Should I Major in Math and Economics for a Career in Applied Mathematics?

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Discussion Overview

The discussion revolves around the decision of whether to major in both mathematics and economics or to focus solely on mathematics for a career in applied mathematics, particularly in fields like quantitative finance. Participants explore the implications of their choices on future career paths and the perceived value of each discipline.

Discussion Character

  • Debate/contested
  • Exploratory
  • Conceptual clarification
  • Mathematical reasoning

Main Points Raised

  • One participant questions the necessity of majoring in both math and economics, seeking clarity on the purpose of such a combination for an aspiring applied mathematician.
  • Another participant mentions the growing research in mathematical finance and economics, suggesting that exploring literature in this area could help inform the decision.
  • A different viewpoint expresses skepticism about the mathematical rigor of economics programs, arguing that a strong foundation in pure mathematics is essential for becoming a competent applied mathematician.
  • One participant suggests considering a minor in economics instead of a double major, expressing concern that a combined major might dilute mathematical training.
  • Another participant notes that Denison University offers a combined major in Mathematics and Economics, prompting a discussion about whether this would adequately cover necessary mathematical content.
  • Concerns are raised about the financial implications of pursuing a career in quantitative finance, including the lack of funding for research degrees and the high costs of private schools for advanced studies.
  • Some participants reflect on the potential financial benefits of a career in economics compared to mathematics, sharing personal anecdotes about the financial success of economists versus mathematicians.
  • One participant concludes that they will likely pursue a major in mathematics with a minor in economics, expressing uncertainty about the effectiveness of a combined degree.

Areas of Agreement / Disagreement

Participants express a range of opinions on the value of combining mathematics and economics, with no clear consensus on the best path forward. Some advocate for a minor in economics, while others support the idea of a combined major. Concerns about the mathematical rigor of economics programs and the financial implications of different career paths also remain contested.

Contextual Notes

Participants highlight various assumptions regarding the quality of mathematics education within economics programs and the potential career outcomes associated with each discipline. There are unresolved questions about the adequacy of a combined major in covering necessary mathematical training for applied mathematics.

courtrigrad
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What is the purpose of majoring in both math/economics? I am asking this, because the school I am attending this fall (Denison University) has a very good economics program as well as a math program. If I want to become an applied mathematician, should I even consider this? Or should I just get a major in math?

Thanks
 
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Recently, there are fairly large amount of reserach over mathematical finance, mathematical economics and etc.
I have read some research people that uses topology to analysis economical problem.
Perhaps you can go to your library and see if there is book about maths econ. IF there is, you might want to look at those research and see if you are interested in that. Remember, what you like is the most important.
 
Thats what I want to do: quantitative finance. I asked the same question, and got this response:
Hell no. Maths and economics majors know jack about maths either pure or applied. Economists struggle to add up, never mind do maths properly (including applied maths).

If you're going to be a good applied mathematician then you'll be able to do Apostol and the purer stuff: you might not see the utility of it a great deal at times, but you will be able to do it, and it might well come in useful later.
. I am unsure what to do. My goal is to become an applied mathematician/QUANT (although that may change during my years in college)
 
Courtrigrad, why not consider minoring in economics rather than doing a double-major? I do think taking a second major in economics (they way they do math will appall you) will be counterproductive.

PS : Denison U is like an hour's drive from here. I've never been there, but heard it's a beautiful campus.
 
Yeah, in Denison they have a combined major in Mathematics and Economics. So I don't think it is two separate majors. Here's the site: http://www.denison.edu/mathsci/catalog/math.html#math356

So I would be better off doing a minor in economics rather than a combined major? Indeed, Denison has a beautiful campus.
 
are combined majors usually not reccommended?
 
remember, quan finance is not a research degree, you don't really get funding. Moreover, master degree in those degree are mostly offered by private school... very expensive.

My goal is financial maths in U of chicago
 
yeah, that is my goal to (financial maths). But Denison doesn't actually have a major called financial maths. They have a math-economics combined degree. But would I miss out on all of the math?
 
courtrigrad said:
yeah, that is my goal to (financial maths). But Denison doesn't actually have a major called financial maths. They have a math-economics combined degree. But would I miss out on all of the math?
as long as you fulfilled class the classes that you need to do for applied maths, you should be fine.
when they say conbined major, they just put classes together so that it get a degree with special name. Therefore, it is you who makes every class link together
 
  • #10
do you want to be an economist? they can earn a lot more money than mathematicians. at my school, economics was a major people opted for if they could not hack mathematics. but now that i am an old poor mathematician some of my friends are old well to do economists. it might not hurt to leave your options open in both directions, if you like both areas.
 
  • #11
Yeah, I guess I will major in math and minor in economics. The combined degree seems to blend both disciplines together, so I don't understand one area very well. Anyway, thanks a bunch guys.
 

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