The Best *minor* compliment to a finance major

College Majors Business Major
21

<p>Josh... i'm currently doing a 6 month co-op at a bulge bracket i-bank (equity trading)...the majority of the people I work with have a degree in finance. A few of the people I work with have degree's in engineering but these are exceptions to the rule. </p>

<p>I would venture to say that a degree in Econ is usually good for people looking to get into government and/or academic positions. This is not to say that the big financial's don't have economists working for them...but they are a small part of the work force. </p>

<p>I personally love the field of economics, but from what I've observed, econ. seems to be regarded by recruiters as a bit of an inferior/easier major when compared to finance. (just my opinion)</p>

22

<p>
[QUOTE]
this really depends on where you go to college. after you graduate, this may not be the case with your employer. but at some colleges math is very much incorporated into the marketing curriculum.

[/QUOTE]
</p>

<p>I would say that Marketing is 65% conceptual, 35% quantitative. Obviously what happens AFTER college is largely dependent on the employer, but he's not looking for a marketing job. </p>

<p>The amount of math that is included in the classroom experience depends on the course that is being taken. Marketing research for example is a class that is going to have more statistics/math work when compared to a marketing management or marketing communications class, but as a whole...marketing is much more conceptually based when compared to a field like accounting.</p>

23

<p>MIS would be fairly worthless for you. All I could see it accomplishing is possibly lowering your GPA and causing you to spend less time on your finance courses.</p>

24

<p>
[QUOTE]
MIS would be fairly worthless for you. All I could see it accomplishing is possibly lowering your GPA and causing you to spend less time on your finance courses.

[/QUOTE]
</p>

<p>He's asking for advice on getting into the securities/sales/trading field...all of which are heavy on systems and computer knowledge. I'm currently finishing up a 6 month co-op at a large i-bank and I'm involved with equity trading. Trust me...systems knowledge is VERY useful in this industry. In hindsight I wish I had taken more MIS courses as it would have saved me the hassle of being thrown into the fray without any systems background.</p>

<p>Believe me...if you have a finance background and are good with systems/computers...your value to potential employers will increase tremendously.</p>

25

<p>Which MIS courses would be valuable? Networking? Systems analysis? Systems Design? Object oriented programming? Database design? Project management? Structural programming?</p>

26

<p>"and if you're not great at math, i don't see how you would ever consider majoring in economics. its math math math math math." </p>

<p>It's not implausible to go into Undergraduate Economics and not be the next Ramanujuan. However, it will require you to spend more time on math than other social sciences/humanities majors. Yes, it is helpful to be passionate about math (in almost any field these days), but it is also possible to get by in economics without this passion.</p>

27

<p>passion for a subject and being good at it are two different things.</p>

28

<p>
[QUOTE]
Which MIS courses would be valuable? Networking? Systems analysis? Systems Design? Object oriented programming? Database design? Project management? Structural programming?

[/QUOTE]
</p>

<p>all of the above. By the way...concerning object oriented programming...It wouldn't hurt to have visual basic and some java/C++ knowledge. You can really impress your superiors if you're even a little bit knowledgeable with this stuff. The main reason being...the tech team and developers are busy with their daily stuff...the more problems that you can fix on your own the better it makes you look.</p>

29

<p>I realize passion and potential/ability are two different things. However, I addressed both of these by saying you do not have to be a Ramanujuan to learn "higher" level math (although it will certainly take more time), and you don't have to necessarily love it to get by. It helps, but it isn't absolutely essential. If you want to go to graduate school, then yes, you need a higher level of math ability, and you likely need more passion for math. To get by in Undergraduate Econ this isn't the case as much.</p>

30

<p><<i realize="" passion="" and="" potential="" ability="" are="" two="" different="" things.="" however,="" i="" addressed="" both="" of="" these="" by="" saying="" you="" do="" not="" have="" to="" be="" a="" ramanujuan="" learn="" "higher"="" level="" math="" (although="" it="" will="" certainly="" take="" more="" time),="" don't="" necessarily="" love="" get="" by.="" helps,="" but="" isn't="" absolutely="" essential.="" if="" want="" go="" graduate="" school,="" then="" yes,="" need="" higher="" ability,="" likely="" for="" math.="" in="" undergraduate="" econ="" this="" the="" case="" as="" much.="">></i></p><i realize="" passion="" and="" potential="" ability="" are="" two="" different="" things.="" however,="" i="" addressed="" both="" of="" these="" by="" saying="" you="" do="" not="" have="" to="" be="" a="" ramanujuan="" learn="" "higher"="" level="" math="" (although="" it="" will="" certainly="" take="" more="" time),="" don't="" necessarily="" love="" get="" by.="" helps,="" but="" isn't="" absolutely="" essential.="" if="" want="" go="" graduate="" school,="" then="" yes,="" need="" higher="" ability,="" likely="" for="" math.="" in="" undergraduate="" econ="" this="" the="" case="" as="" much.="">

