Is econometrics useful reddit. Calc and stats were both required courses here as well.
Is econometrics useful reddit. I thought it was straight foreword.
Its difficult, there's a lot of content, but if you put the A good stats program will beat a mediocre or poor econometrics program. Financial Econometrics is more useful if you're planning to go into data analytics or financial modeling. Mostly harmless econometrics was my introduction to econometrics. In other words, a huge amount of effort is placed on causal inference and testing the significance of variables. Economics (and econometrics obviously) is a perfectly legitimate background to have for data science. Econometrics has a very strong reputation for labor market perspective. Stata is very common in academia. In stats we'll be using R occasionally but I'll need a calculator for exams. It was definitely one of the hardest classes I've ever taken (and I've taken calc 152 and data structures) but it was also one of the most rewarding. With that said, economics is a valuable degree for finance if the university you are looking at offers a solid econometrics and finance modules. Econometrics is useful IF you want to test theories and fit models. It will be fairly math oriented so while previous knowledge of economics is useful, especially understanding basic models for demand/supply, it is not necessary. Serving as a central forum for users to read, discuss, and learn more about topics related to the economic discipline. So really no point limiting yourself to only economics. There is big list of things that economics is useful for. from my econometrics class. I thought it was straight foreword. It mainly serves as a signal that you can do advanced math if you are trying to apply to grad schools or a requirement to get the financial economics concentration (like 18/20 people in the class just wanted the concentration). If you bypassed econometrics, you had to take another high level economics course in its place that was more economic theory based. As far as degrees go, particularly in economics and finance, I'd recommend pairing economics with Applied Finance. Economics can be a great path to data science. More a useful class if you intend to become an economist (especially micro econ focused). Which is also why I double majored into econometrics to make up for the mathematical part. In econometrics I don't think we'll be using any software. So far in stats we've done: Pearson's chi-squared test Student's T distribution Fisher–Snedecor distribution In econometrics we've only had one class so far: Gauss-Markov theorem Apr 18, 2024 · Econometrics combines the fields of economics and statistics to make assessments about a company or organization. But, it’ll all depend on your school and the professors. We would like to show you a description here but the site won’t allow us. I have been considering changing economics after looking at past papers- thought it would be more oriented around maths but its mostly essays… only problem is idk what I would change it to as I can’t really do compsci given I have no coding experience at all. On top of that, we would do some stress testing. For example, a student who takes an introductory statistics course may learn about the following topics: How to calculate descriptive statistics; How to visualize data; How to construct confidence intervals; How to perform hypothesis tests; How to fit Jul 11, 2020 · Econometrics is an applied branch of statistics that is primarily related to economics. I have written it from her MATLAB code, translating it into Python so more people can use it. There is a lot BS out there, and it's useful to be able to test a lot of it and show that it is indeed BS. Reddit's largest economics community. Is it simply popular to joke with the field, or is the utility or number of insights of economics legitimately below many other fields? Is society too complicated? Does economics suffer from p-hacking more than other fields? I want to understand why this sentiment that "economics is useless and economists are charlatans" has spread. Financial economics is more suited for students who wish to work in corporate finance. It'll be useful. It's also printed beautifully but you can get a PDF version. Cons: usually professors are extremely smart and accomplished in the field of economics but aren’t the greatest lecturers. If I have to explain in another way, I would say most knowledge in economics are just opinions. Good news, there are plenty! Quant-Econ is the open source project I like to promote computational economics. We have written rules to support this aim and welcome those who want to learn and those who want to contribute. A strong background in statistical theory could set you up as a statistician (yes, you don’t necessarily need a PhD. As far as I know there is no major/minor that makes the difference between causality and prediction. It is definitely useful in the job market but not necessary depending on which route you go (for example: consulting) I started liking econometrics after I began starting my research for my thesis. , or delves deep using calculus and model building - but as a second major I doubt you would get the breadth needed to justify economics as a second major over econometrics. I'm an Undergrad Math and Econ major who's interested in pursuing Econ in grad school, specifically econometrics. If you need more finance knowledge, you can always take the CFA and / or get a top MBA. Applications. I just find these things useful to know and learn, and they are holes in your knowledge over time if you don't know them. Most of predictive modeling and forecasting DOES NOT care about causality. However, I’m not sure entirely which one it should be. Mostly Harmless, while a great book*,* is not an actual introduction to Econometrics. This was useful to me with my graduate studies. It's an introduction to one particular method (quasi-experimental analysis) and