Types of Careers in Mathematics

Transcription

1 Types of Careers in Mathematics This content has been created in association with GradIreland and CPL. For more information visit

2 Contents Accountant... 3 Actuary... 6 Data Analyst... 1 Data Scientist... 3 Financial Controller... 6 Financial Trader... 8 Risk Analyst Statistician... 13

3 Accountant Few careers are as diverse as accountancy and qualified chartered accountants are found working in high level jobs all over the world. Some alternative job titles for this role Accountant CA Auditor Introduction Chartered accountants perform various financial evaluations of businesses to ensure they are financially sound and compliant with legal regulations and requirements. They can specialise in a range of areas. Assurance and auditing involves checking that a company is complying with legal requirements or fulfilling best practice. Accountants often specialise in particular areas of practice, including audit, management consultancy, reporting revenue, forensic accountancy (investigating fraud), taxation, assurance, and corporate finance. What the job involves Keep the financial accounts of a company up to date and compliant with the law Help clients to understand and meet tax obligations Administer payrolls and controlling income and expenditure Audit financial information Compile and present reports, budgets, business plans, commentaries and financial statements Analyse accounts and business plans Provide tax planning services with reference to current legislation Conduct financial forecasting and risk analysis Deal with insolvency/bankruptcy cases Negotiate the terms of business deals and move with clients and associated organisations Meet and advise clients How your career can develop The diverse nature of the role means that career advancement through specialisation is common. Many accountants set up in business for themselves. Why it matters? Professional bodies such as Chartered Accountants Ireland (CAI) help students gain their qualifications by training them while they are employed on graduate schemes. Obtaining qualifications such as Chartered Accountant enables accountants to work anywhere globally.

4 As well as dominating public accounting practices, Chartered Accountants are vital in nearly every sector from healthcare to the music industry. Skills Self-motivation Responsibility Ability to reflect on one's own work as well as the wider consequences of financial decisions Business knowledge and interest Organisational skills and ability to manage deadlines Team working Client-facing (customer service) and interpersonal skills Proficiency in IT Analytical ability A methodical approach and problem solving skills Numeracy Typical employers Private firms of accountants Professional services firms Industrial organisations Not for profit organisations Charities Commercial and corporate organisations Governmental bodies The public sector Typical salary Graduate/Starting Average starting salary in 2014 was 22,500 Senior/Potential 89,000+ Typical qualifications Accountancy is open to any degree discipline; however numerical or business related degrees are an advantage. In accordance with Chartered Accountants Ireland (professional accountancy body in the Republic of Ireland and Northern Ireland) Chartered Accountants (CA s) must complete a training contract with a recognised training organisation in order to gain thorough training in practice and pass Chartered Accountants Ireland Final Admitting Exams (FAEs). Chartered Accountants Ireland have introduced a new entry route known as the Elevation Programme for experienced graduates wishing to become chartered accountants. This route, unlike others with Chartered Accountants Ireland, does not require students to enter a training contract.

5 Alternative routes to a bachelor s degree in this area may apply to students that have a PLC qualification in a related course. For further details on eligibility requirements for third level entry following a PLC qualification, students should visit the CAO course search at Further information Chartered Accountants Ireland: Accountancy Ireland magazine: Chartered Accountants Regulatory Board: Video: Chartered Accountants Ireland - Now You Can 2015; If you are interested in a career in chartered accountancy, visit Qualifax ( to search for relevant courses at all levels and entry points.

6 Actuary An actuary evaluates the possibility of risk or undesirable events occurring through the use of numbers. Some alternative job titles for this role Actuarial Analyst Actuarial Assistant Introduction An actuary is someone that analyses data and works with statistics, using mathematical skill to assess or predict the probability of an event happening and its financial consequences. The decisions of actuaries can affect thousands of people so it is a well-paid job, with a lot of responsibility. Wherever there is risk, there are opportunities for actuaries. What the job involves Actuaries are responsible for managing risk; using analysis based on mathematics, they help organisations to plan and prepare by predicting the effects of risk and change In insurance-related areas, actuaries work to assess what levels or rates of insurance companies should set for individuals and businesses, based on the scale of risk involved Legislative and advisory work, such as reporting detailed financial forecasts to senior management, making sure the organisation stays within legislation rules and managing other staff. How your career can develop A qualification as an actuary can take three to six years. Continuing professional development (known as CDP) is actively encouraged after qualification, to make sure the person stays up to date with the latest trends or developments in the area. This type of further training, along with experience, will lead to gradual progression to senior actuary. Why it matters? Actuaries recently cautioned the Irish Government of the massive cost to insurance companies if the Government implemented the Universal Health Insurance scheme. Actuaries are frequently involved in advisory roles for political parties, lobbying groups and trade unions. Their advice is key to shaping decisions that impact on the country and the economy. Skills Excellent numerical and mathematical capabilities Very good IT and analytical abilities Critical thinking/problem-solving ability Using logic and reasoning to identify the strengths and weaknesses of alternative solutions

