There has been increased discussion in the past few years about a STEM job shortage. STEM is an acronym for “Science, Technology, Engineering and Math”; it is used to describe the combination of these disciplines as it relates to occupations. Companies are unable to fill their open STEM jobs because they can’t find qualified applicants. Although improving, the United States is behind in training and graduating advanced degrees in the STEM field. According to the World Economic Forum, the United States had 568,000 STEM graduates in comparison to China’s 4.7 million in 2016.
These statistics show that now is a great time to think about your child's interests and strengths by exposing them to a future career in STEM. A degree in math doesn’t mean the only career choice is as a mathematician (although that is a great option). Math is an integral part of various industries and there are many career options that make a math background attractive. Let’s look at three careers that showcase the variety of options available in the world of STEM.
According to the US Bureau of Labor Statistics, the STEM field with the fastest projected growth between 2019 to 2029 is the mathematical sciences, with a projected growth of 33%. One profession in this field of study is a statistician, or data scientist.
A statistician uses their knowledge of math to analyze data and interpret the results. Before retrieving the data, statisticians must determine the best method to collect the data, whether through surveys or other means. If you have an inquisitive child that likes to ask questions and easily notices trends or patterns, they may make a successful statistician.
Another real-world example of a statistician’s work is the U.S. Census that is currently being sent to every home for 2020. This national survey will be carried out with help of statisticians. The census data will be used nationally to help state’s make big decisions regarding funding and other important issues. Many statisticians are employed by the federal government, but they can also work in the private sector.
To become a statistician, at least a bachelor’s degree is required. Entry-level positions may require only a bachelor’s degree, but more experienced positions will require an advanced degree and possibly additional certifications.
An actuary uses their math skills, finance knowledge and expertise to analyze a policyholder's potential risk. Using data and probability, the actuary helps an insurance company forecast the cost the insurance company may incur based on the event. The insurance company then creates policies for the policyholder based on that risk assessment from the actuary.
Actuaries have a positive job outlook over the next 10 years, according to the Bureau of Labor Statistics. Job growth is expected to increase by 18%, which is much faster than the average overall projected job growth of 4%. Although it may be insurance based, actuaries will need a solid statistics background as well, since they will work with other finance areas, such as accounting, in order to determine the financial impact of an event and to interpret the data. Academically, a bachelor’s degree in mathematics or statistics is typically required and an exam must be passed to become a certified actuary.
An auditor examines financial records to ensure compliance with preset guidelines or requirements. An auditor may work across various industries, from financial services to working in the public sector. Auditors can be employed within a company and be solely responsible for reviewing a company’s internal operations to ensure rules are being followed and that business processes are efficient. Auditors can also be brought from the outside as a third party to review a company’s financial situation and ensure they are in tax and financial compliance. An auditor reviews the financial documents prepared by the accountant.
Auditors ensure that all funds are accounted for and help to protect a company by reviewing records and practices for potential fraud. Once the financial records are reviewed, an auditor drafts a report that advises of any findings or discrepancies that are discovered.
To become an auditor, individuals are required to pass the Certified Public Accountants exam. CPA certification is usually required if employed by the government. A CPA certification is not required for internal auditors, although it may be beneficial in the future; however, a bachelor’s degree in a related field, such as finance, is required.
This brief overview highlighting three careers in STEM is only a small piece of the opportunities available. To help your child continue to broaden their horizons to the possibility of STEM, our Mathnasium program can reinforce the “M” discipline in a fun and engaging way. We can provide your child with specialized math instructions that not only caters to their needs, but to their interests. Give us a call today!
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