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The differences between economic analysts and economists can be seen in a few details. Each job has different responsibilities and duties. Additionally, an economist has an average salary of $109,102, which is higher than the $72,501 average annual salary of an economic analyst.
The top three skills for an economic analyst include SQL, SAS and data analysis. The most important skills for an economist are economic research, research findings, and economic analysis.
| Economic Analyst | Economist | |
| Yearly salary | $72,501 | $109,102 |
| Hourly rate | $34.86 | $52.45 |
| Growth rate | 9% | 6% |
| Number of jobs | 81,768 | 1,029 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 58% |
| Average age | 40 | 45 |
| Years of experience | 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.
The primary role of economists is to study how society distributes resources, including raw materials, land, and labor, to create goods and services. They perform various tasks, including conducting research, monitoring economic trends, and devising forecasts on a wide range of issues such as inflation, interest rates, and employment. Additionally, they are responsible for preparing reports and presentations and advising individuals, businesses, and governments on economic issues. Economists are also responsible for designing policies or making recommendations for resolving economic problems.
Economic analysts and economists have different pay scales, as shown below.
| Economic Analyst | Economist | |
| Average salary | $72,501 | $109,102 |
| Salary range | Between $49,000 And $107,000 | Between $73,000 And $162,000 |
| Highest paying City | Washington, DC | Washington, DC |
| Highest paying state | New Jersey | Montana |
| Best paying company | The Citadel | Cornerstone Research |
| Best paying industry | Professional | Professional |
There are a few differences between an economic analyst and an economist in terms of educational background:
| Economic Analyst | Economist | |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 58% |
| Most common major | Economics | Economics |
| Most common college | University of Pennsylvania | Harvard University |
Here are the differences between economic analysts' and economists' demographics:
| Economic Analyst | Economist | |
| Average age | 40 | 45 |
| Gender ratio | Male, 65.9% Female, 34.1% | Male, 59.2% Female, 40.8% |
| 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, 6.4% Unknown, 5.7% Hispanic or Latino, 12.1% Asian, 13.1% White, 62.4% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 7% | 8% |