How useful is an undergrad Econ degree?

Is attending Notre Dame worth it if I cannot internal transfer into Mendoza, and be forced to major in Econ? (the new business policy restrict Mendoza entrance to those who apply to it directly from the beginning of the process, with a slight chance of internal transfer soph. year).

I really really want to attend ND, but I do not know if an econ degree from ND (worst case scenario) will amount to much in the future had I instead attended USC Marshall, UCLA, or Stern.

Is it better to just attend an undergrad bus. school where I am already accepted to such as USC Marshall or NYU Stern, and not take the transfer risk of ND Mendoza? Or is an econ degree still fine at Notre Dame in employability terms?

*As for NYU Stern, I am not that appealed to its non-traditional college experience, lowly sports teams. But I would be willing to attend there for 4 years if it is that more beneficial to my future.

Thank you!

 

Business at NYU > Economics at ND

Having said that, I don't think there's a big difference. You still will have excellent prospects even if you don't get into Mendoza and end up with an economics degree. Go which place you like best and/or is the cheapest.

 

I would go to Stern (due to location and proximity to all firms), then USC as it has a solid undergrad business program and lastly UCLA no undergrad business program.

I would say keep the GPA above 3.5 and network like crazy, most firms do not care about major as long as it is "related."

 

Personally, I feel you would be at a slight disadvantage coming from Notre Dame econ when compared to Mendoza (undergrad business degree). Recruiters know usually the undergrad business school is more competitive to get in. Another problem you will have is taking econ classes are not related to finance need to study more from resources like the vault guide.

 

can you do something in addition to econ? Econ is often meaning the same to me as math + finance; thus if you do an addition with Math/Stats/CS or Political Science / law, you'd be as strong as any business grad.

After all, I think this is my 2nd time saying it at WSO--many nonBusiness ug are taking a job at bb/MBB. don't you worry if you don't have business UG--you can always get it from MBA. However, it's harder to get to STEM or Policy/Law with business UG

 

Since I hear econ is really math heavy, it doesn't really appeal to me as much to the point I would be happy studying this for 4 years. I really want to attend ND, but doing a major like poli sci, I feel like it's a risk as it has no correlation with business; whereas, at USC or Stern, I could just stick w an undergrad bus degree

 
eagles7:

Since I hear econ is really math heavy, it doesn't really appeal to me as much to the point I would be happy studying this for 4 years. I really want to attend ND, but doing a major like poli sci, I feel like it's a risk as it has no correlation with business; whereas, at USC or Stern, I could just stick w an undergrad bus degree

Econ CAN be math-heavy. It doesn't HAVE to be: if you go towards Econometrics, Asset Pricing (which is between econ/finance), it's definitely more mathy. However, if you have policy economics, I really doubt it's mathy--but it works well with people in polsci / law.

Again, if you are a mathy person,, taking mathy econ vs. finance has not much difference. or some people do econ & Finance together (in my nontarget b-school). I did Finance & math.

If you want some Finance, can you take Mendoza classes as a minor / certificate but w/o major?

 
shuang19:
eagles7 wrote:
Since I hear econ is really math heavy, it doesn't really appeal to me as much to the point I would be happy studying this for 4 years. I really want to attend ND, but doing a major like poli sci, I feel like it's a risk as it has no correlation with business; whereas, at USC or Stern, I could just stick w an undergrad bus degree

Econ CAN be math-heavy. It doesn't HAVE to be:
if you go towards Econometrics, Asset Pricing (which is between econ/finance), it's definitely more mathy.
However, if you have policy economics, I really doubt it's mathy--but it works well with people in polsci / law.

Again, if you are a mathy person,, taking mathy econ vs. finance has not much difference. or some people do econ & Finance together (in my nontarget b-school). I did Finance & math.

If you want some Finance, can you take Mendoza classes as a minor / certificate but w/o major?

Also I can't shake this idea--- UCLA is a very good school. despite not having Undergrad Business, it places many BB internships and analysts. It's kinda like Wharton, right? everyone get a BSc in Economics + concentration. I think Wharton UG places just fine like UCLA right?

 

People with history degrees get into investment banking, it matters a lot more on what university you attend. If you're asking does the theory of economics and what you will learn be worthwhile? For me the econ classes I took have changed my life and I really enjoyed them.

