Posted on 06/11/2012 1:12:29 PM PDT by Black_Shark
Hey all,
Need some advice from those who have experience in this area: Is it worth taking out $41,000 in Direct Stafford Unsubsidized loans (Looking at ~ $45k after interest for 2 years) for a Master's of Science in Economics with a Master's Minor in Statistics at North Carolina State University?
Some background: I obtained my B.S. in Economics (Cum Laude) with an overall GPA of 3.364 and a major GPA of 3.6 in May 2012. Can't find a decent job so far and am currently retaking all of my calcs (I-III) that I took way back when in undergraduate in preparation for the advanced mathematics that my chosen Masters requires. I am doing this while actively looking for entry-level analyst jobs all over the USA.
If I obtain a job, I plan on taking it and starting my career. If this does not happen, Plan B is to stay in Graduate School and pray that the economy improves enough to allow me to capture that elusive first job.
Opinions? Advice? I recognize that I will need a Masters at some point in my life but is now the proper time to acquire it? Is it worth attending graduate school rather than applying for some entry level walmart job while looking for a job in my field? Please, keep this thread on the topic of advice and opinions that are helpful rather than bashing the Education industry.
Thanks all!
- Blackshark
Ouch. Have you considered alternate career paths that help you do what you want but won't hurt you financially? Per your original comment, if you want to get into trading, I assume you want to work for one of the major houses, which would mean New York or Chicago. That is almost poverty level for those cities.
Best advice I've seen thus far! DO NOT load yourself up with debt betting on the come line. Get a job first, any job, and move up when conditions permit.
I’ve found this to be true. The only reason I even get interviews is because of my extensive mathematical/statistical background. The economics portion is just a bonus. Employers are much more interested in my ability to forecast and mathematically model situations.
The MS in Applied Econ would further expand on those mathematical abilities while also teaching me how to apply it to real world business problems.
I forgot to add: I would be obtaining an MS in APPLIED Economics and not just Economics. Don’t know how I left that out!
Salve
If you have experience already, being in internship and more, it will be easier, I think decisions are in your hand.
Think 10 20 years from now, how markets are changing dramatically so you always have plan B and C in case, don’t assume everything will be nice, always be ready.
If this degree is necessary then go for it and expand later on as you get more exposure.
Merci.
My advice is go ahead and apply to graduate school and get accepted and in the meantime keep looking hot and heavy for a job in your chosen field. If you have to fetch coffee and doughnuts for Goldman Sachs then take it. The worst thing to do is be idle. If you can not find a job, then your fallback position is school and you can teach a class and work various intern jobs in your field.
Volunteer in politics and work for candidates too. You would not believe the influential people you can meet. GOP is always on the lookout for bright young men to work in congressional or state offices on either a voluntary or paid basis. I know of a couple of young men who worked on campaigns and WOW they got paid and gained invaluable contacts. Be a poll watcher and help on election day. That looks good on a resume’. I have my daughter stamp the EV’s on voter rolls so she can put that on her resume’.
Anything you can add as experience counts.
If all you are looking at once everything is said and done is potential of a $55K job, then no.
Best of luck in finding a job and grad school. I have two Master’s. The first one was done right after grad school as a requirement to work in my field. The second one was 3-4 years after being in my field and decided I wanted to be in Administration. I never would’ve been able to advance in management if I had not had a Master’s degree. It was a lot easier to get the Master’s right after undergrad since I was already used to studying, test taking etc. The second Master’s was a bit more difficult due to working full time and being out of the “school” mindset as well as all of the other commitments that came as I aged. Good luck
The majority of graduates go to Charlotte or the Research Triangle here in Raleigh, NC. $55-60k is a very nice starting salary here unlike NYC or Chicago.
I have considered alternate career paths. I see a huge demand for statistics and mathematics within industry (Data analysis) however I am finding that the majority of those jobs are being gobbled up by individuals with either A) More experience or B) a higher degree than I have.
Of course, I keep applying ( applied to 16 jobs this afternoon) hoping I’ll get lucky.
There definitely is a demand for this, especially for those with field experience. One other option would be to become an independent consultant. Create your own firm specializing in this. You could end up becoming far more successful doing this on your own, or it could get your foot in the door. I have had many consultants (marketing, instructional design, etc) who end up being offered full time positions.
go straight for the stat and forget about he economics. There are job openings in corporate america in everything from insurance underwriting to marketing for statisticians with graduate degrees. Not sure about the marketability of an advance econ degree.
Why North Carolina State? The powerhouse in statistics is Chapel Hill.
Have you looked at a job with SAS? They’re in Cary. Any kind of job at SAS would be great. They’ll reimburse you for your tuition. If you become proficient with their programs you can practically walk into any job.
Dave Ramsay says NEVER take out college loans. Period. You will be shackled with them for a long time. You could use that same money for a down payment on a home. Check out his website. I think it is wonderful advice.
Sounds like you could teach math? Math teachers can just about call their own shots.
Thank you but I am already active on a couple of those sites!
Applied to 16 jobs so far today on CareerBuilder!
Take what you’ve learned, and start a business....find a need, and fill it.
If you can’t do that, more schooling won’t help.
That stuff looks a heck of a lot different from the inside looking out than it does from the outside looking in!
My son, a former financial analyst and trader for a major bank is now working as a recruiter for a manufacturing concern.
Salve
Also, build up networking, LinkID and more, build up your portfolio, if you want to be on Wall Street, you have to act like Wall Street Firms.
One sign of weakness in any major Financial Firms you are dead not only New York City, Hong Kong, Tokyo, London and more. It is brutal world, don’t be discourage, but know your limits as well, if you are good sale person you will do well :}}}}}
Merci.
MCSP
Carolina is #10, NCSU is #12.
Also SAS was started at NCSU and has a HUGE presence here! In the Econ program, all of the B.S. students were required to become proficient at statistical modeling using SAS (Proc Reg baby!)! Also, NCSU is one of the best math oriented schools in the SE USA.
;)
I wish I could :/
However, my GPA (3.364) is too low for admittance into the NCSU graduate Stats program. Heck, the Econ requirements were a 760+/800 quant score on the GRE!
That’s why I took the Econ route and plan on obtaining a Master’s Minor in Statistics.
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