Traditional master's programs in mathematics are designed to prepare the student for a teaching career, or for a statistical or actuarial career in business or government. Many people work their way into positions of financial management if they can find an entry level opportunity to get them started.
One of the more interesting developments in the last few years has been the creation of a new master's degree, the professional science master's (PSM), still a relatively unknown educational opportunity. It is an integrated program with mathematics as its anchor, but designed to fit the graduate into businesses such as nanotechnology, biotechnology, forensic chemistry and other growing high-tech positions. Its first graduates were in 2002. The program is catching on however, and by mid 2004 a PSM was being offered at 45 universities in 20 states.
At the University of Southern California, the Department of Economics and the Department of Mathematics combined to create the PSM. The course catalog provides the following details:
Objective: to produce graduates with rigorous foundation in mathematical modeling and economics of financial markets combined with keen knowledge of business practices
Curriculum spans four disciplines: economics of finance, mathematical modeling and simulations, econometrics/statistics, and numerical methods/computing.
Who should apply: The program is designed for graduates in science, engineering, business, economics, and finance with strong mathematical background who wish to pursue high-tech careers in financial industry or government.
This is a fine example of academia adapting to the changing workplace. Many students interested in math were heading for MBA programs because of limited opportunities in pure applied mathematics.
