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Traditional MBAs explore business topics like management, marketing, and finance. Those with economics concentration offerings train students to assess business through the perspective of economic theory, practices, and trends. The U.S. Bureau of Labor Statistics (BLS) expects economists to experience an 8% increase in employment from 2018-2028. MBAs in economics lead to careers in business, education, and government.
This page helps learners choose from the top online MBAs in economics by offering information on program curricula, potential career paths, and professional resources.
What Is an MBA in Economics?
An online MBA includes coursework in business fundamentals like management, organizational leadership, and finance. Core classes in online MBAs explore features of economics, but graduate degrees in business often allow learners to specialize in economic theories, principles, and practice.
MBA in economics programs equip learners with advanced knowledge of economic concepts and how they apply to the business world. Economics MBAs emphasize the global marketplace, local economies, pricing and purchasing, and consumer behavior. These programs prepare individuals for careers with the federal government, the biggest employer of economists, according to the BLS. Economists find high levels of employment in scientific research, development services, and consulting services.
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Why Should You Get an Online MBA in Economics?
Graduate programs in economics fall into two categories. A master of science in economics includes specialized classes in microeconomics, macroeconomics, and monetary policy, while MBAs blend advanced economic coursework with business classes.
MBA in economics programs focus on business, but their expanded curricula prepare students to apply economic theory and policies in business settings.
Equipped with the knowledge and skills to collect, analyze, and interpret economic data, learners with MBAs in economics become economists, analysts, and consultants. Economic professionals work for finance and insurance corporations, teach at colleges and universities, and carry out research for federal and state agencies.
An MBA in economics may emphasize managerial, analytical, or quantitative economics. Each subset of economics prepares learners for exciting, lucrative careers. With a managerial economics MBA, learners may work in finance, management consulting, or accounting. An analytical economics MBA leads to positions in policy analysis, research, and actuarial science. With quantitative economic MBAs, students find opportunities in engineering, computer science, and information technology.
What Can You Do With an MBA in Economics?
Economists research production, distribution, and related economic issues. They collect data on goods, services, and resources to determine marketplace trends. Economists recommend solutions to economic problems, practical or theoretical, and often publish their research in academic or industry-specific publications.
Economists work for major technology companies, financial institutions, and government agencies. The BLS expects 1,700 economists to join the workforce from 2018-2018.
PayScale reports that behavioral economists earn a median annual salary exceeding $75,000. Behavioral economists focus on the psychological, cognitive, cultural, and social factors dictating economic activities. They often work as consultants, using consumer data to determine economic policy and practice.
Behavioral economists may focus exclusively on research as they attempt to improve understanding of economic motivators. They also work as personal economic counselors or instructors at colleges and universities.
Analytical Data Scientist
Data scientists, according to PayScale, earn a median annual salary of over $91,000. These professionals possess mathematical, technical, and analytical expertise. Tasked with collecting and analyzing data, data scientists combine information from several sources to better understand business activities, human behavior, and social trends.
These scientists determine data sets, variables, and models needed to answer questions or solve problems. Data scientists create solutions, identify opportunities, and communicate their findings to clients, customers, and colleagues, depending on their specific duties.
Actuaries assess financial risks. Actuaries earned an annual median salary approaching $103,000 as of 2018 and remain in high demand. Between 2018 and 2028, the BLS predicts a 20% growth in the profession.
Actuaries work in insurance, accounting, and investments settings, designing policies and procedures to maximize profits. They compile quantitative data and develop models to determine probabilities and likely costs based on potential outcomes. Actuaries possess extensive knowledge of financial theories. They also use complex software databases and modeling tools.
Market Research Analyst
Market research analysts, poised for an estimated 20% increase in employment from 2018-2028, study the marketplace to determine consumer demand. They track economic trends by collecting data on pricing, supply, and consumption. Their findings influence client marketing strategies.
Market research analysts conduct interviews, surveys, and polls to assess the viability of a product or service in the marketplace. They use database software, statistics programs, and related technologies alongside visual tools to create charts, graphs, and infographics.
Online MBA in Economics Curriculum
Online MBAs in economics vary in specific curricula. Core business classes emphasize foundational topics like finance, management, and marketing, while economics coursework focuses on economic theory, policy, and practice. An economics MBA also prepares learners to conduct quantitative and qualitative data analysis.
Econometrics blends economic theory with mathematics, statistics, and empirical findings to explain economic behavior and trends. Coursework in econometrics emphasizes models and techniques, variables and limitations, and data evaluation.
Macroeconomics explores how economic decision-making, structures, and performance impact regional, national, and global economics. Macroeconomic theory focuses on large-scale economic consumption, growth, and cycles to determine how and why economic changes occur.
