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The differences between economic analysts and finance 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 finance analyst. Additionally, an economic analyst has an average salary of $72,501, which is higher than the $69,887 average annual salary of a finance analyst.
The top three skills for an economic analyst include SQL, SAS and data analysis. The most important skills for a finance analyst are financial analysis, financial models, and financial data.
| Economic Analyst | Finance Analyst | |
| Yearly salary | $72,501 | $69,887 |
| Hourly rate | $34.86 | $33.60 |
| Growth rate | 9% | 9% |
| Number of jobs | 81,768 | 138,600 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 76% |
| 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 finance analyst is responsible for evaluating a company's financial data and historical reports to assess investment opportunities and provide accurate financial statements in support of business strategies and company performance prediction. A financial analyst's duties also include suggesting recommendations to boost operations efficiency and grow revenues, researching the current market performance and economic trends to adjust budget goals as needed, and managing client portfolios. Finance analysts must have excellent critical and analytical thinking skills to identify the best actions for the company's profitability.
Economic analysts and finance analysts have different pay scales, as shown below.
| Economic Analyst | Finance Analyst | |
| Average salary | $72,501 | $69,887 |
| Salary range | Between $49,000 And $107,000 | Between $46,000 And $104,000 |
| Highest paying City | Washington, DC | San Francisco, CA |
| Highest paying state | New Jersey | Connecticut |
| Best paying company | The Citadel | The Citadel |
| Best paying industry | Professional | Finance |
There are a few differences between an economic analyst and a finance analyst in terms of educational background:
| Economic Analyst | Finance Analyst | |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 76% |
| Most common major | Economics | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between economic analysts' and finance analysts' demographics:
| Economic Analyst | Finance Analyst | |
| Average age | 40 | 40 |
| Gender ratio | Male, 65.9% Female, 34.1% | Male, 56.2% Female, 43.8% |
| 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% |