Strong ROI with an unusually wide ceiling — and a crowded master's tier
Applied mathematics delivers. Bachelor's graduates earn $62,641 at year one and $94,637 by year four per College Scorecard, and Census PSEO puts the 10-year median at $110,609 — with the top quartile clearing $151,645. Debt is manageable: the institution-level fallback is $21,417 across 417 schools, producing a debt-to-income ratio of 0.342 at the bachelor's level, inside the healthy threshold of 0.40. The primary occupation — financial and investment analysts — projects +5.7% growth through 2034, modestly above the 4% all-occupations baseline, with ~25k annual openings. The more compelling part of this degree's story lies in the adjacent destinations: data scientists are growing at +33.5% with a $112,590 median wage, and actuaries at +21.8% with $125,770. The honest caveat is structural: 60% of applied mathematics credentials are awarded at the master's level, and the labor market reflects that — many employers treat the bachelor's as a qualifying floor, not a finishing credential. Students who stay at the bachelor's still do well, but those who invest in a master's or pivot into quantitative roles earn substantially more.
- ROI A
- Employment B+
- Debt burden A−
- Projected demand B
Applied mathematics sits in an unusual position: it's simultaneously one of the most employer-versatile STEM degrees and one of the least understood by students picking a major. The tension isn't whether the degree pays — it does. The tension is whether a bachelor's is enough, or whether this is a field where the master's is quietly becoming the real entry credential.
The numbers favor this degree decisively at the top level. Census PSEO puts the 10-year median at $110,609, with the 75th percentile at $151,645 and even the 25th percentile at $76,798 at year ten. The primary BLS-mapped occupation — financial and investment analysts — projects +5.7% growth through 2034, modestly above the all-occupations average of 4%. But the more interesting story is in the adjacent destinations: data scientists are growing at +33.5%, actuaries at +21.8%, and the blended annual openings across the full occupation set reach ~87k/yr. That's a wide door, not a narrow one. Of the 4,085 students who completed bachelor's degrees in applied mathematics in 2024, the labor market absorbs them into a broad range of quantitative roles.
One important structural note: field-level debt data isn't published by College Scorecard for this CIP code, so debt figures throughout this page use the institution-level average across 417 schools — a useful directional estimate, not a credential-specific breakdown. The rest of this page works through each path's cost, earnings, and occupational outlook.
- ✓ Census PSEO shows 10-year median earnings of $110,609, with the 75th percentile reaching $151,645.
- ✓ Bachelor's debt-to-income ratio is 0.342 ($21,417 debt vs. $62,641 year-1 earnings) — within the healthy 0.40 threshold.
- ✓ Data scientists — a primary adjacent destination — project +33.5% growth through 2034 with $112,590 median wage.
- ✓ Actuaries project +21.8% employment growth through 2034 with a $125,770 median wage and 2.4k annual openings.
- ✓ Three-year loan default rate across 417 applied mathematics-producing institutions is just 0.001%, signaling reliable repayment.
- ! Master's completions (5,919) outpace bachelor's (4,085) in 2024 — 60% of graduates hold advanced credentials, raising the competitive floor.
- ! Primary occupation (financial and investment analysts) grows only +5.7% through 2034 — above baseline but not a standout growth story.
- ! College Scorecard field-level debt data is sparse for all credential tiers; figures rely on institution-level averages across 417 schools.
Where applied mathematics graduates actually land
Census Post-Secondary Employment Outcomes (PSEO)
Earnings by credential level
College Scorecard field-level earnings (years 1–4 post-grad, aggregated across institutions)
What it costs, what you earn, what's left over
Field-level debt data isn't published by College Scorecard for applied mathematics (CIP 27.03). Every debt figure here is the institution-level average across 417 schools that produce applied mathematics credentials — $21,417. That figure covers graduates from community colleges through research universities, so it's a rough proxy, not a precise credential-level number.
At the bachelor's level, the picture is clean. Year-one earnings of $62,641 per College Scorecard against $21,417 in median debt produces a debt-to-income ratio of 0.342 — comfortably inside the healthy threshold of 0.40. At year ten, Census PSEO puts the median at $110,609, meaning the debt load represents a diminishing fraction of earnings as careers progress. The master's level looks even better on paper: $81,533 in year-one earnings against the same $21,417 fallback debt yields a ratio of 0.263 — the best of any tracked credential tier. The caveat is real: that debt figure almost certainly understates what a full-price master's program costs; the $21,417 is an institution-wide average anchored by undergraduate programs at schools that also offer graduate degrees. Students financing a master's out of pocket should budget closer to $30,000–$60,000 depending on program selectivity. The 3-year loan default rate across producing institutions is just 0.001% — far below the roughly 3% Scorecard-wide average for 4-year institutions — confirming that graduates service their debt without distress.
