Mathematicians in the Business World Some facts and

Mathematicians in the Business World Some facts and personal experiences Michael Nöcker

Agenda • Non vitae sed scholae discimus. • Where you can find mathematicians in the Business World. • Is there any mathematics in the daily work? • Why mathematics is a good foundation for the Business World.

Non vitae sed scholae discimus “A mathematician has to forget his knowledge twice in his lifetime: When he starts university … …and when he leaves university!”

Is mathematics needed for business? • Mathematics is often said to be a core competence. It is therefore part of the education at university for most business studies. • It is one of the so-called MINT* disciplines which are important for Germany and other industrialized countries. * MINT = Mathematics, Engineering, Nature Science, Technology

Who is searching for mathematicians? Source: Statistisches Bundesamt, 2003

A first observation • Mathematics seems to be important for the Business World. • Mathematicians are needed in a various number of Business Areas. Does it mean that a mathematician does mathematics when he works in the Business World?

Is there any mathematics in the daily work? • For some business areas the answer is obviously yes: – Education: teaching mathematics and doing mathematical research – Finance and Insurance: experts calculating risks and expectations

Is there any mathematics in the daily work? • But most of the mathematicians in the Business World I have met say “No”. • These guys are – IT specialists defining processes and developing programs, – working as project managers, – leading and managing teams. • Their daily work is about accounting, controlling, logistics, purchasing etc.

A second observation • Some business areas need specialists for specific mathematical problems. • But a lot of mathematicians are not working on specific mathematical problems in their daily work. What are the reasons that mathematicians are nevertheless wellqualified for the Business World?

Qualifications – what is necessary for the Business World? “Math skills not (directly) relevant!” (but) soft skills and competencies like • analytical thinking • efficient and self-controlled work • talent for negotiations • knowledge of foreign languages • ability to communicate and present

A mathematician’s way to work • analyze problems systematically • separate important from unimportant things • understand the basics behind a problem • solve difficult problems even if this needs a long period of time

A last observation • Specific mathematical knowledge is often not the competence for the Business World. • But the skills necessary to do mathematics are a very good foundation for the Business World. A mathematician is well-prepared for the Business World. But mathematics may be not part of his daily work.