mathematics and statistics should prepare you for careers in which you will need to be knowledgeable in the following areas:
- Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
- English Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
- Computers and Electronics - Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
- Education and Training - Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.
- Administration and Management - Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
Skills for Mathematics & Statistics Majors
The following list of skills has been highlighted as some of the most essential for careers related to mathematics and statistics:
- Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
- Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
- Active Listening - Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
- Speaking - Talking to others to convey information effectively.
- Writing - Communicating effectively in writing as appropriate for the needs of the audience.
Abilities for Mathematics & Statistics Majors
As you progress with your mathematics and statistics degree, there are several abilities you should pick up that will help you in whatever related career you choose. These abilities include:
- Written Comprehension - The ability to read and understand information and ideas presented in writing.
- Deductive Reasoning - The ability to apply general rules to specific problems to produce answers that make sense.
- Inductive Reasoning - The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
- Oral Comprehension - The ability to listen to and understand information and ideas presented through spoken words and sentences.
- Oral Expression - The ability to communicate information and ideas in speaking so others will understand.
What Can You Do With a Mathematics & Statistics Major?
Below is a list of occupations associated with mathematics and statistics:
| Job Title | Job Growth Rate | Median Salary |
|---|---|---|
| Actuaries | 22.5% | $102,880 |
| Bioinformatics Scientists | 8.0% | $79,590 |
| Biostatisticians | 33.9% | $87,780 |
| Clinical Data Managers | 33.9% | $87,780 |
| Clinical Research Coordinators | 9.9% | $123,860 |
| Economists | 6.1% | $104,340 |
| Environmental Economists | 6.1% | $104,340 |
| Financial Analysts | 10.8% | $85,660 |
| Financial Quantitative Analysts | 9.6% | $70,280 |
| Fraud Examiners, Investigators and Analysts | 9.6% | $70,280 |
| Investment Underwriters | 9.6% | $70,280 |
| Mathematical Science Occupations | 9.1% | NA |
| Mathematical Science Professors | 9.4% | $73,230 |
| Mathematicians | 29.0% | $101,900 |
| Molecular and Cellular Biologists | 8.0% | $79,590 |
| Natural Sciences Managers | 9.9% | $123,860 |
| Risk Management Specialists | 9.6% | $70,280 |
| Secondary School Teachers, Except Special and Career/Technical Education | 7.5% | $60,320 |
| Statisticians | 33.9% | $87,780 |
| Survey Researchers | 2.1% | $57,700 |
| Water Resource Specialists | 9.9% | $123,860 |
Who Is Getting a Master’s Degree in Mathematics & Statistics?
Racial-Ethnic Diversity
At the countrywide level, the racial-ethnic distribution of mathematics and statistics majors is as follows:
| Race/Ethnicity | Number of Grads |
|---|---|
| Asian | 756 |
| Black or African American | 212 |
| Hispanic or Latino | 414 |
| White | 2,942 |
| International Students | 6,629 |
| Other Races/Ethnicities | 484 |
Geographic Diversity
Americans aren’t the only ones with an interest in Mathematics & Statistics. About 58.0% of those with this major are international students.
How Much Do Mathematics & Statistics Majors Make?
Master’s Degree Starting Salary
The median starting salary of students who graduated in 2015-2017 with a master’s degree in mathematics and statistics was $74,500 per year. These stats come from the U.S. Department of Education. During this timeframe, most salaries fell between $60,600 (25th percentile) and $81,550 (75th percentile).
It is possible that some of these people may have taken positions that were not related to mathematics and statistics.
Salaries According to BLS
Average salaries range from $77,580 to $116,020 (25th to 75th percentile) for careers related to mathematics and statistics. This range includes all degree levels, so the salary for a person with just a bachelor’s degree may be a little less and the one for a person with an advanced degree may be a little more.
To put that into context, according to BLS data from the first quarter of 2020, the typical high school graduate makes between $30,000 and $57,900 a year (25th through 75th percentile). The average person with a bachelor’s degree (any field) makes between $45,600 and $99,000. Advanced degree holders make the most with salaries between $55,600 and $125,400.
