Economic analyst vs risk analyst

The differences between economic analysts and risk 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 risk analyst. Additionally, a risk analyst has an average salary of $81,484, 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 a risk analyst are risk management, risk assessments, and powerpoint.

Economic analyst vs risk analyst overview

	Economic Analyst	Risk Analyst
Yearly salary	$72,501	$81,484
Hourly rate	$34.86	$39.17
Growth rate	9%	9%
Number of jobs	81,768	71,284
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 71%	Bachelor's Degree, 71%
Average age	40	40
Years of experience	4	4

What does an economic analyst do?

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.

What does a risk analyst do?

As a risk analyst, you will oversee the identification, assessment, and monitoring of risks that your company has been exposed to. You will evaluate financial documents, potential clients, and economic conditions to determine the level of risk in business decisions. You will be responsible for aggregating data from several sources to develop a comprehensive assessment and create reports, processes, and presentations to better present results. You are also expected to work closely with other team members to analyze and show data effectively.

Economic analyst vs risk analyst salary

Economic analysts and risk analysts have different pay scales, as shown below.

	Economic Analyst	Risk Analyst
Average salary	$72,501	$81,484
Salary range	Between $49,000 And $107,000	Between $59,000 And $112,000
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	Manufacturing

Differences between economic analyst and risk analyst education

There are a few differences between an economic analyst and a risk analyst in terms of educational background:

	Economic Analyst	Risk Analyst
Most common degree	Bachelor's Degree, 71%	Bachelor's Degree, 71%
Most common major	Economics	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Economic analyst vs risk analyst demographics

Here are the differences between economic analysts' and risk analysts' demographics:

	Economic Analyst	Risk Analyst
Average age	40	40
Gender ratio	Male, 65.9% Female, 34.1%	Male, 53.4% Female, 46.6%
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%

Differences between economic analyst and risk analyst duties and responsibilities

Economic analyst example responsibilities.

Learned VBA and create a macro to automate the production process.
Manage project team meetings using SharePoint calendars.
Code and implement SQL and/or SAS code to obtain data for reporting and analysis.
Simulate generator outages and competitive market supply curves via SAS, MATLAB and STATA.
Employ SAS and Stata to calculate Elzinga-Hogarty estimations, Herfindahl and Hedonic price indexes.
Work as an economic consultant on client cases in litigation support, transfer pricing, and other economic issues.

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Risk analyst example responsibilities.

Create programs in Java to automate trade execution and ensure market clear downloads are facilitate by the same.
Manage financial derivative models to ensure accurate calculation, structure and pricing.
Manage investigation and reporting of occurrences to applicable regulatory agencies when indicate and facilitate disclosure to patients and families.
Manage litigation through appropriate selection of counsel, developing strategic action plans a while monitoring an active trial calendar.
Manage treasury workstation steering team for automation of core treasury operations for increase reliability of financial reporting and decision making.
Use SAS and SQL to originate and maintain analytic data marts and automate reporting.

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Economic analyst vs risk analyst skills

Common economic analyst skills

SQL, 16%
SAS, 13%
Data Analysis, 8%
Financial Analysis, 5%
PowerPoint, 5%
Medicaid, 4%

Common risk analyst skills

Risk Management, 19%
Risk Assessments, 6%
PowerPoint, 6%
Portfolio, 5%
Data Analysis, 4%
SAS, 3%

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Updated January 8, 2025

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