<p>DS is a junior at Michigan. His original academic path was theoretical math and to that end he has just two classes left to fulfill the requirements of the major. Toward the end of his sophomore year he decided that the theoretical math life was not for him. At that point, he decided he would move into actuarial math. Last summer he studied for the first two actuarial exams and passed them this fall. While he still intends to pursue the actuarial math path and do an internship in that field this coming summer, he has really become enamored with Economics based on the Econ classes he has taken. </p>
<p>Based an all this, he now wants to get a triple major in theoretical math (because hes very close to completing that), actuarial math (because he has passed the tests and the job prospects are great) and econ (because he loves it).</p>
<p>This is all doable, but the catch is that it will require a 5th year. </p>
<p>In so far as the money goes, he has a four year full tuition scholarship which cannot be extended to a fifth year. Since we are in-state, the total cost of the fifth year would be about $24,000.</p>
<p>Im very torn about how to deal with him on this. Since we have told him over and over that he should do what he loves, my gut says I should be very encouraging and financially supportive of this plan. From a practical point of view, Im not sure what good this Econ is, but maybe he will decide he loves it so much that he wants to go to grad school. I am told that with his math background he would be an especially attractive candidate for Econ grad school.</p>
<p>Where I am at the moment is that I am gently encouraging him to go ahead with the plan and thinking that we would pay what we paid in the first four years, about half the cost of attendance. The rest would be on him, loans etc.</p>
<p>I know this is a little rambling, but that reflects what is going on in my head. Any sage advice??</p>
<p>I think an econ major is a good idea, especially if that’s what he loves. It is true that his math bkgd will be a great asset if he decides to go to grad school in Econ.</p>
<p>If he had his 4 years in college on full scholarship, I think he deserves your financial support as well…</p>
<p>As an Econ undergrad, I’m very much in favor of people majoring in Econ :)</p>
<p>Seriously, Econ is a great foundation for eventual graduate school - especially for an MBA. With a Math/Econ Double (or Triple in this case), he would be on very solid ground for entering any Quant MBA program. I’m envisioning him working for a few years to get some practical experience and then returning to school for that graduate degree (possibly paid for by his employer).</p>
<p>In the current environment, I’d suggest that he go job hunting now for the Spring. If he doesn’t find anything, then consider the fifth year of school.</p>
<p>In general, I think that taking the four years and going to work would be the better way to go if the jobs are out there. He could always go for a masters if he wanted to. If he’s going the actuarial route, wouldn’t his firm require him to work towards completing another three of the actuarial exams? This could require time and study too - perhaps graduate work. I looked at this 30 years ago so this is pretty rusty for me but he might want to look at what’s required to move up in his chosen area. Those considerations may trump doing the econ degree for fun.</p>
<p>One other thing: I’d suggest reading Krugman’s article on rethinking economics. A lot of economics may be thrown out the window with the mortgage crisis. I think that professors are just teaching the old theories as they don’t have new ones to deal with the recent problems.</p>
<p>I would suggest he either go directly to grad school for econ OR work for a year and move on to grad school. I just don’t think he will benefit from a 3rd undergrad major whereas a major in Math with a MA in Econ will be much more respectable and marketable IMO.</p>
<p>His current scholarship covers about half the total cost of attendance. He has a full tuition scholarship - and yes I am VERY thankful for that.</p>
<p>He is currently in the fall of his junior year, so he’s looking for internships for this summer not full time jobs.</p>
<p>We saw Krugman speak at UM recently. He did say that all the convential economic wisdom is upside down, but that may create opportunites in the future for students currently pursuing Econ.</p>
<p>Depends on what his future plans are, and what you can afford. </p>
<p>If he knows he wants to go into actuarial math and is planning on getting full-time employment immediately after undergrad, the part-loan plan sounds reasonable. He should check on employment prospects and make sure that he will be able to find a job. Do internships of the type he’s getting this summer generally lead to job offers? </p>
