Grad School Choices: MSc Math or Stats?

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SUMMARY

The discussion centers on the decision between pursuing a Master of Science (MSc) in Mathematics versus Statistics for career opportunities. The participant holds a BSc in Mathematics and has experience in modeling biological systems. They express a preference for Statistics, particularly stochastic processes, but are concerned about employability. Feedback indicates that an MSc in Statistics is generally more favorable for job prospects compared to an MSc in Applied Mathematics, especially for those not pursuing a PhD.

PREREQUISITES
  • BSc in Mathematics or a related field
  • Understanding of statistical concepts, particularly stochastic processes
  • Familiarity with mathematical modeling techniques
  • Basic knowledge of software development for business applications
NEXT STEPS
  • Research job market trends for MSc graduates in Statistics versus Applied Mathematics
  • Explore specific MSc programs in Statistics that focus on stochastic processes
  • Investigate career paths available with an MSc in Applied Mathematics
  • Learn about the skills and tools commonly used in statistical modeling
USEFUL FOR

This discussion is beneficial for prospective graduate students in Mathematics or Statistics, career advisors, and professionals evaluating the job market for MSc graduates in these fields.

jpf
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Hi, all. This is my first post. Although my question isn't directly physics related, I hope I will be able to get some feedback, as I haven't had much luck finding career advice forums for math & stats.

I recently obtained a BSc with a major in Mathematics. This is not an honours or specialization degree; instead, I simply took a number of math and stats courses that interested me (ODEs, PDEs, calculus, analysis, modelling, probability, stats, linear algebra, etc.). Other coursework includes 2nd year physics, chem, neuroscience, and genetics.

I am trying to decide what to focus on in grad school. I am old enough that I feel a PhD is more or less unrealistic, but I am willing to devote 2-3 years for an MSc. I have done some undergrad research in modelling related to biological systems and enjoy it. Employment opportunities are a significant concern for me, but I'm not out to make the most money possible, just a reasonably good salary (hopefully 70k+/year after some experience).

I'm attempting to wrap my head around the opportunities and job market for someone with a math background, and I've gotten the impression that a MSc in stats would be more employable than an MSc in applied math (say biomathematics), especially if stopping at the MSc level. I like stats, particularly stochastic processes rather than, say, running t-tests, but I think I prefer modelling. That being said, I'd happily pursue stats if it meant a significantly better chance of a career.

I have a few years experience writing software (mostly business web apps).

I would love to hear some opinions or anecdotes, especially from those who have experience in either or both areas.

Thanks.
 
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If my first post was too long, here are my main questions:

Which master's degree is more likely to enable me to find degree-related work, applied math or statistics?

I've been told a master's is sufficient to start a career in stats. Is the same true of applied math, or is a PhD generally required?
 

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