We all have heard that joke that talks about how every other person on the street is a BBA student. BBA is one of the most popular and common degrees in Bangladesh. But even after pursuing a BBA degree, a good number of students (especially those belonging to O-levels & A-levels) want to pursue a Master's degree in Economics instead of an MBA.
This piqued my interest to find out why and how a BBA student will pursue an Econ Master's degree after graduation. Being a BBA student with an Econ minor, I personally wanted to explore this subject as well.
To get a comprehensive idea, The Financial Express interviewed 3 BBA graduates who have pursued an Econ master's post-graduation.
Understand your motivation to pursue economics
Even though Economics is considered a social/behavioral science by many, it can be extremely difficult and demanding as it is a mix of many subjects like mathematics, statistic, business, accounts, social science, law, etc. So one should be very careful when he/she is thinking about switching from a comparatively easier subject like BBA to Economics. According to those who have made that switch, the main motivation should be the love for economics.
Mondrita Iffat Rashid, a BBA graduate from IBA-DU, is completing her master's degree in Economics at the Stockholm School of Economics, Sweden.
"I got into another economics program but between that and IBA, the latter felt like a worthwhile investment,” says Mondrita. Even while studying BBA, the basic econometrics course made her realize how academically challenging but also rewarding the subject can be.
Zaeem Al Ehsan is also a BBA graduate from IBA who has already completed his master's in Economics from East West University and currently works as a Research Associate at World Bank. His motivation stemmed in a similar manner, he has loved economics since grade 8.
“I found it super interesting that the market mechanisms that drive the world can be summarized in a simple 2-D diagram. While my interest was sparked through this, as I got older, I got drawn towards Development Economics through the help of my mother. Helping my mother in her NGO made me realize this is the intersection I want to work in research and development. Studying Economics will give me the skill-set to implement technically sound development interventions, and in turn, help the people around me,” says Zaeem.
What are the career prospects after an econ master’s?
It’s important to note that if you want to pursue a career in research or academia, you have to opt for a PhD program after your master's degree.
Is a PhD absolutely necessary after pursuing an Econ master's?
Not always. It depends on the kind of job you want. Many international organizations tend to prefer graduates with PhD but that's not always essential. Because at times they'll accept people who have significant work experience. There are also many people who go from a master's in Econ towards banking, government or consulting, which almost never requires a PhD.
If you are specifically interested in research or academia, an obvious follow-up would be a PhD. But you need to remember that PhD's are extremely difficult programs that take a lot of time, effort, and energy. “I think the decision to pursue a PhD has to be for the PhD itself, not because of what prospects it offers. This is mainly because a PhD degree requires you to study for another five years. So, you have to be committed to the whole process,” says Mondrita.
MBA after Econ master's?
When it comes to pursuing an MBA, all of my interviewees had the same answer. They wouldn’t do an MBA after their econ master's as all of them want to pursue a career in either research, academia, or development.
But if you want to go back to Management or want to pursue a career in Economic Consulting, an MBA can be an option. Ultimately it depends on what career path you want to choose and how it ties to your master's degree and your motivation.
What prerequisites do you need to make that ‘switch’?
So in case you have the right motivation and you are 100% sure to make the switch from BBA to Econ, what do you need to do?
Prerequisite Courses
Zaeem stated, “If one does basic econometrics, int. microeconomics, and int. macroeconomics, they do not need to do any prerequisites at East West University.”
Mohammad Riad Uddin, who is currently working as a Research Analyst II at IFPRI, completed his BBA degree with a dual major (Economics and Finance) from East West University. He also stated that it was not necessary to take extra prerequisite courses for his master's at EWU.
For a BBA student or any student from a non-economic or non-mathematical background, the prerequisites really depend on the university and the program, so it varies everywhere. Sometimes you may have a language prerequisite.
“At times, you don’t need a minimum number of credits for economics-related courses, rather they will ask you to submit a list of all the courses you have done,” says Mondrita.
Basically, you have to do your own research depending on where you want to go.
Maths, Maths & Maths
Generally, there are some universities that will specifically say that “people from non-economic backgrounds are encouraged to apply.”
But the most important thing every university will want to see is whether you're good at maths.
So, you need to be able to prove that one way or another. “This may not necessarily be a hard and fast prerequisite that's written in the guidelines but usually they expect that you have some courses in mathematics statistics and maybe basic economics. Self-study isn’t enough, you need to have certified proof,” says Mondrita.
