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I just started recently my M.S in Economics program and I am starting to realize this program might not be suitable for me due to the heavy math and statistics background you need to have in order complete it successfully witch I do lack that quantitative background as my bachelors was in Business Administration.
On top of that it seems all students in my class have a strong quantitative background as their undergraduates were in economics and physics and all of them are recent Grads. Their career goals are different than mine. none of them have any work experience. it seems they are the type of people who like to crunch numbers. way different than who I am.
I am starting to think an MBA program could be a better fit for me academically and for my career goals. I have 2 years work experience and I speak 4 languages. I have great people skills, Sales skills etc...
If someone could give me their opinion on what I should do ?
Whats more valuable today an M.S Economics or an MBA ?
Who generally goes for Economics ? what do Economics majors end up doing etc.....
I just started recently my M.S in Economics program and I am starting to realize this program might not be suitable for me due to the heavy math and statistics background you need to have in order complete it successfully witch I do lack that quantitative background as my bachelors was in Business Administration.
On top of that it seems all students in my class have a strong quantitative background as their undergraduates were in economics and physics and all of them are recent Grads. Their career goals are different than mine. none of them have any work experience. it seems they are the type of people who like to crunch numbers. way different than who I am.
I am starting to think an MBA program could be a better fit for me academically and for my career goals. I have 2 years work experience and I speak 4 languages. I have great people skills, Sales skills etc...
If someone could give me their opinion on what I should do ?
Whats more valuable today an M.S Economics or an MBA ?
Who generally goes for Economics ? what do Economics majors end up doing etc.....
If you go for a "real" MBA (i.e. top 10 program), you'll have just as much trouble with heavy math and statistics as you would in an M.S Economics since the MBA will include many economics and statistics courses as well as really complex finance courses.
As far as career prospects, probably your best bet out of an MS Economics course is to work in the tax group at a Big 4 accounting firm in the transfer pricing sub-group. They are chock full of economists. You could also find work in mergers and acquisitions groups at accounting firms and potentially management consulting firms, though the link is a bit more tenuous there. Big banks in NYC have roles for economists too.
In terms of value, a great MBA is much more valuable than an MS Economics, but a mediocre MBA probably isn't. There are hundreds, if not thousands, of schools that offer MBAs so it seems like most people in business have them, but unless that MBA came from Harvard/Wharton/Columbia/etc, it's not going to do too much for your career.
In my opinion, it's much too late to be having this discussion. You've already started the MS Econ program- just focus on being the best you can be and crushing the curve, unless you're thinking of dropping out (in which case you should do it immediately so that you can get your tuition refunded). You should really think about career prospects before enrolling in a program.
In terms of value, a great MBA is much more valuable than an MS Economics, but a mediocre MBA probably isn't.
Yeah, I think that about nails it. In general, an MS in Economics is held in higher regard for academic rigor than an MBA program. But, in terms of prestige/networking an MBA from a top 15 MBA program will easily beat out an Econ masters. In fact an MS in econ is often seen as conciliation prize for people who couldn't hack a PHD.
It really depends what you want to do long term. A masters in econ is better if you want to work in data analysis/research oriented consulting vs a MBA is better for general business management positions. If you want to work in finance, an MBA from a top program is better than a run of the mill finance program. But, a run of the mill finance program probably tops a run-of-the mill MBA program.
it's definitely not a top MBA program. In terms of career prospect, I don't see myself sitting behind a desk in an office and crunching numbers. I do they see myself into general management positions.
I am starting to think an MBA program could be a better fit for me academically and for my career goals. I have 2 years work experience and I speak 4 languages. I have great people skills, Sales skills etc...
If someone could give me their opinion on what I should do ?
Whats more valuable today an M.S Economics or an MBA ?
Who generally goes for Economics ? what do Economics majors end up doing etc.....
I was in high-tech for many years and I can tell you that the way to climb the career ladder in that area is with an MBA. People with MBAs would routinely get into senior level or executive level jobs. Of course having an MBA will not do it alone, you also have to be a hard, smart worker, but when you are competing with other hard, smart workers for advancement, an MBA will definitely give you a boost.
Economics is a little theoretical for most of business, except maybe banking. Finance is much much more useful.
I was in high-tech for many years and I can tell you that the way to climb the career ladder in that area is with an MBA. People with MBAs would routinely get into senior level or executive level jobs. Of course having an MBA will not do it alone, you also have to be a hard, smart worker, but when you are competing with other hard, smart workers for advancement, an MBA will definitely give you a boost.
Economics is a little theoretical for most of business, except maybe banking. Finance is much much more useful.
The calling card of an economist is a PhD. An MS in Economics isn't particularly interesting. A few alternatives:
1. MS in Finance. My guess is you would have some difficulty as you're not comfortable on the math side of things.
2. MS in Financial Engineering, but you definitely don't have the math chops.
3. MBA from a good school. Others have said "top 10" but I think you could extend it to regional schools. A Top 10 school will have a worldwide appeal; there are solid local schools with regional strength.
4. MS in Hotel Management (e.g., UNLV or Cornell if you could get in). Heavy focus on, surprise, the hospitality management industry, including real estate. You don't need as much math.
5. MPA. A Masters in Public Administration won't have the math emphasis.
My guess is the MS in Economics program is a 1 year program. Is that true?
If it were me, I'd get good at calculus, probability and statistics... and then try the MBA route.
But then again, I'm retired... and that's what I did 40 years ago.
it's definitely not a top MBA program. In terms of career prospect, I don't see myself sitting behind a desk in an office and crunching numbers. I do they see myself into general management positions.
If you see yourself in a general management position, and you already have some work experience, then an MBA sounds like it could be a good option. Although, as others have said, you are kind of rolling the dice with that investment if you don't go to a top program (not to say that have to go to a top tier program, but the job placement process is easier and there are more opportunities). You need to take the GMAT anyway, so I would aim for as high of a score as you can to at least give yourself the most options.
Also in your MBA application and/or interview (and any other job interviews you may have), you are going to have to explain why you started a program and didn't finish. In the back of the MBA admissions committee's minds they are going to want to know how they can be sure that you really want to get an MBA, and won't drop out of the program early.
Location: Northern Virginia, U.S. and Dominica, West Indies
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What you should do depends a lot on what your goals are. In the absence of knowing that, and very specifically, it's impossible to make the right decision which academic program, if any, will help you reach those goals.
It definitely sounds like this program isn't getting you where you want to go, so if that's true, drop out now rather than throw good money after bad. But then it's time for some introspection.
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