Are you interested in becoming an economic consultant? Let's talk about the economic consulting industry. We will learn the difference between being an economist and being an economic consultant. We will discuss your career path and the necessary skills to work in the field. Finally, we will discuss the job growth and potential salary for this field.
There are several different jobs for economics majors. Some become market research analysts. Some work in the insurance field and become actuaries. Some people with economics degrees become compensation and benefits managers, and some go into higher education. Finally, some people with economics degrees work as economic consultants.
What do economic consultants do?
Economic consultants work for firms that advise businesses on how to maximize their growth.
These professionals analyze current economic conditions for a country and industry. Based on their analysis, they may advise executives on courses of action the business should take to remain competitive or grow their business.
Economic consultants also look at a business's current economic outlook and advise changes to ensure higher profitability. They may look at small aspects of the company, such as production departments or budgeting departments, to make sure that each is working efficiently.
Economic consultants may also oversee the tax situation for businesses. They may make sure that a company is participating in tax incentive programs. For this reason, economic consultants need to understand local and federal tax laws that may affect a company's bottom line.
Finally, economic consultants also may be called in as expert witnesses to testify in settlement cases.
How do you become an economic consultant?
At a minimum, an economic consultant needs a Bachelor's degree in Economics or another related field. Some consulting firms will help pay for their entry-level employees to earn a higher degree while on the job. A Masters of Business Administration or a Ph.D. may be preferable in some cases for particular jobs.
Besides having the appropriate academic background, an economic consultant should have a vast understanding of mathematics, including statistical analysis. He or she should also feel comfortable utilizing technology such as SAS and STATA, which are both software used in analyzing statistical data.
Besides having the appropriate academic background and mathematical and technical skills, an economic consultant should also be a strong researcher and be able to work as a part of a team to make decisions.
What is the anticipated job growth of an economic consultant?
The Bureau of Labor Statistics does not report the expected job growth for an economic consultant, but we can assume growth based on what we know about related fields.
General economists are expected to enjoy an increased number of employment opportunities in the next ten years. Financial analysts, another related field, are also likely to have secure employment.
How much do economic consultants make?
Much like any industry, economic consultants' salaries vary greatly. The average salary is a little more than $74,000 per year.
Do you think you are interested in a career in economic consulting? If you are a detailed-oriented person who enjoys high-level thinking, this could be the career for you.