Attending school, either at the undergraduate or graduate level, to learn how to apply economic concepts to the operation and management of workplaces, ranging from small businesses and non-profit organizations to large corporations and government agencies, is the path to becoming a business economist. Business economists are interested in both the provision and production of goods and services. The synthesis of the two disciplines is what necessitates formal education for a business economist.
Business economist academic programs are usually a collaboration between business and economics schools or departments at a four-year college or university. A bachelor’s degree in business economics is sufficient if you are looking for an entry-level position in the field. Students take courses in banking, statistics, econometrics, economic development and growth, business forecasting, and global economics as part of their undergraduate studies. More philosophical courses, such as economics of law and the history of economic thought, are included in the program.
However, if you want to be a highly marketable business economist, you should pursue a master’s or doctoral degree in business economics. Employers are especially interested in applicants who have completed a graduate degree because the degree usually includes a specialization. Ph.D. students at Harvard University, for example, can specialize in business strategy and industrial organization, capital markets and financial institutions, corporate finance, corporate governance, and international business. A master’s degree or a Ph.D. also indicates a higher level of education in the field of business economics.
Students pursuing a Ph.D. in business economics are prepared to become leading thinkers and scholars in the field. They can also apply for tenure at four-year colleges and universities as full-time professors. Teachers with a master’s degree can work in community colleges or technical schools.
Following graduation, some aspiring business economists may choose to gain experience in related fields such as stock or bond trading. Graduates in these fields can put what they’ve learned in school to work, such as analyzing data, conducting surveys, and forecasting the market. This type of work can help you break into the field of business economics.
To work as a business economist, you must be willing to work in a variety of industries, not just government, business, or academia. Business economists also work in the fields of writing/editing and technical consulting. International organizations such as the World Bank and the United Nations employ business economists.