7 Excellent communication skills Ability to conduct self-assessment A deep understanding of economics and of the legislation relating to financial services Attention to detail Typical employers Insurance companies and consultancies Life assurance companies Pension funds Health care providers Actuarial consultancies Investment banks Accountancy firms Management consultancies Typical Salary Trainee salary 40,000 Graduate/Starting 64,000 Senior/Potential 250,000 Typical qualifications Qualifying as an actuary is academically very demanding with a wide range of certifications and courses necessary. Many employers pay for these courses while an actuary is training. Numerate degrees are what employers are looking for, so those with degrees in mathematics, statistics, actuarial science, economics, business degrees, engineering and physics are on the right track. Alternative routes to a bachelor s degree in this area may apply to students that have a PLC qualification in a related course. For further details on eligibility requirements for third level entry following a PLC qualification, students should visit the CAO course search at Further information Society of Actuaries in Ireland: web.actuaries.ie If you are interested in a career as an actuary, visit Qualifax ( to search for relevant courses at all levels and entry point.

8 Data Analyst An ideal career choice for the maths, statistics and data whiz, with excellent career prospects. Some alternative job titles for this role Data Scientist Data Analytics Officer Digital Analytics Officer Introduction Data analysis is all about collecting, organising, and understanding statistical information to make it useful to a range of businesses and organisations. A data analyst is someone who examines information using data analysis tools. The meaningful results they pull from the raw data helps their employers or clients make important decisions by identifying various facts and trends. What the job involves Use computerised models to extract the data needed Remove errors or corrupted data Perform initial analysis to assess the quality of the data Perform further analysis to determine the meaning of the data Perform final analysis to ensure data and results are reliable Prepare reports based on analysis and present to management How your career can develop There is a strong demand for qualified and experienced data analysts but it can be a competitive field. You can gain a competitive edge by obtaining a master's degree in a field like finance or statistics. Why it matters? Forfás and the Expert Group for Future Skills Needs have pointed to the potential that Ireland has to create 21,000 jobs by 2020 in the area of data. Skills A high level of mathematical ability Excellent IT skills Strong skills in code like SQL and Oracle The ability to analyse, model and interpret data Strong problem-solving skills A logical approach to work The ability to plan work and meet deadlines A high level of accuracy and attention to detail

9 Good interpersonal skills to work as part of a team Excellent written and spoken communication skills including report writing Typical employers Banks Specialist software development houses Consulting firms Telecommunications firms Public sector organisations Social media Colleges and universities Pharmaceutical companies Manufacturers Typical salary Graduate/Starting 30,000-35,000 Senior/Potential 80,000 Typical qualifications The usual entry point is a degree in statistics, mathematics or a related subject involving maths, such as economics or data science. Other degrees are also acceptable if they include informal training in statistics as part of the course, for instance social science or informatics. Alternative routes to a bachelor s degree in this area may apply to students that have a PLC qualification in a related course. For further details on eligibility requirements for third level entry following a PLC qualification, students should visit the CAO course search at Further information Insight Centre for Data Analytics: Business Analyst Association of Ireland: The Society for Chartered IT Professionals in Ireland: Video: Basic data analysis; If you are interested in a career as a data analyst, visit Qualifax ( to search for relevant courses at all levels and entry points 2

