Machine learning or econometrics?
What are the opinions on econometrics vs. machine learning for predictive analysis in macro finance?
If one only had a masters econ type background with basic stats, math, and programming which route would one recommend?
What is the best self stuff approach for machine learning for predicative forecasts?
There are many ML courses on coursera,org the best one's are currently in russian language, but you can try this one https://mlcourse.ai/ it's free and had a very good feedback from ODS community. This all provided that you know Python, so if you do, while progressing through the course join kaggle.com, pick any competition and try to make your first submission using what you learned. You do not need to have a lot of knowledge about ML to do this, start early and DS competitions will help you learn much faster and understand how to approach different kind of problems.
The answer dependent upon the level of your math skills, when you say 'basic math' does that include up to calc 3, linear algebra, optimization etc? That is the foundation of Machine Learning.
If you have a MS in Econ I would say pursue econometrics and be familiar with implementing ML models through python. Understanding whats under the hood may take more time.
Thanks for the feedback- I have calc 2, some linear algebra, and some optimization (basically what you’d expect a masters in econ to have). Would you change your answer based on this?
I am currently enrolled in a B.s. Econometrics & Operational Research and before we even started with Econometrics we had 1 semester in: Linear Algebra, Probability Theory, Programming, and Statistics throughout the first year. Furthermore, we had the whole first year Analysis, which was a blend between Calc 1, 2, and 3 and Real Analyis. Some knowledge of Numerical Methods is preferable. Again, this is something that our university thinks you need to have as a foundation before you start.
Going for econometrics would be easier as it is less stuff to kearn, ML you need calc 3, strong programming and a pretty strong base in stats. If you are up for learning that, go for ML as the extra you learn will be useful material if you dabble in econometrics also
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