I was always interested in Econ / Applied-Math research as an undergrad and would build toy models in those areas. When I graduated, I went to work at a financi

I was always interested in Econ / Applied-Math research as an undergrad and would build toy models in those areas. When I graduated, I went to work at a financial company before coming back to study theory again 3 years later. The immersion in industry was absolutely critical for me to see 1. what was actually needed in the real world, 2. what types of assumptions can be made about the predictability of large economic systems. If I had gone to grad school right away, I think I would have followed several ill-advised models down way too deep. So, I'd say at least one year in a real role in the industry you hope to contribute is really essential for someone planning to do applied/translational research.