The best Masters in Mathematics and Statistics can provide students with the skills they need to compete in a highly specialized niche. These degrees are often considered to be elite, simply due to the intricate and highly detailed nature of the work that is done. Those who have that passion can expect to excel in almost any type of career that relies on mathematics or statistics as a core component. This includes manufacturing, finance, insurance, and economic development.
If a student chooses to pursue a degree in mathematics or statistics, they are opening the door to an extremely lucrative career path. Actuaries, research analyst, or economists are all in high demand and will allow you to advance when the opportunity arises. In today’s technology-oriented world, these careers will continue to expand and grow. The opportunities for advancement will only be limited by the student’s desire to move forward.
Methodology: Ranking the Best Mathematics and Statistics Master’s
To rank the best mathematics and statistics master’s degree programs for business, Great Business Schools focused on accredited, trusted institutions known for educational quality and graduate success. From our initial research, we ranked programs by practical data: Cost, Reputation, and Salary, using numbers from IPEDS, College Scorecard, and Niche.
1. Rice University
When you are looking for the best statistics masters degree program to help with your long-term career goals, the program at Rice University is a good option to help with your plans. The Master of Statistics from the university emphasizes the use of statistics in a professional setting. It teaches students the processes to apply their knowledge and skills to business, healthcare, defense, and other professional fields.
Rice University stands apart from other programs by teaching students from world-class professionals in statistics. The university also provides students with research opportunities that offer practical skills that they can use when working on their long-term career goals. By emphasizing a combination of research and practical application of skills, students are able to prepare for their careers.
Highlight: Rice University founded the statistics program in the university in 1987 and has emphasized research since it was founded.
Degree: Masters Degree in Statistics
2. Carnegie Mellon University
Obtaining the best masters in mathematics prepares you to take on challenging career goals. Carnegie Mellon University offers one of the best programs for students who want to pursue a master’s degree in mathematics. The Master of Science in Mathematical Sciences provides students with a strong foundation in mathematics and statistics to prepare for a challenging career path. It provides students with the opportunity to work on developing their skills and building on previous knowledge.
Carnegie Mellon University allows students in the mathematical sciences program to focus on their own area of interest as it applies to mathematics at the master’s level. Students work with the department head and the director of graduate studies to ensure that classes are appropriate for the degree program. The level of customization sets the program apart and allows students to develop skills that are ideal for their career goals.
Highlight: Carnegie Mellon University offers research opportunities to students in the mathematical sciences master’s program.
Degree: Mathematical Sciences, MS
3. University of Notre Dame
The University of Notre Dame offers one of the best masters programs in statistics for students who want to focus on statistics for their careers. The Applied and Computational Mathematics and Statistics program at the master’s level provides students with a firm understanding of the application of statistical data and mathematical formulas used in the finance industry. The program teaches students the practical application of problem-solving skills as well as the analytical skills they need to work in a fast-paced environment.
The University of Notre Dame stands out by focusing on the use of mathematics in a specific industry and field of study. Since it teaches students to use their skills in the finance industry, it gives students the opportunity to gain experience that fits with their career goals. It is ideal for students who want to work in the finance industry to support other professionals or to evaluate data.
Highlight: The University of Notre Dame sets high standards for student excellence and has multiple requirements before students qualify for the master’s program.
Degree: Applied & Computational Mathematics & Statistics, MS
4. University of Chicago
The University of Chicago offers one of the best statistics masters programs for students who want to work in mathematics and statistical research. Master of Science in Statistics provides students with the fundamental tools they need to evaluate statistical data. It provides a strong foundation that gives students the opportunity to work in a variety of fields or industries.
The University of Chicago takes a comprehensive quantitative approach to statistics. The program encourages students to learn the theories behind statistics as well as the practical application of statistics in different fields or industries. It also emphasizes research and allows students to work directly with researchers as consultants to gain practical experience.
Highlight: The University of Chicago requires students to complete a Master’s paper as part of the program.
Degree: Statistics, MS
5. Lehigh University
Lehigh University offers one of the best masters in mathematics for students who want to study statistics. The master’s degree in statistics emphasizes the importance of probability when evaluating and reviewing data. It teaches students the proper way to use information and data to draw conclusions based on the probability of an outcome and the specific amount of information gathered for the data.
Lehigh University allows students to choose from two tracks of study. Students can study Stochastic Modeling or Statistics as part of the program. Since students can choose from two tracks, it allows students to gain specialized skills or to maintain generalized skills based on their personal goals.
