Doing an internship while pursuing your MBA can help you become well established in the field before graduation. In economics-related degrees, most MBA programs require economics internships as part of your curriculum.
Why study economics?
According to Investopedia, economics is “a social science concerned with the production, distribution, and consumption of goods and services.” Economics can further be broken down into macroeconomics and microeconomics. Macroeconomics is the study of the economy as a whole, whereas microeconomics is the study of the economy on an individual level (concerning consumers and businesses).
Studying economics can be useful in a variety of career paths, ranging from corporate businesses to government. Economics will provide you with the necessary academic knowledge to understand complex markets. Many companies and governments utilize economists to prepare and deconstruct complex economic forecasts on both the global and domestic economy. Large corporations such as Amazon, Instacart and banks all employ economists. Other jobs students can pursue after obtaining a degree in economics include:
- Non-profit organizations (and NGOs)
- International Relations/Development
- Urban Planning
- Policy Analysis
- Public Policy/Public Administration
- Graduate programs
As we mentioned, getting an internship while you are in school can be one of the best ways to gain experience in your desired field while also networking with the business you are interning with. Most companies offer internships with the hope of turning interns into full time employees, so having one can also increase your chances of having a job lined up after graduation. The same companies and government institutions that hire economists also offer internships – this includes Amazon and Facebook.
How much do economists make?
Economists are some of the highest-paid individuals in the business world. According to the Bureau of Labor Statistics (BLS), economists made an average of $105,020 in 2019. The demand for economists is expected to rise by 8% over the next 10 years. Further, Payscale estimates that some of the top-paid economists can make upwards of $130,000 a year. However, it is important to note that salary should not be the only consideration. While it is a very well-compensated career, if you do not personally find the topic exciting, obtaining a degree in the field may not be worth the investment. This is another reason why economics internships are such a good idea; you’ll get to explore the field free from long-term commitment.
How to get your MBA in Economics
There are various ways to pursue a degree in Economics. While getting your BS degree is a requirement for going to grad school, the topic in which you majored does not matter in most cases. If you know you want to pursue a career in business, getting your BS in Business Administration may be helpful.
As for getting your MBA, you can either attend an online MBA program or do a residential, in-person business school. Both get you to the same endpoint, and it really comes down to personal preference. Understanding how you best respond to different teaching styles is one of the considerations to look at. Do you prefer online lectures or face-to-face classes? Further, your schedule plays a major role in deciding how to get your MBA. In-person degree programs are usually full time and will take up most of your week, which makes working a job difficult. With an online program, you will have much more flexibility. Some programs even allow you to take most of your classes on Fridays and weekends, making classwork fit better into family and work life.
More Info: Economics Internships and Beyond
Getting a degree in economics can set you up for success in any career from law to finance. Regardless of your decision, getting an MBA will undoubtedly put you one step ahead in your career and can even double your salary. Want to learn more about internships and getting your MBA? Check out our MBA guides! You can also visit our blog to learn more about how an MBA can help you achieve your career goals.