Careers in Applied Math and Stats Presentation

CAREER OPPORTUNITIES IN MATHEMATICAL SCIENCES Dongming Wei Professor of Mathematics School of Science and Technology, Nazarbayev University dongming.wei@nu.edu.kz CAREERCAST.COM JOB SURVEYS 147 Stress pts: Quotas (5), Deadlines (9), Advocacy (5), Win or lose situations (5), Working in public eye (5), Competitiveness (15), Heavy lifting (5), Physical demands (14), Environmental Conditions (13), Machines and tools (5), Speed required (5), Hazards (5), Own life at risk (8), Other lives at risk (10), Precision required (5), Initiative required (5), Outdoor work (5), Confinement (5), Detail (5), Public meetings (8) CAREERCAST.COM 2014 BEST JOBS http://www.careercast.com/jobs-rated/best-jobs-2014 Rank Job BLS Median Annual Salary Stress Score Hiring Outlook Mathematician $101,360 63 23% Professor (Tenured) $68,970 73 19% Statistician $75,560 96 27% Actuary $93,680 103 26% Audiologist $69,720 110 34% Dental Hygienist $70,210 112 33% Software Engineer $93,350 125 22% Computer Systems Analyst $79,680 126 25% Occupational Therapist $75,400 129 29% 10 Speech Pathologist $69,870 128 19% CAREERCAST.CO HTTP://WWW.CAREERCAST.COM/SLIDE/BEST-JOBS-2013 M 2013 BEST JOBS Ran k Job Income Stress Hiring Outlook Actuary $87,650 123 27% Biomedical Engineer $81,540 133 62% Software Engineer $90,530 136 30% Audiologist $66,660 140 37% Financial Planner $64,750 159 32% Dental Hygienist $68,250 161 38% Occupational Therapist $72,320 166 33% Optometrist $94,990 190 33% Physical Therapist $76,310 199 39% 10 Computer Systems Analyst $77,740 212 22% CAREERCAST.COM 2012 BEST JOBS Rank Job Income Stress Hiring Outlook Software Engineer $88,142 176 25% Actuary $88,202 266 27% Human Resources Manager $99,102 281 19% Dental Hygienist $68,109 289 36% Financial Planner $104,161 300 23% Audiologist $67,137 311 37% Occupational Therapist $72,110 318 33% Online Advertising Manager $87,255 343 26% Computer Systems Analyst $78,148 370 23% 10 Mathematician $99,191 392 17% BIOSTATISTICS HTTP://WWW.AMSTAT.ORG/CAREERS/BIOSTATISTICS.CFM • Biostatisticians with advanced degrees can look forward to excellent career opportunities in government, industry, and academia The shortage of biostatisticians is noted in Objectives for the Nation and the Seventh Report to the President and Congress on the Status of Health Personnel in the United States • Job prospects for new graduates with master's and PhD degrees in biostatistics are excellent Typical starting salaries range from $35,000 to $65,000 for master's-level graduates and $55,000 to $85,000 for PhD-level graduates • Recent graduates have found positions with employers as diverse as pharmaceutical companies, university research groups, hospitals, and health-related industries OPERATIONS RESEARCH ANALYST HTTP://MONEY.USNEWS.COM/CAREERS/BEST-JOBS/OPERATIONS-RESEARCH-ANALYSTEARCH ANALYST • Operations research analysts are high-level problem-solvers who use advanced techniques, such as optimization, Queueing, data mining, statistical analysis and mathematical modeling, to develop solutions that help businesses and organizations operate more efficiently and cost-effectively • UPS uses operations research to chart the flow of packages, provide real-time route guidance to drivers and help plan and manage distribution In the health care field, the Memorial Sloan-Kettering Cancer Center in New York used operations research to design a radiation treatment plan for prostate patients using sophisticated modeling and computation techniques • Operations research originated with military planners in World War II, according to INFORMS, but businesses and other organizations soon began adopting the techniques Today, operations research analysts can be found in virtually every industry, from manufacturing to finance and throughout the spectrum of government agencies Demand for these professionals should remain high for years to come, as companies and governments seek greater efficiency and cost savings The Bureau of Labor Statistics projects employment growth of nearly 27 percent for operations research analysts between 2012 and 2022, much faster than average for all occupations During that time period, 19,500 new jobs will need to