Economics is the study of how people make decisions about allocating resources. Universities offer different kinds of graduate degrees within this field, two of which are Master of Business Administration, also known as an MBA, and a doctorate in economics, or a Ph.D. An MBA is a professional degree that focuses on the applications of economic theory, and a doctorate in economics is an academic degree that focuses on the theoretical and research aspects of economics.
As a professional degree, the MBA is generally offered by a university's School of Business. Universities typically offer an array of MBA programs aimed at the different needs of students. For example, you'll find entirely online programs; executive programs, where working professionals attend classes in the evenings and on weekends; and one- and two-year programs for full-time students. Each of these programs has different credit requirements, but all aim to give students a thorough applied business education. More specifically, MBA programs provide students with hands-on experience in solving real-world business problems such as coming up with new product lines and marketing materials.
Because the MBA is an applied degree program, it entails courses that teach students the applications of economic theories to the real world of business. Therefore, in an MBA program, you'll take courses such as accounting, marketing, finance, organizational behavior and leadership. These courses are not mathematically rigorous and instead emphasize the importance of working in groups and solving problems as a team.
Doctorate in Economics
A doctorate in economics is an academic degree offered by a university's Department of Economics. A doctorate is the highest degree that any department can offer, and it is highly mathematically rigorous and research-based. To graduate with a doctorate, you complete independent research projects that demonstrate your ability to become a practitioner in the research field. Most doctorate programs in economics programs have certain number of core requirements and take approximately five years to complete.
Ph.D. in Economics Courses
As a research-based academic degree, doctorate programs in economics require students to take theoretical and mathematically rigorous courses. The particular requirements vary according to department, but many universities require you to take courses in microeconomic theory, macroeconomic theory, econometric methods, probability and statistics. You are also required to take a certain number of other courses in your chosen area of concentration. For example, you might take courses in environmental and natural resources economics, banking, finance, international economics or developmental economics.
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