Earning a master’s degree can help you build the skills and expertise to qualify for more senior and specialized roles in your field, boosting employability and income potential. As you assess programs to determine which best aligns with your career objectives, you must consider numerous differentiators.
For example, master’s programs provide various degrees of experiential, hands-on experience. Some focus on academic and theoretical subjects; others spotlight professional skills applicable in today’s management environment. Master’s degrees in applied fields fall into the latter category. These programs emphasize hands-on learning and teach practical, job-ready skills and knowledge.
If you want to earn an applied master’s degree and enjoy business problem-solving, consider enrolling at the Woods College of Advancing Studies at Boston College (BC). At Woods College, you can earn a Master of Science in Applied Analytics (MSAA), a Master of Science in Applied Economics (MSAE), or a dual degree covering both disciplines. Continue reading to learn what an applied degree entails and to gain insight into BC Woods’ programs.
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Why Earn Your Master’s in an Applied Field?
The value of an applied master’s degree becomes more apparent in the context of other types of master’s degrees. A Master of Science in Analytics, for example, typically combines data science and analytics theory with practical applications. The focus generally is on theory and research to provide the foundation for careers in high-end data science applications such as data mining, programming, and machine learning. The emphasis on theory and research usually means a reduced or minimal focus on managerial skills; the balance between theory and practice varies among programs.
Likewise, a student in a Master of Science in Economics program may explore highly theoretical mathematics, game theory, or speculative modeling approaches. Students complete a final project, called a thesis, for which they conduct research and produce a sustained report.
In contrast, master’s degree programs in applied fields focus more narrowly on practice-oriented skills. They typically include instruction in management and leadership. These programs develop professionals who bridge the gap between data science and business strategy.
BC Woods MSAA and MSAE students engage in hands-on learning focused on solving real-world problems. Many students in these programs are working professionals who parlay their classroom learning into real-world professional successes; according to MSAA student Alexander Bactat, the program has enabled him to “apply the knowledge I’m amassing in real time to my position. That’s been really rewarding.”
MSAE student Sam Kuhn chose the program for its focus on “the applied nature of economics. I love the theory but I wanted to learn those theoretical skills and then apply them directly to my work.I study high-frequency labor market indicators, asking questions like ‘What are the trends in unemployment? What are the trends in labor force participation rate?’ I wanted to understand how those numbers are calculated and then how to use our code or Python code to arrive at unique conclusions.”
What Will You Learn in the Woods College Applied Analytics Master’s Program?
The BC Woods MSAA prepares you to use advanced analytical techniques to solve real-world problems in various industries. Woods College MSAA students develop applied skills in four broad competency areas: data, technology, business, and soft skills.
The course curriculum prioritizes practical skills. An AI Algorithms I/Big Data Econometrics core course provides hands-on experience with the terminology, technology, and methodologies behind machine learning. The Software Tools for Data Analysis course teaches students to write code for importing, cleaning, and exploring large datasets. Students also discover how to create, modify, and export complex charts and summaries for visual, qualitative, and quantitative data analysis.
All Woods College MSAA students must complete an applied analytics project in which they gain end-to-end experience in building an analytical solution to solve a business problem. In addition to building technical skills, this project allows students to gain project management, advisory, presentation, and communication competencies.
By the time they graduate, BC Woods MSAA students should acquire the skills to design analytic approaches to solve complex problems, draw insights from analytics, communicate these insights to a non-technical audience, and use their insights to drive real business impact. MSAA student Nick Wofford praises how the program facilitates “access to faculty members. Many of them are practitioners who offer a lot of good advice and relevant information about where the industry is going.”
What Will You Learn in the BC Woods Master’s in Applied Economics?
The Woods College MSAE program prepares students to drive strategy and effect change in various roles and industries, including finance and banking, healthcare, international development, social policy, analytics, and government. Upon completing the program, you should have the skills to apply economic models to real-world situations effectively and use economic models and econometric techniques to address practical business or policy issues. You should also know how to evaluate economic policy proposals from an ethical point of view.
To achieve these outcomes, the program curriculum follows a competency-based approach and prioritizes hands-on learning directly applicable to real-world situations. An Applied Macroeconomic Theory course teaches students the skills to interpret and use macroeconomic data to formulate macroeconomic policy. In the Data Analysis course, students learn how to use the Stata statistical software package to conduct empirical analyses. During the Communication and Leadership in Applied Economics seminar, students build a portfolio of work and skills (hard and soft) to use in their job search. Students also complete a directed practicum.
Sam Kuhn recommends the Program Evaluation course, which explores “how policy impacts the labor market, for example, or the macro economy. When policymakers implement new initiatives, it’s an economist’s job to study the actual impact. The entire course was geared toward developing the skill set to be a practitioner in this field.”
Why Choose Woods College?
Woods College is passionate about helping students from diverse backgrounds access high-quality education to advance their careers. BC Woods students regularly engage in conversations about emerging issues. They are encouraged to use their analytical and critical thinking skills to enact social justice and promote the BC Woods values of equity, justice, and inclusion.
MSAE student Kache Lee praises Woods for its “program flexibility and the attention you get from professors. The ability to have conversations with your faculty is so important… Also, I feel really supported here. If you’re looking to change in your career or if you’re just looking to do something different, this school will provide the resources. There are so many cool things many people don’t realize that you can use and utilize for yourself and take advantage of.”
MSAA and MSAE: The Woods Advantage
At BC Woods, you will gain the opportunity to learn from experienced professionals. Program faculty possess considerable industry experience directly related to their courses, clarifying how each skill you learn applies in a professional environment.
Furthermore, program advisory boards consist of leaders in the field. They shape the curriculum based on current industry trends and needs, provide mentorship, and assist students in their job search after graduation.
Apply to a BC Woods Master’s Program Today
Earning a master’s degree in an applied field–like the BC Woods MSAA or MSAE–benefits prospective and working professionals by equipping them with career-ready skills and knowledge they can apply to real-world situations. Additionally, the BC Woods master’s programs allow you to continue working while pursuing your degree. The MSAA, MSAE, and dual degree options offer flexible scheduling, allowing you to take classes online, on campus, or through a hybrid approach.
If you’re ready to take the next step, contact an enrollment advisor to learn more about the programs or receive guidance on how to apply and enroll.