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Economics
 

Applied Finance Undergraduate Course

vernge01's picture
(Chimp, 2
 
Points)
 on 5/1/13 at 9:10pm

Long time reader, first time poster

For those who've taken applied finance courses in undergrad, is it worth taking to prepare for later advanced finance courses in business school. Debating if I should take this or an easier econ elective to beef up the GPA.

Syllabus-

Giving myself an edge in securing a summer analyst internship in '14

giwook's picture
 
Points)
 on 4/17/13 at 8:06pm

Brief background: I am a rising junior at an ivy and recently decided to major in Financial Economics. I haven't taken very many finance-related courses yet because of my late declaration of the major, and so I am wondering what classes I should take this Fall '13 and Spring '14 semester in order to make myself most competitive.

By the end of the Spring '14 term I'm planning to have completed Intro to Econometrics, Financial Economics, Financial Accounting, Statistics w/Calculus, and one or two other upper level Econ electives (in addition to Micro and Macro).

What's your opinion WSO...

TheGuyWhoSignsIn's picture
(Chimp, 15
 
Points)
 on 3/29/13 at 3:16am

I've been ripping my hair out the past 6 months. I just started college in the fall 2012 and have been undecided between majoring in electrical/computer engineering vs majoring in finance. "But wait jon those are totally different" said everyone. I'm having problems deciding because well... I put myself in quite a pickle. Maybe I should start from the beginning here.

Didn't get into a target -- Should I keep transferring until I do?

mikerals's picture
(Chimp, 6
 
Points)
 on 3/23/13 at 12:09pm

I was rejected from University of Michigan--Ann Arbor due to lack of certain qualifications (You could say that I wasn't good enough). I was, though, accepted to Michigan State University with a scholarship. I'm majoring in finance right now and my GPA at MSU is 3.8. My biggest desire is to go to Ross for a BBA. There is NO way I'm going to give up my goals. Here's my plan: should I just transfer to UMich LSA for Economics and then try to transfer into Ross? The good thing is that I'm younger than most of my peers so I should graduate by age 21 or 22 with this plan if it takes me longer.

Being an Economist at a Bank

jdavis180491's picture
(Chimp, 4
 
Points)
 on 3/16/13 at 12:38pm

Hi,

I have the opportunity to do an Economics MSc. Ideally I would like to work in an economic advisory role at a bank/consultancy firm

Does anyone know a little bit about what economists in a bank do (some specifics)?

More importantly, to become a chief economist or at least a senior economist at a bank will I eventually need a PhD? I am under the impression that a masters and years of experience in an economics role may be enough but a lot of articles say you will not be taken seriously without a PhD...

how to network in NYC this summer?

jshim.92's picture
(Chimp, 3
 
Points)
 on 3/6/13 at 12:47am

Hi, I'm a sophomore student from a non-target, top 20 liberal arts college. im an econ major. this summer, i'm interning as at a human resources department in a big3 credit rating agency, and i really want to get into finance next year (summer 2014). i'm trying to network with people from financial district and wall street in-between lunch hours and dinnertime or weekends. how do i network there? do i just randomly approach people, or should i send emails requesting a lunch/dinner meeting? thanks.

An Econ Professor, Prospective IB's, And The 99%

GMngmt's picture
O
 
Points)
 on 2/10/13 at 3:57pm
Failure Is Not An Option

It’s almost been a year since I began with WSO and I think I’ve come to get a feeling about what’s it’s like to go through the IB process. Perhaps some go into college with nothing more than a pipe dream of owning a corner office as head of an IB team. At one time I know I had similar aspirations but my later experiences in trading wiped that out like a shaken Etch-A-Sketch. However, I want to share with you monkey's a different perspective from a London Economics Professor who shares their observations on socially awkward quants, brainwashing of prospective IB's, and my take on the 99% of those who fail. Read on to see the whole controversy with a link to the full version complete w/Q&A…

Career advice please

FatIdiotKid's picture
(Chimp, 11
 
Points)
 on 2/9/13 at 5:45am

OK so I graduated May 2012 and I currently work at a very large publicly traded logistics/shipping company in a non finance position. I've been here a month and I'm making $50k plus bonus annually. I work 48 hours a week minimum but often more. This company only hires from within and has a "keep what you kill" mentality. That means they will hire people who have been here only a year to pretty important positions if they show they have "the right stuff" to succeed there. So the opportunities for me to move up are pretty good. BUT I work A LOT. The name looks legit on the resume and I manage about 30 people.

