Applied natural resource economics is the study of the economic and business aspects of natural resource management and use. Applied natural resource economics studies topics in economics and financial analysis that are developed to meet the special needs of the natural resource industries. Many organizations including national and local governments, corporations, banks and financial companies, and consulting firms use natural resource economics to evaluate issues and problems related to natural and environmental resource management.
The Master of Science in Applied Natural Resource Economics degree is designed for individuals with undergraduate backgrounds in engineering and science, but economics/business majors who are interested in specializing in natural resource industries are also welcomed. The flexible degree program allows students to tailor the program to fit their individual needs while learning basic core material in economic analysis, project evaluation, and statistical analysis. The degree is a broadening of an earlier MS in Mineral Economics. Mineral economics remains a strength of the program and can be chosen as a field of study within the new degree program.
Applied natural resource economics is a career that appeals to individuals who like to work in multidiscipline positions and see the whole picture. Applied natural Resource economics unites knowledge of engineering/science with economics/business and allows a person the chance to see the whole situation and not just a specialized part. It is a field that appeals to anyone who is curious about everything.
Career opportunities in applied natural resource economics are as varied as the students who have completed the program. The flexibility of the program allows each student to design a course of study that uniquely prepares them for a job that fits his/her own special skills and interests.
Graduates of the program have taken jobs in departments of government at the national and state level, on Wall Street, in the oil industry, and with engineering firms. Some graduates have gone on for further education at places like Columbia University, Washington State University, and University of Dundee (Scotland). Positions that graduates have filed include analyst, consulting engineer, consulting geologist, technical sales, public relations, and line management.
The Master of Science in Applied Natural Resource Economics degree program is designed to prepare persons with undergraduate degrees in technical fields or business for careers involving natural resources and related industries. Graduates of the program currently work with the oil and mineral producing companies, government agencies, financial and insurance businesses, construction companies, and consulting firms. Graduates can be expect to be employed in activities stressing analytical skills such as forecasting market conditions, undertaking financial analyses of projects, or explaining market behavior. Students study topics such as industry cost structures, environmental issues, public policy analysis, economic theory, and commodity markets.
The Master of Science in Applied Natural Resource Economics is a flexible program and allows students to construct their programs around their individual needs while learning a common core of material. Faculty and researchers from Business, Civil Engineering, Economics, Forestry, Geology, Mathematics, and Social Science have worked with students in their particular fields of interest. Recent student research projects have included financial options analysis, tax regimes and oil production, village development factors, utility market concentration, an econometric model of world copper consumption, and many others. Michigan Tech’s School of Business and Economics also strongly supports the M.S. program with its MBA program and business faculty. The result is a program that uses the special strengths of Michigan Tech to the benefit of the student.
The applied natural resource faculty is very active in research and professional organizations at the regional, national, and international level. Recent research efforts have included flying fish harvesting dispute between Trinidad & Tobago and Barbados, comparing petroleum fiscal regimes under oil price uncertainty, Chinese coal mine safety, urban sprawl impact on natural resources in Michigan, and world copper demand and trade. Recent faculty activities have included serving on the Committee of Earth Resources of the National Research Council, presenting short courses in China, Mongolia, and South Africa, serving on the Michigan Land Resource Project for the Michigan Economic and Environmental Roundtable, and being a Fulbright Scholar in Ethiopia.
The MSME Program delivers graduate education to students with undergraduate technical or business degrees who desire careers which combine economic skills with technology in resource and/or environmental-related private or public sector activities.
A common core of analytical courses (statistics, finance, and economics) -15 credits
Approved electives in specific field of interest (9 credits)
Plan A Master’s thesis (6 credits)
Total hours: 30 credit hours
Applying for the Master of Science in Applied Natural Resource Economics can be done on-line (no application fee) or by mail. The Admissions Committee requires a completed application form, test scores (GRE or GMAT), TOEFL scores where applicable, official transcripts of previous university study, and letters of recommendation. The Admissions Committee uses this information to decide if a student would be successful in the M.S. program so it is in the applicant’s best interest to have as strong a record as possible. A low TOEFL score can be corrected by taking additional courses in English as a Second Language at Michigan Tech. If GRE or GMAT is not available to you, an alternative approved by the Admissions Committee can be substituted. Applications are accepted at any time, and accepted students can begin their program of study in any semester.