Economics is a fascinating study and should, in theory, be used in order to improve a country’s economy. As a former Economics major, I really liked this idea and wanted to be a part of that. However, as I progressed more and more into my major, I learned about models that were admittedly wrong, but still used for our study. The lack of concrete answers in the field of Economics and the wide variety of different economic thoughts gave me the impression that economics is more of a philosophy than a science.

Why I Switched From an Economics Majors to a Statistics Major

That was when I realized that I wanted to study something where there is only one correct answer to a question. So, I chose Statistics. Admittedly, there is barely any subject where there exists one right answer. Often, it is about being wrong less and as George Box said: “All models are wrong, but some are useful”. However, the study of Statistics felt less arbitrary and more mathematical, hence less philosophical and more concrete.

What I Learned As a Statistics Major

The Statistics major I was in was more math heavy and required a different way of thinking. It took me about one semester to get used to the statistics major but I felt that I was equipped with better tools. During my Statistics degree, I picked up programming in R, some SAS, and SQL. I learned about models that are used in the industry. Tools that are directly applicable to jobs. The mix of practicality in a Statistics major and the mathematical theory behind it made it a perfect major for me.

Recommendations for Statistics Majors

I recommend everyone who is taking Statistics to minor in Mathematics or at least take some upper division Math electives. I never understood why people recommended to take more Math classes when I was in college. Advisors and professors always told me that when I know math I basically know “everything”. This statement confused me a lot as I did not understand how theoretical and rigorous proof classes will make me a better statistician. However, after a while I realized that knowing Math makes it easier for me to pick up concepts more easily. Building models and writing code does not necessarily require Math because it is often already done for us. Reading papers however, and figuring out new statistical concepts that were not taught in school is a very important skill to have. Mathematics helps enormously with that.

Other useful courses that complement a Statistics degree are in computer science. A Statistics degree forces one to code and you’ll learn a lot of coding by solely taking stats courses. However, it won’t be pretty and it won’t be efficient. Code like a computer scientist and analyse like a statistician. I admit, it is challenging to learn both. Nevertheless, it will be well worth it at the end and will give you guys an advantage over other candidates when applying for jobs.

Final Thoughts On an Economics major

In conclusion, I think that an Economics major is perfect for people who are into philosophy and subjects such as Political Science, History, or International Studies. At least that was the impression that I got from studying Economics at an undergraduate level. An undergraduate degree is all about figuring out what you are good at and what you like. Take some different classes, test the waters, and see what kind of major suits your personality and skills best. I am only one data point among many people. So, take my words with a grain of salt. Pave your own path and form your own opinions.

In conclusion, I took the right decision and I am happy where I am now. Since May, I am doing an internship as a Data Scientist. A job that would have been really though to secure (for myself at least) as an economics undergraduate student. If you want to know more about it then check out my post, where I talk about my first internship experience as a Data Scientist.

Here are two blog posts that you might find interesting. One is about finding a job in statistics and the other one is about the advantages of an economics major.