How do you make the most of UG as an aspiring IBer

melokid's picture
 
Points)
 on 2/2/13 at 2:03am

I have been lurking on this forum for quite a while and enjoy reading the threads. It has provided me with some basic insight on what I should try to do to get into the industry and what the industry entails in terms of lifestyle/opportunities/etc.

Economics and the Maximization of Profit (and Lies).

Dan Ariely's picture
(Monkey, 41
 
Points)
 on 1/29/13 at 9:30pm
profit.jpg

When a friend sent me this paper the other day, I admit that I took a long hard look at myself and my economist friends. According to this study, economists, it seems, are worse than most when it comes to truth telling. This discovery was made by researchers Raúl López-Pérez and Eli Spiegelman, who wanted to examine whether certain characteristics (for instance religiosity or gender) made people averse to lying. They measured the preference for honesty by canceling out other motivations, such as altruism or fear of getting caught.

The way they accomplished this was with a very simple experiment where a pair of participants acted as sender and receiver of information. The sender would sit alone in front of a screen that showed either a blue or green circle. He or she would then communicate the circle’s color to the receiver, who could not see the color or the sender. Senders received 15 Euros every time they indicated a green circle, and only 14 when they communicated that the circle was blue. Receivers earned an even 10 euros regardless of the color, and so were unaffected by either the truthfulness or dishonesty of the senders.

So senders had four strategies:

Berkeley vs. UCLA Undergrad

Football2Finance's picture
IB
 
Points)
 on 1/15/13 at 1:38am

So I'm waiting on responses to my undergrad transfer applications and I wanted to hear some of your guys' two cents. I applied to both UCLA and Berk with an interest in heading into IB after graduation (Haas Bus School @ Berk and Economics major @ UCLA). I know already that Berk is a target school on the west coast but I haven't heard much on UCLA. Assuming that I get accepted into both, what should I be investigating to separate the two schools to which would best benefit me the most.

I know Stanford is a target, but their transfer admissions are almost zilch. I already feel Berk is my #1, and UCLA #2. Thoughts?

What We Learned from the Fiscal Cliff

Edmundo Braverman's picture
ST
(Human, 14,399
 
Points)
 on 1/16/13 at 7:30am

There was a lot of hysteria about the fiscal cliff last month, and partisan hyperbole pretty much ruled the news cycle. So you can imagine my relief to find some actual rational analysis that fleshes out what we actually learned from the exercise. Here Planet Money's Adam Davidson breaks it down for us and it's well worth the watch. Best quote: "Talk about [the economy] like what it is: not an existential crisis, not some battle between two fundamentally different religious views, but a math problem, a really solvable math problem."

MA Economics --> Consulting(economic)

Enigmabk's picture
 
Points)
 on 1/7/13 at 6:12pm

is this a viable route?
i come from a lesser known UG with a major in finance, i have no relevant internships or work experience. I really want to go into consulting/economic consulting (nera, cornerstone, etc) but I think i have to rebrand myself. was considering claremont or USC's MA econ program

anybody have any sort of insight?

thanks in advance

Best college(s) for an aspiring Businessman?

marshallmeyer12's picture
O
(Chimp, 7
 
Points)
 on 12/31/12 at 7:15pm
Colleges for future businessmen

Hi everybody, I am a 16 year old, who plans to go to college, major in Economics, work for a while, enter a top MBA program, and then possibly end up in a career in business, maybe eventually Chief Financial Officer. I was wondering which colleges you think would be good for somebody taking a path like mine. Some people have been saying that liberal arts schools would be better for me, to teach me "how to learn and not what to learn" while others tell me to go to a top university. My credentials are pretty high, so what are your opinions? Thank you.

Help Me Pick My Stickk

Edmundo Braverman's picture
ST
(Human, 14,399
 
Points)
 on 12/31/12 at 7:30am
mace.jpg

Here we are on the last day of 2012, and no one is more excited about it than I am. There were a few high points for me, but overall it was a pretty boring year and I'm happy to put it in my rear view. Based on some of the stories on WSO, I know I'm not alone in feeling this way.

