Choose Between a PDE or Stat Degree for Financial Maths/Engineering

[leon1127]

I am just trying to seek opinions from professional simply because my maths advisor said he doesn't know much about that field.
I am trying to get into financial maths/financial engineering/computational financial program after my B.S in maths next year.
According to my assumed timetable, I will have class conflict in the coming spring. The classes are PDE and a data analysis class.
Here is the problem. PDE will lead to my Applied Maths degree which that stat class will lead to Stat degree. Which more likely would fit the need of my further education and my finance carrer?

Any thought would be appreciated:!) :!)

 

[J77]

If you wanted to go into the banking side, I would advise the stats.

However, it seems you want to go for the modelling side more, eg. of market, in this case, I'd go for the pdes - not that I've seen an economic model described by a pde (they're usually extremely simple ode models) but it will give you greater knowledge of dynamical systems in general which will only help with future modelling (and impressing employers - most probably turn up with knowledge of stats, the dynamical systems stuff will make you stand out).

 

[piercas]

As a scientist with a background in mathematics and experience in financial engineering, I can offer some insights into this decision. Both PDE (partial differential equations) and statistics are essential tools in the field of financial mathematics/engineering. PDEs are used to model and analyze financial instruments such as options, while statistics is used to analyze financial data and make predictions.

In terms of your career goals, it would be beneficial to have a strong understanding of both PDEs and statistics. However, if you have to choose between the two due to a class conflict, I would recommend prioritizing the PDE class. This is because having a solid foundation in PDEs is crucial for understanding the mathematical models used in financial engineering. Additionally, many financial engineering programs require a strong background in mathematics, including PDEs.

That being said, if you have the opportunity to take both classes, I would highly recommend it. Both PDEs and statistics are important in the field of financial mathematics and having a strong understanding of both will make you a well-rounded and competitive candidate for graduate programs and careers in this field.

In terms of your further education, it ultimately depends on your specific interests and career goals. If you are more interested in the mathematical modeling aspect of financial engineering, then the PDE degree may be more suitable. If you are more interested in data analysis and risk management, then the statistics degree may be a better fit. It may also be helpful to speak with professionals or alumni in the field to gain more insight into which degree would be more beneficial for your career goals.

Overall, both PDEs and statistics are important in financial mathematics. If possible, try to take both classes to gain a well-rounded understanding of both subjects. If you have to choose between the two, prioritize the PDE class, but also consider your specific interests and career goals. I wish you all the best in your studies and future career in financial mathematics/engineering!