Re: Suggestion on degree...

ruetheday@xxxxxxxxxx wrote:
On Oct 6, 11:25 pm, cfr45 <cf...@xxxxxxx> wrote:
I'm looking to expand my skillset and change careers. While I'm not
sure of the ultimate career that I am targeting, I am confident that
I'm interested in either an MBA or a graduate Economics degree. In
particular, I'm interested in learning fundamental (not technical)
analysis of companies and economies to a high mathematical level (ie.
differential equations, ode, pde, etc).

What "best in class" MBA program would people recommend?

What "best in class" Economics program would people recommend?

Thanks in advance,
cfr45

An MBA is a very different degree than an MA/MS in Economics. The MBA
is a professional degree not an academic degree and the program will
not include much math beyond an introductory "Quantitative methods for
business" type course which is typically at the level of first year
undergrad Calculus and Statistics courses with a business slant.
Also, original research typically isn't required for an MBA but will
be required for a graduate Econ degree.


Note this is only for the Ph.D. degree. An MA in economics typically requires only coursework. After the first year every program has a comprehensive exam. Scouring well enough gets you to Ph.D. candidacy. Not scoring well enough gives the consolation prize of a MA.

To the original poster. Some schools offer a MA in applied Economics. This is a MA specifically suited to the business world. This is probably the option you are looking for. Southern Methodist University has such a program as well some other schools. Not every school has an applied MA. The university I graduated from has had some professors who would to see the program instituted but it never has been.

The problem with graduate school, in my experience, is that it is geared to produce academic economist. Going beyond the MA does open some very good opportunities but most of the faculty have little knowledge of what lies outside of academics and usually only a couple are helpful in guiding you in the corporate direction.

Note my experience was with a decently ranked university. Lower ranked programs and perhaps higher ranked programs, typically tend to have more faculty that do outside consulting work. Lower ranked and non ranked grad programs typically have less stringent tenure requirements giving professors time to consult. Higher ranked programs often have their professors sought out for consulting more frequently.

A MA in economics certainly has more earning potential than a MBA. The jobs available are fewer but so is the competition. Many consulting firms hire MAs as data analyst who maintain data sets and assist Ph.D. economist. If you want to be the main person on the research questions a Ph.D. is needed.

The other thing to note is that the MBA program often requires 2 years work experience for admission. Economics programs do not just minimum undergrad GPAs and GRE schools are important.

The economics program will be more challenging. Most students either have trouble with the math, undergrad econ majors, or with the concepts, undergrad hard science majors. It is a tough 2 years for a MA and a tough 5 or more years for a Ph.D. The comprehensive are a scary exam that will take complete devotion to study properly for. Many people don't last a year in an economics program. Out of 12 in my class only 3 received a Ph.D. About half received a MA. Be prepared to make it your life you enter.

I am not trying to discourage you just giving you the reality. You have to like what you are doing and have a capacity to understand it to make it.


Might I suggest that prior to pursuing either route you consider a
line of work that is actually productive and beneficial to humanity?
It really is a tragedy that the financial markets manage to siphon off
the best and brightest of the new entrants to the job market every
year and focus them on lining the pockets of absurdly wealthy rent-
seekers rather than engaging them in actual productive activity that
would make beneficial use of their talents.



Sure. Finance for things like capital accumulation or R&D or providing options and forward contracts to keep prices stable does nothing productive. <sarcasm>

I will never understand this construction worker mentality that if the work is not back breaking it is not productive.

.

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