Highlight: Lehigh University requires students in the master’s program to pass an exam on statistics, probability, and linear algebra before they qualify for the program.
Degree: Statistics, MS
6. Michigan State University
Michigan State University offers one of the best statistics masters programs for students who want to focus on using data to learn. The Statistics and Probability program emphasizes the use of information to solve real-world problems and to evaluate theoretical concerns that may arise in the future. That emphasis on solving problems ensures that students are prepared to work in a variety of industries and fields.
Michigan State University stands out by focusing on quality education. It emphasizes the use of statistical data in real-world settings and ensures that students are aware of the uses of statistics in different fields or industries. That focus on ensuring that students have practical and theoretical skills helps students work on their personal career goals.
Highlight: Michigan State University allows students to transfer credits from other accredited colleges and universities.
Degree: Statistics & Probability, MS
7. Binghamton University
The Statistics program for master’s level students at Binghamton University prepares students to handle the challenges they will face in a real-world environment. As a master of arts program, students are given a versatile curriculum that offers unique perspectives into the application and use of statistics in different fields of study or industries. Students are encouraged to develop their mathematical skills while also learning to use modern tools and technology.
Binghamton University stands out from other programs by exposing students to software and tools, as well as theories and methods, used in statistics. By ensuring that students are fully aware of the use of software and technology in modern statistical analysis and data science, the university prepares students to work in challenging careers.
Highlight: Binghamton University offers a 4 + 1 program for students who obtain a bachelor’s degree from the university, so students can finish the master’s program in one year.
Degree: Statistics, MA
8. Case Western Reserve University
The Master of Science in Statistics from Case Western Reserve University is one of the best programs for students who want to work as a statistician or take on challenging roles in data analysis. The program gives students a strong foundation in mathematical skills, theories, and formulas that are used in statistics and probability. It also allows students to focus on their personal goals by providing a level of customization to course materials.
Case Western Reserve University allows students to work with senior faculty or the director of graduate studies to develop a plan for their course materials and studies. While students will need to complete certain courses as part of the program, they also have the opportunity to choose specialized courses that develop their skills as it relates to their career goals.
Highlight: Case Western Reserve University requires students to complete a master’s thesis or research project as part of the program.
Degree: Statistics, MS
9. Duke University
Duke University offers one of the best graduate degree programs in mathematics for students who want to focus on developing their skills and building on their educations. The PhD program in Mathematics takes an interdisciplinary approach to the study of math and encourages students to interact with others in computing and statistics programs. It offers students insight into different ways that math may apply to variable fields or industries.
Duke University offers seminars to encourage intellectual engagement in students. The regular seminars offer students the opportunity to keep up with modern advances in mathematics. Students can also learn from the annual events available in the form of seminars that allow students to gain an understanding of specialized areas of mathematics.
Highlight: Duke University collaborates with a variety of companies, like IBM and Cisco Systems, as well as other universities to give students opportunities throughout their education.
Degree: Mathematics, PhD
10. Brown University
Students who want to gain a firm understanding of mathematics and the application of mathematics in real-world situations will find that the Applied Mathematics program from Brown University offers an opportunity to develop their skills. The Master of Arts program emphasizes the use of math in a variety of fields and industries. It also looks into the practical uses of mathematics to solve problems and engage in research projects.
Brown University stands apart by taking an interdisciplinary research approach to the topic of applied mathematics. Students are encouraged to evaluate the ways that mathematics may apply to computing, finance, and scientific computation. By providing students with a strong foundation in multiple topics and areas of study, students are able to work in different industries based on personal interests and goals.
Highlight: Brown University offers annual seminars on topics related to mathematics, such as probability, throughout the school year.
Degree: Applied Mathematics, MA
11. Northeastern University
Northeastern University offers one of the best masters in mathematics for students who want to improve their knowledge of math studies and the application of math in different fields or industries. The Master of Science in Mathematics program emphasizes proficiency and capability in mathematics studies, formulas, and applications as a critical part of the degree program.
Northeastern University stands out from other programs by setting minimum standards for student proficiency and developing custom strategies to help students improve their skills. Students take examinations to evaluate their current level of skill before they work with advisors to determine the right course materials. The degree program also requires students to maintain a 3.0 GPA or higher.
Highlight: Northeastern University offers an optional co-op program to allow students to gain professional experience when they are working on their degrees.
