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Why Study Applied Mathematics and Statistics?

Applied Mathematics Wordcloud
Statistics Wordcloud

Applied Mathematics and Statistics are interdisciplinary fields of study and research, linking mathematics with biology, chemistry, computer science, engineering, environmental science, ecology, economics, finance, physics, sustainability science and many other areas of application. A career in applied mathematics and statistics is more than just crunching numbers. Instead, it involves solving real-world problems and making an impact in the world.

Companies are hiring more and more applied mathematicians and statisticians every year. In fact, the Bureau of Labor Statistics estimates that over the next ten years there will be about a 30% increase in high-paying jobs for individuals with applied mathematics and statistics degrees. In short, applied mathematics and statistics allows you to contribute to society, have fun working in a wide variety of fields, satisfy your curiosity by asking questions and finding answers, and earn lots of money.

Where are the jobs?

Numerous organizations hire applied mathematicians and statisticians. Here are just a few examples

  • Academic institutions and research institutes
  • Aerospace and transportation manufacturers or service providers
  • Analytics and forecasting organizations
  • Chemical or pharmaceutical manufacturers
  • Communications services providers
  • Computer information and software firms
  • Consumer products companies
  • Energy systems firms
  • Electronics and computer manufacturers
  • Engineering research organizations
  • Financial service and investment management firms
  • Government labs, research offices and research agencies
  • Insurance companies
  • Medical device companies
  • Producers of petroleum and petroleum-based products

Problems to Solve

Applied Mathematicians and Statisticians solve real-world problems. Using classical methods of applied mathematics, modeling, statistics, modern methods of data-driven analysis, machine learning, and other computational techniques, here are just a few potential problems that you could work on

  • How does one predict the spread of infectious disease, and how can vaccine or quarantine be used to contain the spread of disease.
  • How does one design a detailed experimental plan for the clinical trial of a new drug.
  • How does one quantify the risk/reward of financial assets, bonds, futures, options, etc.
  • How does one utilize mathematical and computational models to predict the path of an oil spill.
  • How does one estimate the affect of climate related events on society and ecosystems.
  • How does one optimize the use of buses and trains for a city’s transit system.