be filled HTTP://MONEY.USNEWS.COM/CAREERS/BEST-JOBS/OPERATIONS-RESEARCHANALYST • According to the BLS, the median annual salary for operations research analysts was $74,630 in 2013 The highest-paid in the profession earned more than $130,210, while the lowest-paid made less than $42,070 The top-paying operations research analysts work in the securities and commodity contracts sphere of the financial industry, and the highestpaying metropolitan areas are New York City; San Jose, California; and San Diego • Salary Range • 75th Percentile$99,210 • Median$74,630 • 25th Percentile$55,110 ACTUARY HTTP://MONEY.USNEWS.COM/MONEY/CAREERS/ARTICLES/2008/12/11/JOB-UNIVERSE-ACTUARY • Through their knowledge of statistics, finance, and business, actuaries assess the risk of events occurring and help create policies that minimize risk and its financial impact on companies and clients Most actuaries are employed in the insurance industry, specializing in either life and health insurance or property and casualty insurance Employment of actuaries is expected to increase by about 24 percent over the 2006-16 period, which is much faster than the average for all other occupations Employment growth in the insurance industry—the largest employer of actuaries is expected to continue at a stable pace, and more significant growth in actuarial jobs is likely in other industries, such as healthcare and consulting firms • Financial Knowledge Many financial securities, such as options and convertibles, are easy to understand conceptually, but are very difficult to model precisely Because of this hidden complexity, the skills most valued in a quant are those related to mathematics and computation rather than finance It is a quant's ability to structure a complex problem that makes them valuable, not their specific knowledge of a company or market • A quant should understand the following mathematical concepts: • Calculus (including differential, integral and stochastic) • Linear algebra and differential equations • Probability and statistics • Key financial topics include: • Portfolio theory • Equity and interest rate derivatives, including exotics • Credit-risk products • Some quants will specialize in specific products, such as commodities, foreign exchange or asset-backed securities • Computer Competency Software skills are also critical to job performance C++ is typically used for high-frequency trading applications, and offline statistical analysis would be performed in Matlab, SAS, S-PLUS/R or a similar package Pricing knowledge may also be embedded in trading tools created with Java, NET or VBA, and are often integrated with Excel Monte Carlo techniques are essential • Education and Certifications Most firms look for at least a Master's degree or preferably a PhD in a "quantitative" subject, such as Mathematics, Economics, Finance or Statistics Master's degrees in Financial Engineering or Computational Finance are also effective entry points for quant careers Generally, an MBA is not enough by itself to obtain a quant position, unless the applicant also has a very strong mathematical or computational skill set in addition to some solid experience in the real world • Consulting firms such as Daniel H Wagner Associates and McKinsey and Company • Aerospace and transportation equipment manufacturers such as Boeing; Ford; General Motors; Lockheed Martin; and United Technologies • Financial service and investment management firms such as Citibank; Moody’s Corporation; Morgan Stanley; and Prudential • Transportation service providers such as FedEx Corporation and United Parcel Service • Communications services providers such as Clear Channel Communications; CenturyLink; and Verizon • Chemical or pharmaceutical manufacturers such as DuPont; GlaxoSmithKline; Merck & Co., Inc.; Pfizer • Medical device companies such as Baxter Healthcare; Boston Scientific; and Medtronic; • Producers of petroleum and petroleum products such as Exxon Research and Engineering; Petróleo Brasileiro S/A/ Petrobras; Shell; and Chevron • Academic institutions such as the Institute for Advanced Study; the Institute for Mathematics and Its Applications (IMA); and the Mathematical Sciences Research Institute (MSRI) • Consumer