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The differences between economic consultants and business consultants 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 consultant and a business consultant. Additionally, a business consultant has an average salary of $87,214, which is higher than the $81,767 average annual salary of an economic consultant.
The top three skills for an economic consultant include SAS, SQL and data analysis. The most important skills for a business consultant are data analysis, project management, and strong analytical.
| Economic Consultant | Business Consultant | |
| Yearly salary | $81,767 | $87,214 |
| Hourly rate | $39.31 | $41.93 |
| Growth rate | 11% | 11% |
| Number of jobs | 75,508 | 128,033 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 67% |
| Average age | 44 | 44 |
| Years of experience | 4 | 4 |
An economic consultant is responsible for analyzing data statistics and market conditions that affect the performance of the production and manufacturing processes of an organization. Economic consultants develop business plans to address economic difficulties based on the research and data methodologies. They write reports for the management's reference and discuss sales forecasts, as well as the availability of resources depending on the market changes. An economic consultant should have excellent communication and analytical skills, especially in helping the organization identify opportunities in the long run that would generate more revenues and profits.
A business consultant is an individual who works directly with business owners on developing a business plan and identifying their marketing needs. Business consultants offer business owners a wide range of services, such as supplementing existing staff, provide expertise in a specific market, and influencing other people. To increase revenue in business, business consultants should have experience success with the previous business owners. Business consultants must also have a bachelor's degree in business management and received years of field training.
Economic consultants and business consultants have different pay scales, as shown below.
| Economic Consultant | Business Consultant | |
| Average salary | $81,767 | $87,214 |
| Salary range | Between $55,000 And $121,000 | Between $64,000 And $117,000 |
| Highest paying City | Washington, DC | San Francisco, CA |
| Highest paying state | Massachusetts | Alaska |
| Best paying company | Bates White, LLC | ZS |
| Best paying industry | Professional | Technology |
There are a few differences between an economic consultant and a business consultant in terms of educational background:
| Economic Consultant | Business Consultant | |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 67% |
| Most common major | Economics | Business |
| Most common college | Northwestern University | Northwestern University |
Here are the differences between economic consultants' and business consultants' demographics:
| Economic Consultant | Business Consultant | |
| Average age | 44 | 44 |
| Gender ratio | Male, 64.1% Female, 35.9% | Male, 62.8% Female, 37.2% |
| Race ratio | Black or African American, 7.4% Unknown, 4.4% Hispanic or Latino, 8.4% Asian, 14.3% White, 65.2% American Indian and Alaska Native, 0.2% | Black or African American, 8.0% Unknown, 4.5% Hispanic or Latino, 8.9% Asian, 13.4% White, 65.1% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 12% | 12% |