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Become An Economic Consultant

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Working As An Economic Consultant

  • Getting Information
  • Communicating with Supervisors, Peers, or Subordinates
  • Establishing and Maintaining Interpersonal Relationships
  • Analyzing Data or Information
  • Organizing, Planning, and Prioritizing Work
  • Deal with People

  • Mostly Sitting

  • $77,225

    Average Salary

What Does An Economic Consultant Do

Management analysts, often called management consultants, propose ways to improve an organization’s efficiency. They advise managers on how to make organizations more profitable through reduced costs and increased revenues.

Duties

Management analysts typically do the following:

  • Gather and organize information about the problem to be solved or the procedure to be improved
  • Interview personnel and conduct onsite observations to determine the methods, equipment, and personnel that will be needed
  • Analyze financial and other data, including revenue, expenditure, and employment reports
  • Develop solutions or alternative practices
  • Recommend new systems, procedures, or organizational changes
  • Make recommendations to management through presentations or written reports
  • Confer with managers to ensure changes are working

Although some management analysts work for the organization that they analyze, most work as consultants on a contractual basis. 

Whether they are self-employed or part of a large consulting company, the work of a management analyst may vary from project to project. Some projects require a team of consultants, each specializing in one area. In other projects, consultants work independently with the client organization’s managers.

Management analysts often specialize in certain areas, such as inventory management or reorganizing corporate structures to eliminate duplicate and nonessential jobs. Some consultants specialize in a specific industry, such as healthcare or telecommunications. In government, management analysts usually specialize by type of agency.

Organizations hire consultants to develop strategies for entering and remaining competitive in today’s marketplace.

Management analysts who work on contract may write proposals and bid for jobs. Typically, an organization that needs the help of a management analyst solicits proposals from a number of consultants and consulting companies that specialize in the needed work. Those who want the work must then submit a proposal by the deadline that explains how the consultant will do the work, who will do the work, why they are the best consultants to do the work, what the schedule will be, and how much it will cost. The organization that needs the consultants then selects the proposal that best meets its needs and budget.

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How To Become An Economic Consultant

Most management analysts have at least a bachelor’s degree. The Certified Management Consultant (CMC) designation may improve job prospects.

Education

A bachelor’s degree is the typical entry-level requirement for management analysts. However, some employers prefer to hire candidates who have a master’s degree in business administration (MBA).

Few colleges and universities offer formal programs in management consulting. However, many fields of study provide a suitable education because of the range of areas that management analysts address. Common fields of study include business, management, economics, political science and government, accounting, finance, marketing, psychology, computer and information science, and English.

Analysts also routinely attend conferences to stay up to date on current developments in their field.

Licenses, Certifications, and Registrations

The Institute of Management Consultants USA (IMC USA) offers the Certified Management Consultant (CMC) designation to those who meet minimum levels of education and experience, submit client reviews, and pass an interview and exam covering the IMC USA’s code of ethics. Management consultants with a CMC designation must be recertified every 3 years. Management analysts are not required to get certification, but it may give jobseekers a competitive advantage.

Work Experience in a Related Occupation

Many analysts enter the occupation with several years of work experience. Organizations that specialize in certain fields typically try to hire candidates who have experience in those areas. Typical work backgrounds include experience in management, human resources, and information technology. 

Advancement

As consultants gain experience, they often take on more responsibility. At the senior level, consultants may supervise teams working on more complex projects and become more involved in seeking out new business. Those with exceptional skills may eventually become partners in their consulting organization and focus on attracting new clients and bringing in revenue. Senior consultants who leave their consulting company often move to senior management positions at nonconsulting organizations.

Important Qualities

Analytical skills. Management analysts must be able to interpret a wide range of information and use their findings to make proposals.

Communication skills. Management analysts must be able to communicate clearly and precisely in both writing and speaking. Successful analysts also need good listening skills to understand the organization’s problems and propose appropriate solutions.

Interpersonal skills. Management analysts must work with managers and other employees of the organizations where they provide consulting services. They should work as a team toward achieving the organization’s goals. 

Problem-solving skills. Management analysts must be able to think creatively to solve clients’ problems. Although some aspects of different clients’ problems may be similar, each situation is likely to present unique challenges for the analyst to solve.

Time-management skills. Management analysts often work under tight deadlines and must use their time efficiently to complete projects on time.

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Economic Consultant Demographics

Gender

Male

60.2%

Female

33.7%

Unknown

6.1%
Ethnicity

White

49.7%

Asian

18.2%

Hispanic or Latino

15.0%

Black or African American

10.0%

Unknown

7.1%
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Foreign Languages Spoken

Spanish

23.0%

French

18.0%

Chinese

9.8%

Mandarin

8.2%

Russian

4.9%

Japanese

4.9%

Hindi

3.3%

Portuguese

3.3%

German

3.3%

Urdu

3.3%

Arabic

3.3%

Swahili

1.6%

Vietnamese

1.6%

Korean

1.6%

Turkish

1.6%

Croatian

1.6%

Nepali

1.6%

Albanian

1.6%

Greek

1.6%

Hausa

1.6%
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Economic Consultant Education