in my estimation you will not do well if you don't have at least intro-level understanding of the subject matter prior to picking up the book. In fact, there are some economists who think economics has become too data science-y. Perhaps a financial economics course, but make sure they have an intense list of econometrics. R is the real deal - the total spectrum of pretty much any statistical analysis you can think of. You build on a lot of written communication skills, in some cases group work too. Pioneered by Nobel Laureate Vernon L David, Experimental Economics requires quite a bit of programming because the simulations and experiments tend to be run through computers. I know that a finance degree, an economics degree, and even a business degree would be great for my goals. This here an article about the skill of an economist. S. Learn to code on the side and take 1 Intro to Accounting / 1 Intro to Corporate Finance classes and you'll be set. Economics is a useful degree, both in terms of understanding the world and for getting a stimulating job. Matlab is sometimes useful in legacy code reading and Dynare. . It also may provide the learning tools for a quant-focused portfolio manager or analyst who is not on the frontline of actually doing the econometric work. I question the "you get a job part", especially in this article. It seems to imply that if you do an economics PhD, you WILL get a job as an economist or economics professor. Econometrics is about proving your economic theory. I've seen a couple of posts on this subreddit about specific classes and which ones to take as well as their difficulty. In general, MBA and MS econ are vastly different in econ. I plan on going into finance and the A-levels i have chosen are: Maths, Physics, Economics, Further maths. Forget about financial econometrics, just do econometrics and statistical inference, which once learnt can be applied to anything. My math background is such that I've taken through multi-variable calculus, two linear algebra courses, differential equations, real analysis I-II, probability, and stats. Ok, now you want to find cool stuff to do. Please help me out, and thank you. For example, a student who takes an introductory statistics course may learn about the following topics: How to calculate descriptive statistics; How to visualize data; How to construct confidence intervals; How to perform hypothesis tests; How to fit We would like to show you a description here but the site won’t allow us. Something you rarly do in a undergrad. I work with a lot of economists and I can tell you that machine learning is increasingly popular in the field. _This community will not grant access requests during the protest. so, often we're better off with simple OLS where you /r/Statistics is going dark from June 12-14th as an act of protest against Reddit's treatment of 3rd party app developers. _ Is it useful for traditional finance like banking or ER/CR probably not. Econ classes are easier to fit in my 4 year plan for graduating on time Jun 14, 2022 · Econometrics is simply the application of statistical methods to topics in economics. While modeling I would do the usual stuff like checking R squared, scatterplot of residuals, standard errors, AIC, BIC, Durbin-Watson, autocorrelation tests and so on. i think in applied econometrics, at least in my field of the social sciences, this leads to relatively simple econometric techniques with creative identification strategies that are built through theory. A Primer in Econometrics theory by Stachurski is a great source. I did the BEc because economics fascinated me at school, too. That means intentionally taking hard classes (statistics, econometrics) and consciously teching up (learning how to think analytically, learning stats, possibly programming). If econometrics isn’t worth studying to become a Financial Analyst then what is the better Elective choice? (I’m taking BSc Financial Analysis for my undervalued degree) Year 3 Electives (Year 3) Choose 2 of the following in Semester 7 • Corporate Finance (compulsory) • Introduction to Econometrics •Corporate Reporting Well, statistical methods and programming can be useful if you are the type who likes to test your theories. Angrist & Pischke: Mostly Harmless Econometrics how useful is econometrics as a government employee/central bank economist This depends on your job, but I would say that very useful, in general. What tends to stay true is econometrics tool. Or check it out in the app stores TOPICS More useful econometrics techniques . Its also requisite for econ/fin hons and will be more useful depending if you take on post grad study and what you study in postgraduate. Notice that there are a few financial econometrics or finance and econometrics courses out there. For example, in econometrics, one of the primary challenges is the non-independence of the error terms, which is typically assumed away in many/most statistical problems. Also, my own profs have told me that doing a PhD in business is much easier and pays much better. Ironically I'm rather a basic-intermediate proficient user of the R programming language. I still enjoy reading about economics. But if you're interested in finance/trading/quant f/macro econ i it would be a very useful/worthwhile class teaching relevant techniques (especially arch/garch) Amm (applied micro-econ modelling). Econometrics is timeless (relatively). Apr 18, 2024 · Econometrics combines the fields of economics and statistics to make assessments about a company or organization. Yes it is possible, I and a several people I know are doing it (in Economics, not Econometrics). You learn a lot of theory, and you have to use python/pandas extensively for the homework. I want to know if there's a way to get into a good ACCT 201A class or what other class I should take because there's no decent prof or that fit in my schedule. Goes through probability, matrices and linear algebra before