GRE or GMAT
GRE usually is highly recommended. Some master's programs list what their minimum requirement is from the math section or the combined score from the GRE.
Work Experience
If you can phrase it correctly, you can make any work experience relevant to your choice of master's program. If you can get a job that is related to research or policymaking, it can be valuable for your application but in general master's is a very “academic” program where your grades and your GRE score are more important than anything else.
Take a Break if you want to
If you want to apply abroad and your true passion lies in Economics, it makes sense to take a break. You can pursue some certified courses from private universities, online or can do some self-study to figure out whether it's the right path for you.
As Mondrita puts it, “Most of these programs are very intense in mathematics. There’s a lot of language and terminology that we are not at all used to during our undergrad even if you've done econometrics and the micro econ, those are so light compared to the ones in econ master's.”
So doing some extra work can add value to your application and to the overall master's program. But make sure the trade-off of the break and pursuing an Econ aligns with your motivation.
Does BBA Add any Value to the Econ master's Program?
Yes and No. According to Zaeem, “The soft skills I learned during my time as a BBA student did come in handy in navigating through my master's. But academically I don’t think it played any part.”
Having finance and econ courses is beneficial
On the other hand, Riad and Mondrita had experienced otherwise. Riad mentioned, “For financial economics, finance courses helped me to link theory with maths.”
In her application to the Stockholm School of Economics, Mondrita was able to highlight some specific courses from finance and economics in her statement of proof. As she majored in finance, she was able to tie that to her interest in monetary policy and banking which is a crucial component of economics. Another value addition was her job at a renowned consulting firm which she was able to secure by being a BBA graduate from IBA. In fact, a lot of the universities she applied to mentioned that firm as one of the major employers of graduates from that program.
Overlap Between Business and Economics
Interestingly, there are some countries where business and economics are counted to be of the same discipline. For example, in Sweden, they view business, economics, and some social sciences to be in the same group. So when applying to such countries, there is an advantage that you as a BBA graduate can leverage in your statement of purpose.
What to consider when applying to the economics master’s programs
I have mentioned the importance of “doing your own research” a few times already. So what aspects should you consider when researching?
These are some aspects you should look into:
- Ranking & Reputation
- How often are the faculties in the master's program publishing research, and where are they publishing
- Whether the faculties have their own websites (most do in Economics)
- Faculty Publication Ranking
- Cost & Convenience
When applying abroad, you need to assess some additional information:
- Cost of Application & Tuition
- Availability of Student Loans & Scholarships
- Preference of the country
- Ranking of the economics program
There is additional information that you might specifically want to look into based on your own interest. For example, Zaeem stated that “One should look into where the faculties are getting their PhDs from. High-ranked PhD programs and research-focused universities are usually a good sign.”
Mondrita looked into the level of quantitative courses offered by the program as she wanted the necessary quantitative skills needed for any future in economics. This was important as the BBA degree doesn’t delve deep into quant all that much. Secondly, she researched which master's program had a thesis component as she was interested in research. Lastly, she chose programs that were two-year long instead of a 10-month program. “I felt like a minimum of two years would be needed for me to really become familiar with economics, develop a comfort level with my teachers and also understand what my own interests are within the very expansive field of economics. A 10-month program is over so quickly that it may not be sufficient if you don't have the right background,” says Mondrita. This is particularly true for BBA graduates as they don’t have that level of comfort or familiarity with such programs/subjects.
So, how do you start?
If you have a clear understanding of what you are getting into, you can start the process of application. If you are not a BBA graduate yet, you can start by taking the financial or economics courses offered to you. Having a minor in economics or a major in finance or both can help you on this path. You can also opt for online economics courses to see where your interest lies in the expensive field of economics.
If you are already a BBA graduate, start researching the master's programs you want to pursue and find out when they will start accepting applications. Prepare for GRE and try to get a score that meets the requirements of the master's program of your choice. Start preparing the necessary documents as early as possible. Speak to teachers who can support you in terms of letters of recommendation and provide feedback on your letter of motivation, statement of purpose, statement of proof, and other necessary documents. Make sure your materials are approved and good to go before the applications open up. Thus, the application submission will not be done hastily.
The writer is a fourth-year BBA student at IBA-DU. She can be contacted at [email protected]
