Economics is a comprehensive field of study with multiple sub-branches, each just as important as the other. If you are an economic enthusiast considering a career in one of its fields, you might have come across the term ‘managerial economics.’
Managerial Economics is a potential field to build a career. If you want to learn managerial economics meaning, the steps to build a career in it, or the available jobs in the industry, you have come to the right place.
What is Managerial Economics?
Businesses require systems and an organizational structure to function smoothly. No matter the nature or scale of a business, it needs to make important decisions regarding investing, products/services, customer satisfaction, human resources, etc. This is where managerial economics comes into play.
It is a specialized field that helps businesses make complex decisions to improve their management. It applies the principles of micro and macroeconomics to devise the best possible practices and strategies for building a reliable foundation, functioning smoothly, and earning profits.
Steps to build a career in Managerial Economics:
- Degree – If you have decided to make a career in this field early on, you should pick a graduate or post-graduate degree that will help you understand the basics of managerial economics. You can study economics, finance, mathematics, or business or get an MBA to learn managerial economics principles and build a strong foundation.
If you are already a graduate and do not belong to any of these mentioned fields, do not worry. There are still ways in which you can enter this interesting field.
- Practical Experience – Even after having a degree in a field related to managerial economics, you will have to get some hands-on experience to hone your skills. Look for an internship where you are assigned financial or managerial responsibilities so that you can learn fundamental principles of managerial economics practically.
If you can, start networking with individuals in this field or consider joining a research project or project where you can apply managerial economics skills. This experience will boost your confidence and chances of landing a job of your preference.
- Upskill – As mentioned above, if you do not have a degree in economics, make time to learn managerial economics skills from other sources, enroll in an online course, or hone your soft skills, such as analytical abilities, human resource management, communication skills, problem-solving skills, etc.
Even if you have the required degree and field experience in the form of internships, stay updated with market knowledge and keep upskilling in related skills or skills that you need to work on to enter this field.
Potential career fields:
If you have followed all these steps, a lot of career paths in managerial economics will open up for you. Here are a few potential options to consider.
- Financial Analyst – Financial analysts give recommendations and provide insights on business finance, investments, and how to manage financial risks.
- Market Research Analyst – They are experts in macroeconomics who study trends and behaviours of customers and share market forecasts to aid business decisions.
- Economist – This is a broad field in which Economists can be responsible for anything from market trends and economic policies to employment and inflation strategies.
- Data Analyst – They are supposed to research, gather and analyze data to identify trends and share insights.
- Credit/Risk Manager – Risk or credit managers inspect the company’s financial health and help manage financial risks. Someone with good knowledge of cost analysis in managerial economics can consider this option.
- Banking – As a student of managerial economics, you can work as an analyst, researcher, manager, or advisor in the private or public banking system.
- Policy Analyst – They help frame business policies based on social, political and economic environment.
- Teaching – With substantial knowledge and experience in managerial economics, one can enter the teaching profession. To enter this field, one will have to clear the basic teaching exam; a PhD will also be beneficial.
We have covered all the basics you should know about managerial economics. From the meaning of the term to how to step by step build a career in it. Even so, you must do your research and choose the correct organizations to grow in the field of managerial economics.
