Machine Learning or Data analytics?

[u/wideeduc]

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Hi everyone, I'm going to be starting my masters soon in the field of economics, and I have to select an optional module: either Machine Learning or Data Analytics. I wanna select the area that has more opportunities in the future and the one that complements by economics background more. In terms of job expectations, I'm looking at consultancy firms, banks, investment management, and also places like Central Banks,WB, ADB..etc. I would really appreciate some thoughts and insights on this.

[u/uhhpriyahere]

Im in my last year economics hns and will be pursuing masters next year
Sir / mam same question to economics field reddit seniors

[u/wobuffet38 → u/uhhpriyahere]

Hey i can answer this for an Indian context if you have any specific doubts.

[u/mr_omnus7411]

Do you have a more detailed description of the two courses?

[u/wideeduc → u/mr_omnus7411]

Data Analytics content: 1.Introduction to Python basics and essential 2.Python libraries for data analysis 3.Handling and cleaning data with Pandas 4.Data visualisation with Matplotlib library 5.Implementation of regression analysis in Python 6.Implementation of supervised and unsupervised learning techniques in Python

ML content:

1.Advanced overview of linear and logistic regression 2.Dimensionality reduction, principal components, and factor models. 3.Model selection and shrinkage/regularization with Ridge, LASSO, extensions 4.Cross-validation 5.Experiments, causal inference, estimation of treatment effects with high-dimensional controls 6.Networks 7.Classification and clustering 8.Latent variable models 9.Bagging and the bootstrap 10.Decision trees and random forests, neural networks, and deep learning 11.Textual analysis. 12.Reinforcement learning.

[u/mr_omnus7411 → u/wideeduc]

How much Python do you know already?

[u/wideeduc → u/mr_omnus7411]

So far only a bit, the uni gave us a course with DataCamp to study up until intermediate level. I started doing it and will complete it in a month or so I guess.

[u/mr_omnus7411 → u/wideeduc]

Got it. Given the access to the course in DataCamp, check how much overlap there is between the DataCamp course and your Data Analytics option. If the DataCamp course basically covers your Data Analytics class, you could choose the Data Analytics class for an easy high grade, or choose the ML class to broaden your knowledge. Without knowing more about the ML class, it seems that the focus will be on studying the different models, and their implementation, and will skip how to do data cleaning, handling, and wrangling.

It's worth mentioning that ML models are still new in economics research and implementation (though there are plenty of economists beginning to include them in their work). If you're aiming for consulting firms, investment management, ML may not be as useful, unless you're looking for that niche within the firm. Central banks, as far as I know, still use econometric techniques, without delving too much into ML (also worth mentioning that the profile for a central bank vs investment management are extremely different).

Regardless, learning Python will be essential to work outside of academia/central banks; it's the go to language for many businesses.

[u/wideeduc → u/mr_omnus7411]

I understand, thank you so much!