You want to make a difference
While economics is one of the more lucrative MBA concentrations, this field of study also allows you to work with non-profits, government agencies, and organizations involved with public policy. Where someone with an MS or MA in economics might embark on a career path solely in economics and quantitative analysis, admission into an MBA curriculum means you will be prepared for a leadership role where management and economics come together.
You want to apply your economics background to a specific occupation.
Getting an MBA with an economics concentration is a significant next step for students who already have a bachelor’s degree in economics. While economics, in general, may be useful in several industries, undergraduate degrees don’t necessarily prepare students for a specific path or a leadership role.
Your bachelor’s degree comes with several benefits including big picture thinking, logic, problem-solving skills, and communications – which you will learn in your core classes at most colleges and universities; all useful in the corporate world at any level. An MBA puts those skills into practice as you complete degree requirements. You’ll learn business applications like finance, organizational management, marketing, administration, and leadership skills.
You’ve built up some work experience
An MBA in Economics will set you on a lucrative career path, but many programs require candidates to have some work experience under their belt before heading back to the classroom. If you have an undergraduate degree in economics, economic consulting may be a good way to kick off your career and lay the groundwork for MBA acceptance down the road. Additionally, marketing and finance positions or working in a leadership capacity can help you secure a spot in an MBA in economics program.
Finally, while there are MBA programs that don’t require work experience, there’s a reason this isn’t the norm. Work experience means you understand where you want to go, you’re used to working in a self-directed environment, and you’ll (ideally) already possess the soft skills needed to get ahead. In an academic setting, you don’t get all of these real-world applications, even if the faculty have worked in the business for years, so bringing the combination of education and work to the table means you’re more likely to enter the workforce as a capable and prepared applicant.
You want to work in a leadership role
While you can certainly work your way up in many cases, an MBA paves the way to more advanced positions and higher salaries. Even if you have a background in economics, you may still not have the leadership training needed to advance. As such, an MBA in economics can provide the development of additional economics expertise and the ability to apply that knowledge to a specific type of business.