Math or Stat for 2nd Major
Hi. I'm currently starting my sophomore year at UChicago, a bulge bracket target. In addition to IBanking and Sales&Trading, I'm thinking of actuarial science as a possible career path. I'm actually already half-way done with the economics major at UChicago, as I took a large bulk of econ classes over the summer. For my purposes, would math or stats be a better major? Can I just go with whichever one I prefer? Either way, I know I can take the classes that will best prepare me for the actuarial exams. While I'm not completely sure how the classes are graded, let's assume that grade inflation/deflation is roughly the same in both the UChicago math and stats departments.
The real question is, can you maintain a 3.6+ GPA as a Stat or Math major? If you can then go with Math.
Math tends to be much more respected (eg. stat grad programs actually prefer math majors from what I've heard). For that reason I'd go with math.
Math ftw
I have a mathematics degree and I work in the actuarial field, so I can give you some relevent advice here.
1) You go to the University of Chicago which arguably has one of the best mathematics departments in the world. If you're good at it, you'd be an idiot to not pursue a mathematics degree.
2) Let me stress "if you're good at it", because the math degree at UChicago is no joke. You're hitting real analysis (both single and multi-variable) very quickly and it appears to contain quite a bit of topology. Also, your getting a very rigorous Algebra courseload right away, too. From what I can tell, in Algebra, you're hitting Galois theory, which in most mathematics programs isn't touched in any real detail (you brush on it), in your undergrad work. And, not only are ODEs required (which is typical), but it looks like a course on PDEs is also required (for applied mathematics majors). In my experience, coursework in PDEs is usually an elective (although it's usually highly recommended) as opposed to a requirement.
3) The actuarial exams are not difficult compared to the coursework required at UChicago. Exam P is a pain in the ass, but it's designed to be unreasonably hard, and really, it's the only truly challenging one. You could very easily do the actuarial exams while at school, but unless you're interested in a career in health care/insurance, specifically the "Group & Health Track" FSA, there are probably better options to accomplish your career goals. I can talk about this more if you have any additional questions.
In short, unless you aren't very good at math (and be very honest with yourself here), absolutely pursue a math degree. You have a tremendous opportunity given the school you're attending. After looking at the coursework, I would suggest the applied mathematics path if you're interested in finance and/or actuarial work. Hope this helps. Let me know if you have any questions.
get ready for the deluge after you transition to real math (not the calculus/intro stuff).
unless you are actually good at real math, your GPA and/or your social life will be hurting.
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