Need help choosing my undergrad major.

[burno]

Background: Rising Junior at T10 US university.

Option 1: Double Major in Statistics and Economics
Option 2: Statistics Major with a double minor in Mathematics and Economics

What would be best for a trading/hedge fund career?

Thanks!

 

[Paul Lopez]

How about a double math and econ major with a minor in comp sci and stats.

 

[weab]

Option 2 is better

 

[MichaelLewis]

Economics is mostly useless in todays day and age. The stuff it teaches is not actually how the economy or the markets work if you ask me. Supply demand curve’s dictating prices for example. Not really how the world works. You’ll probably waste time learning about the gold standard. Irrelevant in current society. The list goes on.

Heck one of the course options from MIT Econ department is Medieval Economic History. No way that helps you in a trading career.

Math/Stats and computer science if you can pull it off.

 

[Lukee]

Economics is mostly useless in todays day and age. The stuff it teaches is not actually how the economy or the markets work if you ask me. Supply demand curve’s dictating prices for example. Not really how the world works. You’ll probably waste time learning about the gold standard. Irrelevant in current society. The list goes on.

Heck one of the course options from MIT Econ department is Medieval Economic History. No way that helps you in a trading career.

Math/Stats and computer science if you can pull it off.

What are your thoughts on economics degrees with a more quantitative focus (econometrics, financial economics, mathematical econ, etc.)?

 

[MichaelLewis]

What are your thoughts on economics degrees with a more quantitative focus (econometrics, financial economics, mathematical econ, etc.)?

Why not just take math instead? A mathematical Econ degree is math heavy, but you’re still going to waste time taking some required micro/macro economic theory courses. Plus you lose some depth relative to people you’ll be competing against. Mathematical Econ will be a combination of stats, math, and Econ. So you’ll waste time in economic theory and intro to macro/micro Econ and also not be as good in math or stats as someone else who wants the same job.

Think of it this way. There is a scarce resource (the job you want) with a lot of people competing for it. Your competitors will be experts in math, stats, and CS. Why not give yourself the best chance you can and also be an expert in math/stats and CS?

 

[Daniel Duffy]

Afaik Econ is application of maths and not hard core maths.

The point about doing a maths degree is that it teaches analytical thinking that you can apply to any problem. Other disciplines apply maths on a recipe-by-recipe basis (more or less).

Econ is 80% Linear Algebra with some calculus? Please correct me if I am wrong.

 

[MichaelLewis]

Afaik Econ is application of maths and not hard core maths.

The point about doing a maths degree is that it teaches analytical thinking that you can apply to any problem. Other disciplines apply maths on a recipe-by-recipe basis (more or less).

Econ is 80% Linear Algebra with some calculus? Please correct me if I am wrong.

I agree. I started undergrad with this same type of math Econ degree before I wised up and got a CS degree. But, I took a few courses in calculus, econometrics, and stats while in the econ track. Today, however, I am a quant developer for two reasons.

One: I really love software development.
Two: I didn’t learn enough math to compete for quant trader / quant researcher roles and it’s obvious.

 

[Paul Lopez]

Math is always king!

 

[Lukee]

Why not just take math instead?

I'm on track to double major in applied math and economics with possibly a statistics minor. I have lately been second guessing my econ major, as I know there are definitely better options if the goal is quant finance.

So you’ll waste time in economic theory and intro to macro/micro Econ and also not be as good in math or stats as someone else who wants the same job.

I've already taken the intro micro and macro classes so they are just a sunk cost at this point.

Think of it this way. There is a scarce resource (the job you want) with a lot of people competing for it. Your competitors will be experts in math, stats, and CS. Why not give yourself the best chance you can and also be an expert in math/stats and CS?

CS unfortunately isn't an option for me, I would need to apply to my university's college of engineering and take a bunch of useless prerequisite classes. The economics courses that I plan on taking seem like they would be useful (game theory, financial econometrics, python for economists, etc.) but do you think I'd be better off focusing more on pure stats classes?

 

[MichaelLewis]

CYou

I'm on track to double major in applied math and economics with possibly a statistics minor. I have lately been second guessing my econ major, as I know there are definitely better options if the goal is quant finance.

I've already taken the intro micro and macro classes so they are just a sunk cost at this point.

CS unfortunately isn't an option for me, I would need to apply to my university's college of engineering and take a bunch of useless prerequisite classes. The economics courses that I plan on taking seem like they would be useful (game theory, financial econometrics, python for economists, etc.) but do you think I'd be better off focusing more on pure stats classes?

is a double major in applied math and stats possible? If so, do that. Even if it means staying an extra semester, this is a better option in my mind. 16 weeks for a lifetime of benefits so the opportunity cost is relatively small.

If not, it sounds like there is no alternative to the path you’re already on.

 

[MikeLawrence]

CYou

is a double major in applied math and stats possible? If so, do that. Even if it means staying an extra semester, this is a better option in my mind. 16 weeks for a lifetime of benefits so the opportunity cost is relatively small.

If not, it sounds like there is no alternative to the path you’re already on.

You can always just not go for the full double major, dump the Econ courses, and take some legit calculus based statistics and regression/TS instead without even going an extra semester.

 

[Lukee]

is a double major in applied math and stats possible? If so, do that. Even if it means staying an extra semester, this is a better option in my mind. 16 weeks for a lifetime of benefits so the opportunity cost is relatively small.

If not, it sounds like there is no alternative to the path you’re already on.

I could at the very least take more statistics classes as electives, are there any specific ones that you would recommend?

You can always just not go for the full double major, dump the Econ courses, and take some legit calculus based statistics and regression/TS instead without even going an extra semester.

