Glut of Econ majors

[Anonymous]

Anonymous wrote:

Anonymous wrote:Very funny people need to bring in physics or applied math or 'quant job" tying to degrade econ.

No one discussing quant is degrading econ. They are just telling the truth that you likely will not qualify for a quant job without a higher level math-based major

Most kids majoring in econ are careless about quant jobs. It's a niche very special specific profession.

It also takes top schools.
Good luck majoring in applied math or physics at lower than T10-20 level schools.

[Anonymous]

Anonymous wrote:

Anonymous wrote:For example for Harvard grads, https://collegescorecard.ed.gov/school/?166027-Harvard-University

Econ grads and Applied Math grads make about the same, 160K-170K

"The median annual earnings of individuals that received federal student aid and began college at this institution 10 years ago"

I don't know how accurate that is for small school. Many majors have graduate in counts by don't have any income data at all, presumably because not enough students in that major got Federal aid.

So this is four/six years out after graduation.
Most grad schools is 2-3 years. Even law schools are 3 years.
So we expect most of you to be making money after 4-6 years out.

Also, it's much better data as this eliminates rich kids with fancy connections that skew the numbers
A rich kid making $300K working for his dad's company mean shit to normal kids.

Kids receiving federal student aid cover most of the low income, middle class, and upper middle class, the normal regular people.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There is a difference in a BA and a BS in Economics. A BS is much harder and regarded more highly. So, they aren't all going for the BS, I assure you!

Also, there are comparatively fewer kids who major in econ (or finance, or accounting, or anything specific), as opposed to just "business." Those (business administration type) are the degrees I would be concerned about. They mean little in the competitive marketplace.

This, and the combination of BS Economics with some higher math classes during college yields the kind of student which Quants seek.

Quants seek math major and math/physics PhDs at MIT. At least at the HFs I have 20+ years experience in. Econ can get a financial analyst or IB position, but we don't let them touch quant research or trade

Newbie who has never taken a physics class in my life - why is physics so desired for quant jobs/hedge funds?

The idea is that physics is a lot of math, including a lot of applied math modeling, and people find themselves with a PhD and no job prospects. But this is all partly mythology. When it does happen, pedigree is key, and still more tap on the shoulder than degree X opens the door.

https://ww2.aip.org/statistics/whos-hiring-physics-phds

Above PP...please consult this. Few Physics PhDs go into academia or physics itself. That's why people say there are no job prospects...they mean no prospects to be professors/academic physicists.

That was implied in my post, I'm plenty familiar, thanks. It does happen, but mostly this is fairytale. Smarts or not, it's a hard pivot.

It's generally difficult to become a quant. But, a ton of the quant traders are math/physics phds. It's just preferable to econ, who have decent but not precise math ability.

There are not a ton, and it's not a meritocracy such that brain weight translates into a job. End of the day it's same issue that leads to the shortage of physics jobs. Math problems may have hard solutions, but it's one time work. You don't need twenty people who can understand it once it's done. Meanwhile the people with decent but not precise math ability have a seat at the table and don't become redundant.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There is a difference in a BA and a BS in Economics. A BS is much harder and regarded more highly. So, they aren't all going for the BS, I assure you!

Also, there are comparatively fewer kids who major in econ (or finance, or accounting, or anything specific), as opposed to just "business." Those (business administration type) are the degrees I would be concerned about. They mean little in the competitive marketplace.

This, and the combination of BS Economics with some higher math classes during college yields the kind of student which Quants seek.

Quants seek math major and math/physics PhDs at MIT. At least at the HFs I have 20+ years experience in. Econ can get a financial analyst or IB position, but we don't let them touch quant research or trade

Newbie who has never taken a physics class in my life - why is physics so desired for quant jobs/hedge funds?

The idea is that physics is a lot of math, including a lot of applied math modeling, and people find themselves with a PhD and no job prospects. But this is all partly mythology. When it does happen, pedigree is key, and still more tap on the shoulder than degree X opens the door.

https://ww2.aip.org/statistics/whos-hiring-physics-phds

Above PP...please consult this. Few Physics PhDs go into academia or physics itself. That's why people say there are no job prospects...they mean no prospects to be professors/academic physicists.

That was implied in my post, I'm plenty familiar, thanks. It does happen, but mostly this is fairytale. Smarts or not, it's a hard pivot.

