Advice for undergraduate students
Work in progress, comments and questions welcome...
Q1. What courses should I take?
NYU offers "the curse of choice:" there are so many courses to choose from that it's hard to know where to start. We think you should take lots of things while you're here, expose yourself to a broad range of perspectives. But while you're doing that, leave some time to take courses that (i) have lasting value and (ii) develop skills that you can’t pick up yourself, either on the job or on your own. That’s the beauty of courses, they provide the structure for you to learn effectively. We think quantitative courses would head the list. Here are some examples:
Math. We recommend a minimum of three semesters of calculus and one of linear algebra. They’re the foundation of economics, finance, and data analysis of all kinds. Once you’ve done that, you’d do well to go further. Some possibilities are given in Professor Sargent’s guide to math course at NYU. You may note that the School requires only one semester of calculus, but we have a higher opinion of your ability than that.
Software. Everyone uses software in the modern world, but you have a huge advantage if you can do more than Excel. (You’re uncomfortable with Excel, you say? Please get help immediately.) That said, it doesn’t matter as much what programming you do as long as you do some. Good courses include Introduction to Computer Programming (??), Introduction to Computer Science (??), Numerical Analysis (??, uses Matlab), and Databases (??). [Course numbers to be added, also other courses.]
Data analysis. The modern world generates data by the gigabyte. Whatever you do in the future, it will be extremely helpful to you to develop the software and conceptual skills to make sense of it. On the latter, you can’t go wrong taking courses in probability, statistics, and econometrics. Good examples close to home include Regression (STAT-UB.0017) and Forecasting (STAT-UB.0018).
Q2. Are math courses hard?
Grading in math courses tends to be less forgiving than in less quantitative subjects. That's one of the reasons math is so helpful: you learn to think precisely and get clear feedback on whether you have done that.
Nevertheless, it's a mistake to take math courses that are too advanced -- and there are always math courses that are too advanced. Take a course at a level you’re comfortable with. Once you’ve done that, take another one.
Q3. Anything else?
You can learn a lot outside the classroom -- and usually have some fun doing it. NYU is loaded with active student clubs, but we're more familiar with faculty activities. You have access to 200+ faculty members at Stern and many more throughout the University. Many of them are happy to include students in their work. Whether your interests are economics, finance, marketing, social psychology, or something else, you should be able to find a faculty member with similar interests who could use help in research or course development. Some students find that their experiences in such projects are the highlights of their undergraduate careers.
Q4. How can I find research assistant opportunities?
We suggest you do the following:
- Skim the personal home pages of the faculty in a department that interests you.
- Note those whose work sounds interesting.
- Knock on their doors and ask if they could use help in any of their projects.
- If that doesn’t work, return to the previous step. Continue as needed.
- If you get discouraged, come see me. Or see Professor Foudy, who's right next door and knows many of you from the EGB course.
Lots of people have found work this way. Often you will have to start by working for free, but once you've established your value you may be able to get paid. But remember: the value here isn't the money, it's the experience.
There are also research opportunities outside NYU. Federal Reserve banks typically have both summer internships and full-time research positions for students who graduate. Fed jobs are an established route to success: students who do this for a couple years often take jobs in industry or apply to graduate school.
Q5. What courses would be most useful if I plan to go into finance or consulting?
Good question! See Q1 above: quantitative and data skills are invaluable in both fields -- and many more besides. Once you've done that, come see me.
Q6. Should I take economics courses?
It's up to you, there are many routes to success. But economics provides a solid foundation whether you want to work in consulting, financial services, marketing -- or lots of other areas. NYU is blessed with two unusually strong economics groups, one at Stern, the other in the College of Arts and Science, as well as a world-class finance group. It's a resource you might want to take advantage of, whether you take a few courses or choose it as a concentration.
Q7. How does the economics concentration work?
Speak to your advisor. If that doesn't work to your satisfaction, my recommendation would be to speak to Professors Wachtel and Foudy.
Q8. What courses should I take if I plan to apply to graduate school in economics or finance?
This question and the ones that follow are for those who think they may want to attend a PhD program in economics or finance. We're not recommending you do that, just telling you what's involved if you do. The advice is the same, but rachet it up a couple levels: take more math -- as much as you can.
PhD admissions will typically look for a strong math background, research experience, and a clear understanding of what a PhD leads to. Courses in economics and finance are secondary. Lots of people apply (successfully) with majors in mathematics, computer science, and other quantitative fields. Research experience includes working as a research assistant and doing original work on your own. The last step is to take some PhD-quality economics courses. This isn't as important as math skills and research experience, but it will help you once you get the graduate school. Come see me if you're not sure what those are.
Don't let this scare you. We have good students here and the rest of the world understands that. We've sent students to good PhD programs in the recent past, and expect to see more in the coming years. The key is to understand early in your undergraduate career what it will take. If you're a senior now and think it's too late, you might consider masters programs. One of the best is the LSE's MSc programs, which have a strong international reputation. The difficulty is that it's a one-year program, so you'd typically apply to PhD programs in the fall before you have a record there to report. If you have another program in mind, let me know and I'll see what I can find out about it.
See also:
- Professor Athey's guide to PhD admissions.
- Marginal Revolution's advice on becoming an economist (comments, too).
- Chris Silvey's advice (and comments).
Q9. Related questions about PhD programs
Should I take graduate courses? Not a bad idea, but it's not necessary. A good math background and research experience are more important. That said, students who begin PhD programs find they first two semesters are easier if they've seen similar material before.
Should I focus on top-ranked programs? Most published rankings are, at best, crude measures of quality. You should speak to people who know the area, including faculty and recent graduates who have gone into similar programs. And ask them about their placement records. Some of the best people have gone to what the uninitiated would regard as second-tier programs.
You might also think about what sub-areas appeal to you. Some programs are better in macroeconomics, others in industrial organization and strategy. It's ok if you don't know, many of us were in that position ourselves, but it's something to keep in mind.
Finally, this is about you. If you know what you're doing, you can get a first-rate education and a good job at lots of places. It's less about the place than what you do when you're there.