Schools

New York University

9.3%

Arizona State University

7.4%

Johns Hopkins University

7.4%

Yale University

7.4%

University of Connecticut

5.6%

Boston University

5.6%

University of Wisconsin Extension

5.6%

University of Pennsylvania

5.6%

University of Chicago

5.6%

Ohio University -

3.7%

University of Kentucky

3.7%

Harvard University

3.7%

New Mexico State University

3.7%

University of Minnesota - Twin Cities

3.7%

University of Houston

3.7%

University of California - Berkeley

3.7%

University of Southern California

3.7%

George Washington University

3.7%

Northwestern University

3.7%

Duke University

3.7%
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Majors

Economics

31.9%

Finance

14.6%

Business

13.9%

Statistics

4.2%

Agricultural Business

4.2%

Political Science

3.5%

Urban Planning

3.5%

Public Health

2.8%

Mathematics

2.8%

Accounting

2.8%

Legal Research And Advanced Professional Studies

2.1%

International Relations

2.1%

Geology

2.1%

International Business

1.4%

Business Economics

1.4%

Area Studies

1.4%

Computer Science

1.4%

Health Care Administration

1.4%

Human Resources Management

1.4%

Health And Wellness

1.4%
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Degrees

Masters

53.6%

Bachelors

19.3%

Doctorate

13.8%

Other

8.8%

Certificate

3.3%

Associate

0.6%

Diploma

0.6%
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Real Economic Consultant Salaries

Job Title Company Location Start Date Salary
Economic Consultant Criterion Economics LLC Washington, DC Sep 01, 2014 $150,000
Senior Economic Consultant Bates Whites, LLC Washington, DC May 17, 2011 $120,000 -
$145,000
Senior Economic Consultant Bates Whites, LLC Washington, DC Jan 01, 2011 $120,000 -
$145,000
Senior Economic Consultant Bates White, LLC Washington, DC Sep 09, 2012 $110,000 -
$145,000
Economic Consultant Parsons Brinckerhoff, Inc. New York, NY Apr 16, 2015 $109,200
Economic Consultant Valve Corporation Bellevue, WA Mar 01, 2012 $104,350 -
$1,043,500
Economic Consultant, Oil & Gas IPD Latin America, LLC Fort Lauderdale, FL Jan 15, 2016 $103,605
Senior Economic Consultant, Actuarial Bates Whites, LLC Washington, DC Oct 01, 2009 $100,000 -
$120,000
Economic Consultant Parsons Brinckerhoff, Inc. New York, NY Nov 24, 2014 $97,500
Senior Economic Consultant London Economics International LLC Boston, MA Sep 03, 2015 $97,500
Senior Economic Consultant London Economics International LLC Boston, MA Apr 23, 2015 $97,500
Economic Consultant-Competition Economics Robins Kaplan LLP Minneapolis, MN Jan 09, 2016 $97,500
Senior Economic Consultant London Economics International LLC Boston, MA Oct 01, 2009 $95,000 -
$150,000
Economic Consultant Medical Dynamic Systems, Inc. New York, NY May 19, 2010 $94,061
Economic Consultant-Competition Economics Robins, Kaplan, Miller & Ciresi L.L.P. Minneapolis, MN Dec 24, 2014 $92,500
Consultant, Economic Capital DFS Corporate Services LLC Riverwoods, IL Sep 25, 2014 $91,853 -
$111,000
Economic Consultant Greatest Good LLC Chicago, IL Apr 01, 2011 $87,500
Economic Consultant Greatest Good LLC Chicago, IL Sep 10, 2011 $87,500
Healthcare Economics Consultant United Healthcare Services, Inc. Cypress, CA Aug 12, 2015 $85,000 -
$102,700
Risk Economics Consultant I Marsh USA Inc. New York, NY Jan 04, 2016 $85,000 -
$105,000
Economic Consultant R.A. Zweig, Inc. Glenview, IL Jun 24, 2015 $82,555
Healthcare Economics Consultant United Healthcare Services, Inc. Horsham, PA Feb 10, 2016 $76,378 -
$85,000
Economic Consultant Nutrition Formulators, Inc. Miramar, FL Apr 26, 2016 $76,000
Economic Consultant Proinci Investment Miami, FL Oct 14, 2011 $75,046
Economic Consultant Greatest Good LLC Chicago, IL Sep 04, 2011 $75,000
Healthcare Economics Consultant United Healthcare Services, Inc. Cypress, CA Jan 29, 2016 $74,589 -
$102,700
Economic Consultant Edgeworth Economics LLC San Francisco, CA Sep 04, 2015 $70,470

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Top Skills for An Economic Consultant

  1. Financial Statements
  2. Economic Development
  3. Business Strategy
You can check out examples of real life uses of top skills on resumes here:
  • Co-founded consulting and education firm focused on sustainability in agriculture, energy, land use and ultimately, economic development.
  • Focused on business strategy, sustainability in LATAM, and the influence of macro trends on specific investment opportunities.
  • Managed data and performed data analysis using Excel and SAS.
  • Provided sales forecasting and economic analysis concerning the recreational vehicle industry for Winnebago Industries (2000 to 2001).
  • Assisted in developing business specifications for the Medical Cost Forecasting model.

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Top 10 Best States for Economic Consultants

  1. New Jersey
  2. District of Columbia
  3. Virginia
  4. Massachusetts
  5. Connecticut
  6. Washington
  7. New Hampshire
  8. North Carolina
  9. New York
  10. Texas
  • (805 jobs)
  • (338 jobs)
  • (1,006 jobs)
  • (843 jobs)
  • (323 jobs)
  • (485 jobs)
  • (123 jobs)
  • (845 jobs)
  • (1,254 jobs)
  • (1,800 jobs)

Top Economic Consultant Employers

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