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Job outlook for economic consultants in the United States
Are economic consultant jobs in demand?
Economic consultant job and salary trends over time
Economic consultant jobs over time
Economic consultant job growth rate over time
| Year | # of jobs | % of population |
|---|---|---|
| 2021 | 302 | 0.00% |
| 2020 | 289 | 0.00% |
| 2019 | 279 | 0.00% |
| 2018 | 269 | 0.00% |
| 2017 | 259 | 0.00% |
Average economic consultant salary over time
Economic consultant salary by year
| Year | Avg. salary | Hourly rate | % Change |
|---|---|---|---|
| 2026 | $81,767 | $39.31 | +2.8% |
| 2025 | $79,528 | $38.23 | +2.0% |
| 2024 | $77,989 | $37.49 | +1.4% |
| 2023 | $76,907 | $36.97 | +1.4% |
| 2022 | $75,862 | $36.47 | +0.0% |
Economic consultant jobs by state
Most common states for economic consultants
| Rank | State | Population | # of jobs | Employment/ 1000ppl |
|---|---|---|---|---|
| 1 | District of Columbia | 693,972 | 448 | 65% |
| 2 | Rhode Island | 1,059,639 | 251 | 24% |
| 3 | Vermont | 623,657 | 133 | 21% |
| 4 | South Dakota | 869,666 | 172 | 20% |
| 5 | New Hampshire | 1,342,795 | 223 | 17% |
| 6 | Massachusetts | 6,859,819 | 1,118 | 16% |
| 7 | Oregon | 4,142,776 | 572 | 14% |
| 8 | Utah | 3,101,833 | 445 | 14% |
| 9 | Montana | 1,050,493 | 142 | 14% |
| 10 | Virginia | 8,470,020 | 1,067 | 13% |
| 11 | Minnesota | 5,576,606 | 737 | 13% |
| 12 | Illinois | 12,802,023 | 1,495 | 12% |
| 13 | New Jersey | 9,005,644 | 1,084 | 12% |
| 14 | Alabama | 4,874,747 | 564 | 12% |
| 15 | Delaware | 961,939 | 119 | 12% |
| 16 | Wyoming | 579,315 | 69 | 12% |
| 17 | Pennsylvania | 12,805,537 | 1,359 | 11% |
| 18 | Oklahoma | 3,930,864 | 448 | 11% |
| 19 | Connecticut | 3,588,184 | 383 | 11% |
| 20 | North Dakota | 755,393 | 85 | 11% |
Most common cities for economic consultants
| Rank | City | # of jobs | Employment/ 1000ppl | Avg. salary |
|---|---|---|---|---|
| 1 | Frankfort | 1 | 4% | $74,853 |
| 2 | Annapolis | 1 | 3% | $97,326 |
| 3 | Dover | 1 | 3% | $93,443 |
| 4 | Juneau | 1 | 3% | $85,935 |
| 5 | Tallahassee | 2 | 1% | $66,724 |
| 6 | Hartford | 1 | 1% | $90,587 |
| 7 | Austin | 2 | 0% | $96,982 |
| 8 | Boston | 2 | 0% | $119,087 |
| 9 | Los Angeles | 2 | 0% | $84,718 |
| 10 | New York | 2 | 0% | $116,450 |
| 11 | Atlanta | 1 | 0% | $77,567 |
| 12 | Baton Rouge | 1 | 0% | $75,317 |
| 13 | Denver | 1 | 0% | $76,786 |
| 14 | Des Moines | 1 | 0% | $77,386 |
| 15 | Detroit | 1 | 0% | $84,264 |
| 16 | Indianapolis | 1 | 0% | $71,985 |
| 17 | Irvine | 1 | 0% | $83,438 |
Economic Consultant job outlook: Expert opinions
Our panel of economic consultant experts
University of Northern Iowa
Christopher Newport University
Manhattan College
Davidson College
Michigan State University
Rutgers, The State University of New Jersey
University of Nebraska - Omaha
University of Oregon
American University
Pacific Lutheran University
Florida State University
University of Nevada, Reno
Augsburg University
Western Kentucky University
Kent State University
Kent State University
University of Texas at El Paso
University of Central Missouri
University of Michigan
What general advice would you give to an Economic Consultant?
