I’m a third-year business and economics undergraduate coming from a state school and after doing a few internships, I now am having second thoughts about my major. In my lower division courses, I always felt very confident in my decision to major in business and have been getting a 4.0 for the major of my college career. I have done well in math, science, and liberal arts courses and greatly enjoy philosophy, economics, and psychology. After hunting the job market and interning in the financial industry, I feel trapped in financial services.
I have recently felt more of a pressure to have a STEM degree after doing more research into those fields, and I crave a more quantitative, research-driven, and tech-focused education. I have considered swapping either my business or econ major for a minor degree in something like math, engineering, computer science, or some other hard science. I also know that a minor in these subjects wouldn’t mean necessarily that I have the option to go into these fields as they are merely minors.
Being a top student at my school in the realm of business and economics, I have the opportunity to build a solid resume and probably get into a good school for an MBA or Masters/ PhD in economics if I choose to do so. Sticking with my current majors also allows me the potential opportunity through my school to do a congressional internship in Washington D.C. working on economic policy.
It may sound obvious to stick with my majors, but I fear not going into a fulfilling job that allows me to be creative, do research, and make a positive contribution to the world. Any feedback or advice would be awesome.
If you want to continue to PhD study in economics, take additional advanced math and statistics courses (multivariable calculus, linear algebra, real analysis, calculus-based probability theory, etc.), as that tends to be expected. Since you are interested in quantitative subjects, that may be what you would be interested in anyway.
If you are seriously considering a PhD in Economics, you will need to take a significant number of math courses as basic preparation, and also gain some experience conducting research relating to economics. The purpose of a PhD is to conduct independent research. That is a very different focus than an MBA, which is to broadly prepare you for a job in business. If you can decide between these two goals, it might help you decide whether to drop your business major and add a math minor (or at least electives in math, statistics and computer programming).
Below are statements from two university websites on the recommended preparation for admission to a PhD program in Economics, but you can review a lot more websites on your own, and also compare what is required for admission to an MBA program. To gain experience in research, you can apply to summer research internships and contact professors about conducting research during the academic year, and look into other research opportunities available. If you have already completed the math courses mentioned below, then you probably don’t need to worry about changing your major and getting a math minor to accomplish your goals.
Boston University PhD in Economics admissions criteria:
Three semesters of calculus; linear algebra, knowledge of mathematical statistics, and probability theory; knowledge of differential equations. Real analysis is also very helpful. Familiarity with computer programming is valuable, but not essential.
Harvard University PhD in Economics admissions criteria:
Demonstrating the ability to do research is an important criterion. This could be accomplished by either having done research previously or via experience as a research assistant. In the latter instance, a letter from the supervisor indicating the ability to do research is critical. Mathematical preparation: The minimum level of mathematical preparation to be considered includes calculus and linear algebra and demonstration of proficiency with mathematics. Increasingly, successful applicants will have taken more mathematics. In particular, most successful applicants now take real analysis.
Thanks for the timely feedback. Going for the math minor and the major in economics is something I have considered before. I do have a few concerns that pushed me away from this path when I first began to have doubts about business. First, the only economics degree that my school offers is a bachelor’s of arts and there seems to be little to no economic research being done at my university. Second, calculus 2 is the highest math I have taken and I passed it with an A, but it has been about 3 semesters since then.
I am worried that if I pursue a math minor, I might forfeit the possibility of graduating summa cum laude. It seems like if I were to go down the PhD route I have 2 feasible options. Either graduate with my current degrees with high honors and potentially take calc 3 and linear algebra before applying, or do the minor in math minor / ba in econ and risk graduating with a lower gpa. In both cases, I’m in need of some research experience. Any Ideas?
It’s a tough call. Business is a fairly generalized degree where the first job usually determines the actual career path. It’s very easy to get “pigeon-holed” into a specialty you don’t enjoy. Instead of a STEM degree, which may be a form of technological torture, you could just go into Information Systems. This would allow you to keep your business degree and have a tech degree at the same time. Plus, having a strong business background is a real asset in the tech world.
Let’s roll back.
Just because you major in economics and business doesn’t mean you have to go into financial services. If you interned in financial services and don’t like it, then don’t seek jobs in that field.
There’s a lot of pressure for students these days to major in STEM, because there are rumors and myths that STEM is where all the jobs are and where all the money is. First of all, most STEM majors don’t even go into STEM careers (and that includes computer science and engineering majors - about half of engineering and mathematical/statistical/computer science majors don’t work in STEM careers!) Second of all, while it is true that on average engineering, mathematical/statistical/computer sciences, and some physical sciences majors earn more than some other majors, you can still earn a decent middle-class salary (and even more) in other majors depending on what you choose.
If you’re already a third-year student - and in the middle of your third year, no less - changing your major is likely to add time to degree. It’s one thing if you are truly passionate about a specific science field that you just happened to find late and had a career epiphany that requires a major change…but simple existential dread shouldn’t be the motivator to add an extra semester or year onto your schooling.
Instead, what you can do is get creative about what kinds of careers you can do - almost anything, really, if you put your mind to it. You want to work in a more research-driven environment? Try out assisting a professor in their research (economics or business - business professors do research too) or doing a research internship over the summer to see if you like it. If you want more quantitative work, take some more math classes before you graduate and try looking for quantitative jobs across the spectrum. There are LOTS of business roles in tech, and you still have time to take some tech/computer science focused classes and maybe pursue roles like technical program manager or business program manager in technology companies. You are definitely not limited to financial services - or even business!
But what you shouldn’t do is just traipse off to an MBA or a master’s or PhD in economics just because you CAN. If you’re not sure what you want to do, the best thing to do is try out some internships and jobs until you figure it out.
Source: https://www.census.gov/dataviz/visualizations/stem/stem-html/
Why don’t you take a few programming classes, and go to work for someplace like Accenture when you graduate? Large system integration projects like those companies do need people on that seam between business and tech.
Thanks for all the advise. It really helped!