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The differences between economic analysts and research analysts can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 2-4 years to become an economic analyst, becoming a research analyst takes usually requires 4-6 years. Additionally, an economic analyst has an average salary of $72,501, which is higher than the $70,232 average annual salary of a research analyst.
The top three skills for an economic analyst include SQL, SAS and data analysis. The most important skills for a research analyst are data analysis, data collection, and research projects.
| Economic Analyst | Research Analyst | |
| Yearly salary | $72,501 | $70,232 |
| Hourly rate | $34.86 | $33.77 |
| Growth rate | 9% | 19% |
| Number of jobs | 81,768 | 81,374 |
| Job satisfaction | - | 4.5 |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 70% |
| Average age | 40 | 37 |
| Years of experience | 4 | 6 |
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 research analyst is responsible for providing a company with insights and advice concerning finance, investments, and expenditures. Utilizing their analytical skills and extensive expertise in marketing, they analyze the trends and significant factors to conclude which decision should be the best to make. They can also take part in conducting an in-depth analysis of a business and examine which areas require improvement or has potential. Furthermore, they may work with a company or independently as a freelance analyst.
Economic analysts and research analysts have different pay scales, as shown below.
| Economic Analyst | Research Analyst | |
| Average salary | $72,501 | $70,232 |
| Salary range | Between $49,000 And $107,000 | Between $45,000 And $107,000 |
| Highest paying City | Washington, DC | Seattle, WA |
| Highest paying state | New Jersey | Washington |
| Best paying company | The Citadel | The Citadel |
| Best paying industry | Professional | Finance |
There are a few differences between an economic analyst and a research analyst in terms of educational background:
| Economic Analyst | Research Analyst | |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 70% |
| Most common major | Economics | Business |
| Most common college | University of Pennsylvania | University of Georgia |
Here are the differences between economic analysts' and research analysts' demographics:
| Economic Analyst | Research Analyst | |
| Average age | 40 | 37 |
| Gender ratio | Male, 65.9% Female, 34.1% | Male, 50.8% Female, 49.2% |
| 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, 4.7% Unknown, 4.9% Hispanic or Latino, 11.3% Asian, 14.3% White, 64.7% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 7% | 10% |