This MBA is the perfect fit for someone who wants a broad business education at the graduate level while specializing in economics as it applies to the business world. The online MBA in economics is typically a two-year program that prepares students for careers in finance, banking, government and the corporate world.
What Does an MBA in Economics Cover?
An MBA in economics is a challenging graduate program that generally takes two years of full-time study to complete. Even so, some online MBA economics programs are accelerated, meaning they can be completed in less than two years. Some students who need to balance work and other obligations may take longer than two years to finish their programs. The number of credit hours you must complete to earn an online Economics MBA will vary from program to program, but you can expect 45 to 58. Students who enroll in an online Economics MBA generally start out taking preliminary, prerequisite or bridge courses that introduce them to the graduate program; such classes might include business writing and calculus for applications. From there, students move on to core, elective and concentration courses. Core classes make up the bulk of every MBA program and include organizational leadership and behavior, financial accounting, financial management, marketing management, business law and ethics, and operations management. Online Economics MBA students must also take a limited number of general elective courses, which might include international business. Finally, a student must complete three to five courses pertaining directly to economics to fulfill the specialization requirement. These might include advanced microeconomics/macroeconomics, business and economic forecasting, and econometric methods for business analysis. The highlight of many online Economics MBA programs is a capstone project in which students apply what they learn in class to a real-world situation. Many programs also require students who are completing their MBA in economics online to conduct research, either as part of the capstone project or as a separate course. Many MBA online economics programs also require or encourage students to complete an internship for course credit.
Getting Into an Economics MBA Program
Students with a bachelor’s degree in a field other than business can gain admittance into an economics MBA program as long as it was earned from an accredited institution. Applicants must have a minimum overall undergraduate grade point average of 2.0, though some schools may have lower or higher GPA requirements. For example, the University of Scranton requires that applicants have a minimum GPA of 2.75. Schools may also ask for letters of recommendation and GMAT or GRE test scores if your GPA is lower than the minimum accepted.
Why Should I Get an AACSB Accredited Economics MBA?
When you are looking for online Economics MBA programs, it is important to choose one that is accredited by the Association to Advance Collegiate Schools of Business (AACSB). The AACSB is a nonprofit membership organization dedicated to the advancement of quality management education and serves as an accreditor for undergraduate, master’s and doctoral programs in business and accounting. Knowing that your business school is accredited by the AACSB, you can rest assured that your degree will be accepted in the workforce and that you are attending a quality institution—not a degree mill with classes that are too easy to be legitimate and that issues worthless diplomas.
Who Should Pursue on Online Economics MBA?
There are two different types of people who could benefit greatly from an online Economics MBA degree. The first is someone who already has a career in the business world but who would like to advance in it. The second is a career changer, someone who is outside of the business world and would like to transition into it. There are programs that cater to both groups, although most schools will prefer that you have at least one to two years of experience in business.
The classes you take will equip you with essential skills in financial accounting, regional and urban economics and econometric methods for business analysis that will give you direct training for your future career roles. The internships and capstone projects ensure that you are ready to hit the ground running as a new employee, a quality that hiring managers find desirable.
What Jobs Can an MBA Economics Online Get Me?
- Financial Reporter: This position requires you to conduct research and interview sources to write stories that cover financial markets, government and business. Financial reporters work can be found in newspapers, business magazines and on websites. The salary of this position is dependent upon the amount of experience you have, the length of an article, and which media outlet will be featuring your work. Story topics may include stock trends, monetary facets of the government and company mergers.
- Public Finance Economist: These professionals specialize in studying the role of government in the economy. They look at data that reflect the impact of decisions made by the government, such as tax cuts or welfare policies. They study how budget deficits happen and figure out what action can be taken to stabilize an economy. These economists work in multiple settings including colleges and government offices. Sometimes they will serve as private consultants for major corporations that have a tradition of heavily impacting the nation’s economic stability.
- Microeconomist: The primary function of this profession is to focus on the supply and demand decisions made by firms and individuals. These can include how profits can be maximized and what price should be set for a company’s services or products.
Top Earning Industries for Jobs
- Information Technology Services: $44,446-$61,824
- Investment Banking: $44,279-$66,259
- Banking: $50,868-$127,223
- Education, College/University: $58,661-$113,003
- Financial Services: $50,886-$103,170
- Consultancy: $50,000-$100,692
How Do I Find Online Economics MBA Programs?
Although there are many MBA schools across the country, there are only a limited number of online Economics MBA programs. A good place to begin your search for online Economics MBA schools is the AACSB website. When you rest your cursor over the “accreditation” tab, click on the “accredited institutions” tab to begin your search. The AACSB lists institutions worldwide that offer MBA programs, so you may want to narrow your list to schools in the U.S., and from there, schools that offer online MBA programs with a specialization in economics. For rankings, check out:
- U.S. News & World Report
- Bloomberg Businessweek
- Financial Times
- The Economist
Another useful resource in your search is the Online Education Database, which ranks the best online universities using metrics such as retention and graduation rates and student-to-teacher ratios. For a ranking of general MBA programs (not necessarily ones with a specialization in economics), Macquil.com has compiled a useful top 10 list.