Study Economic Psychology
The field of economics addresses factors that determine production and consumption of services and goods. But what determines or drives people and companies to make economic decisions?
Standard economic theory suggests those decisions are based on logic. For example, when an individual buys a new car or invests their money in the stock market, it seems they would base their actions on facts and come to a rational decision.
Economic psychologists often focus on the psychological factors, which drive and motivate individuals behind consumption and other economic behaviors in daily life.
What is an Economic Psychology Degree?
An economic psychology degree prepares students to work as consumer analysts, economic researchers and professors. Students in an economic psychology degree program develop the skills necessary to analyze behavior and psychological patterns and how they influence economic decisions.
A degree in economic psychology combines classes in economics, marketing and psychology. The degree helps students gain a broad understanding of what drives individuals and organization to select, use and dispose of services and products. The vast majority of economic psychology programs are master’s degree and doctorate programs.
Bachelor’s Economic Psychology Degree
Most programs in economic psychology are at the master’s degree or doctorate level. But a bachelor’s degree in economics provides a good foundation for continuing education in economic psychology. Some economic bachelor’s degree programs offer individual classes in economic psychology.
Students who earn a bachelor’s degree in economics may find entry- level positions working in the field of economic psychology as research assistants. Common classes may include:
Credit Requirements:Most bachelor’s degree programs in economics require completion of about 120 credits. Keep in mind, some programs can vary and may require additional classes, especially for economic majors who are also minoring in psychology. Full-time students can expect to complete a bachelor’s degree program in four years.
Master’s Economic Psychology Degree
A master’s degree in economic psychology is usually required to work in the field as a researcher or analyst. Students in a master’s degree program will integrate economic and psychological practices and theories. Although individual curriculums vary, students often focus on theories of economic and consumer behavior.
Graduates also gain the skills necessary to become proficient in financial bargaining, negotiating and marketing. In addition to classroom work, internships at various corporate and financial institutions are often part of a master’s degree program. Typical classes in a master’s program may include:
Credit Requirements:Master’s degree programs in economic psychology usually take about two years to complete. Students expand on the economic knowledge they gained as an undergrad and combine it with psychological principles. Full and part-time master’s degree programs in economic psychology may be available.
Admission Requirements:A bachelor’s degree is required as part of the admission process for an economic psychology master’s degree. Although a specific major may not be required, students with a four-year degree in economics may have the edge. High scores on the GRE, especially in math are also a plus. Although it is not set in stone, applicants usually need a grade point average of at least a 3.5.
Doctorate Economic Psychology Degree
A doctorate in economics psychology will provide students with the in-depth knowledge needed to work as economic analysts, consultants and professors. Doctorate programs in economic psychology include lectures, research projects and presentation of a dissertation. Common classes may include:
Credit Requirements:A doctorate program in economic psychology usually takes a minimum of three years to complete. But some students take five years to earn the degree. Many doctorate programs in economic psychology include classroom lecture and completion of research projects. Students may also attend research seminars on topics related to decision making and strategic management.
Admission Requirements:In order to gain admission to an economic psychology doctorate program students must have a master’s degree, preferably in economics or a closely related field. Upper division math and statistic classes, along with research experience is often required. Letters of recommendation and a personal interview are usually part of the admission process.
What is an Online Economic Psychology Degree?
Similar to other types of online degrees, an online economic psychology degree is an option for students who need a flexible schedule. Both master’s degree and doctorate programs in economic psychology are available online.
Online programs in economic psychology involve a combination of faculty-led lectures and online discussions, along with group projects, exams and written assignments. Opportunities for research and internships are often part of online economic psychology degree programs.
Some programs are conducted in real time, which means students view lectures online as they are occurring. In other instances, lectures and other class materials can be viewed whenever the student chooses.
Hybrid programs in economic psychology may also be offered at some schools. Hybrid programs combine online classes with campus-based classes and field experience at corporations, government agencies and businesses.
What Does it Take to Get an Economic Psychology Degree?
Economic psychology is a unique field, which involves two different disciplines that are intertwined. Economics alone is a complex field, which requires certain skills. When you combine economics with psychological principles, the field becomes even more complicated. In order to obtain a degree in economic psychology, it is helpful to have certain traits, such as those listed below.
What Can You Do With an Economic Psychology Degree?
Earning a degree in economic psychology prepares students to work in several different capacities. For example, some individuals work for marketing or advertising agencies developing strategies to enhance campaigns.
Graduates from both master’s degree and doctorate programs may also find positions as policy researchers, marketing analysts, communication consultants and economic development specialists.
Although a position, such as a research assistant may be available with a bachelor’s degree, more opportunities exist for those who have a master’s degree or higher.
What Degrees are Similar to Economic Psychology?
Industrial Psychology:Industrial psychology, which is also sometimes referred to as organizational psychology is the study of human behavior in companies and the workplace. Although industrial psychology does not deal specifically with economics, it does address organizational issues, such as productivity and performance.
Consumer Psychology:Adegree in consumer psychologyinvolves the study of why consumers make the decisions they do. By gaining an understanding of what influences consumer behavior, businesses can present products and services in a more appealing way. Most consumer psychology programs are at the master’s degree level.
Behavior Economics:A behavior economic degree is very similar to an economic psychology degree in terms of both classes taken and employment opportunities. Graduates work in positions very similar to those with an economic psychology degree. Students are prepared to work as researchers and consumer analysts.
Business Psychology:Adegree in business psychologycombines two popular majors to gain an understanding of how psychology and human behavior plays a role in the business world. Programs are often similar to industrial psychology.
