Mathematics Career In International Business#038;nbspEssay

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Mathematics: Career in Mathematics

Slide 1: PHASE 1 (The Portfolio)

Table 1: The selected career (an economist) and its relevant information

Job description: Necessary education

Bachelors in Math, but some private jobs ask for higher-level degrees like Ph.D.

Job description: What classes are required

Math, Stats, Calculus, and Economics

Job description: Tests or classes required

The classes required are advanced calculus, linear algebra, differential equations, and basic probability theory. No specific Math test is required other than having a basic understanding of Math and Economics

Job description: What math is used on a typical day in this career

Making computations, finding total costs against the revenues, curves that predict profit maximization, growth models, variability of the curves, making forecasts, and estimating risks

Job description: How is math used in this career

Math is used in decision-making, problem-solving, estimating risks and benefits of a strategic plan, finding ways to save money, attracting potential investors, and determining the companies long-term success with calculating financial advantage.

Colleges: Costs and scholarships

A degree in economics major along with relevant degrees in Math, Stats, and business studies, is required along with at least five DCSEs (A-C), plus three A level qualifications are essential. A company or government institute where the applicant is looking for an economist job can generate their tests to judge the applicants ability for Math and inclination towards economics. College costs for completing a Math Bachelors degree is $7,453, while for out-of-state Math students, it is $26,510 for the academic year 2020-21.

Financial assistance and scholarships could be availed for all Math Bachelors and Masters Students as there are several options for need-based and merit-based scholarships for the deserving ones. Some of the basic types of scholarships for Math majors include academic scholarships, athletic scholarships, scholarships for minorities, niches, scholarships designated for community service, creative scholarships, and leadership purposes.

Expected salary

The annual median salary of an economist is expected to be $108,350

Personality traits best suited for the career

Having a mathematical ability, social science knowledge, having the capability of understanding complex mechanisms, being inquisitive, possessing the ability to think independently, equipped with written and verbal communication skills along with proficiency in Microsoft Word, Excel, and PowerPoint, feeling comfortable while dealing with uncertainty, written and verbal communication skills, having the aptitude to motivate one own self and broad-mindedness

Slide 2: PHASE 1 (Job Description)

The selection of career and its reason

Educational degrees required for the selected career

The essential tests or classes for becoming an economist

Most of the math used in this career is about making estimations, calculating profits and costs, making graphs, predicting the curves, etc.

Math is used in this career for decision-making, problem-solving, estimating costs and potential benefits, etc.

The career that I want to pursue is as an economist after having a Mathematics degree since economists are most in demand by the companies to assess their market needs and trends. The companies need masterminds who should think where their resources should be allocated intelligently and how much distribution would be profitable along with maximum cost-cutting. In addition, the job could be suitable for government-based institutions, insurance firms, research institutes, etc. (Trade Schools, Colleges and Universities, 2020).

The regular economist position in most companies can do with a Math Bachelors degree. Still, private companies ask for advanced-level qualifications for being eligible for selection and training. The amount of Math that is needed to become an economist is normally not intensive (California State University San Marcos, n.a.); however, the reason for choosing this career after having a Math degree is that the career is highly paid and is required on a wider scale in numerous companies and government institutions. Math and Stats are required for most economics majors, and an introductory level Calculus course is also needed. Moreover, as mentioned earlier, in the private sector, higher-level degrees are required, in which Ph.D. programs ask for advanced calculus, linear algebra, differential equations, and basic probability theory (American Economic Association, n.a.).

There is no specific Math test required to become an economist; still, having a Math course degree would suffice. Since it should be understood that basic mathematics is the major requirement for an economist since the career requires predicting the future trends and putting in personal analysis for an economic situation. Hence, Math is the primary requirement, along with the persons understanding and problem-solving skills.

Although the Calculus course is required for an economist position, most of the economists job is based on diagrams, graphs, and tables for forecasting the financial future for the companies and less of the equations, differentials, and algorithms.…handling numbers in big data is already a complex mechanism that an economist has to look into, intensive research and its elucidation are necessary for this career. It becomes mandatory for the economist to invest extra time and effort in punching in numbers, serching about the trends, and presenting them in graphical forms. Microsoft Word, PowerPoint, and Excel expertise are primarily imperative. This also requires an economist to be endowed with adept written and communication skills.

Making sense of the long, systematic, and scientific documents, company reports, latest trends, and pulling together the collected great amounts of information is the basic skill needed by an economist. Having a strong sense of curiosity is an added value for the person as he would be able to search more for the topic an economist cannot decipher with the available information.

Since an economist would have to work mostly with secondary sources such as market trends and company reports, he should think independently so that personal analysis and problem-solving abilities could prove fruitful for the company. His predictions and thoughts would create meaning for the company so that new directions and possibilities could be adopted; he should mention where costs could be saved and where maximum benefits could be earned.

An economists special thinking talents would be of use when he uses deep thinking and does not fear engaging in controversial discussions about number and financial possibilities since he would be the one who would make presentations and tell stakeholders about the prospects at conferences, seminars, or business meetings. Thus, he should be equipped with speaking and presentation tactics and have an inborn comfort level while dealing with uncertainty.

Open-mindedness is another important aspect of the personality that an economist must inherit for being counted as a qualified applicant. It is said that when an economist handles unpredictable situations and market circumstances, he must be open to new perspectives and welcome new ideas from others. He can disagree with other peoples opinions; still, he should be firm on his beliefs and research so that opportunities for adjustment exist. A productive ingredient in his personality would be his self-motivation and aspiring mindset to push to his limits to complete the assigned tasks and enlist his priorities.

Slide 6: PHASE 2 (The Infographic)


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