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Econ Undergrad Question

Bruce Pucci

Joined
5/22/12
Messages
3
Points
11
I want to attend a top college for a MFE degree but I have not yet taken a statistics class (besides business statistics for BBA majors). Econometrics is used as a substitute for Basic Probability and Statistics towards my degree and I will be taking Probability Theory in the fall (my senior year). My question is will I be penalized for this in the selection process and should I just take Stats anyway? I have already taken Calc 1-3, Linear Algebra, and ODE.
 
Bruce Pucci said:
I want to attend a top college for a MFE degree but I have not yet taken a statistics class (besides business statistics for BBA majors). Econometrics is used as a substitute for Basic Probability and Statistics towards my degree and I will be taking Probability Theory in the fall (my senior year). My question is will I be penalized for this in the selection process and should I just take Stats anyway? I have already taken Calc 1-3, Linear Algebra, and ODE.
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Bruce,

I will preface this with the fact that I am not currently in a MFE program.

I am in the same boat as you, I will have my undergrad in Economics. I went down to UC Berkeley on a school visit and talked with the lady in charge of admissions to the MFE program. In short, you don't have enough math (I say this because I have these courses and that is what I was told). Did you take a basic econometrics class or a more in depth econometrics class? Intro econometrics is merely a basic stats class that focuses on regression analysis, with the hardest part dealing with using theory to build your model, then using statistics to determine if the variables you chose for your model have statistical significance. See if your school has an Applied Statistics for Engineers and Scientists.

Calc classes all depend on the school. Some schools break basic calc into 3 semesters and some into 4 semesters. How does your school break them down, is there a calc 4? Regardless, if I were you and you want to get into the MFE program, push for more math. You will want to have Advanced Calc and Advanced Multivariate Calc. I would even go as far as to say you will want to get into Real Analysis.

As far as ODE, this is a start. You will want Partial Differential Equations. More specifically, Applied Partial Differential Equations.

I have looked at basic requirements for most of the top programs and this is, off the cuff, a list of the math courses that the schools list as basic requirements. When I get back home, I can go through the list and see if I left anything out.

Also, learn to program in C++
 
We only have Calc 1-3. 1&2 bring 5 credit hours and 3 being 4. I received A's in all of my math classes. However, my cumulative GPA is not great (about 3.1) as I was careless in my first couple years. My GPA over the last couple of years is probably about 3.8. I have some training in C++ as my minor is in Computer Information Systems. I still need to take the GRE and more math courses apparently haha. Thanks for your help.
 
Here is a very condensed list of a list that I got somewhere. Can't remember where, but I have condensed....

Programming Experience:

C++ Programming and use of computers as a computational and management tool

Quantitative Background:

Calculus – intro to differential and integral calc with transcendental functions; Techniques and application of integration; Infinite sequences and series; First and second order differential equations; Oscillation and damping; Series solutions of ODE’s.

Multivariate Calc – Parametric equations and polar coordinates; 2 and 3D Euclidean space vectors; Partial Derivatives; Multiple integrals, Vector Calc, Theorems of Green/Gauss/Stokes

Linear Algebra and Diff EQ’s – Basic linear algebra, vector spaces, eigenvalues and eigenvectors, linear transformations, determinants, quadratic forms and Rayleigh’s principle. Jordan canonical forms, application of linear algebra.

Partial Differential Equations – second order diff eq’s, elliptic and parabolic equations, solving IVP’s for hyperbolic equations, existence and uniqueness theorems, Fourier transform…

Statistics – Everything that you learn in the basic stats classes… hypothesis testing, descriptive statistics, test of significance, controlled experiments vs observational studies, correlation, and regression analysis.

Advanced Stats – Intro to theory of probability; random variables and distributions; central limit theorem; applications of statistics; multivariate distributions and use of computer applications.

Probability – application of probability. Discrete and continuous variables. Central limit theorem. Poisson process, Markov chains and characteristic functions..

Concepts of Stats – In depth study of stat theory and methodology. Descriptive stats, max likelihood estimation, G.O.F. tests, analysis of variance and least squares regression estimation. All of this with an emphasis of computer based applications.

Numerical Analysis – Programming for numerical calculations, round off errors, approximation and interpolation and solutions of ODE’s. Again, with emphasis on use of computer applications.
 
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