Which schools have a good Mathematical Economics major/program? My nephew is a junior, always loved math but AP Economics made him feel conflicted so he is exploring combined programs. Please share information, experiences and opinions.
Look for an economics department whose courses uses more math. The prerequisite courses for intermediate microeconomics and econometrics can be an indicator:
High math: prerequisites include math more advanced than single variable calculus (e.g. multivariable calculus and/or linear algebra)
Medium math: prerequisites include single variable calculus
Low math: prerequisites do not include calculus
Some departments may have more than one version of these courses, with different levels of math intensity.
In addition, check for upper level mathematical economics courses.
Some colleges may have a specific mathematical economics major under either the math department or economics department. If not, a student can major in one but take relevant electives in the other, or do a second major in the other.
PhD programs in economics can have substantial expectations for math and statistics preparation. For example:
https://www.econ.berkeley.edu/undergrad/current/preparing-for-grad-school
Lots of places have good combinations of these two fields. The key is to find the econ programs that have the intermediate theory classes that stress the math treatment. Programs like USC (https://dornsife.usc.edu/econ/bs-economics-mathematics/) have defined programs that merge the two disciplines. Wisconsin does a good job of having two tracks for the econ theory classes (http://guide.wisc.edu/undergraduate/letters-science/economics/economics-bs/index.html#requirementstext). If you are looking for a LAC experience, programs like Lawrence exist (https://www.lawrence.edu/academics/study/economics). It is always easy to double major or major/minor in math and econ at almost any school.
Is a bit good
For LACs strong in general economics, look into Colgate, Claremont McKenna, Hamilton, Williams, Middlebury, Wesleyan et al:
https://ideas.repec.org/top/top.uslacecon.html
Schools from the above group offer mathematical economics as a defined major or allow for a combination of math and economics in the form of majors and minors.
For larger schools, this similar analysis can also serve as a rough guide in terms of strength in general economics:
https://ideas.repec.org/top/top.usecondept.html
Note that some excellent schools for economics (e.g., Brandeis) will be somewhat lower placed due, it appears, to smaller department size.
He is looking for a defined and combined program, not double major. He is in Cali so has looked into UCLA and USC’s programs.
A specific combined program may be more limiting, compared to considering schools where he can major in math or economics and take electives in the other to construct a similar program.
Northwestern University has an excellent programs called the Mathematical Method in the Social Sciences (MMSS). It is definitely worth a look. Economics at MIT and the University of Chicago is quite math-heavy.
Most universities will allow the student to make their pursuit of economics as quantitative as their wish it to be. I personally recommend double majoring in Economics and Mathematics. With the exception of very few universities, such a double major is easily feasible.
Try looking at colleges that offer Mathematical economics.
One of the colleges I know since I live across the street is Colgate University
Is there any advantage in a proper program over just doing a double major in math and econ?
He might be interested in computational finance down the line – I think it’s mostly Master’s level. A quick google search pulled up Georgia Tech and Carnegie Mellon. It’s sometimes called Quantitative Finance.
It’s CS and finance – but the young man I know in a Master’s program now majored in math as an undergrad so I think applied math is a part of it.
It’s all about big data and the finance industry – pretty hot field from what I understand. Not sure how many undergrad level degrees there are but maybe some.
Addendum: I just saw that Babson has an undergrad concentration in “Computational and Mathematical Finance”
He is not interested in CS as such but he took AP Comp Sci and really enjoyed it and would like to take more courses as it compliments his interest in Mathematics and Economics.
This is something that so many schools do well at an undergraduate level that some preference around size and geography could be helpful in developing a focus. An idea of test scores and GPA could also help.
Rice, Yale, Penn and UCSD also offer combined programs.
There is a list of schools with Quantitative Economics Programs available, but it cannot be posted on CC (I tried).
It can be found via a Google search.
Here is a program at Tufts that you can use as a template if you want to try to build your own.
https://ase.tufts.edu/economics/undergrad/majorQuant.htm
I have also heard good things about Colgate’s program. I assume BC’s program is good. There are some Ivies on the list, but I am biased toward the more teaching focused environment at Tufts, Colgate and BC. I do not have much familiarity with programs outside of the Northeast.
A double major will likely require more upper level math classes than a combined program. A combined program is more like a econ major/ math minor. A lot of them are just structure around what they have always been recommending for PhD programs.
This kid lives in California so he is eligible for in-state tuition at UC schools but USC, Rice and Northwestern have combined programs and offer merit scholarships so those and any other with merit scholarships can work. I don’t know his GPA but he has a 1580 SAT. He is prepping to take an ACT. He did score 5s and 4s on AP Calculus, AP Comp Sci, AP Statistics and AP Econ (micro & macro). Is it more difficult to get accepted into these programs compared to getting in economics or math majors?
@Mastadon Thanks. Are there any merit scholarships offered at Tufts?
He also mentioned hoping to add a minor in finance and a foreign language.