UChicago Business Econ
So I’m an incoming freshman to the University of Chicago. Ideally after graduation I want to work at a BB IB for a few years and then move to HF. While looking at the economics major at UChicago I saw that there were three different tracks: the regular Econ track, the Econ with a specialization in data science track, and business Econ. From what I’ve heard the first track is for academia but the data science and business Econ tracks are most suitable for IB. Between the two data science requires a lot of difficult math and computer science classes, which usually tanks people’s GPA. The business Econ track on the other hand is much easier and seen as the “not real” Econ major or “the Econ major for dumb kids” I know that computer science and math is important for IB and I want to maximize my chances for recruitment by doing data science but I also don’t want to tank my GPA with advanced math classes if I don’t have too. So which would be better a lower GPA and more stress with the Econ and data science degree but potentially better placement. Or a much higher GPA and easier time but potential lower placement.
^Not sure this is true.
Take a class on each track. If you don't enjoy it, switch to Business Econ. I don't think you'll have worse placement with it.
Ok I will make sure to take classes in both tracks. Do you think in the future IB might become more tech and math focused? I don’t want to be replaced by some quant nerd in 10 years
I have never worked in IB, but I don't think it's a job that will be replaced by quants. At the higher levels, the job is more relationship-oriented and at the lower levels, valuation is as much an "art" as it is a "science," so you can't completely replace analysts with robots. Read more about IB on wso and mergersandinquisitions.com
Definitely spend the first year just doing the general courses and spend some time doing more research on what career you want to pursue after graduating. It'll be sophomore summer at earliest when you should even look at interning or attempting SA somewhere too.
Starting in IB to make a lateral over to HF is a huge jump and basically means starting over. The few successful ones I've seen did IB to MBA and then that's the time to make any change in career tracks. Otherwise, spend that year thinking of if you want to go IB and stick it through, or if you really want the HF path then there are much better entries into that world.
Business econ with a minor in finance would be appropriate for IB. The data science econ with a minor in finance or accounting would be more appropriate for the HF world.
Gonna disagree with this. Lot's of IB analysts move over to hedge funds after their analyst stint. It's one of the more common exits after private equity; the group I'm headed to saw about 20% of the most recent analyst class exit to a HF and headhunters will connect you with firms if you express interest. Definitely don't need an MBA to do this.
That being said, keeping your options open by taking general classes is smart. Get a freshman year internship at a hedge fund and if you like it, business econ will be the optimal track for IB. IB requires zero math or cs knowledge and while some people suggest taking those classes because it indicates you're smart, business econ is just easier and GPA is king for IB. There's also quant hedge funds or prop shops--these require a lot more math/cs knowledge so do your research and see if this is something that might interest you. If it is, UChi places very well into these types of roles. Talk to people at the Blue Chips and Maroon capital and they can give you advice tailored to your interests.
Congrats on the acceptance and good luck!
Lmao "freshman internship at a HF" like that's an achievable goal for someone from a tier 2 school??
Ok thanks for the advice. Is the skill set for IB and being a hedge fund portfolio manager for example extremely different. I kind of thought of it as doing IB would be a training ground for me to get the experience to then use in a HF
depends on hedge fund strategy
I'm a UChicago Biz Econ major, double majoring something else in humanities also. I would actually make the argument that biz Econ is a better option in some ways if you're aiming for IB. This is because biz Econ requires you to take Booth classes, and you can easily fill up your knowledge on Accounting, Corporate Finance, Investments, etc (and Booth professors are phenomenal). Moreover, all the math/stats classes required in the data track or even the regular Econ track are all totally overkill for what's needed in IB. I'm just doing a double major because I like studying the other field, but biz Econ alone should be more than enough. Not to mention the better GPA and more time to study technicals or prepare for interviews with having only one major (def a lighter course load if you choose only one major)
That being said, what is it that you're exactly looking for? Quant or semi-quant hedge funds are definitely within your reach if you do that data science track. Regular Econ will prepare you well for other post-grad options such as grad school/academia or anything else. But if your primary goal is to place in IB, I think having a solid GPA in biz Econ would be much better than having a sub standard GPA in anything else.
Finally I would say that the "the Econ major for dumb kids" mindset is somewhat prevalent, but it really shouldn't matter. Everyone here has some baseline level of intellectual pride. Just like any other kind of pride, it's often a cause for bad decisions. And besides, it's actually not a cakewalk, either - because Biz Econ classes often have kids with higher background knowledge in IB technicals, you have some really interesting curving dynamics (some of my worst grades were from Biz Econ classes).
is biz Econ track as busy and stressful as the remaining selections/majors in uchicago? Stereotypes told me that Chicago is the place where gpa goes low, sleeping time decreases, and fun goes die.
btw is how to keep safe in UChicago? I know that this is not related to the forum, but my parents won't let me apply to uchicago as a transfer student lmao for crime reasons in the neighborhood.
If you want a quantitative skillset, I highly recommend doing the math major with econ specialization over econ data science. Biz econ is largely useless and will stigmatize you. Empirical Methods is actually pretty underrated, even if you're not interested in academia
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