Business Econ.

Economic analysis is a fundamental component of many fields, including international trade, financial planning, business management and education. If you're interested in business economics, continue reading to learn more about degree and career opportunities that could meet your needs.

Is Business Economics for Me?

Career Overview

Business economics, sometimes referred to as applied economics, has to do with the analysis of economic decision-making in a business setting. Common techniques that are used by business economists include risk analysis, pricing analysis and capital budgeting. With these techniques, economists can analyze past, present and future decisions to determine or predict the economic impact of those decisions on a business.

Career Options

As an economist, you could be employed by local, state or federal government agencies, as well as colleges and universities. However, many business economists work in the private sector. Economists who work for the government may look at how economic policies, like taxation or deregulation, affect different industries. If you work as an economist for a private business, you might examine the pricing strategies of competitors or determine the level of consumer demand for your company's products.

Employment and Salary Information

According to the U.S. Bureau of Labor Statistics (BLS), employment of economists is predicted to increase by 14% nationwide from 2012-2022. As of May 2013, economists earned a mean annual wage of $101,450, but that amount may vary depending on education and experience level (www.bls.gov).

How Can I Work in Business Economics?

Educational Requirements

Entry-level economics jobs require at least a bachelor's degree in economics. However, you may need to earn a master's or doctoral degree in the field, particularly if you're interested in high-level private sector work or a university teaching career.

Master's Degree Programs

Master's programs in economics explore advanced topics in the field, like business trends, econometrics and multinational trade policies. You could also pursue a Master of Business Administration (MBA) with a specialization in business economics. Unlike some economics master's programs, MBA programs usually include additional coursework in related business subjects, like marketing and financial management.

Doctor of Philosophy (Ph.D.) Programs

If you're interested in teaching business economics at the college level, consider earning a Doctor of Philosophy in Economics. You'll gain professional experience by teaching undergraduate classes or working as a teaching assistant. Completion of a dissertation is the main objective of most doctoral programs. The dissertation process includes independent research on a topic of your choice and a presentation of your findings to a committee of faculty members.

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