In this post, we’ll discover 4 facts that you should consider before making a transition from engineering to economics.
1 – you can do engineering with the economy
It is still possible to study engineering and economics at the same time by enrolling in a double major in engineering and economy. You might find it weird, but it is still possible to study despite the different nature of the two subjects.
Engineering students are fast and hard workers. They can easily understand how production works and how to create value while economics, especially if you are studying industrial engineering that has some overlaps with economics.
But technically a double major in engineering and economy, will not be effective and not add any value to the market jobs. On another hand, it could affect your GPA, or make you work hard, studying both subjects but ignoring internships. As a result, it can affect your chances to find a job and build a solid network with employers.
There are several reasons why studying engineering and economics is not good.
First, the two disciplines are quite different, and it can be difficult to learn both at the same time.
Second, finding a balance between both courses is hard.
Third, the skills learned in each discipline are quite different, and in most cases, it is hard to find any relevance between both majors.
engineering is technical, while economics is more abstract business oriented. so it is better to choose one and triple down on it.
2 – You can do a masters in economics after engineering
Many engineering students choose to pursue a master’s degree in economics after graduation in order to increase their career options and earning potential. A master’s degree in economics can have many specialties including:
The list is still long, but the good advancement is that engineers have a strong math background they acquired during their engineering careers. Economics requires math, especially calculus, probability, and statistics, so it will be easier for you to take this branch.
There are many reasons why an engineering student might choose to pursue a master’s degree in economics.
- First, sometimes a master’s degree in economics can lead to higher-paying jobs than a bachelor’s degree in engineering.
- Second, a master’s degree in economics provides students with the skills necessary to work in a variety of fields, including government, finance, and consulting.
- Finally, employers love to hire engineers because they are smart, work harder, and can learn faster than any other major. due to the critical things they have acquired in their careers.
You just have to be interested in the field you will be applying to, not just for the money.
If you don’t enjoy what you do, it is better to stay in engineering. Or maybe choose other branches that paid higher than economics like computer science, especially in the data science field.
3 – you can switch from engineering to economics
The most important thing for anyone considering making a switch from engineering to economics is to be clear about what they want to do. There are many different paths that one can take in economics, and each has its own set of challenges and rewards.
The common path engineering students have to take is applying for a master’s in economics ( and some of them continue to a Ph.D.). Because most people you will be competing against are master’s holders or Ph.D.
But as an engineering graduate, you already have excellent preparation for a career in economics making you more valuable in the employment market. The skills learned in engineering school, including analytical and problem-solving skills, are highly valued in the field of economics. In addition, many economics concepts are grounded in mathematics, which is another area where engineers excel.
But, there are a few things you need to do. First, start reading about economics. There are many great books and articles that will introduce you to the basics of economic theory.
Finally, get some experience working with data. Economics is all about analyzing data to find trends and make predictions.
In this way, you will have a previous idea about the domain before you make a decision but the most interesting thing is to know if this domain is for you or not, or if you are just driven by money or social status.
4 – you can switch even from engineering to business
If you are interested in building your own business, especially in the economics field giving people consultants, an economics degree might be helpful. Especially for the ones who are done with engineering and want to quit the 9 to 5 system, here is what you should consider.
1. Get your economics degree.
it is impossible to open your business consulting in economics without having a degree. This is the most important step in making the switch from engineering to business. Having a Ph.D. in the field will give you a firm understanding and a good reputation in the field.
2. Network, network, network.
As with any career change, it’s important to network with people in your new field. Attend industry events, reach out to contacts you may have, and join relevant professional organizations.
3. Start your own business.
One of the best ways to transition into the business world is to start your own company. You have to go into the battle fighting in the market. This will give you first-hand experience in all aspects of running a business, from marketing and sales to finance and operations.
you will not learn that in college or by reading books, in business, experience is everything, it gets done by mistakes and made through trials and errors.