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The Woods College of Advancing Studies has introduced an innovative new graduate program, a master of science in applied economics, designed to fill a significant demand of employers and appeal to professionals who want to advance their careers.
The 10-course program can be completed in less than a year-and-a-half, but like all Woods College classes is designed to be flexible in meeting the needs of students while allowing them to make an immediate impact in any field where they choose to use the degree.
Woods College administrators expect the program, which debuted this past spring, to have approximately 200 students enrolled once fully scaled.
“We are not only meeting a market need but also preparing students for jobs that they will secure upon graduation,” said Woods College Dean James Burns, IVD. “Our program seeks to ensure that students have relevant skills for today’s job market, and tomorrow’s too.”
Fr. Burns said the degree graduates earn will enable them to bring to the table critical skills in practice-oriented data analysis.
“That data analysis would come with a rich sense of ethical responsibility, not only to the field but also in providing their skills to the broader community – especially to non-profits and similar organizations where some of them will be employed,” he said. “Others who will work in the for-profit field will be able to provide pro bono services to the not-for-profits.”
The program’s director, Aleksandar Tomic, said the master of science in applied economics program will train students for a variety of roles in industry, government, policy analysis, NGOs – “basically any place where people are supposed to forecast future trends, better understand what’s going on, evaluate impacts of different decisions, and do it in both an intuitive and quantitative way.”
Tomic offered some examples of degree applications: A graduate working for a governmental agency would be able to assess the impact of a new tax proposal, or forecast economic numbers such as GDP and inflation. In the financial sector, the degree would help in forecasting economic variables and their relationship with one another. Applied economics could be utilized in the health care field to scrutinize re-admission rates and their impact on the reimbursement rates hospitals receive from the federal government. These skills could also be useful in evaluating education programs and formulating new proposals.
“It is an applied program meant for people who want to further their career, whether by switching into new roles or expanding their current roles,” said Tomic. “We want to have this blend of intuition that allows people to formulate the right questions, and a set of data-driven tools to answer these questions in a data-rich environment that is today’s world.”
Students are taught by experienced academics, along with experts who work in the industry, noted Fr. Burns.
“Virtually all of our faculty hold doctoral degrees in economics or statistics and are accomplished practitioners. Their specializations range from work with the International Monetary Fund, to large consulting firms in the Greater Boston area, to academic departments that shape industry standards. Each faculty member is committed to equipping students with real-world skill sets that are applicable to a variety of workplaces.”
A July 20 open house at the Woods College will enable prospective students to learn about the master of science in applied economics, as well as another new program, the master of science in administrative studies, which prepares people for leadership positions.