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Become An Economic Analyst

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Working As An Economic Analyst

  • Getting Information
  • Communicating with Supervisors, Peers, or Subordinates
  • Establishing and Maintaining Interpersonal Relationships
  • Analyzing Data or Information
  • Organizing, Planning, and Prioritizing Work
  • Deal with People

  • Mostly Sitting

  • $73,648

    Average Salary

What Does An Economic Analyst Do

Management analysts, often called management consultants, propose ways to improve an organization’s efficiency. They advise managers on how to make organizations more profitable through reduced costs and increased revenues.

Duties

Management analysts typically do the following:

  • Gather and organize information about the problem to be solved or the procedure to be improved
  • Interview personnel and conduct onsite observations to determine the methods, equipment, and personnel that will be needed
  • Analyze financial and other data, including revenue, expenditure, and employment reports
  • Develop solutions or alternative practices
  • Recommend new systems, procedures, or organizational changes
  • Make recommendations to management through presentations or written reports
  • Confer with managers to ensure changes are working

Although some management analysts work for the organization that they analyze, most work as consultants on a contractual basis. 

Whether they are self-employed or part of a large consulting company, the work of a management analyst may vary from project to project. Some projects require a team of consultants, each specializing in one area. In other projects, consultants work independently with the client organization’s managers.

Management analysts often specialize in certain areas, such as inventory management or reorganizing corporate structures to eliminate duplicate and nonessential jobs. Some consultants specialize in a specific industry, such as healthcare or telecommunications. In government, management analysts usually specialize by type of agency.

Organizations hire consultants to develop strategies for entering and remaining competitive in today’s marketplace.

Management analysts who work on contract may write proposals and bid for jobs. Typically, an organization that needs the help of a management analyst solicits proposals from a number of consultants and consulting companies that specialize in the needed work. Those who want the work must then submit a proposal by the deadline that explains how the consultant will do the work, who will do the work, why they are the best consultants to do the work, what the schedule will be, and how much it will cost. The organization that needs the consultants then selects the proposal that best meets its needs and budget.

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How To Become An Economic Analyst

Most management analysts have at least a bachelor’s degree. The Certified Management Consultant (CMC) designation may improve job prospects.

Education

A bachelor’s degree is the typical entry-level requirement for management analysts. However, some employers prefer to hire candidates who have a master’s degree in business administration (MBA).

Few colleges and universities offer formal programs in management consulting. However, many fields of study provide a suitable education because of the range of areas that management analysts address. Common fields of study include business, management, economics, political science and government, accounting, finance, marketing, psychology, computer and information science, and English.

Analysts also routinely attend conferences to stay up to date on current developments in their field.

Licenses, Certifications, and Registrations

The Institute of Management Consultants USA (IMC USA) offers the Certified Management Consultant (CMC) designation to those who meet minimum levels of education and experience, submit client reviews, and pass an interview and exam covering the IMC USA’s code of ethics. Management consultants with a CMC designation must be recertified every 3 years. Management analysts are not required to get certification, but it may give jobseekers a competitive advantage.

Work Experience in a Related Occupation

Many analysts enter the occupation with several years of work experience. Organizations that specialize in certain fields typically try to hire candidates who have experience in those areas. Typical work backgrounds include experience in management, human resources, and information technology. 

Advancement

As consultants gain experience, they often take on more responsibility. At the senior level, consultants may supervise teams working on more complex projects and become more involved in seeking out new business. Those with exceptional skills may eventually become partners in their consulting organization and focus on attracting new clients and bringing in revenue. Senior consultants who leave their consulting company often move to senior management positions at nonconsulting organizations.

Important Qualities

Analytical skills. Management analysts must be able to interpret a wide range of information and use their findings to make proposals.

Communication skills. Management analysts must be able to communicate clearly and precisely in both writing and speaking. Successful analysts also need good listening skills to understand the organization’s problems and propose appropriate solutions.

Interpersonal skills. Management analysts must work with managers and other employees of the organizations where they provide consulting services. They should work as a team toward achieving the organization’s goals. 

Problem-solving skills. Management analysts must be able to think creatively to solve clients’ problems. Although some aspects of different clients’ problems may be similar, each situation is likely to present unique challenges for the analyst to solve.

Time-management skills. Management analysts often work under tight deadlines and must use their time efficiently to complete projects on time.