products companies such as Procter & Gamble and Mars NYU MATHEMATICS OF FINANCE PROGRAM HTTPS://WWW.QUANTNET.COM/RESOURCES/NYU-MATHEMATICS-OF-FINANCE-PROGRAM.2/ • Derivative Securities Risk & Potfolio Mgmt with Econometrics Stochastic Calculus Computing in Finance • Credit Markets and Models Scientific Computing PDE for Finance Interest Rates & FX Models Scientific Computing • 10 Advanced Risk Management 11 Continuous Time Finance 12 Time Series Analysis And Statistical Arbitrage 13 Case Studies in Financial Modeling 14 Computational Methods in Finance 15 Project & Presentation 16 Fin Eng Models for Corp Finance THE MASTER OF SCIENCE IN OPERATIONS RESEARCH PROGRAM COLUMBIA UNIVERSITY • Operations Research: Deterministic Models, Stochastic Models • Simulation • Introduction to Probability and Statistics Logistics & Supply Chain Management Concentration Management Courses (at least two): • • • • • • • • • The Manufacturing Enterprise Studies in Operations Research Resource Allocation: Models, Algorithms, and Applications Quality Control and Management Project Management Applied Systems Engineering Entrepreneurial Business Creation for Engineers Decision Models and Applications Managing Technological Innovation and Entrepreneurship Technical Courses (at least three): • Service Operations • Supply Chain Management • Demand and Supply Analytics • Production and Operations Management • Advanced Engineering and Corporate Economics • Production Scheduling • Logistics and Transportation Management • Operations Management: With Application to Healthcare Management • Machine Learning for OR & FE • Applied Integer Programming • Dynamic Pricing and Revenue Management • Quantitative Risk Management • Service Engineering THE UNIVERSITY OF MINNESOTA, SCHOOL OF PUBLIC HEALTH, DIVISION OF BIOSTATISTICS (MS CORE COURSES) ○ Biostatistics: Regression ○ Theory of Statistics I ○ Biostatistics : ANOVA and Design ○ Analysis of Categorical Data ○ Theory of Statistics II ○ Survival Analysis ○ Two Biostatistics electives ○ Clinical Trials o Statistical Learning and Data Mining o Latent Variable Models ○ Latent Variable Models ○ Statistical Methods for Correlated Data ○ Statistics in Genetics and Molecular Biology ○ Introduction to Bayesian Data Analysis ○ Statistics for Translational and Clinical Research ○ Modern Non-parametrics ○ Applied Multivariate Methods ○ Nonparametric Methods BOSTON UNIVERSITY MASTER OF SCIENCE IN ACTUARIAL SCIENCE HTTP://WWW.BU.EDU/MET/COURSES/GRADUATE/ACTUARIAL-SCIENCE/ Probability and Statistics •MET MA 581 PROBABILITY •MET MA 582 MATHEMATICAL STATISTICS •MET MA 603 SAS WITH STATISTICAL APPLICATIONS •Mathematical Finance •MET AT 721 MATHEMATICS OF COMPOUND INTEREST •MET AT 722 FINANCE FOR ACTUARIES •MET AT 731 ACTUARIAL MATHEMATICS I •MET AT 732 ACTUARIAL MATHEMATICS II •MET AT 741 ACTUARIAL STATISTICS I •MET AT 742 ACTUARIAL STATISTICS II • • • • • • MET AT 751 INDIVIDUAL INSURANCE APPLICATIONS OF ACTUARIAL PRINCIPLES MET AT 752 GROUP INSURANCE APPLICATIONS OF ACTUARIAL PRINCIPLES MET AT 754 CASUALTY INSURANCE PRINCIPLES MET AT 761 MATHEMATICS FOR INVESTMENT AND PORTFOLIO THEORY MET AT 762 MATHEMATICAL FINANCE FOR ACTUARIAL SCIENCE MET AT 782 PENSION MATHEMATICS AND MORTALITY TABLES ORGANIZATIONS THAT HIRE APPLIED MATHEMATICIANS • • • • • • • • Government labs and research offices such as Air Force Office of Scientific Research; Lawrence Berkeley National Laboratory; Los Alamos National Laboratory; Oak Ridge National Laboratory; Pacific Northwest National Laboratory; and Sandia National Laboratories U.S government agencies such as Institute for Defense Analyses Center for Communications Research, National Center for Computing Sciences; National Institute of Standards and Technology (NIST); National Security Agency (NSA); Naval Surface Warfare Center, Dahlgren Division; and the U.S Department of Energy International government agencies such as the Defence Science and Technology Organisation, DSTO (Australia); French Alternative Energies and Atomic Energy Commission (changed name); and National Research Council Canada Federally funded contractors such as the Mitre Corporation; RAND Corporation; and the Aerospace Corporation Engineering research organizations