getting into actual econometric theory. R is completely free and you can start learning right now by downloading it and playing around with it. Application is everything! On that note, start thinking about your thesis now, and how you will use econometrics for it. You can't really go wrong with econometrics, if you manage to complete it of course. I feel like both of these aspects are extremely useful for any student interested in economics. It is technically a full statistical software package but oriented primarily towards regression analysis. A typical economics PhD program will be basically nothing but math. I took several econometrics classes in my PhD program (business). I am an MS student in Econ. Some calculus and lots of linear algebra, almost no economics knowledge or advanced (masters level) statistics were prerequisite Get the Reddit app Scan this QR code to download the app now. I’m okay with econometrics (I didn’t do so well in my econometrics classes) but I have resources to refresh me on things that ill need to know. I have a masters in economics. First, he told us econometrics can be seen as a sub field of data science. I think econometrics is a good boost for grad school. It is solid knowledge. I think Economics will be useful whatever you choose to study, and it is also very interesting. Econometrics won't give you a super strong understanding of economic theories, rather it'll provide a lot of statistical analysis tools/skills that may be interesting/useful if you want to pursue a career in data science/analysis/ML type stuff. It is useful to know a matrix programming language like Mata, Matlab, Octave, Julia, or R, so you can quickly do linear algebra. In that sense, econometrics can be viewed as a subfield of statistics. Introductory Econometrics: A Modern Approach by Wooldridge (very friendly and easy to understand. The other courses are more applied and are great to check out to see what actual Econ research looks like in that particular area. If you do well in CS it will be a huge competitive advantage. Yes, I would say that the stats/econometrics specialization would be the most useful. I find that a lot of posts are centered around lower division pre-requisites, but useful information on the upper-division courses is hard to find. I’m pretty good in math. /r/Statistics is going dark from June 12-14th as an act of protest against Reddit Apr 18, 2024 · Econometrics combines the fields of economics and statistics to make assessments about a company or organization. Math courses useful for Economics Graduate school. Calc and stats were both required courses here as well. Stata is more useful for economists specifically and is easier to learn but is expensive. Econometricians mostly dont care about fitting curves. I guess my question is which one is of more value in the industry, a Mcom in Economics by the best university in Africa or a Mcom in Econometrics by an "ok university ". An economics major can be worth it, but is not necessarily worth it. NEED ADVICE. These econometrics modules also help you better understand other economics modules. It has 6 courses and the first one is microeconomics. • Many Econ courses are adding metrics of a pre-req to combat people taking it as late as possible. What is incredibly useful is having already taken the undergraduate course in econometrics. We used linear regression with OLS so far and logit and probit for binary variables. It was definitely frowned upon by our advisers in the econ department to skip econometrics, though. Please do not message asking to be added to the subreddit. She's worked for us for almost a year now, and in that time we've asked for her perspective on this very thing. It's not as good for economics as stata, but it's more useful for other related subjects/for general employability so either are really good choices. Honestly thats why MS econ is useful, plus Economists are the best staticians (I will defend that statement to the end). if you're relying on layer upon layer of modeling assumptions as well as observational data you're fighting a losing battle. linear algebra - used in econometrics, basically the matrix formulation of regressions and stuff like that. However, others go into finance/business. in stats to become a statistician). Not too many resources outside of office hours. It also dives deeper into concepts/intuition and gives more converge of more econometric topics so will be more useful for the workplace. Also I would say the more mathematical/technical major would be the best as quantitative skills are harder to learn later in your career than qualitative stuff and it looks more impressive but at the same time don't Search the Ani Katchova's web page on Google, it have diferent models regression with R. You want some combination of cs, stats, and math. A specific field that hasn't been mentioned is Experimental Economics. From pure mathematics for theoretical econometrics: measure theory, function spaces, functional analysis, stochastic calculus (pure perspective) (note these would all require studying real analysis and abstract algebra first so is quite a high bar and I wouldn’t say useful if you just want to apply econometrics) Jul 11, 2020 · Econometrics is an applied branch of statistics that is primarily related to economics. I have taken 4720 and I think it is too theoretical to be useful in most jobs. Piping functions together can make it difficult for students to really understand what is going on. This is my preference. A typical economics degree does involve solving a healthy amount of equations, but the degree of difficulty will vary. Also, i've heard bad things about the undergrad professor, therefore' i'd advise you to take the graduate one. If the two programs you're considering are roughly equal, I would take the econometrics program, here's why: Stats is very generic and is useful in many different fields, in my experience stats courses are dumbed down a