Thankfully I still have three years left before graduation so I think I should be able to do all of that without dropping the econ major, but it definitely is something that I will keep in mind

 

[MichaelLewis]

I could at the very least take more statistics classes as electives, are there any specific ones that you would recommend?

Thankfully I still have three years left before graduation so I think I should be able to do all of that without dropping the econ major, but it definitely is something that I will keep in mind

Three years left - you can definitely still get a second major in stats or CS. That's fairly easy to do in retrospect relative to the things you'll have to do on a daily basis once you graduate. I guess it just depends on how much you do or don't feel it's worth it.

 

[Lukee]

Three years left - you can definitely still get a second major in stats or CS. That's fairly easy to do in retrospect relative to the things you'll have to do on a daily basis once you graduate. I guess it just depends on how much you do or don't feel it's worth it.

Stats major is something that I've been looking into but I am still hesitant to commit to it because the stat department here seems to be an absolute disaster. There are a couple of core stats classes that I've been told to avoid at all costs due to terrible professors, so I am concerned that I wouldn't learn much + it could wreck my GPA. Although I do wonder if I am just making too many excuses for myself. Thanks for the advice you have given me some things to consider. Also sorry @burno for highjacking your thread.

 

[marcusaurelius]

Stats major is something that I've been looking into but I am still hesitant to commit to it because the stat department here seems to be an absolute disaster. There are a couple of core stats classes that I've been told to avoid at all costs due to terrible professors, so I am concerned that I wouldn't learn much + it could wreck my GPA. Although I do wonder if I am just making too many excuses for myself. Thanks for the advice you have given me some things to consider. Also sorry @burno for highjacking your thread.

Definitely analyze tradeoffs. Taking very useful courses but that may affect your gpa, sure why not. But take poorly-taught courses with bad professors and take a hit on your gpa? Not very wise, considering a lot of firms won't look at your resume if your gpa is below x.xx.

 

[MikeLawrence]

Stats major is something that I've been looking into but I am still hesitant to commit to it because the stat department here seems to be an absolute disaster. There are a couple of core stats classes that I've been told to avoid at all costs due to terrible professors, so I am concerned that I wouldn't learn much + it could wreck my GPA. Although I do wonder if I am just making too many excuses for myself. Thanks for the advice you have given me some things to consider. Also sorry @burno for highjacking your thread.

I'll be honest, I'm of the opinion that as a first year you don't yet know what a hard class is like; you should ignore those people and add the stats major. Yes, it will be hard, but often the 'terrible professors' are just teaching hard material in a demanding way. I say that from personal experience, having taking the first calculus based statistics course and denounced the professor as horrible, then taking the following two math stat courses from the same proff and realizing I just wasn't willing to study like I should have been. You want the job few others get? Study like few others are willing to do. If you commit, the GPA shouldn't be what kills you. If it does, you probably didn't earn it. Though there will be some weeks where you hardly get to see anyone, that is what it often takes.

We are lucky to be able to do this now, while in school, and not curse our past selves for not committing like we meant it once we are out in the real world working non-quant jobs and studying full time on the side trying to make the switch. Personally, I don't feel like waiting to find out what the other, less fortunate, side is like. I'll study day and night for now if I think any of the material is worthwhile. I just have to make sure I actually learn everything and I'm not just spreading myself thin.

 

[Paul Lopez]

I'll be honest, I'm of the opinion that as a first year you don't yet know what a hard class is like; you should ignore those people and add the stats major. Yes, it will be hard, but often the 'terrible professors' are just teaching hard material in a demanding way. I say that from personal experience, having taking the first calculus based statistics course and denounced the professor as horrible, then taking the following two math stat courses from the same proff and realizing I just wasn't willing to study like I should have been. You want the job few others get? Study like few others are willing to do. If you commit, the GPA shouldn't be what kills you. If it does, you probably didn't earn it. Though there will be some weeks where you hardly get to see anyone, that is what it often takes.

We are lucky to be able to do this now, while in school, and not curse our past selves for not committing like we meant it once we are out in the real world working non-quant jobs and studying full time on the side trying to make the switch. Personally, I don't feel like waiting to find out what the other, less fortunate, side is like. I'll study day and night for now if I think any of the material is worthwhile. I just have to make sure I actually learn everything and I'm not just spreading myself thin.

Downright excellent advice.

 

[Daniel Duffy]

“Wax on, wax off. Wax on, wax off.”

 

[burno]

I'll be honest, I'm of the opinion that as a first year you don't yet know what a hard class is like; you should ignore those people and add the stats major. Yes, it will be hard, but often the 'terrible professors' are just teaching hard material in a demanding way. I say that from personal experience, having taking the first calculus based statistics course and denounced the professor as horrible, then taking the following two math stat courses from the same proff and realizing I just wasn't willing to study like I should have been. You want the job few others get? Study like few others are willing to do. If you commit, the GPA shouldn't be what kills you. If it does, you probably didn't earn it. Though there will be some weeks where you hardly get to see anyone, that is what it often takes.

We are lucky to be able to do this now, while in school, and not curse our past selves for not committing like we meant it once we are out in the real world working non-quant jobs and studying full time on the side trying to make the switch. Personally, I don't feel like waiting to find out what the other, less fortunate, side is like. I'll study day and night for now if I think any of the material is worthwhile. I just have to make sure I actually learn everything and I'm not just spreading myself thin.

Are these quantitative majors really as difficult as you're describing them to be?
I'm OP btw, and I forgive you @Lukee

Since I've decided to major in Stats and minor in Math, I'm supposed to be enrolled in 3 math classes next term. Is that going to be too difficult? I aced all of the "basic" math/stats courses (calc I,II,III, lin alg, intro to stats, econometrics), but now I'm second guessing myself lol.

Also, how low do you think you can destroy your GPA for a math/stats major to be worth it?