Mathematics is an essential function in the operations of many different fields, including business. During undergraduate and graduate coursework, future business professionals take math courses in order to apply math skills and knowledge in completing everyday business operations and management from calculating payroll and taxes to estimating and analyzing expenditures and profits.
Minimum Math Requirements
As students get started, they will take many introductory courses. Many of these courses in the business department will include minimum requirements in math.
Algebra is not only one of the fundamental subjects in mathematics, it is also fundamental for the majority of math that business professionals will need an understanding of in order to perform most finance and accounting functions. Many different business functions include using algebra to calculate taxes, depreciation, and payroll.
Students might also need to take pre-calculus if prerequisites for calculus have not already been met. Essentially, pre-calculus is designed to prepare students to successfully understand and complete the required additional and advanced calculus courses. Students in pre-calculus courses study topics that include logarithms, exponents, and trigonometry.
In order to analyze data samples and research, business professionals must have a solid understanding of statistics. From consumer trends to performance, statistical operations are performed to assist in the analysis of many different relevant business functions, including analysis of investments and evaluating quality assurance reports.
Math Courses and Business Specializations
There are many different disciplines and majors within business, and some business degree programs will include higher level mathematics courses or specialized subjects in math for graduation.
Finite mathematics includes the study of mathematical equations that do not fall into the calculus category. One of the major benefits of gaining an understanding in finite mathematical is the ability to gain analytical thinking skills through the organization of data. Some of the topics covered in finite mathematics include logic, modeling, matrices, and linear programming.
Probability is the study of the likelihood of an action or event occurring or not occurring. Probability allows for some prediction in uncertainty. Because so many business functions require the evaluation of risks and uncertainty, understanding theories in probability and how to calculate it are essential.
Calculus is used in many different types of business functions. In addition to understanding costs, calculus helps business professionals to minimize spending while maximizing profits through calculating rates in change. Some calculus functions that assist in these financial evaluations include differential equations and derivatives.
For more information on the study of math, see the helpful links and resources on the Mathematical Association of America website .
Using Math in Business
In every division within the business field, mathematics is used. Whatever position a job seeker is entering, a foundation and understanding of a variety of math equations and analysis techniques will be helpful in making predictions, evaluating data, and making decisions about cost, spending, investment, and other financial operations. In accounting, economics, finance, management, management information systems, marketing, and administration, business professionals need the inclusion of math in their educations to be ready for the workplace. To read more about how mathematics is used in business, visit the Business Professionals of America website .