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For consulting, I'm think management consulting. I can't imagine I'd get to work for BCG or McKinsey, as there's no way I can get into a school where they actually recruit from. Research related work such as equity research is interesting as well. I'm looking at companies that deal with agriculture and food resources specifically, since the MA programs I'm looking into are for agricultural economics. Companies like ADM, Cargill, etc and big food companies like General Mills.
For consulting, I'm think management consulting. I can't imagine I'd get to work for BCG or McKinsey, as there's no way I can get into a school where they actually recruit from. Research related work such as equity research is interesting as well. I'm looking at companies that deal with agriculture and food resources specifically, since the MA programs I'm looking into are for agricultural economics. Companies like ADM, Cargill, etc and big food companies like General Mills.
Some advice then (regardless of physical degree), get as good as you possibly can at finance. People who really understand finance are a valuable commodity. I know it is a difficult subject to learn very well, but I would recommend considering a masters degree in a finance related field rather than economics. When you get into consulting, everything will come down to numbers. Every project you do must either add profit to the company or cut costs. If you can't prove you can do one of those two things for a company, you will never get a job in management consulting.
A company called 'training the street' has some very valuable learning material. It isn't cheap, but in my opinion it is worth at least looking into. I have done a few of their courses...
The debt you have isn't that bad for an undergrad education, however at this point your history major is a sunk cost. You would better position yourself for the consulting world with a different degree, but that doesn't matter now. Use any electives you have left for business/finance classes if you can.
I'm taking financial accounting next quarter. I can't take corporate finance or any higher-level finance courses though since I'm not a finance major. I picked up a barely used corporate finance textbook this quarter along with a book on investment banking and valuation. I could most likely finish a double history/econ major in one additional semester (we're switching to those next year) but I'm not sure if it's worth the extra $$$. My instinct says no, save for the masters instead, since it would be more valuable.
I am currently in undergrad majoring in history with a minor in economics. I want to obtain a masters in econ (not sure what university yet) but am nervous about the amount of debt I would have to take on. When I finish my BA, I will have around 27k in loans (my own fault for not planning better from HS) and grad school would up that to about 50k. Of course, I'd have a better job coming out of grad school, but nonetheless it makes me nervous.
Income to debt ratio is what concerns me the most.
In my opinion, a combined student loan debt of $50K for both undergrad and grad school is not that bad.
^ I didn't think so either, but I'm paying close attention to what everyone is saying in here.
A few schools offer Financial Economics degrees that prep you for the CFA exam and almost all econ masters programs let you substitute finance course in place of econ ones.
Thanks for all the input so far everyone. The reason I want to do a masters in econ is because I started taking econ classes later in college, when it was too late to switch majors and finish in a timely manner. With a masters in this, I want to go into consulting or maybe some kind of finance related field, not teaching history in high school.
Quote:
Originally Posted by jon1987
For consulting, I'm think management consulting. I can't imagine I'd get to work for BCG or McKinsey, as there's no way I can get into a school where they actually recruit from. Research related work such as equity research is interesting as well. I'm looking at companies that deal with agriculture and food resources specifically, since the MA programs I'm looking into are for agricultural economics. Companies like ADM, Cargill, etc and big food companies like General Mills.
Take the extra year and get your degree in Econ, get a job with one of these companies and get some experience. There is NO WAY ANY of these companies is going to hire some kid out of college with a undergrad degree in history and a master's degree in ECON with NO work experience to be a consultant for them and there is no way any of these companies is going to hire a kid out of college with a masters degree with no work experience for an entry level position. It just isn't going to happen. I hate to say it but your plan is not a good one.
Take the extra year and get your degree in Econ, get a job with one of these companies and get some experience. There is NO WAY ANY of these companies is going to hire some kid out of college with a undergrad degree in history and a master's degree in ECON with NO work experience to be a consultant for them and there is no way any of these companies is going to hire a kid out of college with a masters degree with no work experience for an entry level position. It just isn't going to happen. I hate to say it but your plan is not a good one.
This isn't necessarily true. Most top tier consulting firms hire the best and brightest directly out of undergrad, let them work for two years as an analyst, then send them to get an MBA and then bring them back as a consultant, with the student owing 2-3 years of service in exchange for paying for the degree.
They actually want someone directly out of undergrad because they can mold you to be who they want, provided you can prove you are smart enough.
Thanks for all the input so far everyone. The reason I want to do a masters in econ is because I started taking econ classes later in college, when it was too late to switch majors and finish in a timely manner. With a masters in this, I want to go into consulting or maybe some kind of finance related field, not teaching history in high school.
$50K is a lot, but as someone who graduated with $73K just from UNDERGRAD in 2008, I think it's a manageable amount. As long as you go into something with good job prospects, and not, well, history (as much as I love history it's just very hard to make a living at). Econ's a good way to go.
I'd suggest contacting a few companies who hire econ majors for jobs you're interested in, ask them exactly what they look for in a potential hiring candidate. If the masters doesn't make you stand out from the crowd anymore than you would with your current resume, drop it and start applying for jobs instead of grad school.
As someone who's in a (somewhat) similar track (not econ though), I can say at least in my profession, undergrad major means absolutely nothing, and actually majoring in something different actually makes you more interesting to employers. As long as you can convince them you can do the work, most jobs you learn what you need on the job, not in school.
Networking is going to be my number one goal this upcoming quarter. I know getting my foot in the door will be vital to getting a job eventually. I'm open to various careers, my ultimate dream being a professor someday, which of course would require a PhD.
In my opinion, a combined student loan debt of $50K for both undergrad and grad school is not that bad.
All about how much you make. 100k is reasonable if you make 125k.
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