bit. Also I wouldn’t mind getting into doing financial econometrics. I haven't taken ECON 360 - Undergrad econometrics here, but you use the same textbook, and go over the exact same material as ECON 562- graduate Econometrics. Computer science is by no means an easy degree but econometrics is much harder. It is a method developed by Kathy Li of Texas McCombs. If you don’t think you can handle a proper Maths course load, just do finance with some stats courses and take a few Econ electives. I don't know about the difference between SL and hl for Business, but I don't think you'll have a problem whatever you chose. Hey guys I'm a 3rd-year economics student, unfortunately, I haven't had that much to study econometrics the right way, I only know the basics, but I've looked forward to changing all that. You’re probably better off choosing between econometrics and financial economics. My boss had a master's in econometrics and my teammates also had master's degrees in statistics and economics or were MBAs. Financial economics would still have interesting and intense metrics, but will give you finance knowledge that can come in handy. However, this does not necessarily carry over to the undergraduate degree (in the US). Because I feel business, although not easy to run or manage, is something that you’re good at with experience instead of knowledge alone. Any suggestions on how to get into data science? I don’t have any machine learning experience. Hi everyone. The other more important "skill" is related to econometrics (and optim): Understanding the difference between causal and predictive econometrics. In general for D. Secondly, he told us data science is mostly focused on fitting curves, making predictions etc. Applied economics/econometrics often is data science. To those of you who work in Python and causal inference, you may find the two-step synthetic control method useful. I hated Game theory (dropped it after 2 classes) and loved econometrics. As to what field? Finance is right at home for economics, lots of potential and diversity. definitely. Financial economics also had open-note exams in the past and has one of the highest class averages for an upper division economics course. In theory, econometrics is simply the application of statistical methods to economic questions. Ya got me with the employability for international students part, no idea. A place for redditors to discuss quantitative trading, statistical methods, econometrics, programming, implementation, automated strategies, and bounce ideas off each other for constructive criticism. Reply reply I went to 2 different universities that had business schools and well-regarded economics programs in the arts & sciences school. Has simple but complete examples) Jul 17, 2021 · Yes, I would say that the stats/econometrics specialization would be the most useful. Economics is either going to be a lot of theory - while useful, it also doesn't get you the job in finance but more like public policy etc. Yes! Studying economics can be a satisfying endeavor and lead to a rewarding career. Dec 27, 2019 · Financial Econometrics will be useful for the small, focused group of quants engaged in extensive financial research. He said doing econometrics will be really useful if you want to go into research or do quantitative analysis for banks. Introduction to the Theory and Practice of Econometrics by Judge (it requires good understanding of statistics and linear algebra; it uses matrices (a very common notation in econometrics)). Having seen students using the tidyverse while learning econometrics, I’m not sure that is a good combo. Jan 2, 2024 · Econometrics has a very strong reputation for labor market perspective. For instance, most DSGE models use Bayesian estimation methods for calibrating certain things in the model. If you can focus on the econometrics side of it and take some courses focused on math heavy economics & programming sure. Depending on your needs, a general-purpose scripting language like Python can be useful. I did a BEc/LLB. Just as important as what you study is having internship opportunities. Base MATLAB Econometrics Toolbox Optimization Toolbox Symbolic Math All Matlab SDK related Okay so basically there's a lot of overlap with stats 210 and 369, and maybe 326, so stats majors definitely benefit. Both business and econ students had the same opportunities. Also financial economics still has stats units like financial econometrics so you’ll still get stats knowledge and it will be more tailored to your degree. Jun 14, 2022 · Econometrics is simply the application of statistical methods to topics in economics. With MS in Econ you will have to learn something like R and probably should learn Python too. Economics without a very strong math component is interesting, but not that useful. As far as I am concerned Business is quite easier than economics. econometrics - basically the economics version of stat. You do need to know probability theory, stochastic modeling, bayesian inference and stuff like that. A close friend of mine studied economics and statistics (because she loves the math side, too). Econometrics is the most useful economics subject because it has least to do with economics, which is useless. in econometrics and one student asked the prof what is the difference between the two. Great place to start as that is the base for any economics coursework. It is useful to know a statistical language like Stata or R so that you can quickly and easily run regressions. My main program is Python (Julia) for simulation and R for econometrics stuff. MIT has some certificate courses on EdX on Development Economics. Even if you don’t do finance, a solid econometrics background will allow you to get other jobs with a quantitative analysis focus. I'm a current third year at UC Berkeley majoring in Economics/Data Science. For example, a student who takes an introductory statistics course may learn about the following