It's generally difficult to become a quant. But, a ton of the quant traders are math/physics phds. It's just preferable to econ, who have decent but not precise math ability.

There are not a ton, and it's not a meritocracy such that brain weight translates into a job. End of the day it's same issue that leads to the shortage of physics jobs. Math problems may have hard solutions, but it's one time work. You don't need twenty people who can understand it once it's done. Meanwhile the people with decent but not precise math ability have a seat at the table and don't become redundant.

If you have a hedge fund, you do need a litany of math people to constantly beat the market. These people aren't made redundant but are constantly increasing as the market becomes more and more complex. You are also competing against the next firm over, who beat the market better than you. You really don't see quants fired unless they make massive dumb mistakes.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:For example for Harvard grads, https://collegescorecard.ed.gov/school/?166027-Harvard-University

Econ grads and Applied Math grads make about the same, 160K-170K

"The median annual earnings of individuals that received federal student aid and began college at this institution 10 years ago"

I don't know how accurate that is for small school. Many majors have graduate in counts by don't have any income data at all, presumably because not enough students in that major got Federal aid.

So this is four/six years out after graduation.
Most grad schools is 2-3 years. Even law schools are 3 years.

If we're talking top colleges, most grad school is certainly not 2-3 years, more like 5-8 years. 2 is for a scam masters program, 6 is for a PhD that pays you.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:For example for Harvard grads, https://collegescorecard.ed.gov/school/?166027-Harvard-University

Econ grads and Applied Math grads make about the same, 160K-170K

"The median annual earnings of individuals that received federal student aid and began college at this institution 10 years ago"

I don't know how accurate that is for small school. Many majors have graduate in counts by don't have any income data at all, presumably because not enough students in that major got Federal aid.

So this is four/six years out after graduation.
Most grad schools is 2-3 years. Even law schools are 3 years.

If we're talking top colleges, most grad school is certainly not 2-3 years, more like 5-8 years. 2 is for a scam masters program, 6 is for a PhD that pays you.

NP. I agree with you about the lengths, but there are a lot of jobs for econ masters relative to many other subjects.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:For example for Harvard grads, https://collegescorecard.ed.gov/school/?166027-Harvard-University

Econ grads and Applied Math grads make about the same, 160K-170K

"The median annual earnings of individuals that received federal student aid and began college at this institution 10 years ago"

I don't know how accurate that is for small school. Many majors have graduate in counts by don't have any income data at all, presumably because not enough students in that major got Federal aid.

So this is four/six years out after graduation.
Most grad schools is 2-3 years. Even law schools are 3 years.

If we're talking top colleges, most grad school is certainly not 2-3 years, more like 5-8 years. 2 is for a scam masters program, 6 is for a PhD that pays you.

2-3 year masters programs are not scams.
Again even law schools are 3 years and MBAs are 2-3 years.
Which schools have exceptionally high rate of PhD candidates? or Medical schools?
Source? If that's the case you can take that into a consideration.
No data is perfect but this is the best out there.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:All these hoity-toity econ majors. The reality is that econ is the easy degree for mediocre/students without any passions to find jobs. That's it. It could've been stats or cs, but those require the scary word-MATH-so, instead, people major in Econ. Any liberal arts college grad has the social skills to get through a finance position. These are all students smart enough to get through the wacky college admissions process and land on top; that's hard to do without persuasive qualities.

Tell me more about these mediocre students getting into Williams

Sure. They have no passions or real drive beyond the push from their parents. Some of them are recruited and got a massive boost to get into the college. They never actually had to think for themselves, so they need to make the cushy decision of a medium-difficulty major, so they don't need to work much at anything. It's a sellout major for a reason. It's lazy.

So the kids who spend enough time playing their sport to get recruited to a NESAC and managed to get near perfect grades? Sounds like a lazy kid to me

What? Exactly zero of the lax bros, rowers and baseball players from our Big3 had “near-perfect” grades. All mid-pack. But as described well by others, their gentlemen’s B- average doesn’t matter when it’s time to make bank on Wall St. Because sportball!

Will concede the female rower and cross country recruits were just as likely to have high GPAs and brains as anyone else. Maybe the male cross country guys too.

But absolutely not the bros who chase balls around.

Stay mad, nerd. 😂😂😂

Not mad, DS ended up at a significantly higher ranked U than all but two of the lax bros/ football players, on the basis of his non-TBI’d brains.

