The field of economics has significantly grown in both attention and level of interest over the last several years. The financial crisis and mortgage meltdown of 2007-2009 highlighted the need for managers to understand what is going on in the general economy, as well as their own particular industry. Struggling governments in Europe and Iceland showed highlighted the importance of understanding just how connected public policy is to issues that once may have seemed distant or far away.
Economics is critical to any MBA candidate as every important managerial decision will have components rooted in the study. Subjects such as supply, demand, and opportunity cost are at the core of buyer behavior, and it is necessary for managers to fully understand how scarce goods and commodities are allocated across the economy.
These themes are central to business executives regardless of the specific line of work they pursue. Understanding economics will help future business leaders know how to price their products or services, when to hire, and dealing with government regulations.
Things MBA Candidates Should Consider
There are many things to think about if you are considering pursuing a graduate degree in economics. First, you need to figure out how to finance your degree. Tuition can run close to six figures, so you would be wise to explore every available option for help paying for it.
Get off to an early start looking for loans, researching degree programs, and potential scholarship opportunities. The sooner you begin preparation, the more likely you are to find an affordable means to finance your degree.
If your academic plans correspond with your current career, your company might participate in tuition reimbursement. If not, you may think about finding an employer who will. The downside is that you will be locked into employment with the same firm once your degree is completed.
You should also try to polish your resume in advance. This can mean finding a relevant, meaningful job, and develop a background that will set you apart from your competition. Furthermore, an exciting resume will help you earn scholarship or fellowship opportunities.
Perhaps the most important thing you can do is to properly prepare for standardized testing. MBA programs typically consider GMAT scores above all other factors for admission. Once you are accepted, high scores can also help you get a scholarship. Your GMAT results will also help you identify and eliminate schools to which you should apply.