I've always loved New Year's because it feels like a new start even if it isn't. For the longest time I put a ton of stock in January 1st. I'd start fleshing out my goal plan for the coming year over the four-day Thanksgiving weekend, and that way I'd have a running start towards achieving it come the first of the year. These days there's nothing I want that badly anymore (which is a pretty sad thing to admit in and of itself) and my goals for the coming year have morphed into the more esoteric and cerebral, and are therefore less tangible and more difficult to measure.

But I've decided to try something new this year, and I need your help to make it most effective. I find that I'm no longer motivated by incentives. In the past I would promise myself a Caribbean vacation (for example) if I hit a specific goal. Over the years, however, I got into the habit of just rewarding myself whether or not I was successful, and therefore a positive incentive no longer holds any real meaning to me. I think what I need is pain and not pleasure. That's where you come in.

Major Crossroad: Literally

ProspectBanker15's picture
(Chimp, 11
 
Points)
 on 12/18/12 at 12:14am

Hey fellow aspiring/incumbent monkeys,

I have a quick question regarding what major I should choose to best set-up an investment banking gig after I graduate.

For context, I am a sophomore at the University of Southern California "Fight On!" and I am in the Marshall School of Business. I am in their joint Business Admin. & Accounting program, but I am looking into other options. Specifically, I have already completed multivariable calculus and I'm considering the Mathematical Economics or Industrial & Systems Engineering programs.

CS or Econ for undergrad?

cityandcolour's picture
(Chimp, 14
 
Points)
 on 12/16/12 at 5:09am

Hi guys,

Currently a sophomore at a target, and I like computer science, but I got into relatively late (last semester). I've done well in the two classes I've had in the department so far, and more importantly enjoyed them, but I'm wondering if it's "too late" for me to really do computer science at a high level by the end of undergraduate career.

On the other hand, I've also liked and done well in my economics courses, and I can still get a computer science certificate if I wanted, but I doubt it would be nearly as helpful. I could switch into the operations research and engineering and financial engineering program at my school, but I'd be behind for some of the core departmentals, and I don't like the department as much.

Sunny Economics

BTbanker's picture
IB
 
Points)
 on 12/7/12 at 4:42pm

Having trouble in your economics class? Look no further for all the answers about how our economy works.

What to expect from 2nd round interview?

SpanishBuzz's picture
 
Points)
 on 11/27/12 at 8:25am

I got a 2nd round interview this week on Thursday and I am a little nervous about what to expect.

The first round went well but had some iffy moments too. I asked very good questions and I explained my background very well and my motivations. As its a sales job for an economic consulting firm, they asked largely fit questions. One I tripped on a little was how I would provide our research to a skeptical hedge fund manager or trader. How would I overcome his objections? What would you guys have said?

Conservative Economics?

Giantsbran1227's picture
 
Points)
 on 11/8/12 at 4:14am

Aright.... I would call myself a liberal. I know the vast majority here are Romney supporters and what not... but I still don't understand why you believe economic policies under him would be better than those under Obama. Could anyone elaborate on why or recommend some books I should read?

The Yankees' A Rod Problem: Sunk costs and investing

Aswath Damodaran's picture
(Gorilla, 579
 
Points)
 on 10/29/12 at 7:30am
arod.jpg

As any baseball fan knows, the New York Yankees have an A Rod problem. Just in case you have no idea what I am talking about, A Rod is Alex Rodriguez, the third baseman for the New York Yankees, signed in December 2007 to a one of the richest sports contracts in history. The Yankees, dazzled by the the numbers that A Rod posted in 2007 and by the possibility that he could become baseball's home run king (with 500 home runs, he seemed to be on a path to beating Barry Bond's record of 762 home runs), signed the then 33-year old to a ten-year contract worth $275 million (with numerous bonus clauses for breaking home run records).

The five years since have not measured up to expectations, with the disappointment building to a crescendo in the 2012 post-season, when A Rod's anemic hitting led to his being benched in the last two games against the Detroit Tigers. Now, the Yankees owe $114 million over the next 5 years to a 38-year old third baseman, who is susceptible to injuries and has seem to have lost his home run power  and his capacity to hit right handed pitching.  

SAIS or SIPA?