He’s an econ double major, which is why I am following this thread

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:For example for Harvard grads, https://collegescorecard.ed.gov/school/?166027-Harvard-University

Econ grads and Applied Math grads make about the same, 160K-170K

"The median annual earnings of individuals that received federal student aid and began college at this institution 10 years ago"

I don't know how accurate that is for small school. Many majors have graduate in counts by don't have any income data at all, presumably because not enough students in that major got Federal aid.

So this is four/six years out after graduation.
Most grad schools is 2-3 years. Even law schools are 3 years.

If we're talking top colleges, most grad school is certainly not 2-3 years, more like 5-8 years. 2 is for a scam masters program, 6 is for a PhD that pays you.

2-3 year masters programs are not scams.
Again even law schools are 3 years and MBAs are 2-3 years.
Which schools have exceptionally high rate of PhD candidates? or Medical schools?
Source? If that's the case you can take that into a consideration.
No data is perfect but this is the best out there.

Professors will always recommend a PhD over a masters. Where my DC attended...
Amherst:https://careers.amherst.edu/outcomes/
Pomona:https://www.pomona.edu/outcomes/interactive-dashboard
Stanford (Most of those masters are in education, take those out, PhDs shoot up): https://ed.stanford.edu/careers/outcomes

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:For example for Harvard grads, https://collegescorecard.ed.gov/school/?166027-Harvard-University

Econ grads and Applied Math grads make about the same, 160K-170K

"The median annual earnings of individuals that received federal student aid and began college at this institution 10 years ago"

I don't know how accurate that is for small school. Many majors have graduate in counts by don't have any income data at all, presumably because not enough students in that major got Federal aid.

So this is four/six years out after graduation.
Most grad schools is 2-3 years. Even law schools are 3 years.

If we're talking top colleges, most grad school is certainly not 2-3 years, more like 5-8 years. 2 is for a scam masters program, 6 is for a PhD that pays you.

2-3 year masters programs are not scams.
Again even law schools are 3 years and MBAs are 2-3 years.
Which schools have exceptionally high rate of PhD candidates? or Medical schools?
Source? If that's the case you can take that into a consideration.
No data is perfect but this is the best out there.

Professors will always recommend a PhD over a masters. Where my DC attended...
Amherst:https://careers.amherst.edu/outcomes/
Pomona:https://www.pomona.edu/outcomes/interactive-dashboard
Stanford (Most of those masters are in education, take those out, PhDs shoot up): https://ed.stanford.edu/careers/outcomes

I recommend brain surgeon. Much better outcome.
What's the point? LOL

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:For example for Harvard grads, https://collegescorecard.ed.gov/school/?166027-Harvard-University

Econ grads and Applied Math grads make about the same, 160K-170K

"The median annual earnings of individuals that received federal student aid and began college at this institution 10 years ago"

I don't know how accurate that is for small school. Many majors have graduate in counts by don't have any income data at all, presumably because not enough students in that major got Federal aid.

So this is four/six years out after graduation.
Most grad schools is 2-3 years. Even law schools are 3 years.

If we're talking top colleges, most grad school is certainly not 2-3 years, more like 5-8 years. 2 is for a scam masters program, 6 is for a PhD that pays you.

2-3 year masters programs are not scams.
Again even law schools are 3 years and MBAs are 2-3 years.
Which schools have exceptionally high rate of PhD candidates? or Medical schools?
Source? If that's the case you can take that into a consideration.
No data is perfect but this is the best out there.

Professors will always recommend a PhD over a masters. Where my DC attended...
Amherst:https://careers.amherst.edu/outcomes/
Pomona:https://www.pomona.edu/outcomes/interactive-dashboard
Stanford (Most of those masters are in education, take those out, PhDs shoot up): https://ed.stanford.edu/careers/outcomes

Depends what you want to do. Many professors will discourage doing a phd unless you are dead set on doing research and ending up in academia. And for some jobs it isn’t helpful at all. One of the nice things about econ is that it is broad and can accommodate lots of different types (quants, policy nerds, finance bros, etc).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:For example for Harvard grads, https://collegescorecard.ed.gov/school/?166027-Harvard-University

Econ grads and Applied Math grads make about the same, 160K-170K

"The median annual earnings of individuals that received federal student aid and began college at this institution 10 years ago"

I don't know how accurate that is for small school. Many majors have graduate in counts by don't have any income data at all, presumably because not enough students in that major got Federal aid.

