Can someone please tell me which major is better suited for my future goals? I want to work in Wall Street, specifically in risk analysis. Also, is mathematical economics any different than the “Mathematics and economics” majors provided at for example NYU? And lastly, in order to get to Wall Street, isbgetting an MBA from Wharton needed/useful?
If you are just interested in risk analysis, you may just take lots of economics, staististics and decision analysis classes. Wharton’s applied economics will fit your need. But mathematical economics is a totally or completely totally different track. Math Econ at PENN is a Phd prep program, only the better math students can choose to major in it.
What it requires you is to divide your courses into half, 1/2 in math courses with all the analysis class included, all the real analysis, complex analysis, differential equations( ordinary and partial), probability and more will be on the menu, the other 1/2 will certainly be all basic requirements for econ major. This tack is basically an Econ degree with heavy dosage on mathematical analysis. Add some ingredients of statistics courses from Wharton then you will be home free. It practically prepares for everything required in all high level analysis programs including computational analysis, engineering and economic analysis etc.
Many other top Econ programs are geared up on this trend, yearly competitions are on going in this field on national level. I heard Penn’s participants are doing impressively but for the most updated result you have to double check yourself. NYU has Courant institute of math and well known to be a math temple, so their Econ and math program should be also good. But how that compares to Penn, then you have to decide yourself. ( note: brown also has a similar program but in applied math, mit just opened a joint degree in econ/math and Econ /compsci, but then their institutional requirements in all science subjects for all students are extra work and risky. Your interest is risk analysis, you do this here.) Good luck.
Options include economics, math, finance, and statistics if you want to land that kind of job straight out of undergrad. An MBA is preferred if you want to switch careers or your career trajectory basically requires it. To answer your question, you can get a BB position straight out of Penn undergrad – you don’t need an MBA.
Is mathematical economics part of the interdisciplinary majors that are a trademark at Penn?
One is heavy in math. Where in math are you in? Did you finish calculus 1 and 2?
Also, correct me if I’m wrong, but i believe that all the mathematical econ majors take the same econ classes as the regular Econ major but just have substantially more of math courses to take.
I’m currently taking AP statistics at my high school but never took Calc. I’m considering self studying for AP calc
If you’re planning to do Math Econ at Penn, I’d suggest you look into doing a Mathematics & Economics double major. There are only a couple extra classes needed to do a double major, rather than the Math Econ major. I think job recruiters are more impressed by the double major than the Math Econ major.
I’m not familiar with the NYU major, so I can’t speak to that.
Why are you concerned about an MBA now? Wharton doesn’t take MBA’s out of undergrad. You normally need at least 2 years (3-5 years is more common; average first-year is 27 or 28 years old) of work experience before entering an MBA program.
Could I do a double major with econ and a business major from Wharton? If it’s possible, what are the steps I need to take to make it happen?
Would I have to apply directly to Wharton or do can I apply to the college of arts and sciences with the intent to pursue an Econ major and then, if I get accepted, see if I can pursue a double major?
Read this: https://undergrad-inside.wharton.upenn.edu/dual-degree-wharton/
You could also start in Wharton and get approval to do an Econ major in college as a dual-degree. This is uncommon but would have higher acceptance percentage than the more common example in the link.