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What is Economics?
Earning an online or on-campus degree in economics from one of New Mexico’s educational institutions can not only provide you with a solid foundation in understanding markets, decision-making, and policy analysis, but it also equips you with valuable skills that are applicable across a diverse range of industries. Universities in New Mexico offer comprehensive programs that cover a broad spectrum of economic theories and practical data analysis, which are essential for documenting and understanding outcomes in various sectors of the economy including business, government, and non-profit organizations. Â
As the job market continues to evolve, an economics degree remains a versatile and increasingly sought-after credential. Whether you pursue the degree traditionally on-campus or through online alternatives, you will find the curriculum and specializations designed to address both the local economic landscape of New Mexico and global economic challenges. With an education in economics, you are well-prepared for careers in public policy, market research, banking, and more, and you'll have a strong basis for graduate school if you choose to delve deeper into your chosen field.
Understanding the Economics Degree Program
In New Mexico, your pursuit of an economics degree equips you with analytical tools to comprehend complex issues ranging from market dynamics to global economic trends.
Foundations of Economics
The core of an economics degree in New Mexico lies in building a solid understanding of how economies function and the factors that influence them. You'll delve into microeconomics, which looks at individual and business decision-making and macroeconomics, which examines the economy on a national and global scale. You'll learn to apply theoretical models and data analysis to real-world situations, gaining insights into various economic phenomena.
Types of Economics Degrees
In New Mexico, you can pursue different degrees in economics, each tailored to suit your career goals and interests.
Bachelor's degrees provide a foundational understanding, while advanced degrees prepare you for specialized fields.
- Bachelor of Arts (BA) in Economics: Often includes a liberal arts focus in addition to your core courses, preparing you for a broad range of careers or further education.
- Bachelor of Science (BS) in Economics: Tends to have a stronger emphasis on mathematics and statistical analysis within your core courses, suitable for technical or analytical roles.
For those interested in deepening their expertise, online Master’s and PhD programs offer the opportunity to engage in more focused and advanced studies. These degrees can propel you toward academic, research-oriented, or high-level professional careers in economics.
Online Educational Pathways for an Economics Degree in New Mexico
Online Associate Degree in Economics (AS)
Your first step might involve pursuing an associate degree in economics, which typically takes two years to complete at community colleges in New Mexico. These degrees can serve as a foundation, providing you with basic economic principles and quantitative skills, though you’re probably going to need more education to find work as an economist.
National rankings for online AS in economicsOnline Bachelor’s Degree in Economics (BS)
A bachelor’s degree in economics offers a more in-depth understanding of economic theory and its applications to the economy, political science, and more. At institutions like The University of New Mexico, you can expect four-year economics programs that prepares you for a range of careers in market research, policy analysis, and more.
National rankings for online BS in economicsOnline Master’s Degree in Economics (MS)
Building on undergraduate work, a master’s degree in economics generally requires two additional years of study. Here, you will deepen your knowledge and research skills, which can be advantageous for higher-level positions or further academic pursuits.
National rankings for online MS in economicsOnline PhD in Economics (PhD)
If you're aiming for the apex of economic scholarship, a PhD in economics will be your ultimate learning experience. This demanding academic road unlocks doors to elite research and teaching opportunities, and it's characterized by several years of intense study, specialization, and a dissertation.
Learn more about business resources and scholarships Our paying for college guideOnline Economics Certifications
Beyond degrees, various economics certifications can bolster your expertise. These certifications often focus on specialized fields within economics and can be completed in a shorter time frame to enhance your professional appeal.
Pursuing Economics Degrees Online
Economic theory, quantitative analysis, and the evaluation of global fiscal policies can all be mastered through an online economics program. This mode of learning offers you the flexibility to balance your studies with your personal and professional life.
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Pros and Cons of Online Learning
In pursuing an Economics Master’s online or a bachelor’s degree in economics, online learning provides the following advantages and disadvantages:
Pros:
- Flexibility: You can access your general education and economics classes online from anywhere, allowing you to study without disrupting your current lifestyle.
