Holding an MBA in Economics is great for people who want to enter the world of business and make strategic decisions. They often work as senior managers, or they are aspiring entrepreneurs. Either way, the MBA in Economics is the perfect degree for those who want to blend administration and economics, two things that basically go hand in hand. Graduates understand how markets work and the factors that are of influence on it. Additionally, they learn how to make positive decisions for a business, based on what new market trends are.
What We Do
Someone with an MBA in Economics has a truly unique mindset. Because of this, their role is to merge business profits with market influences, thereby ensuring a business can reach its maximum potential. Most of the time, their job will be to investigate the various risks that a business has to face and what kind of investment potentials exist on the local and global markets. They perform a lot of research and use this information to guide strategic decisions, taking into consideration the international trade and finance markets.
MBA in Economics graduates are invaluable to the livelihood of a business. They know what a product’s pricing should be, which market it should be targeted at and how it should be advertised. Furthermore, they have extensive knowledge on marketing policies, industrial relations and investments, which means they can get to work in every aspect of a business. It is also for this reason that so many go into business themselves, as they fully understand local markets and know whether or not a specific idea will be viable in the current global and local climate.
The world becoming a smaller place, most graduates do work in some sort of international capacity. Often, this has to do with making trade and financial decisions based on globalization, which means they can help businesses become sustainable by increasing their profits.
The role of MBA graduates can vary tremendously, therefore. Additionally, some have completed an additional specialization in areas such as labor economics, urban economics or economic analysis. Depending on their specialization, they may also have different roles.
Why It’s Hot
According to the U.S. Bureau of Labor Statistics (BLS), economists earned an average of $91,860 per year in 2012 after completing their master’s degree. The BLS also projects 14% growth in demand between 2012 and 2022, which is just above the national average. The degree is hot because people with extensive knowledge on economics will always be in high demand. This is particularly true since the last financial crisis, after which all managers have had to reevaluate how they work.
According to the BLS, there were 16,900 economists in 2012. Almost half (45%) of these worked for the government. However, there is also demand for graduates in scientific, management, professional and consulting services, finance and insurance and scientific research and development services. The work done for government can be either federal, although not the postal service, or state and local government, although generally not education or hospitals.
Regardless of whom they work for, they will usually have their own office and work at a desk. Often, they share a space with statisticians or other economist and, in rare occasions, work together as part of a team. More and more economists are becoming self-employed consultants, which means they often work from home. They often do so while also working in universities or other educational establishments where they will teach the next generation of economists.
The job is almost always full time. Additionally, economists often have deadlines. This means the job can be high pressured and will often require working long hours.
How to Do It
In order to obtain an MBA in Economics, it is required to first complete a four year bachelor’s degree. Various majors can be beneficial for this, including economics, sociology, statistics, business and so on. You must then apply to be accepted to an MBA degree program and this can be highly competitive. Almost all schools will require students to pass the GMAT exam and they will weigh the results heavily when deciding whether or not to accept a candidate. Studying properly, therefore, is highly recommended, as is applying for different universities to increase chances of being accepted.
One on campus program you may want to consider is NYU Stern‘s full time MBA in Economics. This degree is perfect for those who wish to work in the business aspects of government. The specialization offered at Stern focuses on developing concepts, tools and techniques that allow students to serve financial communities and businesses properly.
MBA in Economics Online
Alternatively, there are a number of online options available as well. For instance, Southern New Hampshire University’s Online MBA in Economics – This degree looks at local economies and global markets, at consumer behavior and public policy, at purchasing power and pricing indices. This knowledge allows graduates to be strategic decision makers because they have developed a big picture view, allowing them to know what the link is between the financial realities of the world and the success of an enterprise. The curriculum focuses on both macro and micro economics, spanning marketing, business and finance. Graduates are in demand for their ability to know what questions need to be asked and what data is available in order to make strategic decisions.
Another great program is Ashford University’s MBA in Business Economics. This course shows students how even the smallest local event can have an impact on the world as a whole. Graduates are seen as future leaders, as they have the necessary skills to develop vital business strategies while meeting the various challenges posed by the markets. The curriculum is a perfect blend between finance and economics, looking at economic forces and their impact on business, monetary and fiscal policy and employment and inflation.
Pros & Cons
• You will be able to take on positions of leadership.
• You will have the respect of your peers.
• You may get to work in international capacities.
• The job can be stressful and the chance of burnout is high.
• Expect to work long hours.
• Obtaining an MBA degree can be costly.
• Dr. Abdus Saleem Family Scholarship, offered by the Islamic Society of North America, offering five $10,000 yearly scholarships to students majoring in areas including business administration. They must have a GPA of at least 3.5.
• Government Finance Officers Association, which offers a range of different scholarships and grants to students.
• American Indian Endowed Scholarship, offered to students of high academic performance and low income who are of American Indian descent. Preference is given to graduate students. Applicants must either have returned or plan to return to their native tribal communities.
• Asian Pacific Funds, which offers a range of different scholarships to students of Asian Pacific descent. One scholarship that is particularly interesting for MBA in Economics students is the Hsiao Memorial Economics Scholarship.
• The Beinecke Scholarship Program, offered to graduate students in the fields of arts, humanities or social sciences (including economics).
After graduation, you can get to work in a range of different jobs. Very often, these jobs will require you to make a lot of decisions and you will more than likely enter a supervisory role. You will have theoretical knowledge, as well as the practical skills to apply those theories. Some of the jobs you could consider include:
• Economist – Evaluating the various issues on an economic level across the globe, basing your decisions on past trends and forecasting a logical future by looking at and analyzing various pieces of economic data.
• Post secondary economics teacher – Becoming an academic may be interesting, particularly if you are interested in studying on towards a Ph.D. Teaching business administration or economics to others, or performing research, is a fascinating field to get to work in.
• Management analyst – Analyzing various factors by doing research, you will create strategies designed to improve the overall organization efficiency of a business you work for, effectively increasing profits and reducing costs. You will usually work together with other departments and senior managers.
• Market research analyst – Analyzing what the conditions of the market are and using this information to understand how sale of services and products is likely to change over a set period of time. This has to do with making businesses more profitable. You will work on examining concerns consumers have, while at the same time understanding political, economic and social factors that can be of influence on how consumers behave or how markets change.
Six websites with helpful resources for those working in field relevant to an MBA in Economics
• World Economics Association
• The G20
• United Nations International Development Organization
• Asia Pacific Economic Cooperation
• Organization of the Petroleum Exporting Countries
• The Commonwealth of Nations