Mathematics is a High Scoring Subject, we all have heard this line so often during our school days. Perhaps the real meaning of adjective Scoring is understood and appreciated more now as the market demand for Skilled Mathematicians has surpassed even some of the traditionally strong engineering disciplines. No doubt, Mathematics has become one of the most sought after knowledge and skill area that the most reputed companies across globe are looking for.
Mathematics has always been the language of science and technology. Carl Friedrich Gauss one of the greatest mathematicians, said "Mathematics is the queen of the sciences and number theory is the queen of mathematics." It is the common thread to other fields of study and for many of the current hot academic streams have a mandatory requirement of a sound knowledge of Mathematics.
There is a increase in demand during last 5 years especially in industries like Software, Marketing Research, Insurance, Banking, Consulting, E-Commerce, Logistics etc. Do check the job offers and salary packages that the Mathematics graduates (MSc, BS and MTech) from top Institutes like IITs, CMI, ISIs, Delhi, Calcutta, Mumbai and Chennai University colleges are getting. The average packages secured by Mathematics graduates are even beating friends from some engineering streams.
There are some good reasons behind this new found love for mathematical skills. Before we deliberate further on market dynamics let us first understand the "What" and "What is the scope of Mathematics":
- Understanding the Numbers and Data
- Modelling a real life situation into a mathematical equation
- Deriving the inference, pattern, relation by analysis using logic, reasoning, theorems, statistical tools etc
- Decision Science and Management
Key Drivers pushing Demand in Mathematical Skills
Thanks to rapid development and growth in Internet and Communication Technologies there has been a massive growth in E Commerce Industry. The unfortunate spread of Corona pandemic in 2020 further pushed the growth and acceptance of any thing to every thing on digital platforms. Sellers sitting in some remote part of world find customers who are several thousand miles away from them. The world has become a global EMarket which not only changed the ways we do business but also brought changes in the new ways we serve the customers. Some of the service industries which have seen big changes include Education, Restaurant, Medical, Personal Care, Home Repair and many more.
All these changes have also impacted the rules of business and the skills needed to sustain and grow in the new scenario. The key aspects and or functions like Customer Buying behavior, Customer Relationship Management, Marketing (E Market) Research, Supply Chain Management, Investment & Insurance management, Dynamic Pricing, Product Design, Financing and so on, needed be optimally tuned to meet the challenges and opportunities to achieve high efficiency and results in virtual contact less world. This has lead to bigger market, larger customer base and huge data to deal with.
These new requirements are what really causing a renewed interest and demand for trained mathematicians who have got the necessary training and skills needed to analyse the huge data, numbers and patterns. If you google the most sought after skills for the decade (2021-2030) you would surely find few fields in the top 5 from the list give here:
1. Data Skills (Data Science)
2. Artificial Intelligence
3. Machine Learning
4. Block chain Technology
5. Actuarial Science
6. Investment and Banking
7. Econometrics
8. Marketing Research
All these skill areas are high in demand and offer great career prospects. To master any of these knowledge areas, one needs a good knowledge and understanding of Mathematical concepts and applications. A formal higher education in Maths is a must and we can make our Resume more marketable if we can add few electives like Statistics, Software, Marketing and Economics.
Readers are requested to explore more on topic and do encourage their kids to read more about the scope and good career opportunities available for trained Mathematicians.
Feed back most welcome.
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