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MBA in Economics

Economics and economic science is the heart of entrepreneurship, so the variety of MBA programs in many business schools with the most full from that direction. Companies impose a constant demand for highly skilled employees with a deep understanding of business processes, so the view that the market is full of economists, is not true.

MBA in Economics - what is it about?

Business education, as a rule, gives priority to practice rather than theory. Therefore, the economic science, it would seem, should not become a major subject of MBA programs. However, the main task of this direction is to turn the “grey” theory into reality, to teach students the skills of using mathematical formulas to real production and usage patterns for more efficient organization of the production process. Under the direction of “economy”, the world programs, there are more MBA more narrow areas, such as “actuarial science” - the study of business processes in a numerical, statistical measurement, with the involvement of big data Analytics and econometrics. Therefore, the essence of MVA is largely determined by the feature of the selected program.

However, the subjects in MBA in any direction of the economy, not much different from program to program. Courses offered in business schools in this area generally represent the following set:

  • Accounting and auditing
  • Communication
  • Economy
  • Entrepreneurship
  • Ethics and social responsibility
  • Finance
  • Business technology
  • Marketing
  • Operations management
  • Research activities
  • Organizational behavior
  • Strategy

However, on the one hand, profile “economy” is extremely broad, with very close economic science as such. Therefore, the most prestigious ranked business schools place a strong emphasis on the study of microeconomics and mathematical disciplines. Often half of the program is microeconomics multiple levels, from beginner to advanced.

Who are the graduates of the MBA in Economics?

The economist. The first and “oldest” profession in the hierarchy of business schools and companies. It is implied that the economist is the person who will be able to answer four fundamental questions: what, where, how and for whom to produce? Therefore, companies hire such employees in order to get their specific recommendations and action plan. And how they are made depends on the preferences of the MBA graduate.

A specialist in behavioral Economics. The most eclectic and “exotic” job. In addition to the already classic sociological methods of analysis of business and consumer behavior, from the employee requires the understanding and mastery of new interdisciplinary skills. For example, neuroeconomics - the “mixture” of the doctrine of the activity of the brain and economic behavior. The demand for relevant professionals is very high, while vacancies in the market with excellent prospects for rapid career growth.

Data analyst. The “new” and the most popular profession by the companies. Accordingly, future employee requires knowledge of the programming languages and methods of big data analysis. Regression analysis, data mining, text analysis, data analysis, actuarial science and econometrics is a necessary skill for high level analyst, whose work lies in the fundamental analysis of the business processes and formulating development strategies.