Degree: Mathematics, MS
12. Emory University
Emory University offers a master’s degree in mathematics that prepares students for a rigorous career in a math-related field or to pursue a higher level of education. The program provides students with a strong foundation that builds on previous studies at the bachelor’s level. It provides students with the skills to become competent in their industries and to provide support in a variety of careers or jobs.
Emory University offers two tracks for students in the mathematics program. Students can study pure mathematics or computational mathematics. By allowing students to choose between different tracks, it provides an opportunity for students to work on building their skills and abilities. Students can also choose to work on a master’s thesis or take the course-only program, based on their goals and preferences.
Highlight: Emory University offers a scholarship for master’s level students that covers half of the tuition costs, though students must pay the remaining tuition and academic fees.
Degree: Mathematics, MS
13. University at Buffalo
The University of Buffalo offers a Master of Arts in Mathematics that prepares students to work in the government, the education system, or more traditional industries. It emphasizes the skills students need to work in any field while using mathematics as a key part of their abilities. The emphasis on student interaction with faculty allows students to stay engaged throughout their courses and work with professors to address concerns that may arise.
The University of Buffalo provides opportunities in mathematics research that gives students a strong foundation in topics related to math. Research projects from professors range from pure mathematics research to applied mathematics research, so students gain a broad understanding of the different types of mathematics that may interest them in a future career.
Highlight: The University of Buffalo requires students to go through a corporate internship as part of the master’s degree program.
Degree: Mathematics, MA
14. Tufts University
Tufts University offers a master’s degree in mathematics that focuses on building a vibrant view of student education and working directly with faculty to help students reach their goals. The program emphasizes mastery of mathematics as well as building a deep understanding of a specialized sub-field that prepares students for their career goals.
Tufts University stands apart from other programs through the research opportunities available to students. Since the professors are invested in many different fields of research related to mathematics, students are able to develop their personal interests and work under professors to gain a deep understanding of a specific field of study. It also allows students who plan to continue their education after a master’s degree to start working on research projects.
Highlight: Tufts University offers a mentorship program for master’s level students.
Degree: Mathematics, MS
15. Clemson University
The Mathematical Science degree program at Clemson University is one of the best programs for students who want to work in mathematics. The program focuses on training students to work as a mathematical scientist and provides a broad base of math studies to help students obtain their goals. It also emphasizes math science and the different ways to apply mathematics to scientific studies and research.
Clemson University stands out from other programs by emphasizing oral and written communication as part of the program. Students are expected to give oral presentations and to work on written reports throughout their studies to gain a firm understanding of effective communication. The focus on communication allows students to learn effective ways to discuss complex ideas with professionals who may not have the same training in mathematics.
Highlight: Clemson University requires students to complete a master’s project in their second year of studies.
Degree: Mathematical Science, MS
16. University of Miami
When you’re looking for the best masters in mathematics to prepare for a career in the finance industry, then the Mathematical Finance program at the University of Miami is a good option for your goals. The degree program emphasizes statistics, probability, computational math, and stochastic calculus as a key part of training for a career in finance. It also provides a strong foundation in the use of mathematics for analysis in financial models.
The University of Miami stands out by emphasizing mathematics as it applies to the finance industry and analysis within finance. The focus on topics related to risk management, financial mathematics, and financial computation ensures that students are able to start working in the finance industry when they complete their degrees. It provides a strong foundation in mathematics and finance to offer opportunities for student careers in different fields or industries.
Highlight: The University of Miami allows full-time students to complete the degree within three semesters of study.
Degree: Mathematical Finance, MS
17. George Mason University
George Mason University offers a mathematics degree at the master’s level that helps students develop the skills they need for their long-term goals. The program emphasizes foundational courses to help students review previous knowledge before building on the fundamentals with modern mathematics courses and applied mathematics. It also encourages creativity in students to help them develop skills they may need in future careers.
George Mason University stands out by offering flexible solutions for student education. Students can work around personal obligations or current career requirements by taking courses on a part-time basis or a full-time basis. It recognizes that students may have complications with their schedules and offers evening courses to help students who may have limitations when it relates to traditional courses.
Highlight: George Mason University offers three tracks in mathematics: pure mathematics, computational mathematics, and applied mathematics.
Degree: Mathematics, MS
18. Kansas State University
When you want to find the best statistics masters for your long-term goals, the program at Kansas State University is a good option to help with your plans. The statistics degree program builds on a student’s prior education in calculus, linear algebra, and matrix algebra to prepare students to understand the information and data gathered for statistical analysis. It then provides a strong foundation in gathering data, analyzing information, and evaluating probable outcomes based on the data.
