Final semester Masters subject choices

Daithio

OK, this is going to be quite long. I have a bit of a problem. I'm in my last semester of a three semester MA in economics course in Sydney. I have four subjects left to finish off before graduating. One of them is a compulsary intermediate level metrics course. The other three I can choose. The problem is there are tonnes of courses to choose from, and I'm finding it REALLY hard deciding what would be best for me. Any advice would be greatly appreciated.

Here is the root of the problem: Because I absolutely flogged myself in my 2nd semester and got decent enough grades I'm eligible to enroll in the honours units for my final semester. You can get an honours degree if you complete two of the following three subjects: advanced macro, advanced micro, and econometric modelling.

Pros Getting an honours degree sounds cool. I like the sound of the micro course as it is nearly entirely game theory which suits me. Also although my metrics knowledge is quite basic at the moment, I like the subject matter alot, and there will probably be alot of overlap with the compulsary intermediate one I have to do this semester.

Cons It means I'm going to have to work extremely hard which is never fun. It will make it alot harder to get a distinction GPA (which I don't think would be too hard if I chose normal subjects), and the macro course doesn't really interest me.

Now, if I decide to do say advanced micro and metrics, along with my compulsary metrics course, it would mean I'd only have to do one more metrics course to get a double major in economics and metrics. I went to that course last night (applied business forecasting) and it was really interesting and the lecturer seemed good. So, that's got me thinking I should do the three metrics courses and the advanced micro course, work my arse off and get an honours degree and a double major. Problem is, I did absolutely feck all work in my first semester in metrics, and only scraped through. Anything I did learn I've pretty much forgotten. Now, I'm alot more disciplined this year, and I will put the work in, but, would I be absolutely mad to take on three metrics courses at this stage? The alternative is just to do a few easy waffly econ subjects (for eg trade and development, international money and finance etc) and get a distinction average without absolutely killing myself.

So, my two choices are:

Option 1: Take advanced micro, econometric modelling, and two other metrics subject. This would see me double major in economics and econometrics, getting an honours degree in the process. More than likely I'll finish with a credit average (equivalent of a 2,1), and also have to absolutely work my ass off for the next 6 months.

Option 2: Finish up with just a single major in economics, and a standard masters (no honours). I think with a nominal amount of effort I can secure a distinction with this option.

I'm leaning towards option 1, as I think the metrics subjects will give me a much more marketable set of skills in the workplace. Also there is alot of overlap between the three courses. But then I start thinking I must be mad to take on 3 postgrad level metrics subjects with very little prior knowledge of the subject. I'm not worried about failing, and I'm fine with maths in general, but I'll probably have to work extremely hard for what won't even be fantastic grades at the end of the day. Also if I take option 2 a distinction looks very good. And I could probably get some work experience in during the semester with option 2 as I won't have to work nearly as hard.

Any advice would be greatly appreciated! Sorry for the length of the post, my head has been absolutely wrecked the last few days mulling this over!

Économiste Monétaire

I'm guessing that you're on break at the moment. You could spend this time catching up on econometrics to the level required. I'd choose option one based on what you said, I wouldn't disregard the other choices, however. Any chance you could link a module descriptor or course outline for the others? It would help.

I can't really see Financial Econ being waffly.

Daithio

Daithio wrote: »

OK, this is going to be quite long. I have a bit of a problem. I'm in my last semester of a three semester MA in economics course in Sydney. I have four subjects left to finish off before graduating. One of them is a compulsary intermediate level metrics course. The other three I can choose. The problem is there are tonnes of courses to choose from, and I'm finding it REALLY hard deciding what would be best for me. Any advice would be greatly appreciated.

Here is the root of the problem: Because I absolutely flogged myself in my 2nd semester and got decent enough grades I'm eligible to enroll in the honours units for my final semester. You can get an honours degree if you complete two of the following three subjects: advanced macro, advanced micro, and econometric modelling.

Pros Getting an honours degree sounds cool. I like the sound of the micro course as it is nearly entirely game theory which suits me. Also although my metrics knowledge is quite basic at the moment, I like the subject matter alot, and there will probably be alot of overlap with the compulsary intermediate one I have to do this semester.

Cons It means I'm going to have to work extremely hard which is never fun. It will make it alot harder to get a distinction GPA (which I don't think would be too hard if I chose normal subjects), and the macro course doesn't really interest me.

Now, if I decide to do say advanced micro and metrics, along with my compulsary metrics course, it would mean I'd only have to do one more metrics course to get a double major in economics and metrics. I went to that course last night (applied business forecasting) and it was really interesting and the lecturer seemed good. So, that's got me thinking I should do the three metrics courses and the advanced micro course, work my arse off and get an honours degree and a double major. Problem is, I did absolutely feck all work in my first semester in metrics, and only scraped through. Anything I did learn I've pretty much forgotten. Now, I'm alot more disciplined this year, and I will put the work in, but, would I be absolutely mad to take on three metrics courses at this stage? The alternative is just to do a few easy waffly econ subjects (for eg trade and development, international money and finance etc) and get a distinction average without absolutely killing myself.

So, my two choices are:

Option 1: Take advanced micro, econometric modelling, and two other metrics subject. This would see me double major in economics and econometrics, getting an honours degree in the process. More than likely I'll finish with a credit average (equivalent of a 2,1), and also have to absolutely work my ass off for the next 6 months.

Option 2: Finish up with just a single major in economics, and a standard masters (no honours). I think with a nominal amount of effort I can secure a distinction with this option.

I'm leaning towards option 1, as I think the metrics subjects will give me a much more marketable set of skills in the workplace. Also there is alot of overlap between the three courses. But then I start thinking I must be mad to take on 3 postgrad level metrics subjects with very little prior knowledge of the subject. I'm not worried about failing, and I'm fine with maths in general, but I'll probably have to work extremely hard for what won't even be fantastic grades at the end of the day. Also if I take option 2 a distinction looks very good. And I could probably get some work experience in during the semester with option 2 as I won't have to work nearly as hard.

Any advice would be greatly appreciated! Sorry for the length of the post, my head has been absolutely wrecked the last few days mulling this over!

To be honest, if you don't put the effort in at this level - what kind of signal is that sending to your potential employers?

Daithio

Deleted User wrote: »

To be honest, if you don't put the effort in at this level - what kind of signal is that sending to your potential employers?

Well I mean relative effort. Like studying 3 to 4 hours a day (on top of lectures) as opposed to 7 to 8 hours a day.

Daithio

UCD_Econ wrote: »

I'm guessing that you're on break at the moment. You could spend this time catching up on econometrics to the level required. I'd choose option one based on what you said, I wouldn't disregard the other choices, however. Any chance you could link a module descriptor or course outline for the others? It would help.

I can't really see Financial Econ being waffly.

Sorry, waffly was a bit dismissive. The international money and finance one is more essay based than the metrics courses, and from talking to people who have taken it is relatively straight forward.

Here are the outlines for the metrics ones:

Econometrics Modelling (this is the honours one, and the one I'm mainly worried about) The part I've highlighted in bold is encouraging.

Economic decision making and the development of economic theory rely heavily on input from empirical analyses. Conversely, applied econometric research is guided by the relevant economic theory and the needs of the users of the analyses. This unit is primarily concerned with the application of econometrics and is designed to cater for students with different backgrounds in econometrics. The unit is designed to provide students with the guidance and tools to be able to produce reliable and useful empirical results and to be able to appraise the work of others. An essential component of the unit is the completion of a variety of research projects/assignments to enable students to gain experience in putting these tools into practice.

Applied Business Forecasting This is the second possible elective.

This unit aims to provide an introduction to the practice of forecasting in business. Forecasting requires both practical experience in model building and some statistical theory. To blend the theory and practice, many business forecasting examples are discussed. Excel is used to do useful preliminary calculations and plotting. At the end of this unit, students should be able to understand the major techniques of forecasting and be able to intelligently forecast actual business time series using Excel and its extensions. Topics covered include: the aims of forecasting and relation to time series analysis; types of time series; plotting and charting time series; practical examples of forecasting and forecasting issues; growth curve methods; least squares (what you need to know for forecasting); decomposition of time series; elementary exponential smoothing with Excel; serial correlation (and Durbin Watson statistic); applied ARIMA modelling and identifying seasonality and "hidden" periodicities.

Econometric Applications This is the one I have to do anyway regardless of subject choices. I've heard it is quite difficult, which actually encourages me as it means I'm going to have to put in a good bit of work for metrics anyway.

This unit illustrates how econometric methods can be applied to economic data to solve problems that arise in economics and business. Econometric theory provides the techniques needed to quantify the strength and form of relationships between variables. Applied econometrics is concerned with the strategies that need to be employed to use these techniques effectively; to determine which model to specify and whether the data are appropriate. Guidelines for undertaking applied work are discussed. Case studies drawn from economics, marketing, finance, and accounting are also discussed. The unit includes a major econometric modelling project.

Daithio

Oh, and thanks for the replies!

Économiste Monétaire

First of all, you need to have an honours, so don't settle for a pass. Second, you seem to have an interest in Econometrics so go with that.

If you start from day one with studying then the work shouldn't pile up. I'm sure there will be overlaps between the courses so the work load won't be so bad. I would have taken Macro, Micro, and two of the Econometrics courses. Three econometrics courses at once seems a bit much to me. But, go with the modules you'll enjoy taking.

Daithio

OK, slight update. I went and talked to the course co-ordinator and the lecturer for econometric modelling, and I was strongly advised against doing it with my level of experience. So it looks like I will end up doing two metrics, and advanced micro and macro. Thanks for your help UCD.