<p>I am currently a freshman at Stevens Institute of Technology in Hoboken, NJ. My major is currently engineering undecided but lately I have been questioning if I made the right decision about going into engineering. I have enjoyed my coursework so far but I have also learned that I have a strong interest in the stock market and after researching what an economics major entails feel that I would thoroughly enjoy going into economics as well. Originally I felt that going into engineering was the right thing to do because I thought that it was very difficult to get a job with a business oriented major. However, I think that I was wrong because I did not consider where an economics degree can place you if you are coming from a top tier university. As ignorant as this sounds one of my goals has always been to make a high salary to be able to afford the multi million dollar home that I have dreamed of having since a was a child. I know the most important thing is to like what you do but as I previously stated I believe i would enjoy working in either field. I think that engineering may not provide me with the income I desire and am wondering if I should switch majors. If I do stay with engineering I plan on getting an MBA or opening a firm, or being in a managerial position in some way. Based on my situation what do you think the pro's and con's would be to each major as far as job placement, salaries, and satisfactory with ones job and lifestyle?</p>
<p>[Career</a> surveys](<a href=“http://talk.collegeconfidential.com/internships-careers-employment/1121619-university-graduate-career-surveys.html]Career”>University Graduate Career Surveys - Career Opportunities & Internships - College Confidential Forums) might help you.</p>
<p>Another option is to minor in or take a few selected courses in economics. In some cases, engineering graduates and other graduates with strong math skills (e.g. math and physics majors) are recruited into finance type of jobs. However, the top name finance firms may be rather brand-conscious about what universities they recruit at, regardless of your major.</p>
<p>A few problems I see with your post:</p>
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<li><p>It’s not ignorant to have a dream life and a dream home and desires to fulfill those dreams.</p></li>
<li><p>Stevens, although decently ranked, is not a top tier university and an economics degree from there is likely not going to stand out in any way. I do happen to love the research and entrepreneurship focus though and think that it’s one of the better choices for a school that one can make.</p></li>
<li><p>Being that you’re at a technology institute, it may look to employers like you couldn’t hack the highly technical stuff and went for a fluffier degree plan. Of course, once you’re in an interview you can explain how your interests have changed and such, but that’s just a concern I would have personally.</p></li>
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<p>There are a few degree programs I noticed at your school that I think are awesome and quite a bit better than just an economics degree. In the business school I saw that there’s a business technology track and a quantitative finance track. Both of those are great fields to get into. Also, in engineering, there’s a major called engineering management, which is another cross-section between technical and business stuff. You can take economics courses as a supplement (minor).</p>
<p>You’re right about getting a general business degree, but the degrees offered at your school are far from general and much more valuable than just a marketing, management, or any other business degree. Accounting is a low-risk, low-reward field and not for your personality type at all.</p>
<p>By the way, this statement comes straight from your school website:</p>
<p>“Stevens’ business students have secured full-time positions at top companies in many different industries, including financial services, pharmceuticals, telecommunications, government, and manufacturing. Examples of companies that have hired Stevens’ business students include Goldman Sachs, Morgan Stanley, Barclays Capital, and Johnson & Johnson, to name a few. Even in this tough economic climate, the average starting salary for a Stevens business graduate is 22% higher than the national average.”</p>
<p>You should look into it.</p>
<p>Sounds like what you might be looking for:</p>
<p>"Applications of Quantitative Finance include:</p>
<p>The use of mathematical models to support more accurate asset pricing
Stock selection, asset allocation and investment portfolio analysis
Computerized trading to replace the traditional “trading pit”
The quantification of statistical parameters, such as volatility and correlation of returns, leading to new ways to assess risk and design effective hedging strategies</p>
<p>Graduates of the Quantitative Finance Program are prepared for such leading-edge roles as trading assistants, risk managers or analysts."</p>
<p>I have to say, I’m actually a little bit jealous. At your business school, student’s choose two concentrations, one in business and one in technology. If you combine quantitative finance with either computer science or information systems you will be extremely competitive in the job market and as an entrepreneur. Man, if I could go back in time I would definitely strongly consider that combo.</p>
<p>Economics at the undergrad level is a little too theory based. Definitely go for a minor in it, but it’s obvious from your statements in your post that you like to be where the action is, so I would go for something hands-on.</p>
<p>Immotion I appreciate your in depth response. When I mentioned a top tier school I meant that if I were to switch majors I would attempt to transfer to a top tier business or economics school not that Stevens was one. However, it does seem that the Stevens business program is becoming more reputable each year and from talking to upperclassmen I know that the location of Hoboken has been key for the school making connections well known companies such as Goldman Sachs. So I guess now my question is do you think that having an engineering degree will provide me with the earnings potential that I desire or do you believe that there is another degree I should pursue to be able to give myself a large earning potential in my future career?</p>
<p>I think engineering (salary-wise) is more consistent and averages as high or higher than economics, but finance-related jobs have a higher peak. As such, if “getting rich” is your main goal, then finance is the better but riskier choice.</p>