Zhengyang Chen He / him: To maximize your salary potential when starting your career in economics, consider two key strategies. First, aim to begin your career with a prestigious institution. If you're interested in macroeconomics, for instance, target organizations like the World Bank, International Monetary Fund, or Federal Reserve. These institutions not only offer competitive salaries but also provide invaluable experience and networking opportunities that can significantly boost your long-term earning potential. Second, consider pursuing advanced education, particularly a Ph.D. in economics or finance. While this requires a significant investment of time and effort, it can substantially increase your salary prospects, especially in research-oriented roles or high-level positions in financial institutions and consulting firms. A doctoral degree also opens doors to academic careers, which can be both intellectually rewarding and financially lucrative in the long run.
What Economic Consultant skills would you recommend for someone trying to advance their career?
Zhengyang Chen He / him: As a new graduate in economics, it's important to recognize the versatility of your degree. While you may not find many job postings explicitly requiring 'economics' as a skill, the discipline provides a robust foundation for various careers in the business world. Don't be discouraged if some people perceive economics as impractical; instead, focus on the valuable skills you've developed. Your training in critical thinking, economic modeling, and conceptual analysis equips you with a unique perspective that can be applied to diverse professional contexts. Use these skills to rapidly adapt to new work environments, acquire additional competencies, and navigate complex business situations. Your economics background gives you a distinct advantage in understanding market dynamics and decision-making processes, which are valuable in numerous industries.
What will help Economic Consultants increase their earning potential?
Zhengyang Chen He / him: In the past three decades and foreseeable future, data analytics skills are likely to become increasingly crucial in the economics field. This trend necessitates a strong foundation in statistics, probability theory, coding, and data visualization. The synergy between economics and data analytics is becoming more pronounced; economic theory provides the framework to interpret data meaningfully, while data analytics offers new avenues to test and refine economic models. Proficiency in programming languages like Python or R, familiarity with machine learning techniques, and the ability to communicate insights through effective data visualization will be highly sought after. These skills will not only make you more competitive in the job market but also enable you to contribute more substantially to economic research and policy analysis.
What general advice would you give to an Economic Consultant?
Travis Taylor Ph.D.: For economics graduates starting their careers, adaptability and a diverse skill set are critical. Economics majors are equipped with in-demand analytical skills that extend far beyond traditional economist roles. Employers in various fields such as banking, sports analytics, budget analysis, and pricing strategy highly value the critical thinking and quantitative analysis skills that they bring. It's important to recognize and communicate how these skills apply across different roles, whether it's analyzing market trends for a sports franchise or managing financial portfolios. Engage in continuous learning to keep your knowledge and skills current (particularly in the era of AI), and expand your professional network through internships, conferences, and alumni events. This proactive approach will help you navigate your career path effectively, even in sectors that may not explicitly advertise for economists.
What Economic Consultant skills would you recommend for someone trying to advance their career?
Travis Taylor Ph.D.: The integration of technology and economics will deepen, making skills in data science and artificial intelligence increasingly vital for economists. Proficiency in programming languages such as Python, STATA, or R, along with a strong grasp of machine learning applications, will enhance marketability. These technical skills, coupled with the ability to effectively communicate complex data insights, will be useful. Soft skills such as project management and collaborative problem-solving will also be essential as economic projects often involve interdisciplinary teams. For those interested in non-profit administration, understanding public policy, fundraising, and program evaluation will be valuable, as these roles require both economic acumen and the ability to secure and manage resources efficiently.
What will help Economic Consultants increase their earning potential?
Travis Taylor Ph.D.: To maximize your salary potential, consider developing expertise in specialized, high-demand areas such as quantitative modeling, financial technology, or public policy analysis. Certifications in data analysis, economic modeling, or compliance can also make you more attractive to employers. Look for opportunities in sectors that traditionally pay well for economic expertise, including technology, finance, consulting, and select government positions. One can also consider roles in growth areas like international commerce and non-profit administration where skills in economic analysis and budget management are in-demand. Effective salary negotiations start with being well-informed about industry standards and articulating your unique value derived from education/training, internships, and project experiences.
What general advice would you give to an Economic Consultant?
Dr. Natalia Boliari PhD: First, learn everything about the company you just started working for - its historical path, management, the way it's dealt with crises, etc. Second, learn everything about the specific industry the company belongs to and see how the company has developed relative to the development of the industry domestically and internationally. Third, always be extremely alert to notice new opportunities and be prepared to take calculated risks. That is, actively look for opportunities to complete as many and diverse tasks as possible, and volunteer to complete any type of work regardless of whether it seems relevant to your assigned job or not. Opportunities to learn, grow, and improve and thus to maximize your income, will only come up if you are exposed to diverse situations.