10 Data Scientist A data scientist turns raw data into valuable insights that an organisation needs in order to grow and compete. He or she is part statistician, part artist interpreting and analysing data from multiple sources to come up with imaginative solutions to problems. It s a rapidly evolving role in a fast-changing sector and one that is in big demand. Some alternative job titles Data analyst Informatics Analyst Analytics Officer Digital Analytics Manager Introduction The role of data scientist has evolved and expanded from that of data analyst. As with an analyst, they organise and analyse data collected by an organisation, such as sales figures, market research, sensor and environmental data etc. The difference is that a data scientist will use their strong business and analytical senses along with an ability to communicate findings to both business and IT leaders or organisations in a way that can influence how an organisation approaches a challenge or concern etc. Data scientists may have different functions depending on which industry/sector they are involved in, for example a data scientist working for Facebook might analyse the types of pages users like, and then use this information to decide what type of advertisements the user will see when using their Facebook account. They combine practical skills like coding and maths with the ability to analyse statistics. The main programming languages often used within analytics, data mining and data science are R, SAS, Python and SQL, while knowledge of Java, C/C++, Perl and Ruby. A major trend has recently surfaced called Big Data and as a result data scientists are in demand worldwide. Big data refers to the collection and analysis of massive amounts of data. What the job involves Use strong business knowledge, and ability to communicate findings to analyse vast amounts of data for useful insights Use these insights to influence how an organisation approaches business challenges Use a combined knowledge of computer science and applications, modelling, statistics, analytics and maths to solve problems Extract data from multiple sources Review and analyse the data from multiple angles, looking for trends that highlight problems or opportunities Communicate important information and insights to business and IT leaders Make recommendations to adapt existing business strategies 3

11 How your career can develop With many of the world s top tech companies such as Google and Facebook with a significant presence in Ireland, data analysts are in big demand. From there, experience and further study to MA and PhD level can mean progression to data scientist level. Why it matters? Earlier this year, the White House hired it s first-ever chief data scientist to help the government harness the power of big data and highlighting the growing importance of this role in our daily lives from weather apps to healthcare data. Skills Problem-solving skills Communication skills Teamwork skills Investigative skills Interest in statistics Interest in predicting trends and identifying patterns Innovative/Outside-the-box thinking Observation skills Critical thinking Typical employers Universities and third-level research institutions Wide range of companies from State agencies and departments to manufacturers and service providers such as banks, airlines, large retailers etc. Big data companies such as Google and Facebook Typical salary Graduate/Starting 35,000 Senior/Potential 75,000+ after 10 years Typical qualifications Entry level can be gained through courses in computer science, data management, statistics, and specific software applications. However, a four year degree course is recommended for this career path. These are usually in the area of statistics, maths, business administration, or computer science. Job candidates frequently complete master's degrees to gain a competitive edge. Alternative routes to a bachelor s degree in this area may apply to students that have a PLC qualification in a related course. For further details on eligibility requirements for third level entry following a PLC qualification, students should visit the CAO course search at Further information The Society for Chartered IT Professionals in Ireland: 4

12 Insight Centre for Data Analytics: Business Analysts Association of Ireland: Video: What is a Data Scientist? If you are interested in a career as a data scientist, visit Qualifax ( to search for relevant courses at all levels and entry points. 5

13 Financial Controller A vital role in financial management with a lot of responsibility and considerable career potential. Some alternative job titles for this role Credit Controller Financial Analyst Management Accountant Financial Director Introduction A financial controller ensures that the accounts of a business are correct, and meet regulatory and tax requirements. They work directly with the finance director of a company and are involved in the day-to-day financial activities of a business including bank and balance sheet reconciliations and VAT returns. A financial controller is responsible for setting and monitoring targets while keeping an eye on the performance of company departments to ensure they meet their set goals. What the job involves Financial modelling and analysis VAT return preparation Duties relating to cash management and the company treasury Taking charge of the payroll process Preparation of cash flow statements, budgets and forecasts Overseeing the financial team and managing the finance function Ensuring financial ledgers and accounting processes are maintained How your career can develop Opportunities for progression in all areas of an organisation are plentiful and varied, depending on individual interests, aspirations and abilities. Progression to financial director is possible with experience. Why it matters? Financial controllers are a vital component in any business operation, responsible for ensuring the financial stability and viability of the entire operation. Skills Leadership Self-motivation Responsibility Ability to reflect on one's own work as well as the wider consequences of financial decisions Business acumen and genuine interest in the wellbeing of the business 6

