Master of Economics or MBA?

Written by Kelly Granson. Posted in MBA Admission

Despite some similarities between the Master of Business Administration (MBA) degree and the Master of Economics (M.Econ.) degree, the two are quite different. Your choice of degree should depend on the specific topics you want to master, the blanks in your resume you want to fill, and the opportunities you seek in your academic or professional career.

MBA

The MBA is more diverse. It focuses on a broad course of business management rather than a strict economic curriculum. It is one of the most popular degrees currently offered, as well as one of the most widely recognized. It is often more expensive than the M.Econ., as a typical MBA program requires two years and the degree in Economics can be completed in one. On the other hand, there are so many MBAs that it is hard for them to stand out among similarly credentialed students. Furthermore, for economic specialists, the MBA may be too broad, compared with the concentrated program for a degree in Economics.

Master of Economics

The M.Econ. is designed for students who want to make a career in the field of economic analysis in any public or private sector or who seek a PhD in Economics. In fact, the curriculum of the M.Econ. is based on an academic program, which means that it is often used as a stepping-stone to higher degrees. Specialization in economics is better suited for work as an analyst or for theoretical studies in scientific circles.

Experience

Occasionally, young people without much real professional experience choose the Economics degree, as pursuit of an MBA requires more experience than they have. The shorter the program, the more quickly they can finish school and begin to acquire the missing professional experience. On the other hand, students with sufficient experience in management may choose to forego the MBA in favor of the M. Econ. because they want to focus on the economy rather than the broader field of administration. The Economics degree will complement their managerial talent with economic power.

Career goals

If a student wants to make a career purely in finance and economics or to become a professor, the Master of Economics is a more appropriate choice. For a career outside of economics and analysis, for example, in management, it is better to choose the MBA with its focus on leadership. This means that for those who want management or supervisory positions or viability for a wide range of roles, the MBA is more appropriate.