 

Fares very well. Financial econ degrees tend to be heavier on the quant side and you come with solid business grounding. Note that a lot of ST and FT hires from targets such as Harvard / Princeton / Yale have majored in history/psychology/english. Training will teach it all.

It boils down to raw brain power and a comfortability with numbers. If your classes/gpa reflect that, and you can interview well, you're in a very strong position. Strictly from a degree perspective, your odds are just as good as a B.Comm's. Just don't act like a madarchod in your interview.

 

As far as Econ on the street there are plenty. I'd say from the analysts resumes I've seen recently it's a pretty equal mix of Econ/Finance/All others.

This to all my hatin' folks seeing me getting guac right now..
 

If you go to a school that has a good business school I'd major in business or finance. I have an Econ degree from UChicago, and while it is a great degree, and I got to meet several Nobel Prize winners and take a class with one of them, I still wish I would have learned more actual finance in undergrad.

I would agree with you, but then we'd both be wrong.
 

since you mention the masters in finance i'm guessing you have a more quant bias in your studies ie you've taken higher calc, linear algebra, and maybe some comp sci? if so i suggest you avoid the qualitative classes (which i find useless and a waste of time) and focus on the more quant path.

bc you mention speculating, i don't suggest you delve into developmental econ unless you have a change of heart. first, do some due diligence on who the good professors ie the ones that give a shit about teaching. but you should take econometrics, game theory if you havent already, and some kind of behavioral finance or class that blends psych and economics. your economics department should also offer some kind of international trade econ and you could consider higher level macro.

i think doing research for a prof could be considered if you have the time; find a prof with research on macro economy or something along the lines of your interests.

some schools offer classes along the lines of political economies or whatever... just read the economist and use google reader to plug yourself into econ/finance blogs.

 

I appreciate the feedback. I just noticed from the research that I've done, that firms seem to look down on Econ majors, favoring B-School kids instead, especially if the college of the applicant had a good B-School (i.e. Wharton vs Penn-Econ, Ross vs Michigan-Econ, Marshall vs USC-Econ). Maybe I'm wrong. Just considering my academic trajectory, I won't be able to transfer over to the School of B until the middle of my Junior year. All of the Internship experience (this summer & next) I receive will pretty much be riding off of an Econ. degree instead of Finance. Hence the thread topic....

 

If i was you i would major in Finance. I am an econ major and when i submitted applications for MM's and Boutiques, you MUST know finance and accounting like the back of your hand. At BB's, they dont care to much, however if you dont land at a BB, you will have a tougher time. Howard has good brand recognition (I was going to go), but i would highly recommend Finance. or you can get a MSF

 

You should be OK since many people in investment banking have econ degrees, however, if I were you, I'd do whatever to get into the business school to major in Finance as it is more related to what you'll be doing in IB.
Congrats on transferring to Howard by the way.

 

@ Dongeiss

I go to Howard, I dont think I have the same luxuries. It's not in the same class as Harvard, Yale, Princeton or Stanford. A student at Columbia could major in Sociology & most likely get an interview at GS. A student at Morehouse, not so much.

 
Maalik:
@ Dongeiss

I go to Howard, I dont think I have the same luxuries. It's not in the same class as Harvard, Yale, Princeton or Stanford. A student at Columbia could major in Sociology & most likely get an interview at GS. A student at Morehouse, not so much.

I hear you but having an econ degree certainly won't hurt you but having a finance concentration may be better in your shoes. Point is, if you can't get a finance major going don't stress about having an econ major because you'll be fine. Can always take more finance centric classes and brush up on what you may miss on the side etc. Just don't do something stupid and swap into an english major.

 

@ Trader Daily

I'll keep on trying. At the school I went to my freshman year, I missed out on some prerequisites. Howard didn't care & let me in with full scholarship. The School of B is a bit more anal & said I couldn't come over until I fulfilled them, which I found out last month when I had the balls to go ask why I was denied. I won't be able to get in until the Fall '11 or Spring "12 which made me ask this question; if I could make it with just the Econ degree instead.

 

Network, network, network. Your econ degree doesn't hurt, your 4.0 GPA will help, but the name of the school is probably the worst thing going against you. Get your foot in the door as soon as you can.

--Death, lighter than a feather; duty, heavier than a mountain
 

IMO a B.A. in Econ should not be holding you back at all, possibly if they said the role required a quantitative background then they really needed someone with a training in math/statistics or programming. Econ is fine for banking, consulting, most trading (non-algo stuff), asset management, etc...