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Economic Analyst Videos

CAREERS IN BA ECONOMICS WITH CA – Graduates, Econometrics,CPT,ICAI,Job Opportunities,Salary Package

Economic Analyst Jobs

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Economic Analyst Career Paths

Economic Analyst
Project Manager Management Consultant Senior Business Analyst
Analytical Manager
9 Yearsyrs
Senior Policy Analyst Senior Consultant Solutions Architect
Customer Relationship Management Manager
8 Yearsyrs
Economist Analyst Data Analyst
Data Manager
6 Yearsyrs
Economist Project Manager Senior Manager
Director Of Analytics
13 Yearsyrs
Senior Policy Analyst Senior Manager Director Of Analytics
Director Of Intelligence
12 Yearsyrs
Data Analyst Senior Analyst Senior Manager
Director Of Strategy
12 Yearsyrs
Manager Human Resources Manager Talent Acquisition Manager
Global Manager
11 Yearsyrs
Finance Analyst Senior Finance Analyst
Manager Finance Planning And Analysis
8 Yearsyrs
Senior Analyst Senior Finance Analyst Assistant Vice President
Manager, Assistant Vice President
7 Yearsyrs
Consultant Contractor/Consultant Senior Analyst
Manager, Strategy
8 Yearsyrs
Senior Finance Analyst Senior Pricing Analyst
Pricing Manager
7 Yearsyrs
Senior Analyst Senior Business Analyst Product Manager
Product Marketing Manager
7 Yearsyrs
Data Analyst Business Analyst
Product Owner
9 Yearsyrs
Consultant Adjunct Faculty Assistant Professor
Research Director
7 Yearsyrs
Project Manager Senior Project Manager Project Director
Research Manager
6 Yearsyrs
Finance Analyst Finance Manager
Senior Finance Manager
11 Yearsyrs
Business Analyst Project Manager Senior Project Manager
Senior Technical Program Manager
12 Yearsyrs
Manager Marketing Manager Social Media Manager
Strategist
7 Yearsyrs
Business Analyst Product Manager General Manager
Vice President & General Manager
12 Yearsyrs
Senior Finance Analyst Senior Business Analyst Product Manager
Vice President, Product Management
13 Yearsyrs
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Do you work as an Economic Analyst?

Economic Analyst Demographics

Gender

Male

61.6%

Female

32.3%

Unknown

6.2%
Ethnicity

White

49.8%

Asian

18.9%

Hispanic or Latino

15.4%

Black or African American

10.6%

Unknown

5.3%
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Foreign Languages Spoken

Spanish

32.6%

French

15.2%

Mandarin

6.5%

Russian

6.5%

Chinese

6.5%

Italian

4.3%

Portuguese

4.3%

Arabic

4.3%

Japanese

3.3%

Korean

2.2%

German

2.2%

Persian

2.2%

Hebrew

2.2%

Vietnamese

1.1%

Hindi

1.1%

Dutch

1.1%

Danish

1.1%

Ukrainian

1.1%

Malay

1.1%

Uyghur

1.1%
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Economic Analyst Education

Schools

University of Chicago

8.7%

University of Texas at Austin

7.8%

Florida State University

7.8%

Texas A&M University

6.8%

New York University

5.8%

University of Connecticut

4.9%

University of Arkansas, Fayetteville

4.9%

Columbia University

4.9%

Georgetown University

4.9%

University of Massachusetts Amherst

4.9%

George Mason University

4.9%

State University of New York Albany

3.9%

Harvard University

3.9%

Brigham Young University

3.9%

Georgia State University

3.9%

Johns Hopkins University

3.9%

George Washington University

3.9%

Northeastern University

3.9%

University of Denver

3.9%

Rice University

2.9%
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Majors

Economics

34.0%

Business

17.1%

Finance

14.0%

Accounting

5.7%

Political Science

3.7%

Statistics

3.1%

Management

2.9%

Management Science

2.0%

Industrial Engineering

1.7%

Social Sciences

1.7%

Agricultural Business

1.7%

International Relations

1.7%

Business Economics

1.4%

Public Administration

1.4%

Mechanical Engineering

1.4%

Mathematics

1.4%

Marketing

1.4%

Computer Science

1.1%

Public Policy Analysis

1.1%

Petroleum Engineering

1.1%
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Degrees

Masters

49.1%

Bachelors

31.7%

Other

8.3%

Doctorate

7.0%

Certificate

2.2%

Associate

1.7%
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Economic Analyst Videos

CAREERS IN BA ECONOMICS WITH CA – Graduates, Econometrics,CPT,ICAI,Job Opportunities,Salary Package

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Real Economic Analyst Salaries

