Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between economic consultants and strategy 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 strategy consultant. Additionally, a strategy consultant has an average salary of $115,244, 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 strategy consultant are healthcare, project management, and develop recommendations.
| Economic Consultant | Strategy Consultant | |
| Yearly salary | $81,767 | $115,244 |
| Hourly rate | $39.31 | $55.41 |
| Growth rate | 11% | 11% |
| Number of jobs | 75,508 | 70,241 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 66% |
| 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 strategy consultant specializes in examining and analyzing business processes to identify areas needing improvement, ensuring to provide strategies for optimal performance. A strategy consultant may work as a member of a company or as a freelancer. Typically, their responsibilities revolve around discussing business vision and goals with clients, assessing the workflow and the workforce of a company, observing competitors, identifying risks, and recommending strategies for profitable growth and customer satisfaction. Furthermore, as a strategy consultant, it is essential to adhere to the company's vision and mission throughout the process.
Economic consultants and strategy consultants have different pay scales, as shown below.
| Economic Consultant | Strategy Consultant | |
| Average salary | $81,767 | $115,244 |
| Salary range | Between $55,000 And $121,000 | Between $87,000 And $151,000 |
| Highest paying City | Washington, DC | San Francisco, CA |
| Highest paying state | Massachusetts | Alaska |
| Best paying company | Bates White, LLC | Mayo Clinic |
| Best paying industry | Professional | Finance |
There are a few differences between an economic consultant and a strategy consultant in terms of educational background:
| Economic Consultant | Strategy Consultant | |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 66% |
| Most common major | Economics | Business |
| Most common college | Northwestern University | Northwestern University |
Here are the differences between economic consultants' and strategy consultants' demographics:
| Economic Consultant | Strategy Consultant | |
| Average age | 44 | 44 |
| Gender ratio | Male, 64.1% Female, 35.9% | Male, 63.1% Female, 36.9% |
| 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, 7.5% Unknown, 4.4% Hispanic or Latino, 8.5% Asian, 14.5% White, 64.9% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 12% | 12% |