One of the most complex and multi-faceted degree programs that lead to a Master of Science is that of one centered around the field of applied economics. So, whether you are currently studying for either an undergraduate or indeed postgraduate degree in economics and are considering in which specialism to move into, or else you have completed your undergraduate degree and are researching your next move, then continue reading. Below is a comprehensive guide to a successful career in the field of applied economics.
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Applied Economics: The Bare Basics
Essentially, the term ‘applied economics’ refers to the practical application of economic theory across a wide plethora of different industries and specialisms, with a view to accurately, or as accurately as possible, predicting one or more possible outcomes.
There are, simply stated, four basic components of applied economics, which include the following:
- The provision of accurate numerical estimates
- The provision of a detailed structure upon which conclusions can be drawn
- The labeling of different variables as independent and core specific
- The interpretation of events in the ‘real world’
By far the most effective and efficient method of enveloping yourself in the academic area of applied economics is to study an accredited, reputable and renowned Applied Economics Degree Online or in-person.
Applied Economics & Further Education
Naturally, applied economics is such a specific subject which requires a precise field of expertise and discipline, that when following the traditional academic hierarchical structure for learning, such a subject is not even touched upon until undergraduate program level.
Subsequently, this means that when you want to pursue a career with applied economics at the proverbial heart of your expertise, it is almost required for you to complete a postgraduate degree program in the subject.
Generally, even though each postgraduate program naturally varies, you can expect to see the following modules included in the master’s degree:
- Public Finance
- Public Policy Analysis
- Financial Institution Economics
- Global Financial Economics
- Resource & Environmental Economics
- Politics Economics
- Monetary Policy
- Financial Markets
Careers Directly Involving Applied Economics
As with most other academic study programs, be those in the form of a diploma, an undergraduate degree or a master’s qualification, such intense and practical research and the subsequent skills acquired can be incredibly advantageous in a number of different careers.
However, those careers which are directly involved in the field of applied economics include such pathways as moving into the world of business or working with and as a member of the government.
Careers Related to Applied Economics
Additionally, there is a number of career pathways within which an undergraduate or postgraduate qualification in applied economics, although not directly related, can still be of great benefit. Such pathways include working in the field of law, investment, stocks, shares and bonds, data analysis, computer science, and consultancy business.
Applied economics is a fruitful and multi-beneficial subject in which to not only familiarize but to envelop oneself in and as a result, you are guaranteed to find a number of proverbial doors opened up to you, most of which were not even visible before.