The credential paths that actually produce graduates
Scorecard field-level earnings + completions_by_program (most recent year) aggregated by credential tier
Associate's
- Completions / yr 2
- Year-1 earnings —
- Year-4 earnings —
- Median debt $21,417
- % women 0.0%
- Schools 4
Bachelor's in Applied Mathematics (BS)
A four-year program covering differential equations, linear algebra, probability, mathematical modeling, and computational methods. Leads to roles in financial analysis, data science, actuarial work, and quantitative research at bachelor's entry. Year-1 median earnings are $62,641, rising to $94,637 by year four per College Scorecard.
- Completions / yr 4,085
- Year-1 earnings $62,641
- Year-4 earnings $94,637
- Median debt $19,892
- % women 36.4%
- Schools 314
The right starting credential for most students — opens the core job market and provides a strong platform to specialize or advance.
Master's in Applied Mathematics (MS)
A one-to-two-year graduate program deepening expertise in optimization, numerical analysis, stochastic processes, or computational mathematics. Master's graduates earn $81,533 at year one and $125,498 by year four per College Scorecard — a $30,000+ premium over bachelor's in year one.
- Completions / yr 5,919
- Year-1 earnings $81,533
- Year-4 earnings $125,498
- Median debt $43,378
- % women 34.4%
- Schools 204
Essential for students targeting quantitative research, actuarial advancement, or roles in industry and government that require specialized modeling expertise.
Doctoral
- Completions / yr 348
- Year-1 earnings —
- Year-4 earnings —
- Median debt $21,417
- % women 38.8%
- Schools 79
The bachelor's is a genuine on-ramp, not a dead end — but the master's pays a $30,000 year-one salary premium and dominates completions volume, so students with serious quantitative ambitions should treat it as the real target credential.
The credential split in applied mathematics is striking and worth naming upfront: master's completions (5,919) outnumber bachelor's completions (4,085) in 2024, making this one of the few fields where graduate credentials dominate the production volume. The advanced share is 59.7%. That's not a coincidence — it reflects a labor market that increasingly treats the master's as the serious entry credential for quantitative roles.
The earnings gap between the two tiers is large and grows over time. Bachelor's graduates earn $62,641 at year one and $94,637 by year four per College Scorecard. Master's graduates start at $81,533 — a $18,892 year-one premium — and reach $125,498 by year four, a gap of $30,861. That's not a rounding difference; it's a different compensation bracket. The bachelor's is not a dead end — year-four earnings of $94,637 are strong in absolute terms — but students competing for quantitative research, modeling, and data science roles at the senior level will find themselves alongside master's holders regularly.
The associate's path is essentially nonexistent here: just 2 completions in 2024 across 4 institutions. Doctoral completions (348) are present but serve research and academic pipelines, not the typical student's employment horizon. The gender composition skews male at both major tiers — 36.4% women at the bachelor's level and 34.4% at the master's — a demographic pattern that reflects both the broader STEM gender gap and the quantitative finance and tech destinations this degree primarily feeds. There's no natural bridge-credential path in this field; the move from bachelor's to master's is the relevant progression, and it's best done either immediately post-undergraduate or after 2–3 years of industry experience building a clear specialization.
