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The differences between economic consultants and small 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 small business consultant. Additionally, an economic consultant has an average salary of $81,767, which is higher than the $47,982 average annual salary of a small business consultant.
The top three skills for an economic consultant include SAS, SQL and data analysis. The most important skills for a small business consultant are customer service, business clients, and outbound calls.
| Economic Consultant | Small Business Consultant | |
| Yearly salary | $81,767 | $47,982 |
| Hourly rate | $39.31 | $23.07 |
| Growth rate | 11% | 11% |
| Number of jobs | 75,508 | 116,476 |
| 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 small business consultant specializes in developing and recommending strategies to optimize the daily operations of small businesses. They typically meet with clients to identify their needs and preferences, determine their short and long-term goals, perform market research and analysis to find business or client opportunities, determine the strengths and weaknesses of current processes, and implement solutions against problem areas. They may also conduct risk assessments and help address issues and concerns, resolving them promptly and efficiently. Moreover, a small business consultant must devise a plan to implement the establishment's policies and regulations, suggesting new ones as needed.
Economic consultants and small business consultants have different pay scales, as shown below.
| Economic Consultant | Small Business Consultant | |
| Average salary | $81,767 | $47,982 |
| Salary range | Between $55,000 And $121,000 | Between $34,000 And $66,000 |
| Highest paying City | Washington, DC | - |
| Highest paying state | Massachusetts | - |
| Best paying company | Bates White, LLC | - |
| Best paying industry | Professional | - |
There are a few differences between an economic consultant and a small business consultant in terms of educational background:
| Economic Consultant | Small 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 small business consultants' demographics:
| Economic Consultant | Small Business Consultant | |
| Average age | 44 | 44 |
| Gender ratio | Male, 64.1% Female, 35.9% | Male, 59.0% Female, 41.0% |
| 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, 8.8% Unknown, 4.6% Hispanic or Latino, 9.4% Asian, 9.7% White, 67.4% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 12% | 12% |