In this article we discuss how to transition into data science. Today, we’ll be making the switch from economics and examine the good, the bad and the ugly. We’ll answer some of the most important questions running through your mind, like: “Can I”, “Should I” and “How can I” transition into data science from economics. And we’ll discuss the pros and cons before finding the best way to transition into Data Science.
Let’s start with “Can I make the transition into data science?”. The answer here is a resounding “yes!”. Roughly 13% of current data scientists have an Economics degree. For comparison, the most well-represented discipline is data science and analysis, which takes up 21% of the pie. Therefore, Economics is a competitive discipline when it comes to data science.
First, unlike STEM disciplines, social studies help develop great presentational skills which are essential for any data scientist. Through presentations and open discussions, students learn how to present a topic, as well as argue for or against a given statement. These activities result in developing a confident and credible way of showcasing actionable insights. Moreover, most econ majors deeply care about human behavior and response to different stimuli.
Furthermore, Economics frequently intertwines with Mathematics, Finance, Psychology, and Politics. Therefore, an economist’s approach is always meant to be interdisciplinary.
Finally, the technical capabilities of an economist are often quite impressive. An average economist has a good understanding of Machine Learning without really referring to it as such. Linear regressions and logistic regressions are studied in almost all Economics degrees.