Job Title Company Location Start Date Salary
Senior Economic Analyst (Product Manager) Monsanto Company San Francisco, CA Sep 01, 2015 $190,000
Senior Economic Analyst Public Company Accounting Oversight Board Washington, DC Dec 17, 2015 $185,000
Senior Economic Analyst Public Company Accounting Oversight Board Washington, DC Sep 27, 2014 $175,330
Senior Economic Analyst Public Company Accounting Oversight Board Washington, DC Dec 10, 2014 $175,330
SR. Economic Analyst (Product Manager) The Climate Corporation San Francisco, CA Sep 10, 2014 $170,000
SR. Economic Analyst (Product Manager) The Climate Corporation San Francisco, CA Apr 01, 2014 $170,000
Economic Analyst Balyasny Asset Management, L.P. New York, NY Sep 29, 2015 $150,000
Principal Economic Analyst Greatest Good LLC Chicago, IL Sep 16, 2015 $150,000
Economic Analyst Centerview Partners LLC New York, NY Feb 19, 2016 $125,000
Economic Analyst Balyasny Asset Management New York, NY Sep 11, 2015 $120,000
Flight Crew Economic Analyst The Boeing Company Renton, WA Jun 30, 2016 $114,000 -
$190,000
Flight Crew Economic Analyst The Boeing Company Renton, WA Jun 30, 2014 $112,000 -
$187,000
Economic Analyst LLJ, Inc. New York, NY Aug 25, 2016 $110,000
Economic Analyst Air Zone Systems Inc. Montville, NJ Feb 24, 2016 $80,018
Economics Analyst Guggenheim Credit Services, LLC Santa Monica, CA May 01, 2014 $80,000
Senior Economic Analyst Natural Resuorce Governance Institute New York, NY Mar 09, 2016 $79,000 -
$96,000
Economic Analyst Natuzzi Florida, LLC Fort Lauderdale, FL Jan 11, 2016 $77,000
Economic Analyst Sunstar USA Inc. Duluth, GA Sep 29, 2014 $76,238
Economic Analyst Natuzzi Fort Lauderdale, LLC Fort Lauderdale, FL Apr 27, 2016 $76,155
Economic Analyst Alexander Reus P.A. Miami, FL Feb 09, 2016 $75,000
Economic Analyst Alexander Reus P.A. Miami, FL Apr 09, 2016 $75,000
Economics Analyst Guggenheim Partners Investment Management, LLC New York, NY Nov 10, 2013 $67,206 -
$80,000
Economic Analyst Electric Entertainment Los Angeles, CA Sep 02, 2015 $67,100
Economic Analyst Electric Entertainment Los Angeles, CA Feb 22, 2016 $67,100
Economic Analyst Sunstar USA Inc. Duluth, GA Jan 28, 2013 $66,888
Economic Analyst Ainsley Shea Communications Saint Paul, MN Aug 27, 2015 $66,414
Economic Analyst Handybook, Inc. New York, NY Aug 17, 2014 $66,165
Economic Analyst Jackson Labs Technologies, Inc. Las Vegas, NV Jan 01, 2015 $64,780
Economic Analyst David Hirson & Partners, LLP Newport Beach, CA Aug 25, 2015 $64,600

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Top Skills for An Economic Analyst

  1. Financial Statements
  2. Policy Analysis
  3. Data Analysis
You can check out examples of real life uses of top skills on resumes here:
  • Developed, produced and analyzed financial statements by region.
  • Conducted economic research and policy analysis.
  • Developed and controlled a variety of software and database packages to provide data analysis and production of numerous client specific deliveries.
  • Performed project management, data gathering, data management, economic analysis, and report writing for policy research projects.
  • Demonstrated professional experience programming and forecasting using SAS/BASE, SAS/MACRO, SAS/SQL and SAS/ Forecasting.

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Top 10 Best States for Economic Analysts

  1. Virginia
  2. New Jersey
  3. Maryland
  4. District of Columbia
  5. Massachusetts
  6. Connecticut
  7. Texas
  8. Washington
  9. New York
  10. Alabama
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  • (927 jobs)
  • (1,032 jobs)
  • (923 jobs)
  • (1,108 jobs)
  • (423 jobs)
  • (2,353 jobs)
  • (687 jobs)
  • (1,965 jobs)
  • (299 jobs)

Top Economic Analyst Employers

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Jobs From Top Economic Analyst Employers

Economic Analyst Videos

CAREERS IN BA ECONOMICS WITH CA – Graduates, Econometrics,CPT,ICAI,Job Opportunities,Salary Package

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