Hi,
I want to have a future career in business/math. I have taken the highest levels of Calc offered at my school (BC) and loved it. My question is, what should I major in to put myself in the best position for a Finance related job? I would like to either work on wallstreet in finance/i-banking or as an actuary. Would a Financial Engineering degree from Columbia or a Finance/Math major from NYU Stern be better?
Thanks
Have you been accepted to both these schools? If not, then focus on getting into them first. But if you have, go to Columbia. Wall Street is as prestige-based an industry as it gets, so an Ivy name will open many doors for you. I’ve looked at this extensively myself. Also, check out wallstreetoasis(.com). It’s an awesome resource for all things finance. It will help you learn about target, semi-target, and non target schools for I-Banking along with a whole host of other useful information.
The math involved in Finance is very basic stuff. You dont need calculus to be a banker. You do need to be social and you need to write very well. I would major in Finance or Economics and minor in English. If you are good in math you will be shocked at the simplicity of Finance math. Financial concepts are complex but the underlying math is 8th grade level stuff. Major in Accounting if you want to be an actuary.
Last thing I will say is that from undergraduate school you will be no more attractive to wall street as a Finance major compared to someone that majored in Economics, History or Philosophy.
They will want a front office sort of person so its sometimes better to know fly fishing and movie trivia than math.
My other suggestion is that if you want to go into banking or investment banking or private equity right from undergraduate go to a top LAC not an ivy league school.
@dadstressed I’m curious, why go to a top LAC not an Ivy? All the top banks recruit most heavily at the Ivies.
That isn’t true. Also, the big banks are not hiring much now because the industry isn’t growing and under seige by regulators. The jobs are at private equity firms, venture capital firms and hedge funds. You will find these companies are looking for well rounded candidates, that work well in groups and dont have an attitude. We are talking jobs for undergraduates here. Ivy League schools have lost ground. Just look at the rankings nowadays.
I hate to say this, but OP please do not listen to @dadstressed’s advice. It’s evident he doesn’t know what he’s talking about because it’s highly unlikely for anyone to break into PE, VC, or HF without at least 2 years of IB experience or a top notch MBA. Exactly what ranking’s he’s citing, I don’t know. What I do know is if you’re really interested in Investment Banking you should definitely look at wallstreetoasis. On that sight there are thousands of people who actually currently work in the industry and they’ll be able to give you much more accurate advise than a dad stressing about college can.
And they should listen to some punk kid? I have two sons in PE firms in Boston making $250k a year at 26 and 27 with Ba’s from Bowdoin and Bates.
Ivy League schools don’t dominate anymore. Five small Lacs outrank Penn. Eight outrank Columbia.
My username isn’t “some punk kid”, you brought that upon yourself. Now look, I’m not trying to get into a pissing contest. I’m just trying to direct the OP toward where they have the greatest opportunity to succeed. Did I say the NESCAC LAC’s are bad for going into high finance? No. Did I say a BS was absolutely imperative? No. However, you’re not the only one who knows someone or has relatives in the industry. The point is, while the LACs are certainly top options, the Ivies are better. Penn, since you brought it up, is actually the creme de la creme for I Banking. Wharton places more kids on wall street than any other school in the world.
You obviously know nothing about being an actuary.
Accounting requires even less math than finance. For accounting, there is nothing beyond basic arithmetic and maybe rudimentary algebra. Actuaries require the highest levels of math. Those people do calculus in their heads faster than an accountant can use a calculator. You cannot become an actuary with an accounting major. You cannot even sit for the first actuarial exam, let alone pass it. The CPA exam, while certainly very difficult, is like a pop quiz compared to an actuarial exam. And actuaries have to pass 10 of those. To become an actuary, you need to major in math or some other math-intensive major (engineering, econ, etc.).