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The differences between economic analysts and contract analysts can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both an economic analyst and a contract analyst. Additionally, an economic analyst has an average salary of $72,501, which is higher than the $54,544 average annual salary of a contract analyst.
The top three skills for an economic analyst include SQL, SAS and data analysis. The most important skills for a contract analyst are customer service, contract management, and contract terms.
| Economic Analyst | Contract Analyst | |
| Yearly salary | $72,501 | $54,544 |
| Hourly rate | $34.86 | $26.22 |
| Growth rate | 9% | 9% |
| Number of jobs | 81,768 | 58,593 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 67% |
| Average age | 40 | 40 |
| Years of experience | 4 | 4 |
An economic analyst is in charge of observing and analyzing the economy's state to assist a company in its decision-making endeavors. Their responsibilities revolve around keeping track of different markets, learning the impact of politics and important events to the economy, gathering data from various departments, and creating business plans and forecasts based on the findings. Moreover, in a company setting, an economic analyst may produce progress reports and presentations, mentor younger analysts, and implement the company's policies and regulations.
A contract analyst is primarily in charge of thoroughly reviewing contract terms and conditions, negotiating and addressing changes on behalf of a company or an individual, and avoiding financial disadvantages or any disputes. They are responsible for consulting with clients, analyzing clauses and liabilities, recommending amendments, documenting all transactions, and monitoring every change in the contract. Furthermore, there are instances when a contract analyst must coordinate with all department officers, advising them of any significant changes that the contracts might bring.
Economic analysts and contract analysts have different pay scales, as shown below.
| Economic Analyst | Contract Analyst | |
| Average salary | $72,501 | $54,544 |
| Salary range | Between $49,000 And $107,000 | Between $39,000 And $74,000 |
| Highest paying City | Washington, DC | Jersey City, NJ |
| Highest paying state | New Jersey | New Jersey |
| Best paying company | The Citadel | AstraZeneca |
| Best paying industry | Professional | Pharmaceutical |
There are a few differences between an economic analyst and a contract analyst in terms of educational background:
| Economic Analyst | Contract Analyst | |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 67% |
| Most common major | Economics | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between economic analysts' and contract analysts' demographics:
| Economic Analyst | Contract Analyst | |
| Average age | 40 | 40 |
| Gender ratio | Male, 65.9% Female, 34.1% | Male, 41.2% Female, 58.8% |
| Race ratio | Black or African American, 5.6% Unknown, 4.5% Hispanic or Latino, 7.7% Asian, 14.1% White, 68.0% American Indian and Alaska Native, 0.1% | Black or African American, 5.6% Unknown, 4.5% Hispanic or Latino, 7.7% Asian, 14.1% White, 68.0% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 7% | 7% |