- Access to diverse programs: Online programs often offer a wide range of courses and specializations that might not be available locally.
Cons:
- Self-motivation required: Success in an online learning environment requires a high degree of self-discipline.
- Limited networking: The lack of face-to-face interaction can lead to fewer networking opportunities, which are often valuable in economics careers.
Selecting the Right Online Program
When deciding on an online economics degree, consider the following to ensure the program aligns with your goals:
- Accreditation: Verify the program’s accreditation to ensure you receive a recognized and respected education.
- Curriculum: Look for programs like New Mexico State University's online MA in Economics that offer synchronous or asynchronous classes over manageable terms—16-week fall and spring, and 8-week summer terms to ensure comprehensive coverage of essential economic theories and practices.
- Cost: Factor in the tuition costs, some programs are less expensive than others, and you might be able to find options like discounts for active military.
- Flexibility vs. Structure: Some programs may offer mostly synchronous classes requiring you to be online at certain times, while others may be more flexible.
By carefully evaluating these factors, you can select an economics online program that best suits your educational and career ambitions.
Economics Curriculum and Specializations
Your pursuit of a traditional or online degree in economics will take you through a breadth of topics fundamental to understanding economic theory and practice, aligned with areas of research and specialization that can tailor your educational experience to your interests. Just understand that degree requirements differ at various levels, but economics students who successfully complete a degree in this field and any elective requirements may make their way into public finance, policymaking, statistics, and more.
Core Economics Topics
With an economics major, you will be required to complete around 33 credit hours in various economics courses. The curricula of various programs are designed to provide you with a solid foundation in economic principles.
Here's a quick look at the common core topics:
- Mathematical Foundations: Mathematical techniques underpinning economic analysis
- Statistics: Essential for data analysis in economic research
- Microeconomics: The study of individual, household, and corporate behaviors
- Macroeconomics: The examination of large-scale economic factors, such as national productivity and interest rates
Your courses will need to be passed with a grade of C or higher, which underlines the institution’s commitment to ensuring you have a firm grasp of the subject matter.
Area of Focus and Research
An online BA economics degree or related master’s program may allow for specialization in areas that are particularly relevant or of interest to you.
At universities in New Mexico, research and teaching span various fields, some of which may include:
- Market Analysis
- Investment Strategies
- Economic Impact on Social and Global Challenges
- Interdisciplinary Topics such as economics of education, sports, crime, and even marriage
Notably, these universities also often emphasize best practices in equity and inclusivity, framing these within the wider economic landscape. Engagement in impactful research and outreach is encouraged, especially that which benefits both the state and people of New Mexico. Your instructors and faculty members, who are often actively involved in these areas, can mentor you throughout your academic journey, ensuring that your specialization not only enhances your knowledge but also contributes to the larger community.
Financial Aid and Scholarships for an Economics Education
When pursuing an economics degree in New Mexico, you’ll have various financial aid and scholarship options to consider that can help alleviate the burden of educational expenses.
Scholarships:
- New Mexico Opportunity Scholarship: This scholarship covers 100% of tuition and required fees. It is available without an application if you meet the eligibility criteria, which include being a New Mexico resident and pursuing credit-bearing programs.
- Niche Scholarships: You can create an account on Niche.com to find scholarships that match your profile and needs, potentially reducing the costs of college for your economics education.
Grants and Aid:
- FAFSA: To access a broad spectrum of financial aid options - including grants, work-study, and loans - you must complete the Free Application for Federal Student Aid (FAFSA). This is essential for determining your eligibility for federal and state aid.
Remember, both full-time and part-time economics students may be eligible for these aid opportunities when enrolled in eligible programs. For accurate and up to date information, you can consult the NM Higher Education Department, studentaid.gov, or your intended university's financial aid office.
Networking and Professional Growth
Pursuing a Bachelor of Arts in Economics or another economics degree in New Mexico equips you with more than just academic knowledge; it can open numerous avenues for professional networking and practical experience that are crucial for your career growth.
