Statistics vs. Economics: Which is Tougher in College? GPA Killer?

In summary, the conversation discusses the difficulty and time-consuming nature of Statistics and Economics in college. It is mentioned that if one wants to pursue graduate school in Statistics, it may require a double major in Mathematics and additional coursework, making it harder than Economics. The idea of actuarial studies, which combines Statistics and business subjects, is also brought up. It is noted that interpreting and applying probability can be challenging, requiring a different way of thinking. Overall, it is recommended to consider personal interests and strengths when deciding on a major.
  • #1
avant-garde
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Which is harder/more time-consuming in college? GPA killer?
 
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  • #2
avant-garde said:
Which is harder/more time-consuming in college? GPA killer?

Depends.

If you just want a BS in Statistics and then stop there, I would say that they are both pretty close, with Stats maybe being marginally harder.

If you want to go on to Grad School in Statistics, then you will basically have to double major in Mathematics, or at least take two semesters of Real Analysis, as much Linear Algebra as possible, and maybe even some Computer Science courses (usually not required for a BS in Stats.) Then, by far, Statistics is harder (ie not as many people have the nads to get through.)
 
  • #3
Im doing a math degree with the hope of double majoring in math and a minor in legal studies.

Like the previous poster said stats can get pretty full on especially in the grad level. If your interested in stats and economics you might want to consider actuarial studies which is basically a tonne of stats and some business subjects. To some its fairly boring and because of these and other factors though it has a high dropout rate and exam failure rate amongst participants. But they earn a tonne once they are qualified and the people that like the challenges do find that it can be interesting work. I'm studying some of the stats that they study but i find things like accounting and financial stuff boring so I know I wouldn't really last doing it.

Economics math wise can be easy or hard depending on the program. If you end up doing some serious modelling then you need to be fairly proficient in math learning things such as tensor calculus as an example. I don't know about the social side of economics however but if your thinking is that way inclined as well then that's a definite advantage.

Also with statistics you have to be able to interpret what you see. Theres a lot of judgement which isn't always clear cut. Probability as a subject is a fairly difficult one especially when you get into graduate probability (the type that skilled financial engineers use). Even simple probability can be not that intuitive and requires you step back and really put aside your natural intuition for some mathematical analytic substitution in thinking. A dice roll for example is fairly intuitive but a question that may involve say three applications of probability calculations is not always that clear cut so keep that in mind.

Anyway I hope that helps to some degree. Good luck with your decision and your future.
 

What is the difference between statistics and economics?

Statistics is the study of collecting, analyzing, and interpreting data. It involves techniques for summarizing and describing data, as well as making predictions and inferences based on the data. Economics, on the other hand, is the study of how individuals, businesses, and societies allocate scarce resources to meet their needs and wants. It involves analyzing the production, distribution, and consumption of goods and services.

How are statistics and economics related?

Statistics and economics are closely related because both fields use data and mathematical models to understand and make decisions about real-world phenomena. In economics, statistical analysis is often used to study patterns and trends in economic data, such as employment rates or consumer spending. In turn, economic principles and theories are used to inform the development of statistical models, such as regression analysis.

Can statistics be used in economics?

Yes, statistics is an important tool in economics. Economists use statistical methods to analyze economic data and test economic theories. For example, they may use regression analysis to examine the relationship between certain variables, such as income and education level, and how they impact economic outcomes.

Which field is more important, statistics or economics?

Both statistics and economics are important fields in their own right. Statistics provides the tools to analyze and interpret data, while economics provides the theoretical framework to understand how individuals and societies make decisions. Both fields are necessary for understanding and making informed decisions about complex economic issues.

Are there any career opportunities that combine statistics and economics?

Yes, there are many career opportunities that involve both statistics and economics. Some examples include data analysts or economists for government agencies, financial analysts for investment firms, or market researchers for companies. These careers require a strong understanding of both fields and the ability to apply statistical analysis to economic data.

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