When talking about mainstream science careers, we must pay special attention to M.Sc in Mathematics. After all, it is one of the most promising and well-paying career choices in the science stream. The scope and salary of M.Sc Maths are highly commendable in India, thanks to our country’s deep-rooted bond with Mathematics.
M.Sc in Mathematics is an ideal option for aspirants who love complex computations and are passionate about Mathematics. The degree allows you to get an in-depth insight into pure and applied Mathematics, wherein you develop problem-solving, analytical, and logical reasoning skills that prove to be immensely useful in solving real-world issues.
This is why M.Sc Maths graduates are always in high demand in both public and private sectors, including educational institutions, research institutes, BFSI firms, IT companies, aeronautical & aerospace institutes, to name a few.
What’s more attractive about M.Sc Mathematics is that the salary of M.Sc Maths is quite steep. Thus, if you are mathematically inclined, an M.Sc Maths degree will not only let you pursue your interests, but it will also ensure that you earn a hefty annual compensation once you step into the job world.
M.Sc Mathematics salary in India: Specialization streams
Let’s take a look at M.Sc Mathematics salary in India, according to different Maths specializations:
The average salary of Mathematicians specializing in calculus is ₹16.8 LPA in India. The salary range for calculus skills is ₹15.1- 18 LPA.
Calculus is a lucrative skill with applications across industries. It is used in computer vision, AI, computer games, network visualization, geography (Google Earth & Google Maps), etc.,
2. Linear Algebra
While the average annual salary for linear algebra is ₹13.5 LPA in India, the salary range for this specialization ranges between ₹10-20.7 LPA.
Linear algebra skills are invaluable in Data Science, particularly Machine Learning.
3. Numerical Analysis
The average annual salary for professionals specializing in numerical analysis is ₹28.6 LPA in India. While the salary range for numerical analysis starts from ₹15 LPA, it can go as high as ₹45 LPA.
Numerical analysis is an integral part of natural sciences, social sciences, and engineering. Today, it is a crucial aspect of the business domain.
4. Statistical Analysis
The average salary for statistical analysis skills stands high at ₹21.8 LPA, whereas the salary range for the domain ranges from ₹11-47.6 LPA. Only the top 10% of skilled statistical analysts earn over ₹29 LPA.
Statistical analysis has a wide range of applications, including business, marketing, manufacturing, finance, banking & insurance, government, healthcare, and engineering.
5. Statistical Modeling
The average salary of experts skilled in statistical modeling is ₹20.2 LPA. The salary range for statistical modeling is expansive, ranging between ₹10-50 LPA, and the highest reported salary for statistical modeling is a whopping ₹63.9 lakhs.
Statistical modeling skills are heavily used in Data Science and Data Analytics. Some of the most common applications of statistical models are predictive modeling, clustering, attribution modeling, etc. Statistical modeling forms the base for market segmentation, recommendation engines, and survival analysis.
6. Fluid Dynamics
The average salary for professionals skilled in fluid dynamics is ₹14.6 LPA. While the salary range is ₹10-29.4 LPA, the highest reported salary for fluid dynamics is ₹31 lakhs.
Fluid dynamics is used in several industries, including astrophysics, meteorology, aerospace, automotive, power generation, chemical manufacturing, polymer processing, and medical research.
Factors affecting M.Sc Mathematics salary in India
Numerous factors influence the salary of M.Sc Maths in India. They are:
1. Job Role
Different Mathematics job roles demand a unique set of skills and expertise. Hence, the salaries accompanying each job profile is also different.
It is a well-known fact that the more advanced degree you have, the higher your annual salary will be. For instance, while a Mathematics Prof. with a Master’s degree earns an average salary of ₹31,200 per month, a Mathematics Prof. with a Ph.D. draws a monthly salary of ₹60,300, depicting a 93% increase over a Master’s degree.