such as AT&T Laboratories – Research; Exxon Research and Engineering; NEC Laboratories America, Inc.; Schlumberger-Doll Research; and IBM Research Computer information and software firms such as Adobe; Google; Kuberre Systems; The MathWorks, Inc.; Mentor Graphics; Microsoft; Mosek; MSC.Software Corporation; Palo Alto Research Center; Thomson West; and Yahoo Research Energy systems firms such as Lockheed-Martin Energy Research Corporation and the Schatz Energy Research Center (SERC) Electronics and computer manufacturers such as Alcatel-Lucent; Hewlett-Packard; Honeywell; IBM Corporation; Motorola Mobility and Motorola Solutions; Philips Research; and SGI INTERNSHIP AND CAREER INFORMATION IN INDUSTRY, RESEARCH INSTITUTIONS, AND GOVERNMENT LABS HTTP://WWW.SIAM.ORG/CAREERS/ • • • • • • • • • • • • • • • • • • • • • Corporate Organizations AT&T Laboratories – Research Bell Labs, Alcatel-Lucent The Boeing Company Birkhäuser Booz Allen and Hamilton General Motors Corporation Hewlett-Packard IBM Corporation Kuberre Systems Lockheed Martin Mentor Graphics Merck & Co Mining Plazza NEC Laboratories America, Inc Palo Alto Research Center Philips Research Schlumberger-Doll Research SAIC Springer Government and Non-Profit Institutions • • • • • • • • • • • • • • • • • • • • • The Aerospace Corporation Air Force Office of Scientific Research American Institute of Mathematics Argonne National Laboratory Defence Science and Technology Organization Institute for Computational Engineering and Sciences Institute for Defense Analyses Johns Hopkins Applied Physics Laboratory Lawrence Berkeley National Laboratory Lawrence Livermore National Laboratory Los Alamos National Laboratory Mathematical Sciences Research Institute National Aeronautics and Space Administration National Institute of Standards and Technology National Research Council Canada National Security Agency Naval Surface Warfare Center Oak Ridge National Laboratory Sandia National Laboratories United States Department of Energy U.S Army Corps of Engineers, Engineer Research and Development Center HARRY MARKOWITZ HTTPS://EN.WIKIPEDIA.ORG/WIKI/HARRY_MARKOWITZ • Harry Max Markowitz (born August 24, 1927) is an American economist, and a recipient of the 1989 John von Neumann Theory Prize and the 1990 Nobel Memorial Prize in Economic Sciences Markowitz is a professor of finance at the Rady School of Management at the University of California, San Diego (UCSD) • During high school, Markowitz developed an interest in physics and philosophy, in particular the ideas of David Hume, an interest he continued to follow during his undergraduate years at the University of Chicago After receiving his B.A., Markowitz decided to continue his studies at the University of Chicago, choosing to specialize in economicsWhile still a student, he was invited to become a member of the Cowles Commission for Research in Economics, which was in Chicago at the time Markowitz chose to apply mathematics to the analysis of the stock market as the topic for his dissertation JAMES HARRIS SIMONS HTTP://EN.WIKIPEDIA.ORG/WIKI/JAMES_HARRIS_SIMONS • James Harris Simons was born to a Jewish family, the only child of Marcia (née Kantor)and Matthew Simons, and raised in Brookline, Massachusetts His father owned a shoe factory He received a Bachelor of Science in mathematics from the Massachusetts Institute of Technology in 1958 and a Ph.D., also in mathematics, from the University of California, Berkeley, under supervision of Bertram Kostant in 1961, at the age of 23 • • In 1964, Simons worked with the National Security Agency to break codes.[20] Between 1964 and 1968, he was on the research staff of the Communications Research Division of the Institute for Defense Analyses (IDA) and taught mathematics at the Massachusetts Institute of Technology and Harvard University, ultimately joining the faculty at Stony Brook University In 1968, he was appointed chairman of the math department at Stony Brook University Simons was asked by IBM in 1973 to attack the block cipher Lucifer, an early but direct precursor to the Data Encryption Standard (DES).