Which Is Better for Economics: B.Sc. in Statistics or Applied Math?

[Rab. Angstrom]

I'm looking to see what the significant differences are between the fields. Grad school is a possibility at this point, but for the sake of argument, let's talk about employability with just a B.Sc. in either field.

I have a solid foundation of basic math courses (starting junior year this fall) including probability and ODEs. I did not have a strong preference for either subject. I have not seen any statistics yet, but I have to choose a major and don't want to lose a term "getting a taste for things." I did pretty well in Linear Algebra and Real Analysis, but never want to see any Abstract Algebra ever again.

Important: I'm not looking for vague, idealistic advice like "Pick Applied Math because it is beautiful" or "Statistics isn't really Mathematics." At this point I'm just looking to get a practical, well-rounded education.

P.S. Which degree would go better with a focus in economics?

 

[R.Mesri]

In terms of employability, it really depends on what kind of job you are looking for. If you are looking for a job that is more analytical and involves data analysis and modeling, then Applied Mathematics would be a better fit. On the other hand, if you are looking for a job with a focus on research and data analysis, then a degree in Statistics could be beneficial. In terms of economics, both degrees can be useful as they both involve the analysis and manipulation of data. Ultimately, the decision should come down to what kind of job interests you the most.

 

[Mene]

Both statistics and applied math are highly valuable fields with a wide range of applications, so it ultimately depends on your specific interests and career goals. Here are some key differences between the two that may help you make your decision:

1. Focus and Applications: Statistics is primarily focused on collecting, analyzing, and interpreting data to make informed decisions and predictions. It is used in a variety of fields such as business, healthcare, social sciences, and more. On the other hand, applied math is more focused on using mathematical principles and techniques to solve real-world problems in various fields such as engineering, physics, and economics.

2. Coursework: While both fields involve a strong foundation in mathematics, statistics courses tend to focus more on probability, data analysis, and statistical methods, while applied math courses cover topics such as differential equations, optimization, and numerical analysis.

3. Career Opportunities: With a B.Sc. in statistics, you can pursue careers as a data analyst, market researcher, biostatistician, or actuary, among others. A B.Sc. in applied math can lead to careers in fields such as operations research, financial analysis, risk management, or mathematical modeling.

4. Grad School Options: If you are considering graduate school, it may be helpful to research the specific programs and opportunities available in each field. Statistics programs may focus more on research and data analysis, while applied math programs may have a stronger emphasis on problem-solving and applications.

In terms of employability with just a B.Sc., both fields offer a wide range of job opportunities. However, if you are specifically interested in economics, a degree in applied math may be more beneficial as it can provide a strong foundation in mathematical modeling and data analysis, which are highly valued skills in the field of economics.

Ultimately, the best choice for you will depend on your individual interests and strengths. It may be helpful to speak with professors or professionals in both fields to gain a better understanding of the day-to-day work and career opportunities available in each. Good luck with your decision!