14 Organisational skills and ability to manage deadlines Team working Client-facing (customer service) and interpersonal skills Proficiency in IT Crisis management skills Analytical ability A methodical approach and problem solving skills Numeracy Typical employers Professional accountancy firms Commercial organisations Industry Government departments Regulatory bodies Typical salary Graduate/Starting 65,000 Senior/Potential 85,000+ Typical qualifications Initial entry into this sector involve a degree in business or accountancy. Subsequently, Qualified Chartered Accountant (QCA) and most organisations will only consider candidates with multinational experience or experience with top accountancy firms, with at least five years of post-qualification experience and at least one years experience as a financial controller elsewhere, and 7-8 years experience managing an accountancy or finance function. You must be ACA, ACCA, QFA, CFS or CIMA qualified. Alternative routes to a bachelor s degree in this area may apply to students that have a PLC qualification in a related course. For further details on eligibility requirements for third level entry following a PLC qualification, students should visit the CAO course search at Further information Chartered Institute of Management Accountants: Chartered Accountants Ireland: Accountancy Ireland magazine: Chartered Accountants Regulatory Board: Video: Financial controller career advice; If you are interested in a career as a financial controller, visit Qualifax ( to search for relevant courses at all levels and entry points. 7

15 Financial Trader Using a mix of financial expertise, quick decision making and strategy, a career as a financial trader can be exciting and rewarding. Some alternative job titles for this role Equities Trader Futures Trader Derivatives Trader Securities Trader Forex Trader Flow Traders Proprietary Trader Sales Trader Introduction Traders are responsible for making prices and executing trades in equities (investments), bonds, commodities (assets) and foreign exchange, dealing on behalf of or for the benefit of investment banks. There are three types of trader: Flow traders - buy and sell securities and other assets for clients such as futures (contract obligating buyer to purchase an asset) and commodities. Proprietary traders trade on behalf of the bank itself. Sales traders take instructions directly from clients, placing orders and advising them on market developments and new financial ventures. They are the negotiator between the client and the market maker. Traders may specialise in a particular product, such as shares, fixed-interest bonds or foreign exchange markets. What the job involves Collect relevant information and data Liaise closely with sales staff and inter-dealer brokers Determine the status of the current market via research and data analysis Monitor Irish, UK and international market performance Make prices in specific products Provide key parties with daily trading information Interpret financial/market reports Inform sales staff about market movements/prices Execute trades Gain information from sales staff about client issues How your career can develop Trading offers high levels of responsibility, good promotional opportunities and impressive financial rewards including generous salaries and large bonuses. 8

16 Why it matters? Financial traders are trusted with great responsibility, which can be disastrous if it s abused. In 1995, rogue financial trader Nick Leeson brought about the collapse of one of the world s oldest banks, Baring s, through corrupt financial trading. Skills Confidence Good decision making skills Numerical skills Problem solving skills IT skills Communication skills Analytical skills Interpersonal skills Team working skills Typical employers Financial houses Investment banks Exchanges such as the Irish Stock Exchange Treasury departments of major companies Hedge funds Typical Salary Graduate/Starting 30,000 Senior/Potential 100,000 dependent on bonuses earned Typical qualifications A good degree (2.1) in any subject is required for entry into the profession. Qualifications in economics, politics, business, financial or numerate subjects can be useful. Alternative routes to a bachelor s degree in this area may apply to students that have a PLC qualification in a related course. For further details on eligibility requirements for third level entry following a PLC qualification, students should visit the CAO course search at Further information Irish Stock Exchange: Central Bank of Ireland: Institute of Investing and Financial Trading: Academy of Financial Trading: 9

17 Video: Stockbrokers and stock trading; If you are interested in a career as a trader, visit Qualifax ( to search for relevant courses at all levels and entry points. 10