Kansas State University allows students to choose from a non-report program and a report program when working on their master’s degrees. The non-report program allows students to focus solely on their courses and studies. The report program prepares students for a career in research and allows students to gain experience working on research projects.
Highlight: Kansas State University requires students in the non-report program to complete an examination to show competency in statistics at the beginning of the semester.
Degree: Statistics, MS
19. Texas Tech University
If you want to focus on the best masters programs in statistics, then the Master of Science in Statistics from Texas Tech University is a good option for your goals. The degree program offers students the opportunity to focus on their personal goals based on the standards for employment and requirements when seeking more advanced studies. The program focuses on ensuring that students have a strong foundation in mathematics and understand the processes to analyze data and evaluate probability based on the information.
Texas Tech University allows students to work on a degree program with a level of customization. Students work with the Director of Graduate Studies to develop courses that fit their goals and situation. Since each student must have their course materials after the first semester approved by the Director of Graduate Studies, it is possible for students to focus on specialized skills and courses.
Highlight: Texas Tech University offers three options for students in statistics: a thesis program, a report program, and a non-report program.
Degree: Statistics, MS
20. University of Connecticut
The University of Connecticut offers a master’s degree program in statistics that emphasizes the application of statistical data in real-world environments and situations. Since it takes an applied statistics approach to study, it provides students with a strong foundation in mathematics and the analysis of data using traditional techniques within statistics. It also emphasizes probability and evaluating potential outcomes based on probability formulas.
The University of Connecticut stands apart from other programs by encouraging students to take elective courses in non-statistics classes. Students are encouraged to take at least one elective in an area outside of traditional statistics to learn the application of their skills in specific industries. That gives students the opportunity to emphasize an area of study that fits with their career goals.
Highlight: The University of Connecticut requires students to take a part-time or full-time internship as part of their course materials.
Degree: Statistics, MS
21. Boston University
Boston University offers a Master of Arts in Statistics program that allows students to develop the skills they need to work in a variety of industries. The degree program emphasizes traditional statistical theories as well as computational statistics and data science. Students learn to evaluate information based on statistical data and make decisions that help companies by recognizing the probability of a potential outcome.
Boston University stands out by emphasizing probability, stochastic theories, and computation. It prepares students for a rigorous career in fields that range from technology and finance to traditional mathematics and government roles. The flexibility of the program ensures that students are able to develop the relevant skills they need for their career goals.
Highlight: Boston University requires students to take two qualifying examinations. Students take exams in theory and applied statistics.
Degree: Statistics, MA
22. Auburn University
The Master of Probability and Statistics program from Auburn University prepares students to handle the challenges of working in a fast-paced environment. The degree emphasizes the role of probability in statistical data and provides students with a firm understanding of data analysis. It teaches students the theories behind statistics as well as the applied processes to evaluate and use data in an effective manner.
Auburn University takes an interdisciplinary approach to the topic of statistics. It recognizes that students will need to apply their knowledge and mathematics skills to different industries and settings, so it offers insight into other areas of study that may impact a student’s career goals. The interdisciplinary approach gives students the flexibility to work in a variety of fields or industries.
Highlight: Auburn University’s Probability and Statistics program is a non-thesis program.
Degree: Master of Probability and Statistics
23. Brandeis University
Brandeis University offers a Master of Arts in Mathematics that recognizes the value of mentorship from faculty. The program allows students to interact with professors and get help with their studies. It also provides an opportunity for students to meet and interact with professional mathematicians from different environments and backgrounds. The emphasis on engagement with experienced professionals and the opportunity to work with professors as mentors ensures that students are prepared for their careers.
Brandeis University offers seminars, colloquia, and lectures throughout the year to help students gain insight into the ways math may apply in real-world environments. It provides students with a firm understanding of their opportunities for a career and prepares students to handle different situations through the experience of the faculty and guests. Students are encouraged to attend lectures, seminars, and related events throughout their studies.
Highlight: Brandeis University offers merit-based and need-based scholarships to students in the master’s program. In some cases, students may qualify for tuition reductions.
