double major in math or only minor?

[KevinL]

Im a sophomore economics major, and advising/signing up for next semester's classes is almost here. I have already taken Calc I and Calc II, and am currently taking Differential Equations and Discrete Math I. I plan to eventually take Discrete Math II, Calc III, Linear Algebra, Probability and Statistics, Statistics, and Real Analysis since I've read on here that those classes are useful for a PHD in economics. Of course, I'm also taking all the necessary econ courses (those are much more straight forward).

Anyway, after all those math classes, that will be 34 total math hours. Thats more than enough for a math minor, but not quite enough for a double major. I would need to take 6 more hours of regular math classes, plus the associated requirements of programming and two physics classes (both of which are 4 hour classes).

So, my question is, is it worth it to take those extra classes to officially be a double major in economics and math, or is it not worth taking 17 extra hours of math classes that arent directly beneficial economics? If you suggest that I do a double major, which 2 math classes should I take that would be the most beneficial for economics?

[walt526]

In the US (where students generally have a great deal of freedom in choosing non-major electives), major/minor designations are nowhere near as important as some people think that they are. All that matters is that you demonstrate potential for success in PhD-level coursework with strong performance in Micro (intermediate level or higher), Econometrics, and proof-intensive Math courses. Beyond that, you'd do more for your application by helping a professor with research and getting a stronger letter of reference than you would have otherwise than from additional math coursework.

In short, Math minor should be sufficient. Complete the full major iff those additional courses are something you really want to take and your opportunity cost is zero.

[Raiv11]

With what you've said, I don't think the math major is worth it; at least, I wouldn't sit through the programming and physics classes that I had no interest in -- and that really don't add much to your application on their own -- just to get the math major. As it stands, it sounds like you've got enough math.

In my case, I went for it because I was going to take Calc I-IV, Linear I-II, Analysis I, Game Theory and Optimization anyway--to get the major, I just had to add an upper-year analysis seminar, which seemed like not a lot of work for a big difference on my transcript (the equivalent of a two-semester course).

[Gecko]

don't overdo on the math - take some time explore your interests in econ too

[NB888]

I'd probably stick with the minor in that situation, mainly because of the 2 mandatory physics courses. I was in a similar situation where I would have had to take physics and computer science to qualify for the math major. Were it not for that, I would have done the math major. Taking introductory physics, after having not seen physics in years, and then having to learn software and a programming language that I doubt I'd use again, seemed less valuable than the courses I could take instead, without being an official math major. If you keep taking math beyond what is above, one possibility would be to keep taking analysis up through measure theory and functional analysis. Another would be to keep taking probability/statistics beyond the first two courses, for example, a course in stochastic processes. Another possibility would be numerical methods.

[greeneggs]

I'd definitely double major if I were you. It's hardly any extra work, it will look better on your transcript/grad school apps, and if you decide not to pursue a phd in economics it opens some more doors for you.

I got the physics requirements waived because I convinced them it was a waste of time. I would recommend taking the programming class regardless of declaring a math major, otherwise you should learn it on your own. Even if you do the programming in a certain language (e.g. c++, java, fortran), the familiarity and stuff you learn will be easily translatable into other languages and situations.

I would suggest taking a numerical methods course and then whatever else interests you. Differential equations, combinatorics, and stochastic processes are all good choices too.

Even if you have to take the physics courses they should be pretty easy for you so just take them whenever they fit in. I actually took the first physics course (out of 3) before I got them waived, and I think I spent about an hour and a half a week on it. Most people in the class couldn't even use calculus - even though it was a prerequisite and everybody had taken it. The programming class will also be really easy if you're not computer retarded (although I've notice about a third of computer science majors are actually computer retarded).

[slightlyconfused1]

I agree with walt526, Raiv11, and NB888 that the "major" designation itself isn't terribly important. If you can't escape the physics requirements and feel that they detract from other coursework of interest, a math minor is fine. Additional math classes are certainly good, however, and even if you're not pursuing the major, classes like stochastic processes, linear programming and optimization, partial differential equations, and complex analysis* are both moderately useful in certain areas of economics and carry signaling value. From the course titles you've provided, my guess is that you don't attend a top-tier university, and my general sense is that the signaling provided by hard math classes becomes more and more valuable when you have a larger "prestige gap" to overcome. *(exact course names will differ from school to school)

greeneggs makes a very good point when he says that everyone should take a programming class, or at least acquire some kind of programming experience. I am continually astonished at the fraction of time that graduate students and even faculty in my economics department spend mucking around with code. General programming capability is probably the most underrated skill for economics grad students out there; it will allow you to complete tedious coding work much more quickly.

I should add the caveat that while the "major" designation is of relatively minor relevance if you are sure you are going to do a Ph.D, it becomes much more important when there's the possibility that you may go out into the private sector with only an undergraduate degree. Math majors are often more highly regarded than economics majors in the workforce, and unfortunately recruiters and HR departments will often rely on crude metrics like "what is this person's major?" rather than "how impressive is this person's overall record of coursework?"

[Gecko]

complex analysis is useful for theoretical econometrics and almost not much else ~

partial differential equations are meant to be programmed since most that do occur in the models are non-closed form..