The business world runs on money, so it makes sense that choosing to focus your education on economics is a good idea. In fact, taking the time to do so could help you move your career to great new places. And earning an Economics MBA degree is probably the best way there is to continue your education and get ready for new possibilities.
Basically, an MBA in Economics focuses on classes that directly related to economics. The programs usually begin with core MBA classes like:
- Financial Management
- Marketing
- Organizational Leadership
- Business Law
- Business Ethics
- Operations Management
After the core classes are completed, students will choose an elective specialization area. In the case of economics, classes then focus on things directly related to the field of economics in business. Some examples of classes you may end up taking include:
- International Business
- Business and Economic Forecasting
- Econometrics
- Microeconomics
- Economic Statistics
After classes are completed most MBA programs will culminate with a capstone project. This is essentially a project that shows the school that the student fully understands how to use the program in a real-life situation.
Current salaries for those with an MBA in Economics begin at around $45,000 per year but can exceed $100,000 annually. This means that graduates can easily go on to earn more than double the national salary average, and since average salaries for the field are around fifty thousand dollars, grads quickly start earning more than the country’s overall average.
One more consideration to keep in mind when selecting an Economics MBA program is that online education helps you continue to work while learning. Most professionals can’t afford to quit their job in order to earn a degree, and the chance to earn an MBA over the course of two to three years through online education is one way to circumvent this problem completely. Here are a few of the best online MBA programs available today.
- Carnegie Mellon Tepper School of Business – Located in Pittsburgh, this school also offers a part time online MBA program that allows students to specialize in economics. It’s among the best in the country, and its part time MBA program is rated third in the nation by BusinessWeek. Most students complete the program within about two and a half years.
- Duke University – Duke is one of the most famous schools in the nation, and its MBA program is ranked tenth in the country. It is also home to one of the best economics MBA programs available. Students aren’t required to submit GMAT scores, but ten years of work experience is needed to apply to this online program.
- Ashford University – Ashford is one of the leading online educators and it combines flexibility and value to create a solid online education program. Those who want to enroll will be able to do so with relative ease, and choose from numerous specialization areas including business economics. The program takes around two years to complete and degrees are well regarded in the industry.
- Thunderbird – Thunderbird has the top ranked International Business MBA program and the second ranked distance learning MBA program in the country. It offers numerous concentrations in its online program, but admissions are competitive. GMAT scores are usually required, although certain exemptions do exist and students may be able to avoid submitting them.
- Drexel University – Drexel is a leading business university, and in 2009 its part time MBA program ranked first in terms of academic quality. The program offers economics concentrations among others. GMAT scores are frequently required but meeting certain prerequisites could help you avoid the GMAT requirement and instead apply based on other criteria.