I have added a new ECON major to my undergrad curriculum; I’m double majoring political science and economics now. I want to work as a financial analyst for a few years after undergrad and then go to law school.
Since it’s difficult to transfer into the business school at my university (not to mention the additional year of studies), I thought economics would be the best alternative. Is a finance/accounting degree worth another year of studies, or is the additional preparation minimal compared to ECON?
I don’t know what kind of financial analyst you are talking about. FA could be someone working on Wall Street in a big bank or someone assisting a manager in accounting/finance department in a thirty people firm. If you aspire to work on Wall Street right after college the typical path is being recruited at a top ten school campus or started interning there during college. The WS banks also take a lot of Harvard Law graduates too if that is in your plan. As far as a corporate FA the paths are all over the map.
Are you at a target or non target school? If you are in a target school, econ will be fine.
There is a web site similar to college confidential called wall street oasis or something like that -it has many forums where people post info about getting into financial industry jobs. You may find that helpful.
It is important to understand that economics and finance are very different majors. Economics is a liberal arts course of study and gets very theoretical at the upper levels. In contrast if you go to an undergraduate business school you will take a business core with introductory classes in subjects such as accounting, finance, IT, marketing etc. and then you will major in one of those disciplines. I’m not saying that one path is better than the other, but they are very different.
My daughter majored in economics and took some business courses (including two in finance and two in accounting) as electives. This worked out well. I don’t know whether the business courses helped her get job offers, but they certainly helped her to be successful at the job where she ended up.
If you are at a target school (top 20ish USNWR) your major doesn’t matter much but your analytic and critical thinking skills are paramount during the interviews for the summer internship that is very helpful to obtain. If you get a WS sell side analyst position, you would likely study and take at least the first part of the CFA exam and certainly several series exams and that will equalize the Econ and psychology majors. These firms basically want really smart people that they can work hard and are prepared to train you to do what is needed. FWIW, a CS major is probably more useful than a finance or Econ degree to an analyst.
@runswimyoga@YaleGradandDad I’m in USNWR’s T80, I’m working on a few transfer applications to a few “target schools.” I am open to work at Wall Street, and I’m also equally open to work at a big bank near my home (it’s a big city).
@HRSMom@Marian@happy1 There is a quantitative finance certificate at my school, but you need to be a business major to take the courses- same with any other business courses. The ECON department offers courses like money and banking or international finance. I was originally interested in a finance major, but I’m not willing to take a year of business core classes that include classes like “intro to world business,” “business ethics,” “business in the 21st century,” etc.
Nowadays a lot of the USNWR’s T5 law schools prefer applicants with a few years of working experience, so I’d figure I could explore a financial career and boost my chances of admissions.
Keep in mind that while work experience can help to bolster the chances of an already very well qualified applicant, it won’t help a person who doesn’t meet the academic standards of the school. If you haven’t yet, look up the class profile for some of the top law schools – generally successful applicants need a GPA over 3.75, LSAT around 170 (top few percentiles), outstanding recommendations, great essays etc.
I like the idea of taking a few years to work. Too many people get trapped in law school after 1L bc they feel like they have too much invested to quit. So better to know you want to go after a few years, or not.
Op, it looks as if you are planning to transfer for a second time to get into a top 20 school (before you have even attended your second school yet). This would be your 3rd college.
Straight no chaser; your chances of being successful at this are pretty much nil; for most top 20 schools you will still have to submit your high school transcript and scores in addition to transcripts from both colleges (retaking the exam does not count one you have already graduated). Your best bet is to make this new college work, get really good grades, build relationships for recommendations, and get some good internships under your belt.
As @happy1 stated, try to get the best GPA you can at your new school (even if you get a 4.0, the LSAC will still average in your old GPA. Study, study, study for the LSAC try to score 172+
@happy1 Of course I have a chance! I have a 3.51 GPA and I plan to work hard to keep a 4.0 for the next 6 semesters left in undergrad. I’m very involved in clubs and internships, and I’m constantly learning outside of college! Sidley Austin Law Firm offers a scholarship to rising juniors that thoroughly prepares students for the LSAT (which I’ll apply to). I will definitely make it into the T5.
I’m emphasizing my future -which I have full control of- and you’re focusing on my past!
@sybbie719 I’ll definitely continue working- I know my goals are aspirational.
I’m already studying at my new university, and it’s going great. I won’t be disappointed to stay here, but why not take a chance to apply to your dream schools and follow your dreams?
Cornell’s IRL School doesn’t require/look at standardize test score, same with Emory. Virtually all schools accept retakes as well. I have called the admissions offices to confirm.
I am focusing on your future. I hope all your dreams come true. But I also hope you stay realistic and just as with college applications you will need to focus on finding reach, match, and safety options based on your academic stats when it comes time to apply to law school.
Glad to hear that you are committed to making it work no matter where you are.
For law school the 2 numbers are king: GPA and LSAT.
Some things to consider- Cornell-ILR
There will be students who will be coming in through their guaranteed transfer program
There will be NYC/NYS students who will be transferring in through the various articulation agreements that Cornell has with SUNY/CUNY two year colleges (especially students who may have started in EOP/College Discovery).
Also don’t forget a Emory, there will be a number of students who will be transferring in from Oxford College (Emory’s two year school).
Just a quick word of caution - you have a good GPA now - focus your efforts on your current major and improve upon your GPA and study for the LSAT. Your move to take on a more quantitative major/minor could backfire and hurt your GPA. If your goal is law school, protect your GPA don’t jeopardize it. Wall Street probably won’t happen for you but a good law school sure can so keep your eye on the ball.