<p>I would suggest as one option completing your engineering degree and then considering a graduate degree in economics or finance. You could take additional courses as an undergrad or take a minor to help you prepare. When you graduated you would have the engineering degree open to you as an option, and would be positioned to pursue that MBA that would get you a shot at that dream job.</p>
<p>The downside to this is that completing this path would make some engineering employers more reluctant to hire you - it would no longer seem like you were really interested in engineering if you were holding an MBA or MA in a business area. This is inevitable, although it would also open some doors in the program management and business management sides of the engineering business.</p>
<p>All the degrees we have talked about are great options with great potential for financial rewards. Once you’re actually out there in the real world, it’s all going to come down to you. </p>
<p>In order to accomplish what you want you’re going to have to be able to acquire certain personality and character traits that cannot necessarily be learned through getting an engineering or business degree. You’re going to have to be willing to take large, yet calculated risks. You’re going to need a clear vision and perseverance. You’ll have to be a great communicator and learn the art of persuading others. I’d recommend studying some people you admire and researching what personality and character traits were instrumental to their success and then modeling yourself after them.</p>
<p>Finance companies are very brand conscious. An undergraduate finance degree from Stevens may not get recruited from any firms (I don’t know if this is the case though, definitely look into it) and thus it may be hard to get a job. Nonetheless, I think that engineering degree + accounting ==> management ==> top MBA is probably a decent path. With that said MBA admissions are largely based on work experience and I don’t know what engineering jobs will make you look good for an MBA program. </p>
<p>Try to find someone with an engineering background who’s working in finance and talk to them about their path. That’s my best advice. </p>
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<p>Maybe. What kind of finance role do you want, OP? Quantitative analyst? Investment Banker? Technology (IT and writing software)?</p>
<p>MBA programs take lots of engineers (engineering is one of their biggest sources, actually), and also take lots of students with little or no work experience. This second issue can be a double-edged sword, however - many MBA jobs require work experience, so going to business school right out of grad school might limit your post-MBA options to finance.</p>
<p>I’m a lot like you. I’m kind of after the big pay day and I should have probably majored in finance given that I’m not really that interested in math and science, and really interested in business/economics/finance. However, I have a big time interest/passion for the oil industry and I didn’t have the HS marks to get into any decent business school so I decided my best option was to do petrE. The way I see it, I can always get a finance job with an engineering degree, but I can’t get an engineering job with a finance degree. </p>
<p>Don’t listen to anyone who tells you if you want to make big bucks you shouldn’t be in engineering. That’s BS. The sky is the limit with an engineering degree. Your biggest goal right now should be to keep your marks up. You want to go balls to the wall on your studies. With high marks you have the option of doing finance/consulting straight out of school if you don’t think you’ll like working as an engineer after getting experience on an internship. If you do like engineering then the high marks will get you on with a big brand name company which is only going to help your chances moving forward with your career when you decide you want to try and make more money pursuing other interests, whether you get an MBA to aid in the transition or have the opportunity to dive right in.</p>
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<p>That’s not really going to help you. Not necessary at all. You’re already positioned to pursue the MBA with an engineering degree and some work experience. Don’t waste time in school. I also wouldn’t recommend a minor or any additional classes. Simply not necessary and only going to increase an already foolish workload/delay graduation. Nobody is going to care about a random extra class or two you took in undergrad. And as far as preparing yourself, well you can do that in your spare time on the internet. If you’re bent on getting more qualifications then study for/write the CFA while you work.</p>
<p>Although I would suggest using your electives wisely. Your best bet is probably Micro/Macro + possibly whatever else you can swing at your school. Maybe an intro accounting course or an upper level finance/econ course. </p>
<p>At the end of the day your undergrad degree is only something to get you started. You can probably get the equivalent of a business/arts degree in a few months using the internet and some books so it makes sense that it’s not going to lock you into a set career path for the rest of your life. You can make millions a year with an undergrad degree in English. Keep your marks up in undergrad and all the doors will be open when you graduate. From there it’s up to you.</p>
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<p>Ah, but not all MBA programs are going to be feeders to decent financial firms.</p>
<p>Are you planning to participate in the co-op program? </p>
<p>I suggest that, as recommended above, you choose your coursework wisely. Then use your co-op opportunities to work in an area that interests you.</p>
<p>[Stevens</a> Institute of Technology: Office of Cooperative Education: Cooperative Education Opportunities in Engineering Management](<a href=“http://www.stevens.edu/sit/co-op/future-students/engineering-management.cfm]Stevens”>http://www.stevens.edu/sit/co-op/future-students/engineering-management.cfm)</p>
<p>PS - my son just got a job offer from a company he worked for during the Stevens co-op program.</p>
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I was not trying to suggest extra econ/finance courses as application filler or any such, but rather as a way to help the OP clarify their career intentions. Many times it is difficult to be sure whether or not you really like a field enough to make it a career, and taking a few high-level classes can sometimes give you that answer.</p>
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Of course not, but that is not really the issue. I take it as a given that someone entering an MBA program with the intention of going into finance should select a program that actually feeds finance companies.</p>