If you are thinking of getting an applied math master’s degree then you might be wondering whether or not it will be worth it.
This post will show you whether or not it will be worth it for you and some things for you to consider.
So, is an applied math master’s degree worth it? An applied math master’s degree will open the door to a number of better jobs than you could get with just a bachelor’s degree. However, it is important to consider what sort of jobs you want to get and to choose a college and the classes accordingly.
There are actually a number of things to consider when deciding on whether or not to get an applied math masters degree and there are a number of alternative options for you as well.
The Bureau of Labor Statistics predicts that the demand for mathematicians will rise by 33% by 2026. This is mainly due to the surge in data that companies have been receiving in recent years that they need people with statistical and mathematical skills to make sense of.
According to Payscale, the average salary of an applied math master’s degree holder is $83,000. This is $10,000 more than the average salary of someone with just a bachelor’s degree in applied mathematics (source).
Types of jobs that you will be able to get
While an applied math bachelor’s degree will qualify you for a number of well paid and satisfying jobs, a master’s degree will help you to qualify for a number of even more highly sought after positions.
Jobs that a master’s degree in applied math can help you qualify for can include:
- Data scientist
- Machine learning engineer
- Quantitative researcher
- Math teacher
- Mathematical modeler
Since most applied math degrees will give you the opportunity to take classes from a number of different fields it would help to consider what it is you want to do when you graduate.
For example, if you are looking to get into data science then it would help to take data science specific classes and more classes focused on statistics and data analysis. It would also help to do projects in data science and to get an internship while doing the degree.
Types of classes that you will be taking
An applied math master’s degree will allow you to take a number of classes from a number of different fields.
The classes that you will be taking as a part of the degree will depend largely on the college that you go to and the specialization that you choose.
You can take a look at the applied math curriculum at Stevens Institute of Technology to get an idea of the types of classes that you will be taking in the degree.
Alternative master’s degrees to consider
If you are considering getting a master’s degree in applied mathematics then there are a number of other degrees that you might also want to consider.
Alternative degrees could include:
- Data science
- Pure math
Is an applied master’s degree marketable?
A benefit of applied math master’s degree is that they tend to be highly customizable. This means that you will be able to choose classes that are relevant to the types of jobs that you want to get on graduation.
As a result, an applied math master’s degree can be highly marketable provided you take relevant classes, do projects relevant to the field you want to enter and do an internship in that field as well.
Should I do applied math or statistics?
Applied math master’s degrees and statistics master’s degrees can feature a number of the same courses. Obviously, the difference between them will be that an applied math degree will feature more math-focused classes and fewer statistics classes.
The best one for you will highly depend on what you want to do with the master’s degree. If you want to go down the data science route then you might find that a statistics degree will usually be more applicable.
With that being said, you will also often find applied math degrees with data science specializations.
With that being the case, the best thing for you to do would be to focus more on the specific programs that you are considering and how their classes line up with what you want to do on graduation.
Will the jobs be much better than a bachelor’s degree would get?
As mentioned above, an applied math bachelor’s degree can qualify you for many rewarding jobs without the need of a master’s.
However, many of the more lucrative and mathematical jobs will require a master’s degree. You will also find that the career progression in these jobs will also be much better if you have a master’s degree.
Before deciding on whether or not you want to get a master’s degree in applied math it would help to consider what job it is that you want and what the requirements are for it. Doing this will also make it easier for you to choose a master’s program and the classes that you should take.
Applied math is not an easy master’s degree
Something to consider is that an applied math master’s degree will not be an easy degree to obtain.
At the undergraduate level, many applied math classes are not so proof-heavy but at the graduate level, you will find that many of them will become a lot more proof heavy depending on the classes that you choose.
How difficult the degree will be for you will depend a lot on how well prepared you are for the degree. If you took or are taking a lot of math and stats classes as an undergrad and you did/are doing well in them then you’ll probably do well in an applied math master’s degree too.