<p>If he is considering econ grad school, he might want to save his money for grad school. Taking out loans for undergrad, and using your support for undergrad wouldn’t be the best use of resources if he wants to go directly from undergrad to grad. If he would take off some time prior to grad school and work, he’d be able to build up some fiscal reserves, and the 5-year plan might make sense. It sounds like you’ve thought grad school in econ is a possibility, but that he hasn’t mentioned it. See if this is something he’d consider at all. </p>
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<p>I’m guessing that when you told him to do what he loves, you were figuring that he would do what he loves and finish undergrad within 4 years. If you can give him the additional year that’s wonderful, but I don’t think that you are obliged to pay if you can’t afford it. </p>
<p>And this is a pretty wonderful problem to have. :)</p>
<p>A triple major??<br>
Perhaps he likes being a student? He can go to grad school for Econ. If he needs some pre-requisites to make that happen then he can take them and pay for them. JMHO.</p>
<p>I was a math and econ double major. Econ is great, but not if you have to pay for another year. I did end up going into actuarial profession, not sure why you have to do it in school though. My company paid for all my courses and exams. I think by having 2 math degrees, it is enough to demonstrate to his potential employer that he is smart, has good math foundation, hard worker, and probably a fast learner. That’s what most employers look for in a new grad anyway. His econ degree is not going to give him more options.(not going to ask a 21 year old for his economic outlook, but may ask him to do a few price yield or IRR calc on a spreadsheet). My vote, not to waste your money.</p>
<p>I think it is generous of you and a great idea for him, it will open up many possiblities in his future. He is lucky to have parents willing to support him as he explores his intellectual interests.</p>
<p>I am an actuary, and so is my DH. I think the summer internship in the actuarial field is an excellent idea. Being exposed to experienced actuaries and a real life work experience, he may find that it combines a very nice mix of math and economics.</p>
<p>Suggest that he read the syllabus for the later actuarial exams to see if there is some interesting stuff there. The syllabi (?) can be found at either the Society of Actuaries or Casualty Actuarial Society websites. It is quite common for employers to assist their employees in passing the actuarial exams with study time and reimbursement for books and study classes. Further, the profession is filled with great mentors, who like to hire bright graduates to do a lot of the cutting edge research. If you know all of this already, sorry to sound like a commercial.</p>
<p>It seems like from your son’s timeline that he maybe could make the decision after the internship.</p>
<p>There’s more to the story that I didn’t explain and really didn’t think much about until now.</p>
<p>Coming from a small rural high school he had quite a shock jumping into theoretical math with the big dogs. He was also just 17 when he started college. He pretty much spent his entire freshman and sophomore years studying and neglected the social parts of college.</p>
<p>Now he is in a great living with situation with three other math majors that he really likes, all of whom are the same age as him but one year behind him in school. He has found a balance between his academic and non-academic life and is as happy as we have seen him.</p>
<p>If he wanted to do a fifth year because he partied too much, that would certainly be completely on his dime. But I have a hard time not supporting the fifth year when he felt like he studied too much and was probably socially immature in relation to his classmates.</p>
<p>ps I am a complete pushover as a dad - so that alwys weighs into my thinking on such matters.</p>
<p>SBDad,
If your gut tells you that this is the right thing to do, and you can afford it, do it for your son. Because of the current economy, this is a terrible time for college grads to try and find employment. If he has at last found an area he loves and can finish in 5 years without undo economic hardship on your part, then it would be a bad time to pull your support. My son is in the same situation- had just turned 18 when he started college, full tuition scholarship, 1 years was wasted with transferring out to another U [ Chicago] and back, and now he is finally running on all cylinders. It will be 4.5-5 years for him, as well as a number of close friends he is living with who are taking multiple minors.</p>
<p>Everyone is so helpful and I really appreciate it!</p>
<p>Menlo, interestingly DS chose Michigan over Chicago even though Chicago was his dream school through all of high school and he got a nice merit scholarship there. </p>
<p>He went to Michigan so he could “have a life”, and then put himself in a situation where he didn’t have a life.</p>
<p>I agree with (what seems to be) the majority of the posters. It’s not worth another year for a third degree. He can go back later and get an MBA or Econ MA. With the way his interests have refocused on a recurring basis it may be better to let him work for a while to see if his love of Econ continues or moves to something else.</p>