18 Risk Analyst A crucial link in the investment chain, a risk analyst is a dynamic and diverse role. Some alternative job titles for this role Investment or Financial Risk manager Risk Technician Risk Surveyor Credit Analyst Introduction Financial institutions are required by law to constantly manage market and credit risks. Risk analysts identify and analyse the areas of potential risk threatening the success of organisations such as investment and commercial banks. They are responsible for predicting change and future trends, as well as forecasting costs. There are high degrees of specialisation within the profession. Risk analysts may work in sales, trading, marketing, financial services or private banking, specialising in credit, market, operational and regulatory divisions. What the job involves Analyse and anticipate market trends Conduct research to assess risks Calculate risks involved in transactions and business proposals Use statistical computer programmes Formulate contingency plans Recommend precautionary or improvement measures How your career can develop Risk analysis offers many opportunities to specialise. Credit risk specialists are in demand among banks as banking oversight regulations become more and more stringent. Regulatory risk analysts are also much sought after. Why it matters? Risk analysts have recently been warning of the knock-on global effect on growing insecurity and decline in the Chinese economy. Skills Excellent maths skills IT skills Communication skills Analytical skills Interpersonal skills Teamworking skills Expertise in finance and the markets 11

19 Ability to communicate ideas via reports and presentations, outlining findings and making recommendations Ability to use complex modelling techniques Typical employers Financial houses Investment banks Exchanges such as Irish Stock Exchange Treasury departments of major companies Hedge funds Treasury departments of large companies Typical salary Graduate/Starting 35,000 Senior/Potential 90,000 Typical qualifications Potentially open to all degree disciplines, though employers tend to prefer numerate and business-related subjects. Postgraduate degrees may aid career development. Alternative routes to a bachelor s degree in this area may apply to students that have a PLC qualification in a related course. For further details on eligibility requirements for third level entry following a PLC qualification, students should visit the CAO course search at Further information Chartered Financial Analysts Institute Ireland: The Risk Management Association: Financial Planning Standards Board Ireland: Global Association of Risk Professionals: Video: Work of a front-office risk analyst; If you are interested in a career in risk analysis, visit Qualifax ( to search for relevant courses at all levels and entry points. 12

20 Statistician For those with a gift for maths and a love for numbers, this is a chance to shape the future policies of government and business. Some alternative job titles for this role Actuary Research Statistician Biostatistician Clinical Statistician Econometrician Data Analyst Introduction Statisticians use statistical methods to collect and analyse data and help solve real-world problems in government, business, engineering, the sciences, medicine and a whole range of other fields. Using statistical techniques, they make predictions on population growth, economic conditions, or the outcome of elections. Statisticians often work in teams at various stages throughout the process, from collecting the data to analysis, identifying patterns and preparing strategies. What the job involves Plan ways to collect the information needed using sampling and probability knowledge Use statistical methods to solve specific problems in many fields, such as economics, biology and engineering Analyse and interpret statistical data to identify significant differences in relationships among sources of information Identify trends in data, as well as any factors that could affect the results of research Plan data collection methods for specific projects, and determine the types and sizes of sample groups to be used Process large amounts of data for statistical modelling using computers Report results of statistical analyses, including information in the form of graphs, charts, and tables Supervise and provide guidance for workers collecting and tabulating data How your career can develop Wide scope to specialise in a variety of fields such as bio-statistics, agricultural statistics, business statistics, economic statistics, or other fields. 13

21 Why it matters? Statisticians provide us with information that help us make well informed decisions relating to every day choices, from estimating lung cancer rates to predicting which football team will win the season. Skills Excellent mathematical and numerical skills A logical approach to work Excellent problem solving skills Excellent IT and presentation skills Ability to communicate results clearly, both verbally and in writing Typical employers Government and government departments Economic think tanks Large businesses Hospitals and health agencies Scientific and research facilities Typical Salary Graduate/Starting 35,000 Senior/Potential 80,000 Typical qualifications Open to graduates with sound grounding in maths or statistics. Other gateway degree subjects include: Business Economics Geography Mathematical studies Mathematics Operational research Political science Psychology Social science Alternative routes to a bachelor s degree in this area may apply to students that have a PLC qualification in a related course. For further details on eligibility requirements for third level entry following a PLC qualification, students should visit the CAO course search at 14

22 Further information Central Statistics Organisation: National Statistics Board: Portal to Ireland s Official Statics: Statistical and Social Inquiry Society of Ireland: Irish Statistical Association: Video: This is statistics; If you are interested in a career as a statistician, visit Qualifax ( to search for relevant courses at all levels and entry points. 15