Who completes these degrees
IPEDS completions_by_program, most recent year, first-major only
- 2023 11,081
- 2024 10,501
Where graduates land professionally
BLS 2024–2034 Employment Projections via CIP-to-SOC crosswalk
| SOC | Occupation | Employed '24 | Growth | Openings/yr | Median wage | Entry |
|---|---|---|---|---|---|---|
| 13-2051 | Financial and investment analysts | 369k | +5.7% | 25k | $101,350 | Bachelor's degree |
| 15-2051 | Data scientists | 246k | +33.5% | 23k | $112,590 | Bachelor's degree |
| 13-2099 | Financial specialists, all other | 137k | +3.1% | 10k | $80,190 | Bachelor's degree |
| 11-9121 | Natural sciences managers | 104k | +3.7% | 8.5k | $161,180 | Bachelor's degree |
| 19-1029 | Biological scientists, all other | 64k | +1.2% | 4.8k | $93,330 | Bachelor's degree |
| 13-2054 | Financial risk specialists | 61k | +6.5% | 4.8k | $106,000 | Bachelor's degree |
| 25-1022 | Mathematical science teachers, postsecondary | 59k | +2.3% | 4.4k | $79,350 | Doctoral or professional degree |
| 15-2011 | Actuaries | 34k | +21.8% | 2.4k | $125,770 | Bachelor's degree |
| 15-2041 | Statisticians | 32k | +8.5% | 2.0k | $103,300 | Master's degree |
| 19-3011 | Economists | 18k | +1.2% | 0.9k | $115,440 | Master's degree |
The primary BLS destination for applied mathematics graduates is financial and investment analysts (SOC 13-2051) — 368.5k employed in 2024, a median wage of $101,350, and projected +5.7% growth through 2034, outpacing the all-occupations average of 4%. Annual openings run to ~25k/yr. This is the standard landing zone for quantitative finance roles — portfolio analysis, securities research, and investment modeling at banks, asset managers, and hedge funds. It's the anchor occupation, and it's a solid one.
The advanced-practice tier includes financial risk specialists (SOC 13-2054), projecting +6.5% growth with a $106,000 median wage and 60.5k currently employed. These roles — risk management, credit risk, model validation — are natural specializations for applied mathematics graduates with a few years of experience. Financial specialists more broadly (SOC 13-2099) project slower growth at +3.1% but employ 137.1k, providing a wide baseline.
The more compelling growth story sits in the adjacent destinations. Data scientists (SOC 15-2051) project +33.5% growth — the fastest in the occupation set — with 245.9k currently employed, 23.4k annual openings, and a $112,590 median wage. Actuaries (SOC 15-2011) grow at +21.8% with a $125,770 median. Natural sciences managers (SOC 11-9121) employ 104.3k at $161,180 median — a senior destination, but one that applied mathematics graduates reach as they advance into leadership. These adjacent roles are not automatic; they require specialization, additional certifications (actuarial exams, data science skills), or years of field experience. But they're reachable with this degree, and collectively they explain why 10-year PSEO earnings of $110,609 median sit well above the primary-tier occupation's median wage.
Where demand is growing
State workforce agencies publish their own 10-year projections for financial and investment analysts — growth varies sharply by state, and where you plan to live changes the calculus.
| Utah | +26.2% | 280 openings/yr |
| Texas | +24.6% | 2,390 openings/yr |
| South Carolina | +23.1% | 290 openings/yr |
| Wyoming | +20.0% | 0 openings/yr |
| Idaho | +17.2% | 50 openings/yr |
| Arizona | +17.2% | 430 openings/yr |
| Montana | +16.7% | 20 openings/yr |
| Tennessee | +16.1% | 290 openings/yr |
| California | 2,810/yr | +8.4% growth |
| Texas | 2,390/yr | +24.6% growth |
| Florida | 1,310/yr | +14.6% growth |
| Illinois | 1,030/yr | +4.3% growth |
| North Carolina | 870/yr | +13.4% growth |
Schools producing the most graduates
Volume, not quality — completion counts across all credentials. See our rankings pages for outcome-weighted school scores.
- 305
- 2293
- 292
- 282
- 5269
- 266
- 263
- 253
- 233
- 10204
Pursue applied mathematics at the bachelor's level if quantitative work is your genuine interest and you have a specific destination in mind — financial analysis, data science, or actuarial preparation. The bachelor's is a real credential: $62,641 at year one, $94,637 by year four, a debt-to-income ratio of 0.342, and access to a broad occupation set that includes financial analysts, data scientists, and risk specialists. That's an excellent return on four years. Plan for the master's if you can: the year-one earnings premium of $18,892 and year-four premium of $30,861 over the bachelor's are not marginal improvements. The field's completion profile — 5,919 master's versus 4,085 bachelor's completions in 2024 — tells you where the competition is concentrating. If you're aiming at quantitative research, advanced modeling, or actuarial roles, the master's is the actual target credential, not a nice-to-have. The best move for most students is to complete a strong bachelor's, enter the workforce in a quantitative role, and return for a master's within 3–5 years once a specialization is clear — ideally on an employer's tuition benefit.