SpanishBuzz's picture
 
Points)
 on 10/23/12 at 4:42pm

Sorry if this is in the wrong place!

I'm considering grad school and the more I think about it, the more I think its the right path for me.

I was looking at top schools like SAIS JHU and SIPA at Columbia for their International Economics programs, along with their international relations programs.

I was wondering what people thought about these schools and the prospects of landing a top tier consulting job out of these schools.

I'm not considering an MBA as I dont think I'll get into one of the top schools and besides that my background correlates with IR much more. In the immediate future, I'll be looking at consulting (i.e. McKinsey, Bain) and then hopefully transition into the World Bank/IMF positions.

Best book to get a good understanding of modern economics?

dogboo's picture
 
Points)
 on 10/20/12 at 9:00pm

I just want to expand my general knowledge in this area/

Anybody have any recommendations?

Or economics and finance?

Thanks

Gallatin: A forgotten financier

prashantkhorana's picture
CF
(Baboon, 146
 
Points)
 on 10/20/12 at 7:00pm

A lot of you who have an interest in economist history have probably heard of Alexander Hamilton, the first Treasury Secretary appointed by Washington, but many of you have probably never heard of Albert Gallatin and today I just wanted to pay homage to him.

How to respond?

BoxerRebeller's picture
(Orangutan, 271
 
Points)
 on 10/15/12 at 3:41pm

I applied for a position at an consulting firm a few weeks ago. I got through to the initial interview stage and I did very well, as at the end I asked the HR rep about next steps and she mentioned, sending an email to check my availability for interview next week. I thought it was odd that she didnt just check my availability then but perhaps thats how they do things.

Anyway, I wait for several days and nothing. I email her and she mentions the hiring manager is pushing with another candidate but "I should bide my time".

Now I have no idea what this means. I emailed her again twice but no response. The position and office has several roles so I want to keep pushing but dont want to be annoying. I emailed last Friday and nothing.

Volatility of an Impossible Object

prashantkhorana's picture
CF
(Baboon, 146
 
Points)
 on 10/13/12 at 8:00pm
logo.png

Christopher Cole of Artemis Capital Management has an excellent new piece of research out there and I just wanted to highlight some parts out of it today. He specifically targets traditional empirical views on things and mentions how the efficient frontier is no longer a valuable tool, and how fear and safety are both weak to live by in perspective:

Economics of tipping

prashantkhorana's picture
CF
(Baboon, 146
 
Points)
 on 10/7/12 at 9:20am
images (1).jpg

Richard posner in ‘The economic analysis of law’ stated the following about contracts –“If I go to a store to buy a pound of rock salt, and I’m willing to pay legal tender for the salt and the store owner is willing to accept my legal tender in exchange, then one can confidently assume that the sale was worth more to me than the money and the money was worth more to the store owner than the salt. But it is easy to alter the situation and state that if I pay the owner $1 for the salt for a next day delivery, and the he fails to deliver and breaches the contract because his delivery men go on strike. Thus the true nature of contracts of law is to minimize breakdowns like above in the process of exchange. “

Jobs after MS/MA Econ Program???

MisterStupid's picture
(Chimp, 6
 
Points)
 on 9/28/12 at 9:10pm

Hello All. So, I was wondering, what sort of jobs can one get with a terminal masters in economics and not much relevant work experience? I don't necessarily care about working in the front office, or even working at a firm. I just want to work in economics.

If one goes to a mid-line masters program like Boston University, or Tufts, or JHU (which may in fact be auto-admit?) what are the prospects such a person faces?

Thanks!!!

Help with paper on the Great Depression. (Monetarism)

mongoose's picture
O
(King Kong, 1,029
 
Points)
 on 9/16/12 at 8:07pm

I have to submit a 10 page paper on the Great Depression from the perspective of Monetary Policy. Basically, I am arguing that failures by the Fed caused the Great Depression as opposed to the Keynesian view on the causes.

Could you guys give me a few points/ideas?

I have read Friedman's "Monetary History..." and I basing my paper on it. But any additional ideas are welcome.

Thanks.

Economics at UChicago

Dollar_Sign's picture
(Chimp, 10
 
Points)
 on 9/15/12 at 4:14pm

What is economics like at UChicago as an undergrad? Does UChicago have good connections to top tier investment banks/hedge funds etc?