Economics Associations in New Mexico
You’ll have the opportunity to join various economics associations in New Mexico, which are platforms for you to connect with professionals and academics in your field. These associations often host conferences, seminars, and networking events that can greatly expand your professional circle and keep you updated on the latest economic trends and job opportunities.
Potential Career Options and Salaries for Economics Graduates
When students graduate with an economics degree in New Mexico, they gain access to various avenues that you can pursue. Whether your interest lies in data analysis, economic forecasting, policy development, or market research, the skills you acquire will serve as a robust foundation for a career in the New Mexico business landscape or beyond.
Data Scientist:
Job description: With a background in economics, you can leverage your proficiency in quantitative analysis to become a data scientist. Businesses in New Mexico rely on data scientists to interpret complex data and provide insights that drive strategic decisions. You'll need a keen understanding of econometrics and proficiency in statistical software.
Requirements:
- Bachelor's degree, Growth Potential 35% (Much faster than average)
- Develop and implement a set of techniques or analytics applications to transform raw data into meaningful information using data-oriented programming languages and visualization software
- Determine which data are available and useful for the project
- Collect, categorize, and analyze data
- Create, validate, test, and update algorithms and models
Median Salary: $119,040
Economist:
Job description: As an economist, your role will involve analyzing economic issues and trends. In New Mexico, economists may find opportunities within state government agencies or private sector institutions. Your work could influence policy making or business strategy, requiring a deep understanding of economic theories and models.
Requirements:
- Master's degree, Growth Potential 6% (Faster than average)
- Conduct research, prepare reports, or formulate plans to address economic problems related to the production and distribution of goods and services or monetary and fiscal policy
- Research economic issues related to education, the labor force, international trade, and other topics
- Conduct surveys and collect data
- Analyze data using mathematical models, statistical tools, and other software
Median Salary: $132,650
Learn morePolicy Analyst:
Job description: Policy analysts play a crucial role in shaping public policies. Your training in economics equips you with the skills to evaluate the effects of proposed policies on local economies and society. New Mexico's governmental and non-profit sectors need analysts who can assess policies’ economic impact.
Requirements:
- Master's degree, Growth Potential 7% (Faster than average)
- Research political subjects, such as the U.S. political system and foreign relations
- Collect and analyze data from sources such as public opinion surveys
- Develop and test political theories
- Evaluate the effects of policies and laws on government, businesses, and people
Median Salary: $132,350
Market Research Analyst:
Job description: As a market research analyst, your economics degree allows you to assess market conditions to examine potential sales of a product or service. You'll help New Mexico businesses understand what products people want, who will buy them, and at what price. This role involves gathering data, analyzing information, and presenting findings to inform business decisions.
Requirements:
- Bachelor's degree, Growth Potential 13% (Much faster than average)
- Research conditions in local, regional, national, or online markets
- Monitor and forecast marketing and sales trends
- Measure the effectiveness of marketing programs and strategies
- Devise and evaluate methods for collecting data, such as surveys, questionnaires, and opinion polls
Median Salary: $83,190
Frequently Asked Questions
What are the prerequisites for pursuing an economics degree?
To major in economics, you’ll most likely have to meet certain criteria, depending on the institution you choose to attend. For instance, a transition from pre-major to major status typically requires completing specific coursework and meeting the minimum grade requirements set by the economics department. This may include all general education and certain mathematics courses completed within an acceptable grade range.
Can I complete an economics degree online from a university in New Mexico?
Information on the availability of fully online economics degree programs in New Mexico is best sought directly from the universities. You can contact the respective university admissions or economics departments for the most current offerings. However, there is an online economics program available from the University of New Mexico, Eastern New Mexico University, New Mexico State University, and more.
What types of economics courses are offered at Universities in New Mexico?
Academic institutions in New Mexico offer a variety of economics courses, ranging from foundational principles to specialized fields like sports economics, environmental economics, and econometrics. Application-based learning is emphasized, with a focus on real-world economic decision-making and data analysis.
How does an economics graduate degree benefit career prospects?
An advanced degree in economics can open doors to higher-level positions in business, government, research, and academia. It demonstrates a deep understanding of economic theory and data analysis skills, which are valuable assets in the job market.