Choosing Between an MBA or a Master's in Economics

In today's competitive job market, having an advanced degree can significantly improve your career prospects. However, deciding which degree to pursue can take time and effort. This blog post will help you decide between pursuing a Master's in Economics or a Master of Business Administration (MBA) at Colorado Christian University by providing insights into each program's requirements, career paths, and other critical considerations.

What's the difference?

The Master's in Economics and MBA programs at CCU both offer valuable skills and knowledge that can benefit you in various professional settings; however, they are very different.

"Our Master of Science in Economics program builds the quantitative skill set of the students with courses such as Econometrics and Economic Development, where the students learn to apply economic theories and concepts," said Connie Oswalt, lead Economics professor at Colorado Christian University. "An MBA prepares you to manage people and resources. You will need to be competent in using data for decision-making, but you will also need to be competent in leading others."

Choosing the right graduate program can impact your future career opportunities and personal satisfaction. By understanding the critical differences between these two degrees, you can make a more informed decision and select the program that best aligns with your goals and interests.

Getting Started

To be eligible for the Master’s in Economics program, you typically need a bachelor's degree in economics or a specialized degree in a related field. Some programs for graduate degrees may also require prerequisite mathematics, statistics, and economics coursework.

MBA programs typically require a bachelor’s degree, but it can be in a wide variety of fields.

“An MBA prepares you to be more of a generalist with many different business skills, including managing people and making financial decisions,” Oswalt said. “An Economics degree prepares you to analyze numbers, but also look at how those numbers apply to people’s lives.

“An MBA with an emphasis in Economics still prepares you to become a decision maker in the business world, but it also gives you the ability to do a deeper critical analysis of the economic and financial aspects of those decisions.”

Both programs can typically be completed in two years, although that can vary.

When deciding between pursuing a Master's in Economics or an MBA, it is essential to consider your long-term career goals, interests, and the specific requirements of each program. Both of CCU’s programs offer unique benefits and opportunities but cater to different professional paths and skill sets.

Potential Careers

Let’s delve into the potential careers you can pursue with either an MBA or a Master's in Economics. From management roles across industries for MBA graduates to specialized roles like economic analyst or public policy analyst for those with a Master's in Economics, the range of opportunities is vast. Let's explore these career paths and how they leverage the power of these degrees.

Potential Careers with an MBA

• Management Positions: An MBA grad can find themselves overseeing day-to-day activities, improving efficiency, increasing productivity, and driving business growth in nearly any industry.
• Advanced Accounting: Specializing your MBA with an emphasis in advanced accounting can lead to roles such as financial managers, management accountants, or financial analysts.
• Cyber Security: An MBA with a focus on cyber security can prepare you for roles like information security analysts, IT project managers, or security managers.
• Economics: If you pursue an MBA with a specialization in economics, you might find opportunities as a financial manager, economic consultant, or investment analyst.
• Leadership: An MBA focused on leadership can prepare you for executive roles like CEO, director, or organizational development manager.
• Project Management: Those who specialize their MBA in project management might work as project managers, operations managers, or consultants.

Potential Careers with a Master of Science in Economics

• Economic Analyst: Analyze economic data and trends to provide insights for businesses, government agencies, or nonprofits.
• Financial Economist: Work in banks, financial institutions, or government agencies to study the distribution of resources, the financial market, or investment strategies.
• Market Research Analyst: Study market conditions to examine potential sales of a product or service.
• Public Policy Analyst: Impact your community by researching and analyzing issues, policies, and proposals in public policy.
• Economic Consultant: As an economic consultant, you could provide expert advice to organizations or government agencies on market conditions, economic modeling, business forecasts and the potential economic impact of new policies or business decisions.
• Data Scientist: With a strong understanding of economics and data analysis, you could work as a data scientist, using statistical techniques to help organizations understand complex datasets and make data-driven decisions.

Making a Choice

When choosing between a Master's in Economics and an MBA, you need to consider factors such as flexibility, career goals, and personal and professional interests.

Master’s in Economics programs often require a background in economics or related fields, or finance graduates. In contrast, MBA programs are typically more flexible regarding educational prerequisites. Both degrees offer full-time, part-time, and online options, allowing you to choose a program that fits your schedule and learning preferences.

Consider your long-term career objectives when choosing between these degrees. If you are passionate about economics and want to work in a research or policy-focused role, a Master's in Economics may be more suitable. On the other hand, if you are interested in business management and leadership positions, an MBA might be a better fit.

Your interests and passions should also play a role in your decision.

If you enjoy studying economic theories and applying them to real-world issues, a Master's degree in Economics could be rewarding. Alternatively, an MBA may be more appealing if you prefer a broader business education focusing on leadership and management.

Choosing the right graduate program is a significant decision that can impact your career trajectory and personal satisfaction. By carefully considering the requirements, curriculum, and potential career paths associated with each graduate degree here, you can decide which program best aligns with your goals and interests. Take the time to research specific programs, speak with alumni and industry professionals, and evaluate your short-term and long-term goals. By considering all factors, you can confidently choose the right path for you.

Colorado Christian University does not guarantee any job placement or earnings as a result of earning this or any other degrees offered by the university.