So this is four/six years out after graduation.
Most grad schools is 2-3 years. Even law schools are 3 years.

If we're talking top colleges, most grad school is certainly not 2-3 years, more like 5-8 years. 2 is for a scam masters program, 6 is for a PhD that pays you.

2-3 year masters programs are not scams.
Again even law schools are 3 years and MBAs are 2-3 years.
Which schools have exceptionally high rate of PhD candidates? or Medical schools?
Source? If that's the case you can take that into a consideration.
No data is perfect but this is the best out there.

Professors will always recommend a PhD over a masters. Where my DC attended...
Amherst:https://careers.amherst.edu/outcomes/
Pomona:https://www.pomona.edu/outcomes/interactive-dashboard
Stanford (Most of those masters are in education, take those out, PhDs shoot up): https://ed.stanford.edu/careers/outcomes

Amherst says majority is law school like 70%

BTW Amherst Econ is not bad as expected, $150,151

I don't see anything special about the school in terms of outcomes

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:For example for Harvard grads, https://collegescorecard.ed.gov/school/?166027-Harvard-University

Econ grads and Applied Math grads make about the same, 160K-170K

"The median annual earnings of individuals that received federal student aid and began college at this institution 10 years ago"

I don't know how accurate that is for small school. Many majors have graduate in counts by don't have any income data at all, presumably because not enough students in that major got Federal aid.

So this is four/six years out after graduation.
Most grad schools is 2-3 years. Even law schools are 3 years.

If we're talking top colleges, most grad school is certainly not 2-3 years, more like 5-8 years. 2 is for a scam masters program, 6 is for a PhD that pays you.

2-3 year masters programs are not scams.
Again even law schools are 3 years and MBAs are 2-3 years.
Which schools have exceptionally high rate of PhD candidates? or Medical schools?
Source? If that's the case you can take that into a consideration.
No data is perfect but this is the best out there.

Professors will always recommend a PhD over a masters. Where my DC attended...
Amherst:https://careers.amherst.edu/outcomes/
Pomona:https://www.pomona.edu/outcomes/interactive-dashboard
Stanford (Most of those masters are in education, take those out, PhDs shoot up): https://ed.stanford.edu/careers/outcomes

Amherst says majority is law school like 70%

BTW Amherst Econ is not bad as expected, $150,151

I don't see anything special about the school in terms of outcomes

Amherst Math = $125,945

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:For example for Harvard grads, https://collegescorecard.ed.gov/school/?166027-Harvard-University

Econ grads and Applied Math grads make about the same, 160K-170K

"The median annual earnings of individuals that received federal student aid and began college at this institution 10 years ago"

I don't know how accurate that is for small school. Many majors have graduate in counts by don't have any income data at all, presumably because not enough students in that major got Federal aid.

So this is four/six years out after graduation.
Most grad schools is 2-3 years. Even law schools are 3 years.

If we're talking top colleges, most grad school is certainly not 2-3 years, more like 5-8 years. 2 is for a scam masters program, 6 is for a PhD that pays you.

2-3 year masters programs are not scams.

Any master's degree that's not engineering, CS, or nursing is a scam.

Most MBAs are a scam - the top ten schools are the exception.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:For example for Harvard grads, https://collegescorecard.ed.gov/school/?166027-Harvard-University

Econ grads and Applied Math grads make about the same, 160K-170K

"The median annual earnings of individuals that received federal student aid and began college at this institution 10 years ago"

I don't know how accurate that is for small school. Many majors have graduate in counts by don't have any income data at all, presumably because not enough students in that major got Federal aid.

So this is four/six years out after graduation.
Most grad schools is 2-3 years. Even law schools are 3 years.

If we're talking top colleges, most grad school is certainly not 2-3 years, more like 5-8 years. 2 is for a scam masters program, 6 is for a PhD that pays you.

2-3 year masters programs are not scams.

Any master's degree that's not engineering, CS, or nursing is a scam.

Most MBAs are a scam - the top ten schools are the exception.

Except MBA salaries outside of the top ten are still quite good.

Calling most master’s degrees scams is a very weird take for a DC-based forum, given that master’s degrees are the minimum for a lot of jobs here and there are tons of people with master’s degrees here doing well.