A degree in economics is already an impressive accomplishment. Going one step further and earning an advanced degree is something else. A bachelor’s degree can help you obtain entry-level jobs in the field of economics, and from this starting point, you can work your way up. However, earning a master’s degree in economics can reinforce your current knowledge of the field, give you new skills, and accelerate your career. Here are a few compelling reasons to pursue an advanced degree in economics.
Add New Skills to Your Repertoire
A bachelor’s degree offers graduates fundamental knowledge regarding economic theory. It touches on issues affecting financial decisions and situations and involves studying how resources are distributed and used. With this degree, you can obtain a relevant graduate job. If you are already an economics graduate, you may ask yourself, ‘why get an MSAE?’. A master of science in applied economics degree can help you further your knowledge in the field, give you better insight into macroeconomics and data analytics, and it can help expand your skillset. Adding new skills to your repertoire makes you a more accomplished economist and can improve your job prospects. No matter which industry you work in, developing your expertise in the field of economics will help give your career a boost.
Step Up into Leadership Roles
Besides adding new skills to your repertoire, those with ambitions about stepping into leadership and management positions will have a better chance to get ahead with advanced qualifications. An applied economics curriculum for a master’s degree can help improve your critical thinking skills. It places emphasis on ethical decision-making, which is important for high-ranking careers in economics. Not to mention, reinforcing your knowledge and gaining a deeper understanding of economic theory can give graduates the confidence to lead in their field.
Learn About Specialist Topics
A master’s degree in applied economics involves learning about specific topics. It can offer students a complete understanding of economic principles, which will enable them to apply these principles and theories in a way that will help them resolve challenges in business. Specialist applied economics topics depend on the degree program you choose. An advanced degree focuses on the ethics that revolve around various laws and economics, as well as public policy and economics. Other subject matter could include healthcare economics, econometrics, urban and regional economics, big data, data analysis, applied macroeconomic and microeconomic theory, and banking and insurance economics.
The Opportunity to Branch Out
As mentioned earlier, a master’s degree in economics can give you the confidence and skillset to step into a leadership and management role. In addition to this, an advanced degree will also give you the opportunity to branch out into new fields. By committing to further education, you can specialize in your area of expertise and pursue a career in research or education. A master’s degree gives graduates in-depth knowledge of applied economics and helps them convey these theories to others.