Microeconomics looks at individuals, groups, and small-scale participants in the economy. Coursework in microeconomic theory assesses the influence of choice, consumerism, production, and competition on individual and group behavior in the marketplace.
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How to Choose the Right Online MBA in Economics Program
When choosing the right online MBA in economics, students should consider several factors. Program length, cost, and curricula play big roles in program choice. Additional determinants include accreditation and degree requirements like internships and theses.
Traditional MBA degrees in economics comprise 30-45 credit hours. Full-time students earn their MBAs in economics in two years, while part-time learners complete them in 3-5 years. Online students may choose accelerated options, earning an MBA in as little as 18 months.
An online MBA in economics provides a flexible, convenient option. Working professionals and students with busy schedules complete coursework when and where they can. Online degrees often integrate practical exercises, research, and internships into their curricula by allowing learners to fulfill certain requirements at their current workplaces.
Online MBAs mirror their on-campus counterparts, but many online schools offer lower or flat-rate tuition. Learners can study at out-of-state schools for in-state tuition or pay a lump sum regardless of how many credit hours they take. Online degrees also eliminate on-campus room and board expenses and commuting costs.
Colleges and universities may hold national or regional accreditation, attesting to their educational standards and outcomes. Many MBA programs obtain additional accreditation from specialized bodies. Programmatic accreditation for business programs indicates that an MBA meets an accrediting organization’s quality criteria. Accrediting bodies for business programs include the Association to Advance Collegiate Schools of Business International and the Accreditation Council for Business Schools and Programs.
Scholarships for Economics MBA Programs
Students earning MBAs in economics enjoy opportunities to apply for scholarships. Many scholarships offer financial assistance exclusively to learners studying business or economics.
Business and economic scholarships support learners based on need, merit, and career path. Targeted scholarships assist minority and underrepresented populations studying business and economics.
Women of ALPFA Scholarship
Who Can Apply: Awarded by the Association of Latino Professionals for America (ALPFA), the Women of ALPFA Scholarship supports students of Hispanic origin studying graduate-level accounting, finance, business, or engineering. Applicants must have a minimum 3.0 GPA and be a member of ALPFA.
NBMBAA Collegiate Scholarships
Who Can Apply: Through partnerships with educational institutions around the world, the National Black MBA Association, Inc. (NBMBAA) awards funding to students earning their MBAs. Applicants must be members of NBMBAA.
Mary Elizabeth Lockwood Beneventi MBA Scholarship
Who Can Apply: The Mary Elizabeth Lockwood MBA Scholarship, offered through the Daughters of the American Revolution, supports students studying business administration. To apply, learners must possess a minimum GPA of 3.25. Recipients can reapply for consideration each year.
Brightest Minds MBA Scholarship
Who Can Apply: Awarded by The Economist, the Brightest Minds MBA Scholarship funds five MBA students twice each year. Participants must attend one of the magazine’s business school partners, take a practice GMAT on the contest site, and register at the Brightest Minds Contest website.
Appraisal Institute Education and Relief Foundation Graduate Scholarship
Who Can Apply: The AIERF graduate scholarship provides financial assistance to graduate students studying real estate, land economics, or a related field. Students must register at the AIERF website to submit an application.
Professional Organizations for Economics
Professional organizations for business and economics provide resources for students and professionals in those fields. Organizations offer news and research updates, career guidance, and events to facilitate collaboration and cooperation.
Networking opportunities, continuing education materials, and professional development programs also allow business and economic students and professionals to exchange ideas while growing their careers.
Linking economics, business, and academia, NABE is a leader in using and understanding economics in the workplace. NABE members receive weekly newsletters and quarterly journals, access to NABE’s continuing education program, and discounts on NABE conferences. NABE also offers economic surveys, roundtable participation, and consultant and services information to members.
Founded in 1885, the AEA focuses on the discussion and publication of economics research. The AEA provides journals, news and announcements, and discounts on continuing education programs to members. Additional resources include education materials, best practice content for economists, and funding and grant information.
Empowering women in accounting and finance fields, the AFWA provides leadership training, career guidance, and mentorship programs to students and practitioners. AFWA members receive scholarship opportunities for AFWA continuing education programs, plus discounts at corporate partners and access to a nationwide network of professional resources.
Established in 1969, the NEA supports minorities in the economics profession. The NEA brings together African Americans, Latinos, and other populations of color at annual events and through networking opportunities. Members receive the NEA newsletter, access to job bulletins, and scholarship and funding information.
As an advocate for Hispanic business professionals, Prospanica hosts annual career and professional development conferences to unite students, experts, and corporations. To support economic and social development among Hispanic professionals, Prospanica offers members access to special events, resume and career guidance, and partner discounts.
Top Online MBA Programs in Economics
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