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The differences between economic consultants and management 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 management consultant. Additionally, a management consultant has an average salary of $99,360, 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 management consultant are healthcare, project management, and portfolio.
| Economic Consultant | Management Consultant | |
| Yearly salary | $81,767 | $99,360 |
| Hourly rate | $39.31 | $47.77 |
| Growth rate | 11% | 11% |
| Number of jobs | 75,508 | 153,045 |
| 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 management consultant's responsibility focuses on conducting an in-depth analysis of a company or business, including its target market. Through their findings, they can devise strategies that will help the business grow and attain a significant profit. There are also instances when a management consultant must solve particular issues that will require them to investigate the problem, assess damages, identify risks, and recommend the best solutions to take. Furthermore, a management consultant must adhere to the company's vision, mission, and policies at all times.
Economic consultants and management consultants have different pay scales, as shown below.
| Economic Consultant | Management Consultant | |
| Average salary | $81,767 | $99,360 |
| Salary range | Between $55,000 And $121,000 | Between $72,000 And $136,000 |
| Highest paying City | Washington, DC | Jersey City, NJ |
| Highest paying state | Massachusetts | New Jersey |
| Best paying company | Bates White, LLC | Apple |
| Best paying industry | Professional | Technology |
There are a few differences between an economic consultant and a management consultant in terms of educational background:
| Economic Consultant | Management 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 management consultants' demographics:
| Economic Consultant | Management Consultant | |
| Average age | 44 | 44 |
| Gender ratio | Male, 64.1% Female, 35.9% | Male, 65.9% Female, 34.1% |
| 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, 8.1% Unknown, 4.5% Hispanic or Latino, 8.9% Asian, 13.6% White, 64.8% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 12% | 12% |