What Economic Consultant skills would you recommend for someone trying to advance their career?
Dr. Natalia Boliari PhD: Be open minded. Finance is the broad definition of an industry which provides opportunities for careers in financial consultancy, financial analysis, stock brokerage, foreign investment, modeling, exchange rate forecasts, and many more. While most of those careers are attributed to the banking industry, you can find those and others in other sectors of the economy, such as insurance, technology, health care/medical, government, and so on. So, be open and look beyond the banking sector, examine the current and predicted trends in the economy to hunt for exciting career options.
Katie Horowitz
Associate Professor of Gender & Sexuality StudiesDavidson College
Ethnic, Cultural Minority, Gender, And Group Studies
What general advice would you give to an Economic Consultant?
Katie Horowitz: With the rise of artificial intelligence, soft skills like interpersonal communication, conflict management, and critical thinking will become more important than ever before. These are assets that can’t be outsourced to AI, and they are fundamental to the work that Gender & Sexuality Studies majors do in college.
What general advice would you give to an Economic Consultant?
Scott Imberman: Having good technical skills is more and more important. Being able to do advanced statistics, computer programming, and mathematical modeling is important for new economists. Familiarity with statistical and computing software like R, Julia, Python are all increasingly important for today's economics graduates.
What Economic Consultant skills would you recommend for someone trying to advance their career?
Scott Imberman: Think broadly about what jobs you can do. An economics degree is highly versatile and fits in many situations where it may not even be obvious. Yes, many people go into finance and business. But an econ degree provides students with the skills and ways of thinking to succeed in fields like public policy, health care management, teaching, and many others.
What will help Economic Consultants increase their earning potential?
Scott Imberman: Try to do as much math and statistics as you can when in school. An economics degree on it's own is highly valued but an economics degree with an advanced background in statistics, math, machine learning, and computer programming is a huge boon on the job market.
What general advice would you give to an Economic Consultant?
Gal Hochman: To pursue a career as an agricultural economist, it is essential to have a deep interest in and aptitude for making analytical decisions. This involves gaining a comprehensive understanding of economic theory, advanced mathematical concepts, proficiency in utilizing computer software, and mastering modern decision-making tools in finance, marketing, and management. Additionally, keeping up with the latest developments and trends in the agricultural sector is crucial for success in this field. In the coming years, statistical work will become increasingly important, with a greater emphasis on data-driven outcomes. Key topics that will guide the profession include climate change and its effects, food security and malnutrition, and rural development.
What Economic Consultant skills would you recommend for someone trying to advance their career?
Gal Hochman: An applied economist has many career opportunities, including positions related to food, natural resources, environmental management, and plant and animal industries. Graduates should seek entry-level positions in their areas of interest, gain hands-on experience, and learn from their peers and other professionals (from outside the field of economics). By understanding the challenges and successful strategies (of non-economists), they can apply this knowledge to their specific area of focus.
What will help Economic Consultants increase their earning potential?
Gal Hochman: Always display genuine interest in the subject matter, maintain a friendly and collaborative attitude with your peers, and consistently work towards self-improvement. It's important to never settle for the current state of things, but instead, continuously seek ways to progress and surpass existing standards.
Ben Smith Ph.D.
Department Chair and Associate ProfessorUniversity of Nebraska - Omaha
Business/Managerial Economics
What Economic Consultant skills would you recommend for someone trying to advance their career?
Ben Smith Ph.D.: Economics is the highest paid business field and one of the highest paid fields in general. Our knowledge of both domain business knowledge and statistical tools allows us to answer useful questions for organizations. Thus, our graduates are in high demand. Moreover, because economics is a set of skills more than set of facts, economists can move from industry to industry relatively easily. These skills can be applied in a winery or a baseball team just as much as they can be applied to a non-profit.
What will help Economic Consultants increase their earning potential?
Ben Smith Ph.D.: Econ majors can answer interesting questions and find truth about the world through the scientific method. We are the ‘prove it’ discipline where opinions don’t matter. Instead, we are evidence driven. Some do not like our field due to the difficulty of the math. Our field is very quantitative both in economic theory and statistical techniques.
