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The differences between economic consultants and finance 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 finance consultant. Additionally, an economic consultant has an average salary of $81,767, which is higher than the $77,551 average annual salary of a finance consultant.
The top three skills for an economic consultant include SAS, SQL and data analysis. The most important skills for a finance consultant are customer service, financial services, and financial statements.
| Economic Consultant | Finance Consultant | |
| Yearly salary | $81,767 | $77,551 |
| Hourly rate | $39.31 | $37.28 |
| Growth rate | 11% | 15% |
| Number of jobs | 75,508 | 94,259 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 72% |
| Average age | 44 | 45 |
| 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 finance consultant is responsible for providing financial plans and advice for clients, managing their finances and investment decisions, and helping them achieve their long-term financial goals. Finance consultants carefully evaluate clients' financial situations, help them decide on insurance options, and patiently respond to finance-related inquiries and concerns. They should be able to monitor financial market conditions to decide on the right strategies for the clients' best interests. A finance consultant must have excellent analytical skills, as well as broad knowledge of the financial industry and stock market movements.
Economic consultants and finance consultants have different pay scales, as shown below.
| Economic Consultant | Finance Consultant | |
| Average salary | $81,767 | $77,551 |
| Salary range | Between $55,000 And $121,000 | Between $54,000 And $110,000 |
| Highest paying City | Washington, DC | New York, NY |
| Highest paying state | Massachusetts | New York |
| Best paying company | Bates White, LLC | Apple |
| Best paying industry | Professional | Technology |
There are a few differences between an economic consultant and a finance consultant in terms of educational background:
| Economic Consultant | Finance Consultant | |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 72% |
| Most common major | Economics | Business |
| Most common college | Northwestern University | University of Pennsylvania |
Here are the differences between economic consultants' and finance consultants' demographics:
| Economic Consultant | Finance Consultant | |
| Average age | 44 | 45 |
| Gender ratio | Male, 64.1% Female, 35.9% | Male, 68.5% Female, 31.5% |
| 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, 5.7% Unknown, 4.4% Hispanic or Latino, 9.6% Asian, 8.5% White, 71.8% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 12% | 5% |