Overview of Mathematical Economics Bachelor's Degree Programs
Mathematics and statistics can be used to calculate and analyze economic information and solve real-world problems. A degree that focuses on mathematical economics familiarizes students with mathematical theories, economic theories and how math principles can be used to generate and assess economic data. A degree in this field will prepare students for career options that involve reviewing business strategies as well as assessing financial markets.
Admission Requirements for Mathematical Economics Programs
In order to be accepted to a postsecondary institution, students must submit an application with their high school transcripts and standardized test results. Some schools may also consider other factors, such as extracurricular activities, when reviewing applications.
Once students have been accepted to a college or university offering a mathematical economics degree, they must complete required courses in their first year and apply to pursue the major. Schools may have specific grade requirements in the prerequisites that must be met in order to be considered.
Mathematical Economics Program Coursework
Students who pursue a mathematical economics degree must take a solid foundation of core courses in mathematics and economics. Introductory courses will ensure that they are aware of the key theories and principles that apply to mathematical economics while advanced courses will allow students to learn how to practically apply their knowledge and skills to business or economic situations.
Microeconomics explores the motivations behind production and the trade or sale of goods. Why don't people just make what they need for themselves? What factors affect the cost of goods? Students will learn about the relationship between the economy and society.
What external factors influence the economy? Studying macroeconomics involves exploring the way that political actions or regulations can impact businesses. Students will learn about the relationship between the economy and unemployment, as well as how the economy impacts inflation.
Some programs may offer a course that combines probability and statistics while other schools offer separate courses covering each emphasis. Students pursuing a mathematical economics degree must be familiar with how to calculate probabilities and assess statistical data. Courses introducing these concepts may emphasize how probability and statistics can be used in business. Students will also learn how to use special software designed for calculating and processing statistics.
Students who are studying mathematical economics must establish a firm base of knowledge in various branches of mathematics. Students take introductory calculus courses to prepare them for more advanced studies in probability and to ensure that they can use the theories and formulas associated with calculus to solve problems with multiple variables. Introductory calculus courses will also emphasize how to use calculus in different fields, such as economics.
Econometrics is an advanced course that applies statistics to create quantifiable economic analysis. Econometrics students will learn how to analyze economic models and create economic projections. They also learn about when to use specific types of economic analysis and may be required to present a research project.
Discrete mathematics refers to mathematical principles used for computer programs. Students will be introduced to specific math theories that relate to the field of computer science. They will also learn about a number of relevant mathematics topics, such as Boolean algebra.
How to Choose a Bachelor's Degree in Mathematical Economics Program
One consideration for pursuing mathematical economics is the size of the university; larger universities may be research-focused with published, renowned faculty and massive classrooms, while smaller universities may be teaching-focused with more intimate classroom settings. If a student has particular career or research goals, they can read about faculty and course offerings at different schools to determine a good fit for their needs.
Students can pursue a bachelor's degree in mathematical economics at a number of institutions throughout the country. Some institutions have special study abroad programs specifically designed for the major in partnership with international universities. Schools may emphasize the major as preparation for a graduate degree and research, and may even offer a relevant graduate degree program.
Career Options with a Mathematical Economics Degree
Individuals with a mathematical economics degree can opt to pursue a career as a market research analyst. The U.S. Bureau of Labor Statistics (BLS) indicated that in 2016 these professionals earned a median annual income of $62,560. From 2016 to 2026 the BLS forecasts a 23% job growth rate for market research analysts. Other career possibilities include: