A Master of Business Administration in Economics will advance an economist’s career in business, industry, and government. This can include positions in economic analysis, business development, and other executive-level roles. Independent management consulting is another lucrative career for those who graduate with an MBA in economics. Consultants with an MBA in economics can make a lucrative salary in a global economy, because they have an advanced understanding of both business and international money management.
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Economic management is the application of economic fundamentals to directly affect corporate strategy. This means taking the money management basics learned at the undergraduate level and applying them directly to real world situations in global business environments.
Economists with an MBA are often times hired as consultants or advisors because they can provide additional strategic analysis and leadership for business, industry, and the government in addition to what financial or managerial leaders can. In a real life situation, an economist with an MBA can take break down the economic issues related to a particular business situation and advise an organization of the outcome of the situation, depending on the steps they decide to take in different financial climates.
Earning an MBA in economics will give you the opportunity to learn how the financial world works and how it applies to many different actual business circumstances. In order to do this, you will go beyond the economics you learned as an undergraduate and study international economics and development, quantitative economics and forecasting, economic analysis and policy, industrial organization and labor economics, and public sector and urban economics. You will also be taking core MBA classes that will give you a foundation for understanding the business knowledge acquired while earning a traditional MBA.
In an MBA economics degree program, you will take a combination of business and economics classes. Advanced economics classes will include Econometrics - Theory and Applications, International Economics, Microeconomics for Managers, Macroeconomics for Managers, Financial Decision Making, and Applied Statistical Analysis for Business Decisions. Business classes will include Business Management, Human Capital Management, Business Law, Organizational Leadership, Business Research and Statistics, Corporate Finance, Marketing Management, Strategic Planning and Implementation, Managerial Accounting, Introduction to Operations Management, Information Systems for Managers, Business Policy, and Behavioral Approaches to Management. You may also be required to complete an internship and write a research paper as one of your electives.
Career Opportunities for Economists with an MBA
An economist with an MBA can find executive-level positions in any industry. Economists can become the Chief Financial Officer of organizations in manufacturing, banking, finance, retail, entertainment, and insurance. Unlike a graduate with a master’s degree in economics, an economist with an MBA can also become the Chief Executive Officer of a company as well. Business development is especially suited to an economist who understands money management as well as the business process and can work as an advisor to the government in the area of domestic or overseas economic growth. An economist with an MBA can also head a foundation in the non-profit sector.
As well, an economist with a Master of Business Administration can teach at the college level and go on to get their doctorate in either economics or business.