I-Banking - What's the best major?

Wallstreet101 · 03-09-2008, 11:41 PM

Hello folks,

I am a freshman having a tough time choosing between accounting and economics as a major. Is having an accounting degree more valuable for a prospective i-banker as compared to having an economics degree? Why or why not?

Your opinions will be highly appreciated.

Thanks!
Wallstreet101

kmzizzle · 03-09-2008, 11:43 PM

*** there are like 10 threads on the 1st page about this (exaggerating)

ur answer is econ

Wallstreet101 · 03-10-2008, 12:10 AM

Thanks for replying kmzizzle but could you also give some insight as to why you believe it is so?
The feeders to the big banks like the Ivy League schools do in fact send econ majors but we also have to consider the fact that most of them don't have an undergraduate program in accounting. And isn't i-banking mostly about evaluating companies and selling their securities to your clients? Accounting deals with much more of that than does economics. So why do you still think an econ major would serve you better for this job if you had the option of choosing between the two?

kmzizzle · 03-10-2008, 01:49 AM

i mean for ibanking it doesnt really matter what major you are
but to me, if you do go in accounting, you have a higher chance of actually doing accounting
finance/econ will go more in depth about investments

Wallstreet101 · 03-10-2008, 12:05 PM

That's one of the fears I actually have kmzizzle, that if I study accounting, I might end up becoming an accountant. But the thing is, I'm in a school that has a very strong accounting program but a weak econ program. So that's why I'm not sure if I should major in economics. Actually I love economics but I'm not confident enough to major in it considering the school I go to.

Some people believe that an accounting degree would be more valuable for an i-banker than an economics degree. I want to know how true this is, because if it's true, I'd happily go for an accounting degree.

Are there i-bankers with undergraduate degrees in accounting?

Thanks!

Wallstreet101 · 03-12-2008, 12:16 AM

One of my professors says that people deny to talk about or they simply negate this fact (that an accounting major is better than an econ major for a career in i-banking) because the prestigious schools many people attend or vie to go to or those that supply graduates to these big firms don't have undergrauduate accounting programs, and no one likes to speak against popular assumptions; people tend to sweep this debate under the rug. I think there is some substance to what my professor has to say.

My professor says accounting is the language of business and no other major can evaluate businesses in more detail than can accounting majors. Once again, I'd like to remind all that we're just talking about accounting as a major for i-banking here. Does anyone have some other point of view. I'm a rising sophomore and it would be of great help to me help if anyone chipped in with their views before I choose my courses for next semester.

My views are those of a college freshman. Please pardon me if I make an illogical comment.

Thanks!
Wallstreet101

CaliGuy07 · 03-12-2008, 09:45 AM

I would recommend majoring in something you enjoy and can get good grades in instead of playing the odds game with what gets you into the ib.

HARVtoWALL · 03-12-2008, 02:07 PM

From my experience:

If you go to a target school, you can major in anything (English, Russian Lit, etc)

If you go to a nontarget school, focus on the business ( Econ, Finance, Accounting, etc)

Milton Roark · 03-12-2008, 02:17 PM

As a side-note, having a weak economics program doesn't automatically guarantee that you will not find your way into IB. If IB recruiting were completely dependent upon the strength of a school's economics program than U-Chicago would be more heavily recruited than Harvard, Yale, Princeton and Wharton. However, you may find that accounting gives you a marginal advantage in IB. You can still major in economics and take accounting courses or vice versa.

beefs · 03-12-2008, 02:54 PM

Umm, UChicago is as much a target school as Harvard and Wharton

sjay · 03-12-2008, 05:56 PM

beefs...you're wrong.

HARVtoWALL · 03-12-2008, 10:33 PM

What school do u go to wallstreet101?

Milton Roark · 03-13-2008, 12:22 AM

I didn't mean to say that U-Chicago isn't a "target." I was only saying that they are not as much of a target as Harvard. The difference isn't enormous, however.

Wallstreet101 · 03-13-2008, 01:58 AM

Thanks guys! Well, I don't find accounting hard, I just find it a bit boring as I've already taken introductory courses in it. Economics is much more interesting. Not coming from a target school does make you nervous about your chances.

I have one question - unlike for science/engineering majors, for whom the quality of the school does affect the resources available to them, does going to a small school deprive you of research resources if you want to be extremely good in a subject such as economics? Are there things that can be done in an individual level to excel in a small school in a major such as economics?

By the way, I'm from a Catholic college in New England. I'd like to keep its name private.

Thanks again guys.
Wallstreet101