topics: How to calculate descriptive statistics; How to visualize data; How to construct confidence intervals; How to perform hypothesis tests; How to fit Completely agree. What I plan to do with the CS classes is to take electives that are actually useful for my major such as ECS 171 (this one’s a major requirement), ECS 165A, and ECS 122A. But traditional economics/public policy while useful and interesting in other fields won’t help you that much in D. You need to make the major work for you. Econ isn't super useful for banking either but its an easier sell. Jul 17, 2021 · Yes, I would say that the stats/econometrics specialization would be the most useful. Is economics useful in actuarial science work? Do any of you use economics principles at all as an actuary? I'm double majoring in actuarial science and economics looking for a job as an entry-level actuary and was wondering if my background in economics would be beneficial to employers and in what ways? You can apply to almost any of the same jobs - a joint degree with mathematics can be really really useful if you go on to do an MSc as the rigorous mathematical formulation of microeconomics is based on something called metric topology which econ-only undergrads can struggle with at first (but to a mathematics student its bread and butter). Econ 140: Econometrics (basically STAT 88 with an Economics twist) • Earlier is better than later as many Econ classes have added or are in the process of adding metrics to their prerequisites. Can't say the same for your university or area since I don't know where you plan to study. Perhaps financial economics would be better because the units sync better with the finance major. I only have Economics SL. A finance degree is overrated in the sense you can learn most of the info on the job anyways and banks have training sessions too. My general principle is to learn knowledge that is timeless. To be honest I sometimes use Excel for quick and dirty analysis, but never for anything serious. Reply reply Reddit's largest economics community. Other majors have things like homework/project parties and a highly active Piazza, but with Econ you’re often on your own if you don’t have a study group and Piazza’s We would like to show you a description here but the site won’t allow us. Pretty much anything business related is relevant. Plus game theory had a group project while econometrics was midterm, final and weekly homework. Take a look at someone like Susan Athey at Our econometrics knowledge is a bit limited so far, we either have to make a prediction or causality investigation. But university was very different. The BEc part wasn't very useful for employment purposes. From what I gather, they skipped most of the mathematical part of economics and went straight to models and concepts for you to comprehend and apply in your work - not the most ideal economics course as I chose economics for its mathematical part. For example, a student who takes an introductory statistics course may learn about the following topics: How to calculate descriptive statistics; How to visualize data; How to construct confidence intervals; How to perform hypothesis tests; How to fit As mentioned earlier get good at coding (you know one language, you know most of them) and work experience is extremely useful. Jul 11, 2020 · Econometrics is an applied branch of statistics that is primarily related to economics. Sc. Is it useful for macro research or economic strategy roles, potentially. For example, a student who takes an introductory statistics course may learn about the following topics: How to calculate descriptive statistics; How to visualize data; How to construct confidence intervals; How to perform hypothesis tests; How to fit Metrics 2 if you want to learn. recently switched from CS to business marketing and I couldn't secure an ACCT 201A class. The courses were structured to teach you how to use the methods, with enough of the math spelled out to understand why things did or didn't work. In practice, though, there tends to be a difference between the kind of statistics that "statisticians" work on, and the kind that "econometricians" work on. It can be a bit narrow sometimes, so it would be a good idea to read some sociology or political science to balance it out, but it provides good analytic tools which help you think systematically about human behavior and societies. He said Sydney uni is the best place to do economics in NSW and that econometrics would be very useful as fewer people (relatively) have this qualification so it will help your job prospects. MATLAB is definitely more useful for econometrics, but R/Python are even better than MATLAB. All of this takes years to learn. The intern on my data science team is an econ student. She chose a career in research. You can try emailing the Econ department to get some stats but I will say that undergrad econ will at best prepare you for data analysis or less intense data science jobs. I'd suggest taking classes like ECC2551(Mathematical economics) however it's far from essential. These professions help businesses make informed decisions about their financial futures. I do a M. Regardless though I'd still recommend the course (just finished it this sem). Economics + Math (or Stats / CS) is the best combo as it offers so much flexibility. Your economics courses, should you choose to pursue the 200's sequence (intermediate micro, which is required for the two formal econ tracks, but not for business econ) will be about how to use Chicago Price Theory as a method for understanding the world, which can be used to come to any number of conclusions. The best 3 universities accepted me for MCom in Economics and the other one - which is not bad at all, accepted me for MCom Econometrics. Dec 1, 2020 · Econometrics is the most useful economics subject because it has least to do with economics, which is useless.
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