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Thread: 2nd Masters in Applied Economics

  1. #1
    Cyburbian Doberman's avatar
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    2nd Masters in Applied Economics

    I'm in a somewhat unique situation. My workplace does Tuition Reimbursement, I can probably get Tuition Assistance from the Guard, and I also have GI Bill money leftover. As such I think I can possibly reimburse myself and hopefully even pocket some of the money from GI Bill for going back to school. I'm currently working as a Senior Planner in a more Long Range role. Auburn Montgomery will be starting an Applied Econ program in the Fall I believe I was considering applying. They have a Concentration in Government and Law tract. I'm wanting to get into more of an Economic Development position and I'm wondering how relevant this would be? I've looked for Econ Development programs, but they are few and far between. The ones I've found online like at Penn State had 800+ dollar per hour tuition costs.

    I'm curious about the difference in an Applied Economics Masters vs. Masters of Science in Economics vs. Masters in Economic Development.

  2. #2
    Cyburbian
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    Economic Development is likely to be closest to local planning...applied econ can be literally any field and might be more macro level? The MS in Economics is most likely more theoretical and not meant for people who didn't study econ in undergrad.

  3. #3
    Cyburbian
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    I'm wondering if maybe an MBA may be another way to go. I have friends that work in ED with that background. I think it would be a nice counter-balance to experience on the government side...

  4. #4
    I feel like econ development is one of those tight knit fields. It's more who you know than academic background. The same is true for RE development. Check out the Economic Development track at the National Development Council. The classes are pretty good, and it's attended heavily with practitioners already in the field.
    The content contrarian

  5. #5
    Cyburbian The One's avatar
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    Nope....

    Skip the economic development track.....(just go out and buy knee pads, chapstick and breath mints)....there I just saved you a couple of years of your life and some money.

    Not applied economics, not enough smart people left to understand what they hell you are saying.....

    Get the Masters of Science in Economics
    “The way of acquiescence leads to moral and spiritual suicide. The way of violence leads to bitterness in the survivors and brutality in the destroyers. But, the way of non-violence leads to redemption and the creation of the beloved community.”
    Dr. Martin Luther King, Jr.
    - See more at: http://www.thekingcenter.org/king-ph....r7W02j3S.dpuf

  6. #6
    Cyburbian
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    Quote Originally posted by The One View post
    just go out and buy knee pads, chapstick and breath mints
    Can't that be said for every local planning job?

  7. #7
    Cyburbian The One's avatar
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    Nope

    Quote Originally posted by mercdude View post
    Can't that be said for every local planning job?
    Not for those of us still willing to use the word "NO" in a response.
    “The way of acquiescence leads to moral and spiritual suicide. The way of violence leads to bitterness in the survivors and brutality in the destroyers. But, the way of non-violence leads to redemption and the creation of the beloved community.”
    Dr. Martin Luther King, Jr.
    - See more at: http://www.thekingcenter.org/king-ph....r7W02j3S.dpuf

  8. #8
    Cyburbian WSU MUP Student's avatar
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    Based on my experience in looking at various programs (I have a graduate certificate in economics (which was primarily stats and econometrics) along with my MUP and now work in economic development), the program in applied economics is likely extremely math and econometrics focused while the masters in science in economics will be more theory and policy based. Depending on the particular program, the masters in economic development is likely a loose combination of public administration/policy, MBA, and real estate courses, but without really giving you enough knowledge in any of those fields to be marketable and isn't worth the cost.

    I'll concur with others in this thread that if your long term goal is a career in economic development, the applied economics route is probably overkill (this is probably best suited to folks who want to work in forecasting/modeling in a particular industry or some sort of stats heavy field). A specialized background in economics, policy, finance, or real estate will be more relevant and networking will be even more relevant beyond that. Since you can still take advantage of the GI Bill (the Post 911 GI Bill is such a sweet deal compared to the prior version) and likely also get tuition reimbursement, I'd recommend the masters in economics or an MBA. Both will be just as valued in the economic development world while giving you more options outside of the field if you should ever find yourself looking in other directions.
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