I have a BS in Chemical Engineering, should I get a MS in Economics?

Question

I have a BS in CHE and 4 years in operations at a refinery. Is it worthwhile to get a masters in Economics? Thoughts?

Answer 1

Economics is different from most social sciences because the Masters is treated oddly.  There are two major types of Masters: applied and Ph.D.  Masters holders are usually only consultants or non-Senior-level economists.  Many jobs want a person with a Ph.D.

The latter is simply a degree awarded to those who finish coursework with a satisfactory GPA and is not meant to be terminal.  It is theory-based.  

The former is a hands-on approach to econometrics, or statistics using economic techniques.  If you want to be a consultant or run regressions for your company, sure, go for it!  If you are doing it to make yourself more marketable, you'll probably get a higher paying job as an engineer.  

As a final note, with your engineering background, you should do fine with the math.  You will not likely see much on differential equations but you can bring them and phase diagrams into the material.  You'll just be dealing with partial derivatives, complicated algebra, and steady-state/equilibrium paths.  No terrible triple integrals and few double integrals.