[21] Simons founded Math for America He funds a variety of research projects For more than two decades, Simons' Renaissance Technologies' hedge funds, which trade in markets around the world, have employed mathematical models to analyze and execute trades, many automated Renaissance uses computer-based models to predict price changes in financial instruments These models are based on analyzing as much data as can be gathered, then looking for non-random movements to make predictions Renaissance employs specialists with non-financial backgrounds, including mathematicians, physicists, signal processing experts and statisticians The firm's latest fund is the Renaissance Institutional Equities Fund (RIEF) RIEF has historically trailed the firm's better-known Medallion fund, a separate fund that only contains the personal money of the firm's executives "It's startling to see such a highly successful mathematician achieve success in another field," says Edward Witten, professor of physics at the Institute for Advanced Study in Princeton, NJ, and considered by many of his peers to be the most accomplished theoretical physicist alive (Gregory Zuckerman, "Heard on the Street", Wall Street Journal, July 1, 2005) In 2006, Simons was named Financial Engineer of the Year by the International Association of Financial Engineers In 2007, he was estimated to have personally earned $2.8 billion, $1.7 billion in 2006,[17] $1.5 billion in 2005,(the largest compensation among hedge fund managers that year) and $670 million in 2004 Ivo Babuška He studied civil engineering at the Czech Technical University in Prague, where he received the Dipl Ing in 1949 In 1951 he received the degree Dr Tech.; his doctoral dissertation was supervised by Eduard Čech and Vladimir Knichal From 1949 he studied at Mathematical Institute of the Czechoslovak Academy of Sciences and then was the head of the Department of Partial Differential Equations In 1955, he received a Ph.D in mathematics and in 1960 D.Sc in mathematics Babuška works in the field of mathematics, applied mathematics, numerical methods, finite element methods, and computational mechanics In 1968, he became a professor at University of Maryland, College Park, where he retired in 1996 as a Distinguished University Professor In 1989 he cofounded the company ESRD, Inc (http://www.esrd.com/) which developed the StressCheck finite element software, putting into practice much of Dr Babuška's research and contributions to the finite element method.[ PROFILE OF AN APPLIED MATHEMATICIAN J Tinsley Oden The University of Texas at Austin Associate Vice President for Research Director, Institute for Computational Engineering and Sciences Cockrell Family Regents' Chair in Engineering no Peter O'Donnell Jr Centennial Chair in Computing Systems Professor of Aerospace Engineering and Engineering Mechanics Professor of Mathematics EDUCATION AND HONORS • Dr Oden finished secondary school in Alexandria in 1955 and entered Louisiana State University in the fall of that year He earned a B.S degree in civil engineering from LSU in 1959 Dr Oden earned a Ph.D in engineering mechanics from Oklahoma State University in 1962 • He is a Fellow and past President of both the American Academy of Mechanics and the Society of Engineering Science He was awarded the A C Eringen Medal, the Worcester Reed Warner Medal, the Lohmann Medal, the Theodore von Karman Medal, the John von Neumann medal, the Newton/Gauss Congress Medal, and the Stephan P Timoshenko Medal He was also knighted as “Chevalier des Palmes Academiques” by the French government FELLOWSHIP AND SUMMER PROGRAMS • The Langley Aerospace Research Summer Scholars program (http://www.nianet.org/larss/) offers opportunities for both undergraduate and graduate students to spend a summer at NASA Langley working with a researcher The NASA Graduate Student Researchers Program (http://fellowships.hq.nasa.gov/gsrp/nav/) is an agency-wide fellowship program for graduate study in science, mathematics, and engineering related to NASA research and development The award recipients are encouraged to spend part of the year at NASA Once you are looking for a job, you can place your CV at www.usajobs.gov, which advertises jobs in government labs You can sign up for announcements of NASA Research Opportunities (http://nspires.nasaprs.com/external/)