<p>Well, I've never excelled in math beyond the average level of my peers, unlike other subjects within the humanities for example, where I'm a walking encyclopedia according to many. But so long as I'm present in class, with a little effort, I could survive in math, but I've never been particularly enthusiastic about it. Is undergrad econ predominantly math, or are math courses more like a supporting role, and the main focus economic theory? Let's not forget, Albert Einstein was below-average in mathematics, and yet he was quite the accomplished scientist. </p>

<p>Basically, I'm thouroughly confused, which I understand is not uncommon among pre-college students. There are three essential points I must keep in mind when making my decision in no particular order:</p>

<p>-No more education requirement than a bachelor's degree
-My major must be suited toward my career of choice (finance)
-Something I will enjoy studying</p>

<p>The third can be accomplished by pursuing a minor of my choice, purely for recreational purposes. My idea of fun is studying and debating over Adam Smith, Say, Keynes, Samuelson, Friedman, etc, various macro-econ theories, debating fiscal and monetary policy, but if this forms only a small part of undergrad econ, and econ is mostly math classes and quanitative exercises and proofs, then I don't think I would like econ. </p>

<p>GOgetta,
You said you were at a bulge-bracket. Which one pray tell, and are you in New York? Is it possible to work for a smaller firm on the west coast, like say, San Francisco? I really don't want to leave the west coast, and I especially love San Francisco, a place I always imagined myself moving to and calling home, and San Francisco is like the west coast mecca of finance, is it not? Is it realistic to assume I can have a successful career in S&T in San Francisco, and by successful, I mean mean grossing at least 100K per annum.</p>
</i>

31

<p>Econ does contain quite a bit of math, but it contains quite a bit of theory as well, I'd say its about 50/50. </p>

<p>The bank I'm at is a US bank...and yes I'm in NYC...I'd rather not get any more specific than that. </p>

<p>Regarding your question about the west coast, it's more than possible for you to get a job with a smaller firm and pull in 6 figures doing sales/trading. Btw, also beware that you don't need to get into sales/trading to make 6 figures...there are plenty of other opportunities out there.</p>

32

<p>"and if you're not great at math, i don't see how you would ever consider majoring in economics. its math math math math math." </p>

<p>Depends on where you go really. At my school, they only require Calculus I for Econ majors.</p>

33

<p>To clarify, proofs are unlikely to be dealt with extensively at the undergraduate level. You'd need it for grad school admissions, but you'll only go up to Linear at most schools (for undergrad).</p>

34

<p><<<depends on="" where="" you="" go="" really.="" at="" my="" school,="" they="" only="" require="" calculus="" i="" for="" econ="" majors.="">>></depends></p>

<p>Granted, a great deal of mathematical ability is required in econ, but as far as real-world, post graduation finance work is concerned, I won't be dealing with anything more than elementary math, like high-school level Algebra and stats, right? </p>

<p>Finance seems like the only concentration that will actually teach me anything of value with regard to my future line of work. The rest just seem as if they qualify you for the position in the eyes of potential employers, but don't necessarily teach you a damn thing about work (in finance that is). </p>

<p>What do you actually study finance? It was my impression that you study things like the velocity of money, real vs. nominal interest rates, reits, mutual funds, stocks, bonds, derivatives, options, debt vs. equity financing, p/e ratios, etc. Am I wrong to assume this is what you study in a finance major?</p>

35

<p><<depends on="" where="" you="" go="" really.="" at="" my="" school,="" they="" only="" require="" calculus="" i="" for="" econ="" majors.="">></depends></p>

<p>I was looking at the prereqs for econ majors at one of my schools of choice (Cal Poly SLO), and the most they require is Applied Calc! That's the same as business majors! Will that be the end of intensive math, or will I have to use a ton of advanced math even within the econ courses? And will the math in finance courses be easier?</p>

36

<p>Unless you absolutely hate math, I would advise strongly against taking any Business "Math" courses. From my limited experience, they are not challenging or even exciting in any sense of the word, and you are likely to have covered most of the material during your senior year of high school. However, for economics itself how much math you use can vary. It also depends on your school. I would ask faculty members or students there. Some Intermediate Economics courses only require you have Calculus. Others will expect you to use higher level math. It varies by institution. (If you have to take econometrics that will use a good deal of math.)</p>

37

<p>Economics but if you are majoring in finance you really don't need a minor. I think it would be better to graduate earlier and get the work experience than to stay for a minor.</p>