Degree: Mathematics, MA
24. New York University
New York University offers a Master of Science in Mathematics degree program that emphasizes the fundamentals. It requires students to focus on building a strong foundation in mathematics before taking elective courses that offer specialized training. The emphasis on the fundamentals helps students maintain their skills and build on past education for a strong ability to apply their knowledge in a real-world setting. Students are expected to take basic and core classes before moving into more advanced studies throughout the program.
New York University differs from other programs by preparing students for a variety of industries. While students focus on the basics in early studies, they move into more advanced fields like scientific computing and differential equations throughout their courses. Students are also able to take elective courses in applied mathematics and pure mathematics based on their goals and interests.
Highlight: New York University can choose to take comprehensive written exams instead of working on a thesis to complete the degree program.
Degree: Mathematics, MS
25. Syracuse University
Syracuse University offers an Applied Statistics program at the master’s level for students who want to use statistics in their careers. The degree program focuses on developing analytical skills in students so they are able to make inferences based on data. It teaches students to use probability and analytical skills to evaluate data and clarify the potential outcomes in different situations. That focus on evaluating information and applying the data to real-world situations ensures that students are able to work in different careers and industries.
Syracuse University takes an interdisciplinary approach to the topic of statistics. It recognizes that statistics are used in different industries and ensures that students are aware of the variations in methodologies and data management that may apply to different environments. Students are prepared to evaluate data in the healthcare industry, technology industry, and traditional business environment. It also provides students with a strong foundation in mathematics that allows them to work in a math-related field. Students gain insight into the practical application of statistics in different jobs.
Highlight: Syracuse University does not require students in the master’s program to complete a thesis or take specialized exams.
Degree: Applied Statistics, MS
Why Should I Get a Master’s in Mathematics and Statistics?
Mathematics is a language that is often misunderstood. Many avoid studying math or statistics due to the difficulty they have in learning the fundamentals. Those who continue to pursue a degree program in mathematics or statistics often discover the beauty of the actual language once they have worked their way past the more tedious lessons.
Having a strong interest in numbers is required if a student is intent on pursuing a career in statistics or mathematics. Even with the best statistics Master’s degree, it will be difficult to excel in your position if you don’t have a true passion for numbers and the language of mathematics.
How Do I Choose a Mathematics and Statistics Graduate Program?
Choosing from the best graduate math programs is an essential part of getting the education you need if you want to find the right career path. Graduates who have a background in Mathematics or Statistics are in high demand. Many industries, including insurance, finance, economics, and even manufacturing, use statistics and mathematical equations to determine probable risk as well as viable solutions for alleviating that risk. They also rely on statisticians and actuaries to predict possible changes in growth so they can protect their assets and ensure financial security.
The key to finding the best graduate math programs to help you achieve your goals is to look for those that offer additional resources. This can mean internships that give the graduate an opportunity to work within their chosen field at a company that encourages new growth. Mentorships are also a great resource for students who are preparing to graduate and enter the workforce. Look for colleges and universities that promote hands-on experience as part of the education process.
Another excellent way to choose the top statistics graduate programs is to talk to recent graduates. Talking to these graduates will give you insight into what is included in the coursework and what programs a college or university offers to their students. Learn as much as you can about the programs and what opportunities you will have once you graduate and are ready to go to work,
What Can I Do With a Master’s in Mathematics?
Earning a Master’s degree in Mathematics or Statistics can offer you several options when it comes to career choices. Mathematicians and statisticians can assess risks when it comes to investments, mergers, acquisitions, and many other corporate or managerial decisions. Knowing the mathematical reasoning behind many of these decisions will allow people to better understand why some decisions are made. Those with a Master’s degree in Mathematics and Statistics are expected to be able to provide these answers.
Master’s degrees in Mathematics and Statistics are also useful in the field of research and development. Mathematical and statistical theory are used extensively in predicting the outcome of equations and projects that businesses rely on. This is especially true when it comes to economics. Being able to analyze large amounts of data and utilize that knowledge in such a way to direct a business’ financial decisions will have a powerful impact on whether or not it is successful in its endeavors.
Actuaries that have gone on to receive their Master’s degree in Mathematics or Statistics are often guaranteed higher wages for the simple fact that they are relied upon so heavily. Companies rely on their decisions when it comes to dealing with varying types of risks, some of which could be devastating. An actuary has the necessary skills to identify each risk and create a viable solution that will keep the company they work for moving ahead at a steady pace with few glitches or disturbances. Actuaries can be found in almost any industry, but are predominantly known for working in the financial industry. Insurance companies also use actuaries on a daily basis due to the nature of their business and constant exposure to risk.