Z. Jay Wang
Department Head, Associate Professor of FinanceUniversity of Oregon
Finance And Financial Management Services
What will help Economic Consultants increase their earning potential?
Z. Jay Wang: Students who have a history of doing work in the field outside the classroom either through internships, industry projects, or school-sponsored clubs managing financial decisions are better poised to maximize starting salary potential. Starting early to secure internships with top companies will also position students well for higher earning potential. Most top banks and firms will post internships from April/May to August, and close by the end of September for the following summer. They are also rolling, so may fill the roles by as early as June of the sophomore year for the following summer after junior year. Finally, networking with industry and alumni professionals in the companies, firms, banks prior to applying for an internship or full-time position will have an impact. The candidate will learn more about the opportunity and company culture for their resume and potential interview, and most top companies in finance will have a referral program. If the candidate impresses the internal connection with excellent questions and strategic answers, they may get a referral that moves them up in the stacks of applicants.
Octavian Ionici PhD
Sr. Lecturer in FinanceAmerican University
Finance And Financial Management Services
What Economic Consultant skills would you recommend for someone trying to advance their career?
Octavian Ionici PhD: The finance profession is lucrative, rewarding and very competitive. Graduates should do their research about the organization they are interviewing with and be able to discuss how their skills can contribute to the business. They should also know if they would rather interact with people and clients or if they are drawn to intellectual pursuits such as analysis. Do they value power, prestige status, risk, or something else? Ultimately our core values, personal goals, interests, aptitudes, and personality will shape our career paths.
Being able to articulate what sparked their interest in the financial field and why they are interested in a chosen role will be an advantage during the hiring process. While still in college, students should join a professional association like the Financial Management Association to give them more access to that broad network, as well as access to career development resources that can set them apart from the crowd.
It's also critical to get an internship (paid or unpaid) in order to show some real-life experience. They can do this while they are still in college, during the summers, or even afterwards, to get a foot in the door.
Reading the WSJ and FT daily, and listening to Bloomberg, or other financial programs as a regular practice will help them to have fluency in the language of our profession. Because the finance sector is heavily regulated and changes occur due to changing economic and political conditions, they will need to stay updated with those changes. Financial media sources will help bring them that context to stay up to date on all of these moving parts.
What will help Economic Consultants increase their earning potential?
Dr. Kimberly Gaither: Maximize your salary potential by asking questions and learning as quickly as possible. Be a good communicator with those above and below you as well as your peers. Be dependable. Persons who show up early and work hard will be valued and rewarded.
Fang Lin
Assistant Professor of FinancePacific Lutheran University
Finance And Financial Management Services
What Economic Consultant skills would you recommend for someone trying to advance their career?
Fang Lin: Don't be afraid to negotiate your starting salary. Young journalists have a lot to offer newsrooms through social media skills and a willingness to adapt to new technologies such as artificial intelligence. Technology skills have value and should not be undersold. Also, young journalism students should not discount the value of their student media and internship experiences. Young journalists must use everything on their resumes to show how they bring value to their position and ask to be compensated fairly for the work they will contribute to the newsroom's success.
C. Darren Brooks Ph.D.
Assistant Department Chair and Executive Director, Center for Human Resource ManagementFlorida State University
Department of Management and the Center for Human Resource Management
What soft skills should all Economic Consultants possess?
C. Darren Brooks Ph.D.: While advancements in technology, artificial intelligence (AI), and data analytics occupy center stage in many areas of management practice, soft skills continue to be seen as equally or even more important skills for success in the field of management. Soft skills are typically described as personal attributes, qualities, and characteristics that enable us to interact more effectively with others. In most fields of management, our ability to communicate, work with, and interact with other people constitutes a significant portion of the work we do. Consequently, employers are focused on identifying candidates who possess strong skills are areas of communication (verbal, written, and non-verbal), leadership and followership, collaboration, an ability to work in teams, intellectual curiosity, adaptability, conflict management, problem-solving, creativity.
Jim McClenahan
Director of Career and Corporate OutreachUniversity of Nevada, Reno
College of Business
What skills stand out on Economic Consultant resumes?
Jim McClenahan: Most importantly, skills that are customized for the job you are applying. Someone could work in a restaurant and have great customer management skills that would work well in a bank. The key is identifying "transferrable skills"-how what you did is relevant for the job you are applying. The applicant has to articulate that-don't expect the committee, screener, or HR Recruiter to make the connections. For business majors, the skills that differentiate applicants are technical skills when they are relevant to the job. Data analysis, coding, SQL are often looked for by employers that have a tech focus as preferred skills.
What skills stand out on Economic Consultant resumes?
Keith Gilsdorg Ph.D.: An essential skill is the ability to understand and apply mathematical and statistical concepts. Students majoring in economics should strongly consider combining that major with either a minor or a major in mathematics. If graduate school may be in the future, a major in mathematics is essential. Economics students who can demonstrate the ability to do statistical modeling and work with empirical data have an advantage over those who do not have that experience. As a result, students should seek out research opportunities with faculty at their school and through internships. I cannot emphasize this enough. Those research and work experiences provide tangible evidence of one's ability to apply quantitative tools used in the profession.
Moreover, students should present their research findings and projects publicly, such as at an undergraduate research conference or at venues at their school. Making those presentations provides valuable experience in developing effective written and oral communication skills. It also reflects initiative and motivation.
What soft skills should all Economic Consultants possess?
Keith Gilsdorg Ph.D.: Decision-makers have limited time, and it is valuable. In my professional experience, the ability to clearly and concisely communicate complex ideas that respect the time and expertise of your audience is critical. If not, your argument or position may not be accepted or receive proper consideration. One of the most challenging tasks for an analyst is to avoid jargon and language a non-economist will not understand. This advice applies to both written and oral communication. Again, presenting at an undergraduate research conference or symposium provides some experience in this regard. As a side note, taking a course in public speaking may be an excellent way to help develop these skills.
Another key skill involves working with others as a team and under time constraints, especially if you are employed in the private or public policy sector. The pandemic has created even more challenges in this regard as more people work remotely. Internships and joint faculty/student research experiences help build and showcase those skills.
What hard/technical skills are most important for Economic Consultants?
Keith Gilsdorg Ph.D.: Understanding and applying mathematical and statistical concepts is key here. Economics majors should take calculus and, honestly, as many statistics and research-oriented methods classes that they can. These skills are becoming even more valuable as technologies evolve to collect and analyze greater amounts of increasingly detailed data. In addition, the economics literature is highly mathematical, and economics majors will need that math background to read papers and articles relevant to their work.
What skills will help Economic Consultants earn the most?
Keith Gilsdorg Ph.D.: Both hard and soft skills are essential to promotion and salary. Applied mathematical skills combined with effective communication skills are paramount. Moreover, individuals who demonstrate initiative, creativity, and dependability will have an advantage. Finally, networking with faculty and industry professionals can help you find the career and job that meets what you feel called to do.
What skills stand out on Economic Consultant resumes?
Dr. Alex Lebedinsky: Knowledge of economics is expected. We are good at applying economic thinking, our careful way of considering the costs and benefits of actions, and thinking through unintended consequences of actions/policies. What really makes someone stand out as an economic analyst is combining the understanding of economics with the ability to use data to answer questions. That means training in statistics and econometrics as well as general data skills. Good training in econometrics also helps understand the limits of what the data can tell us and what questions may not even be answerable, regardless of how much data you have - and that is a useful skill.
What soft skills should all Economic Consultants possess?
Dr. Alex Lebedinsky: Ability to convey complex ideas to general audiences. Ability to boil down complicated questions into a few simple statements. Ability to write well. Presentation skills.
What hard/technical skills are most important for Economic Consultants?
Dr. Alex Lebedinsky: Econometrics, data skills (importing data into whatever software you will use for analysis, combining multiple datasets, clean data). Software: R, Stata, SAS (less popular but still widely used). Python is good too. Basic SQL could be helpful. Excel still rules in many places, so you should know that well too.
What skills will help Economic Consultants earn the most?
Dr. Alex Lebedinsky: I like to tell my students that the basic skills (Excel+Data skills) will help them get their foot in the door, and their knowledge of econ will help them grow. Knowing economics helps them answer big questions. And since working with the data at the entry-level typically involves presenting results to superiors, they will have multiple chances to show how their economic intuition helps explain what's in the data and how to use data well for making decisions.
What general advice would you give to an Economic Consultant?
Michael Ellis Ph.D.: Since economics provides skills that are valued by employers in business and in the area of public policy, I think graduates should decide which path fits their goals, as each path will influence the coursework they should take. Once they have graduated with a set of skills that are relevant to the path they want to take, they should be flexible in taking their initial job to gain work experience in their field.
