Finance & Statistics Double Major

Feb 20, 2018

Learn about what a double major in finance and statistics entails. Get information on admission requirements, courses, and potential career options for a degree in this field.

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Overview of Finance and Statistics Double Major Programs

A finance bachelor's degree will prepare you to analyze global markets and work in investment, trading, corporate finance or any number of other areas. It is common for finance degree programs to include some amount of coursework in statistics. However, a double major in statistics will equip you with even more in-depth knowledge of data analysis and Big Data to apply to a career in business finance or as an actuary. Coursework in a double major program may include a broad introduction to different areas of business with a concentration in finance, and be paired with classes in statistical methods, probability and computer science. This article provides more information about coursework and admission requirements to study finance and statistics, as well as some helpful career and salary details.

Admission Requirements for a Double Major in Finance and Statistics

A double major in finance and statistics is a challenging program heavy in quantitative coursework, so universities might want to see that an applicant has a proven track record in the areas of math or science. This could mean achieving a minimum score on the quantitative sections of the SAT or earning high grades in high school math and science classes. Some universities offer accelerated or direct admission to finance programs for highly qualified applicants, while requiring other applicants to complete some amount of college coursework before applying to the program. Otherwise, you can expect to need to follow the general university admission procedures, including submitting transcripts and testing scores.

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Finance and Statistics Double Major Coursework

Program coursework in finance and statistics will include learning analytical methods as well as theory and applications in both fields. Topics in finance may include accounting and reporting, investment management and corporate finance, and statistics students may be able to concentrate in business statistics. Below are descriptions of classes you could take as a finance and statistics double major.

Computer Science

Computer science is a core competency in statistics programs because, these days, statistical application and analysis is nearly all computer-based. This course may be separated into introductory and advanced sections and will primarily cover problem solving and algorithms. Topics may include computer systems concepts, use of various programming languages and data structures.


This course will cover the fundamental field within statistics of probability. Topics you may learn include combinatorial analysis, different types of distributions, models and the laws of probability. It could also address applications and the testing of statistical hypotheses.

Database Science and Big Data

Statistics programs have traditionally given heavy focus to data science and management, and it is increasingly applied to finance. This course covers everything from the collection and analysis of data to the design and management of databases to data visualization techniques. It will use a particular programming language such as R, and include topics such as data acquisition and cleaning, database design theory, matrix techniques and cluster analysis. It will also discuss the area of Big Data and the techniques that are used in different fields to address problems relating to large data sets.

Investment Analysis

This course uses case studies and computer simulations to cover investment objectives and techniques. This includes portfolio management, technical analysis and the role of institutional investors. It also teaches methods for appraising different types of securities such as debt and corporate equity.

Business Statistics

This statistics course is typically offered by a university's business school as part of the finance program. It focuses on the statistical methods used to make business decisions including probability theory and statistical inference. It is a helpful course for double majors in finance and statistics because it bridges the gap between the two disciplines by directly applying statistical concepts to business. Topics may include estimation, analysis tools, analysis of variance and regression.

Financial Markets and Institutions

This course provides a view of participating institutions and intermediaries in financial markets. It discusses government regulation and market instruments and investment constraints. It also includes applied topics such as interest rate theory, risk management, financial markets efficiency and the theory of financial intermediation.

How to Choose a Finance and Statistics Double Major Program

Finance and statistics programs both often allow students to concentrate in an area of study that interests them such as investment or data science. When choosing a program you should look at which concentrations exist and be sure you'll have the opportunity to take classes in exactly the topics you prefer. It is also important to consider the extracurricular learning opportunities offered by each university. Some are partnered with nearby corporations and offer internships, research or tailored hands-on experiences.

Career Options for a Degree in Finance and Statistics

With a foundation in business paired with a quantitative skillset, finance and statistics double majors are well prepared for a career in financial analysis. Financial analysts make investment decisions and assess the performance of different types of investments. According to the U.S. Bureau of Labor Statistics, the median annual salary for financial analysts in 2016 was $81,760 and the number of jobs is expected to grow by 11% from 2016-2026. Alternative careers you could consider with this double major are listed below.

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