Amount of Education Required for Careers Related to Mathematics & Statistics
Some degrees associated with mathematics and statistics may require an advanced degree, while others may not even require a bachelor’s in the field. In general, the more advanced your degree the more career options will open up to you. However, there is significant time and money that needs to be invested into your education so weigh the pros and cons.
How much schooling do you really need to compete in today’s job market? People currently working in careers related to mathematics and statistics have obtained the following education levels.
| Education Level | Percentage of Workers |
|---|---|
| Less than a High School Diploma | 0.2% |
| High School Diploma - or the equivalent (for example, GED) | 0.5% |
| Post-Secondary Certificate - awarded for training completed after high school (for example, in agriculture or natural resources, computer services, personal or culinary services, engineering technologies, healthcare, construction trades, mechanic and repair technologies, or precision production) | 0.5% |
| Some College Courses | 0.2% |
| Associate’s Degree (or other 2-year degree) | 0.9% |
| Bachelor’s Degree | 38.4% |
| Post-Baccalaureate Certificate - awarded for completion of an organized program of study; designed for people who have completed a Baccalaureate degree but do not meet the requirements of academic degrees carrying the title of Master. | 5.8% |
| Master’s Degree | 28.0% |
| Post-Master’s Certificate - awarded for completion of an organized program of study; designed for people who have completed a Master’s degree but do not meet the requirements of academic degrees at the doctoral level. | 1.1% |
| First Professional Degree - awarded for completion of a program that: requires at least 2 years of college work before entrance into the program, includes a total of at least 6 academic years of work to complete, and provides all remaining academic requirements to begin practice in a profession. | 1.6% |
| Doctoral Degree | 17.4% |
| Post-Doctoral Training | 5.8% |
Online Mathematics & Statistics Programs
In 2018-2019, 1,567 schools offered a mathematics and statistics program of some type. The following table lists the number of programs by degree level, along with how many schools offered online courses in the field.
| Degree Level | Colleges Offering Programs | Colleges Offering Online Classes |
|---|---|---|
| Certificate (Less Than 1 Year) | 27 | 4 |
| Certificate (1-2 years) | 15 | 1 |
| Certificate (2-4 Years) | 3 | 0 |
| Associate’s Degree | 290 | 18 |
| Bachelor’s Degree | 100 | 24 |
| Post-Baccalaureate | 27 | 4 |
| Master’s Degree | 717 | 50 |
| Post-Master’s | 18 | 0 |
| Doctor’s Degree (Research) | 337 | 0 |
| Doctor’s Degree (Professional Practice) | 0 | 0 |
| Doctor’s Degree (Other) | 0 | 0 |
Is a Degree in Mathematics & Statistics Worth It?
The median salary for a mathematics and statistics grad is $92,600 per year. This is based on the weighted average of the most common careers associated with the major.
This is 132% more than the average salary for an individual holding a high school degree. This adds up to a gain of about $1,054,000 after 20 years!
Majors Related to Mathematics & Statistics
You may also be interested in one of the following majors related to mathematics and statistics.
| Major | Number of Grads |
|---|---|
| Computer & Information Sciences | 220,337 |
| Engineering | 200,684 |
| Biological & Biomedical Sciences | 162,961 |
| Engineering Technologies | 92,549 |
| Physical Sciences | 53,556 |
| Agriculture & Agriculture Operations | 38,513 |
| Natural Resources & Conservation | 29,904 |
| Architecture & Related Services | 17,753 |
| Communications Technologies & Support | 15,972 |
| Science Technologies / Technicians | 7,448 |
References
- College Factual
- College Scorecard
- National Center for Education Statistics
- O*NET Online
- U.S. Bureau of Labor Statistics
- Usual Weekly Earnings of Wage and Salary Workers First Quarter 2020
- Image Credit: By brewbooks under License
More about our data sources and methodologies.
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