If you’ve chosen to study the field of managerial economics, then chances are you are interested in economic theory and examining how to allocate a firm’s scarce resources so it can achieve its objectives in the most efficient manner possible.
Managerial economics (sometimes known as business economics) programs are generally business-related programs at most colleges and universities. Therefore, you’ll be required to take many general business courses such as accounting, marketing and human resources in addition to specific economics courses that provide knowledge of economic concepts, theories, terminology, practices and principles.
Every college and university differs when it comes to the specific managerial economics courses they offer; however, there are general similarities in the subject matter at most schools. Some of the specific managerial economics topics you are likely to learn about include:
While an Associate degree or Bachelor degree in managerial economics is certainly available, it is more common to receive a Master degree of Arts or Doctorate degree in this program of study. In some instances, colleges offer Master degree programs in applied or managerial levels of study depending on what your career plans may be.
The applied track is generally for those interested in applied economics research and who want to pursue a PhD program. A managerial economics program which might include degrees in managerial economics & strategy or operations management ae for those who have chosen not to pursue a PhD and typically lead to managerial jobs in business or government.
As the world around us changes and businesses become more global, employers look to hire business students who have stronger analytical and critical thinking skills. Economics not only helps you understand and predict economic changes, but it helps strengthen your decision-making ability.
While much of what you will learn in college will involve the application of economic theory to business situations, you will also have the opportunity to develop skills that include:
Certainly there are a wide variety of managerial economics programs. However, it is important to consider how you will use your degree. Will you go into research and academia, or will you pursue a management career in business?
While there are hundreds of colleges and universities that offer graduate degrees in managerial economics, there are many online college programs as well. Your career choice will help you in choosing which college or university offers the best managerial economics program for you.
Many people think of a degree in economics as being closely related to a degree in business, especially finance and/or accounting. Economics majors often take positions in business or government as financial analysts, research analysts and even finance/accounting managers. A degree in managerial economics can offer you career opportunities as a consultant, economist, actuarial, market researcher, financial trader and educator in industries such as commerce, education, banking, and insurance.
Keep in mind that according to the U.S. Bureau of Labor Statistics (BLS) if you want the best employment prospects and advancement opportunities, you will need a Master or PhD.