Mathematics skills find applications in numerous industries, including education, healthcare, engineering, BFSI, information technology, management, and aviation, to name a few. Each sector has a specific salary range.
Industry experience matters, particularly regarding salary packages. While entry-level professionals receive a starting salary ranging between ₹3.8-4.5 LPA, the salary for mid-level positions (1-4 years of experience) increases to ₹6-7.7 LPA.
The highest paying Maths skills include Python, C++, Matlab, SQL, R, calculus, linear algebra, data analysis, statistical analysis, and machine learning.
Highest Paying Jobs for M.Sc Mathematics Candidates
1. Quantitative Analyst
The profile of a Quantitative Analyst is crucial in stock trading. They work closely with other Maths and financial experts to devise and improve trading protocols and strategies. Quantitative Analysts build analytical models, identify the best tools to create and maintain stock portfolios, and use a combination of software tools to help companies manage their business operations and stock portfolios. They have excellent mathematical and analytical skills.
The average salary of Quantitative Analysts in India is ₹967,725.
2. Data Scientist
Data scientists are experts who are well-versed in Mathematics, Statistics, Computer Science, and Information Technology. They specialize in collecting, processing, and analyzing large sets of unstructured and structured data to find meaningful patterns for making informed business decisions. In other words, Data Scientists are technical and analytical experts who can make sense of complex data to solve real-life problems.
The average salary of Data Scientists in India is ₹813,693. Read more on data scientist salary.
3. Mathematics Professor
Mathematics Professors teach in colleges and universities. They teach courses related to Mathematics, Statistics, and Actuarial Science. Maths Professors are involved in both teaching and research work. Apart from this, they offer academic counseling to students, evaluate their assignments and projects, and teach students how to apply various mathematical concepts and techniques to solve specific problems.
The average annual salary for a Maths Professor in India is ₹700,000.
4. Chartered Accountant
Chartered Accountants are financial experts who work for large corporations, private practice firms, or independent professionals. Taking an advisory role, they manage a company’s financial systems, plan budgets, conduct financial audits, analyze risks, and offer actionable advice on matters like tax planning, business acquisitions, forensic accounting, corporate finance, etc. Chartered Accountants also counsel clients on improvement areas and teach them how to deal with tax, treasury, and insolvency issues.
The average salary for Chartered Accountants in India is ₹788,760.
5. Business Analyst
Business Analysts combine the best of both worlds – IT and business. They use data analytics to evaluate business processes’ efficacy and performance, define the hardware and software needs of a company, and deliver data-driven reports and strategies to senior-level executives and stakeholders.
Apart from strong analytical skills, Business Analysts must have excellent data visualization and data reporting skills, along with business acumen.
The average salary of Business Analysts is ₹607,518 in India. Read more on business analyst salary in India.
Top Recruiters of M.Sc Mathematics Graduates
M.Sc Mathematics candidates can find promising job opportunities in esteemed Indian institutions like DRDO, BARC, ISRO, etc. Candidates with a passion and flair for academia usually enter educational institutions like schools, colleges, universities, and other private learning institutes.
Apart from these mainstream employment opportunities, M.Sc Maths graduates can land high-paying job roles in companies like American Express, Barclay’s, Ford, Accenture, TCS, IBM, Wipro, Cognizant, McKinsey & Company, Inc., EY (Ernst & Young), Prudential, ICICI Bank, Axis Bank, Capital One, and Deutsche Bank.
M.Sc Mathematics candidates can choose from a wide range of careers, such as teaching, banking & finance, IT, actuarial science, mathematics research, market research, and scientific research.
Since they possess in-depth knowledge of pure and applied mathematics and have strong analytical skills, M.Sc Maths graduates hold a high professional value in the data-driven industry. As an M.Sc Maths graduate, you’ll find plenty of scopes to explore and grow as a professional.
We hope this detailed article offered you a rough idea of what you can look forward to after obtaining an M.Sc degree in Mathematics.