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The differences between economic consultants and senior 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 senior business consultant. Additionally, a senior business consultant has an average salary of $105,184, 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 senior business consultant are data analysis, healthcare, and project management.
| Economic Consultant | Senior Business Consultant | |
| Yearly salary | $81,767 | $105,184 |
| Hourly rate | $39.31 | $50.57 |
| Growth rate | 11% | 11% |
| Number of jobs | 75,508 | 144,929 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 69% |
| 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 senior business consultant specializes in performing research and analysis to optimize business processes. Their responsibilities revolve around coordinating with different departments to gather necessary data, devising strategies to reduce cost, assess risks, and identify the strength and weaknesses of operations to recommend solutions. They may also train and mentor junior consultants, produce progress reports and presentations, and assist clients through calls and correspondence. Furthermore, as a consultant, it is essential to adhere to the company's policies and regulations, including its vision and mission.
Economic consultants and senior business consultants have different pay scales, as shown below.
| Economic Consultant | Senior Business Consultant | |
| Average salary | $81,767 | $105,184 |
| Salary range | Between $55,000 And $121,000 | Between $81,000 And $136,000 |
| Highest paying City | Washington, DC | Jersey City, NJ |
| Highest paying state | Massachusetts | New Jersey |
| Best paying company | Bates White, LLC | Anaplan |
| Best paying industry | Professional | Professional |
There are a few differences between an economic consultant and a senior business consultant in terms of educational background:
| Economic Consultant | Senior Business Consultant | |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 69% |
| Most common major | Economics | Business |
| Most common college | Northwestern University | Northwestern University |
Here are the differences between economic consultants' and senior business consultants' demographics:
| Economic Consultant | Senior Business Consultant | |
| Average age | 44 | 44 |
| Gender ratio | Male, 64.1% Female, 35.9% | Male, 69.2% Female, 30.8% |
| 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, 7.4% Unknown, 4.4% Hispanic or Latino, 8.4% Asian, 14.2% White, 65.4% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 12% | 12% |