A career in managerial economics differs slightly from a traditional economics career. Individuals in the former career type are most likely analysts or decision makers who work on a company’s business activity. A bachelor’s degree in economics, knowledge of economic applications in business, and strong mathematical or quantitative skills are required to begin a career in managerial economics. Many different educational institutions, fortunately, offer degree programs in managerial economics specifically. Another idea for this career path is to look at future job openings to see what qualifications each type requires.
Individuals interested in pursuing a career in managerial economics almost always need a formal college education. A bachelor’s degree with a concentration in economics may be sufficient for this career path in some cases. Other times, a more advanced degree, such as a master’s or PhD in economics, is required. Individuals with these two degrees can usually choose from a variety of concentrations, such as managerial economics, economic theory, or agronomics. These advanced degrees enable a person to concentrate his or her career path on a specific aspect of the broad field of economics.
Depending on the business applications, managerial economics can differ slightly or significantly from standard economics. With this in mind, a person should at the very least have a basic understanding of managerial economic applications. Managerial economics frequently has some very universal models that allow businesses to determine specific figures in their operations. Marginal cost and marginal revenue, for example, are two of the most common models in this field of economics. To begin and maintain a career path, an individual must have a basic understanding of and training in these economic areas.
Because economics is heavily reliant on mathematical or quantitative models, an individual must be proficient in these areas. Not everyone has a natural aptitude for the mathematics or quantitative skills required. However, as one progresses through an educational institution’s degrees, he or she can develop the skills necessary for these specific fields. Individuals can learn the specific techniques best used in this area taking additional classes on specific types of mathematical or quantitative models. In some cases, managerial economics does not place as much emphasis on mathematics or quantitative models as other types of economics, resulting in a slightly less technical career path.