Industrial economists evaluate and predict the effects of various economic factors on a particular industry or product. A bachelor’s degree is usually sufficient to become an industrial economist for a government agency. You will probably need a master’s or doctoral degree to find employment with a private company. Along with your formal education, you may want to seek membership in a professional organization prior to employment. After you have become an industrial economist, you will provide important information to companies regarding the pricing and marketing of various products.
The minimum educational requirement to become an industrial economist is a bachelor’s degree in economics. Core subjects for this degree include macroeconomics and microeconomics, as well as economic thought and econometrics. Additional coursework in subjects such as financial management, marketing, and organizational behavior may be offered as well. You should also complete courses in advanced mathematics if you intend to pursue a master’s or doctoral degree. Completion of a bachelor’s degree program is usually sufficient to begin on-the-job training with a government agency.
In order to become an industrial economist for a private company, you will probably need a master’s degree in economics. A master’s degree program typically takes one year to complete, but two years are required if you plan to earn a PhD in this field. Most master’s degree programs include instruction in economic development, finance, and fiscal policy with an overall emphasis in industrial economics. A master’s degree in industrial economics usually qualifies you for an administrative, research, or planning position with a private company.
Some companies require you to earn a PhD before you can become an industrial economist. Coursework for this advanced degree can begin after earning a master’s degree or upon completion of a bachelor’s degree program. A doctoral degree is usually held by industrial economists who teach at large universities and colleges. You may also want to seek membership in an internationally-recognized, professional organization such as the National Association for Business Economists. This organization offers a professional designation known as the Certificate in Economic Measurement to qualified candidates.
Employment for this occupation can usually be found with government agencies and private consulting companies, as well as technical and scientific firms. The majority of these economists are employed in regions with large industrial complexes or government agencies. The primary duties for this profession include data analysis and economic trend projections for various types of industries. These professionals typically prepare detailed reports used to plan future manufacturing, marketing, and pricing strategies. After gaining sufficient education and experience, you may be able to publish some of your work in a magazine, journal, or newspaper.