Anyways, you can't change was you graduated in, so make the best of it. If you find that things are really impossible, maybe look into doing an MFin?

TL;DR: if you want to do a quant job in finance, then yes, an econ background won't be ideal, but for most things you should be fine.

 
asiamoney:
IMO a B.A. in Econ should not be holding you back at all, possibly if they said the role required a quantitative background then they really needed someone with a training in math/statistics or programming. Econ is fine for banking, consulting, most trading (non-algo stuff), asset management, etc...

Anyways, you can't change was you graduated in, so make the best of it. If you find that things are really impossible, maybe look into doing an MFin?

TL;DR: if you want to do a quant job in finance, then yes, an econ background won't be ideal, but for most things you should be fine.

Thx for the feedback. At this point, it seems that I will need an MBA if I want to make a jump into high finance. Although Econ may be sufficient for banking or consulting, I am finding it is almost impossible to break in as an analyst at this stage of the game, since I am outside of the standard SA OCR hiring model that banks practice. I've been 'networking' with many finance professionals for last 6-7 months, but nothing to show for until now, except 3 interviews that I landed and a bunch of random business cards..

Btw, not sure if I can get into a top 10 MBA program due to my crap GPA. It is barely over 3.0.. FML

 

With the exception of very quantitative jobs, an econ BA from a top target is fine.

You should have spent more time studying rather than f*cking around in your final club or eating club (i'm assuming you went to HYP based on your screen name). College gpa is the best predictor of future success, in my opinion.

 
MBA-policy:
With the exception of very quantitative jobs, an econ BA from a top target is fine.

You should have spent more time studying rather than f*cking around in your final club or eating club (i'm assuming you went to HYP based on your screen name). College gpa is the best predictor of future success, in my opinion.

Yes, if I could go back in time and meet 19 yr old version of myself, I would slap the shit out of that kid. I honestly don't know what the fuck I was doing when was 18-21. I just didn't have my shit together. I was more interested in getting wasted 5 nights a week and chasing after girls, more than worrying about my GPA and future career ahead of me.

I had a ton of fun in college and formed amazing friendships with great guys and gals, but I am paying for it very dearly now. In fact, given what I did in college, I feel very fortunate to just have a job now.

Btw, I am assuming you know a thing or two about MBA admissions given your screen name. Can you give me some advice about how to best position myself for MBA application, 3-4 years down the road.

Background:

  • HYP undergrad, class of 2010
  • 3.1 GPA in Econ
  • Didn't take any advanced stats or math courses, so not sure how this will be viewed by MBA admissions
  • Work at a Big4 firm in a non-finance capacity
  • My job title is "analyst"
  • SAT = 2300 / 2400
  • GMAT = 720 / 800 (I only took it once... should I retake?)
  • no extra curricular activities outside of work, no charity, or any bull shit like that

Do I have any chance at a top 10 MBA? Or am I fucked because of my GPA. Would getting promoted at my work a couple of times help much? I really think top 10 MBA is necessary for my career ambitions, as I look to erase that fucking undergrad GPA stain off my resume and get a new fresh shot at OCR for I-banks and top consulting firms. Any help appreciated.

 
MBA-policy:
With the exception of very quantitative jobs, an econ BA from a top target is fine.

You should have spent more time studying rather than f*cking around in your final club or eating club (i'm assuming you went to HYP based on your screen name). College gpa is the best predictor of future success, in my opinion.

Even if college gpa were the best predictor for future success it would still be a very shitty one, in my opinion. The fact that this dude decided to go out drinking instead of studying really doesn't make/break him as successful in the business world. Maybe I'm just biased because I didn't have a great GPA...

This to all my hatin' folks seeing me getting guac right now..
 

In my opinion accounting and finance is more memorization of formulas and rules whereas Economics teaches more of a way of thinking and problem solving.

I might be biased (BS in econ) but I believe the econ courses I took prepared me more for my career in finance than the accounting and finance classes I took.

You're born, you take shit. You get out in the world, you take more shit. You climb a little higher, you take less shit. Till one day you're up in the rarefied atmosphere and you've forgotten what shit even looks like. Welcome to the layer cake, son.
 
Nefarious-:
In my opinion accounting and finance is more memorization of formulas and rules whereas Economics teaches more of a way of thinking and problem solving.

I might be biased (BS in econ) but I believe the econ courses I took prepared me more for my career in finance than the accounting and finance classes I took.

Although I agree that Econ was an interesting major in and out of itself, I don't think it has given me any recruiting advantages over humanities majors for employment.

Back in college, consulting firms and I-banking firms recruited all sorts of majors on campus. In fact, I know a number of history, government, or biology majors who are working as banking analysts at BB or consultants at MBB, out of my college. If my memory serves correct, these firms didn't seem to give any advantage for being an econ major over any other major. (they only seemed to care about GPA) And now, I'm finding out that my Econ degree doesn't cut it with some more quant focused finance shops due to it not being quantitative enough.. damn it.

 

While undergrad finance graduates typically are exposed to more quantitative topics than many (but by no means all) econ graduates, they are typically very applied. My personal opinion (heavily biased due to going ABD in econ), is similar to Nefarious. Econ teaches you how to think and understand the assumptions behind a model, whereas finance will introduce and explain how to apply a model. This is a really broad characterization... in finance, concepts are explained, but not necessarily as deep as economics classes.

I came out of undergrad with a strong quantitative background because I sought such a background from my economics and mathematics department...

I’m standing on the edge of some crazy cliff. What I have to do, I have to catch everybody if they start to go over the cliff—I mean if they’re running and they don’t look where they’re going I have to come out from somewhere and catch them.
 

Not all economics degrees are created equally - I did well and was at a fairly strong school, and am more natural at the more quantitative aspects of my job. But I'd probably get the same feedback as you - quant for me is building Excel models, figuring out what analyses to run, what data I need, getting to insight quickly, etc. If I was interviewing at a hedge fund, I'd expect to be fucked since I didn't do more advanced econometrics, math classes, etc.

Life, liberty and the pursuit of Starwood Points
 

If it makes you feel any better, I majored in math (at a non-target) and felt that 99% of what I learned was absolutely useless because I don't plan to be a quant. If it weren't for the fact that employers value quant skills, I think I would've been just as well off, if not better off, learning something more relevant to reality (outside the narrow niche of quantitative finance) like econ or history.

MBA-policy:
College gpa is the best predictor of future success, in my opinion.
MBA-policy:
Well, college gpa is a good measure of work ethic, drive, and hustle, which are in turn important attributes for success in life. Of course, there are late bloomers who goofed around in college but got their shit together later in life. But regardless, top grad schools and firms care a lot about college gpa.

Give me a fucking break. Good GPA = you're really good at doing what you're told.

I find it insane that GPA actually matters for B-School admissions when you're 26 and have been out of school for 4 years. Not to mention the courses you take in B-School are about as rigorous and demanding as a middle school art class. But that's a topic for another thread...

 
JDawg:
If it makes you feel any better, I majored in math (at a non-target) and felt that 99% of what I learned was absolutely useless because I don't plan to be a quant. If it weren't for the fact that employers value quant skills, I think I would've been just as well off, if not better off, learning something more relevant to reality (outside the narrow niche of quantitative finance) like econ or history.
MBA-policy:
College gpa is the best predictor of future success, in my opinion.
MBA-policy:
Well, college gpa is a good measure of work ethic, drive, and hustle, which are in turn important attributes for success in life. Of course, there are late bloomers who goofed around in college but got their shit together later in life. But regardless, top grad schools and firms care a lot about college gpa.

Give me a fucking break. Good GPA = you're really good at doing what you're told.

I find it insane that GPA actually matters for B-School admissions when you're 26 and have been out of school for 4 years. Not to mention the courses you take in B-School are about as rigorous and demanding as a middle school art class. But that's a topic for another thread...

Whether you like it or not, top firms and grad school rely heavily on college gpa as an initial screen. Of course, some firms and schools care less than others, but it's definitely important and will have a meaningful impact on your professional career post-college.

No idea why you think it's insane that b-school adcom cares about college gpa. A high gpa, especially from a top college, indicates intelligence, work ethic, and discipline, all important attributes for success. Also you overstate how easy b-school curriculum is. It may not be as hard as STEM, but it's a lot of work, and being able to handle your coursework along with the slew of networking events, clubs, social events, interviews, requires great time management. So in that sense, a strong college gpa indicates that the applicant will be able to effectively manage his time in b-school.

 

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