The recommendation flips for one type of student: those who chose applied mathematics because it sounded more practical than pure math but don't actually enjoy rigorous quantitative problem-solving. The occupation destinations in this field — financial modeling, statistical analysis, algorithmic work — require sustained engagement with abstraction and numbers under real-world pressure. If that sounds like a grind rather than a craft, no salary trajectory fixes the fit. The degree is genuinely strong; it needs a student who genuinely wants to use it.
Informed inquiries
Can I get a good job with just a bachelor's in applied mathematics, or do I need a master's?
A bachelor's opens real doors. College Scorecard shows bachelor's graduates earning $62,641 at year one and $94,637 by year four — strong numbers. Financial and investment analysts (the primary BLS-mapped destination) require a bachelor's and project ~25k annual openings through 2034. That said, the field's completion profile tells you something: 5,919 master's credentials were awarded in 2024 versus 4,085 bachelor's. Employers in quantitative finance, risk modeling, and data science often use the master's as a signal of seriousness. The bachelor's is the floor; the master's changes your competition pool significantly. For roles in financial analysis or business analytics, a bachelor's is sufficient. For actuarial, research, or senior quantitative roles, plan for the master's.
Is applied mathematics good for data science careers?
Yes — this is one of the strongest academic backgrounds for data science. Data scientists (SOC 15-2051) are BLS-classified as an adjacent destination for applied mathematics graduates, projecting +33.5% growth through 2034 — more than eight times the all-occupations average of 4%. There are 245.9k data scientists employed today, with 23.4k annual openings projected. Median wage is $112,590. Applied mathematics builds the foundational skillset directly: statistical inference, optimization, linear algebra, and computational methods are the core toolkit. Students should supplement the degree with programming skills (Python, R) and domain exposure to make the transition clean. The bachelor's is sufficient for entry-level data science; senior roles increasingly prefer a master's.
How does the debt load compare to what applied mathematics graduates actually earn?
The ratio is healthy at both major credential tiers. The institution-level median debt across 417 applied mathematics-producing schools is $21,417 — College Scorecard doesn't publish field-level debt for this CIP code, so this is the best available figure. Against bachelor's year-one earnings of $62,641, the debt-to-income ratio is 0.342 — inside the healthy threshold of 0.40. At the master's level, year-one earnings of $81,533 produce an even better ratio of 0.263. The 3-year loan default rate across producing institutions is just 0.001%, far below the roughly 3% Scorecard-wide average for 4-year institutions. Applied mathematics graduates repay their loans; the field produces earners who can service debt comfortably.
What are the best-paying careers I can realistically target with this degree?
The ceiling in this field is high. Natural sciences managers (SOC 11-9121) carry a $161,180 median wage and employ 104.3k — though most reach that role after a decade of experience. Actuaries earn $125,770 median and are growing at +21.8% through 2034. Data scientists earn $112,590 with the fastest growth in the occupation set at +33.5%. Financial risk specialists (SOC 13-2054) earn $106,000 and grow +6.5%. Even the primary destination — financial and investment analysts — pays $101,350 median. The 10-year Census PSEO figure of $110,609 median across all applied mathematics graduates reflects this ceiling: the degree's versatility means outcomes spread across multiple high-wage occupation buckets rather than concentrating in one.
How does applied mathematics compare to a pure mathematics or statistics degree for job market purposes?
Applied mathematics is more directly employer-legible than pure mathematics and overlaps substantially with statistics while offering broader occupational breadth. The CIP code (27.03) maps to a set of BLS occupations spanning financial analysis, data science, actuarial science, and scientific management — whereas pure math graduates often need an additional signal (grad school, a quantitative minor, or industry experience) to translate their degree into employer interest. Statistics degrees are narrower: statisticians employ 32.2k and grow at +8.5%, a solid but smaller market than the full applied mathematics destination set. The applied framing is a genuine practical advantage: it signals modeling and computational capability that translates directly into most quantitative hiring pipelines.
Is the master's degree worth the extra time and money?
The earnings data makes a strong case. Master's graduates earn $81,533 at year one — $18,892 more than bachelor's year-one earnings of $62,641 per College Scorecard. By year four, the gap widens: master's graduates earn $125,498 versus $94,637 for bachelor's holders — a $30,861 annual difference. Debt is held constant at $21,417 (institution-level fallback), so the master's debt-to-income ratio of 0.263 is actually more favorable than the bachelor's 0.342. The caveat: those debt figures likely understate the actual cost of a graduate program. Students paying full freight for a master's should factor in opportunity cost — two years of foregone salary plus tuition. On employer-sponsored tuition or with a strong scholarship, the master's is a clear yes.
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