What Economic Consultant skills would you recommend for someone trying to advance their career?
Michael Ellis Ph.D.: Skills related to the analysis of data. This includes skill in acquiring data, cleaning the data, converting it to a format that can then be analyzed. In analyzing data, knowledge of econometrics and also economic theory to aid in interpreting the data. An additional skill that is sometimes overlooked is being able to clearly communicate the results and interpretation of the data analysis.
What will help Economic Consultants increase their earning potential?
Michael Ellis Ph.D.: Work experience and having the relevant skills are the two factors that will be important in maximizing salary potential. Work experience can be gained through internships and in the initial job after graduation. One may have to take a relatively low salary initially to obtain the experience that allows advancement to jobs with greater salary potential.
What certifications/licenses/courses can have the biggest impact for Economic Consultants?
Michael Ellis Ph.D.: Data analytics courses develop highly desired skills in the job market and would have the biggest positive impact on economics majors job prospects. A data analytics minor or certification combined with an economics major would be an excellent combination. If a data analytics minor or certificate is not available, students could take courses in econometrics, computer programing, coding and, in order to interpret data, economic theory.
Will there be an enduring impact of the coronavirus pandemic on Economic Consultants?
Tom Fullerton: Unfortunately, whenever there is a weak labor market, it can hinder career trajectories for at least some subsets of any graduating class. While that is worrisome, the federal stimulus programs of 2020 have prevented labor market conditions from disintegrating too badly. Many graduates this year will have to creative and versatile as they embark on their professional career paths.
What's a day at work look like for an Economic Consultant?
Tom Fullerton: Work days may differ substantially every week of the year. Some days may involve working in largely empty office suites as human resource departments try to ensure that social distancing minimizes infection rates. Many days will involve working from home using laptop computers, tablets, and other electronic devices. Zoom and Skype meetings will remain part of the landscape.
What will help Economic Consultants increase their earning potential?
Tom Fullerton: Information technology and software skills will remain in demand. Quantitative skills will help as companies attempt to harness large-scale data flows, many of which not organized in logical manners.
What are the biggest trends we'll see in the Economic Consultant job market given the pandemic?
Dr. Dan Jensen: There will be a combination of opportunities and losses across the next 3-5 years because of the COVID-19 pandemic. Many industries will find it difficult to recover such as hospitality (hotels, restaurants, etc.), entertainment (movie theatres, night clubs, casinos, etc.), manufacturing, and educational services. But many industries and career pathways are opening up because of the use of online technologies. Positions that include remote work that leverage technology will remain and probably increase across time. Supply chain, project management, eCommerce, computer science, data science ("big data"), digital content, and artificial intelligence specialists will continue to increasingly be in demand. The healthcare industry has been in flux because of increasing costs but will emerge on the other side of the pandemic with opportunities for nurses, healthcare support staff, and related technologies (e.g., the "electronic healthcare record"). Irrespective of the pandemic, careers in sales or customer relationship management (CRM) will continue to be a popular launching point for recent college graduates.
The recruitment/hiring process is likely to become much longer than in the past and will rely on virtual interviews instead of face-to-face. With a high unemployment rate, it will be more difficult for younger, less experienced candidates to get hired. This is not great news for recent college graduates, but all is not lost.
Networking has always been the number one way that people find work opportunities. The skill is more important than ever. My recommended approach is to: identify a list of companies where you would like to work; research job postings within the company (and apply!) while simultaneously identifying contacts at the company (LinkedIn is a great tool to do this); then reaching out to contacts by using your existing network for an introduction (identify someone you know is already connected to the person you want to meet and ask them to forward a letter of introduction on your behalf). This leads to an "informational interview" (not a job interview); a chance to speak with someone about the company and its culture.
Will there be an enduring impact of the coronavirus pandemic on Economic Consultants?
David Miller: While there may be broadly low demand in the labor market at the moment, the economy is likely to rebound as the proportion of the population that is vaccinated against COVID rises. So graduates who stay flexible may be able to take advantage of a strong labor market later in the year. That said, I anticipate a weak labor market in spring 2021. That will probably exacerbate inequality within this cohort of graduates.
What technical skills for an Economic Consultant stand out to employers?
David Miller: Economics graduates are in high demand because they have shown that they can think logically and systematically to solve well-specified problems. They have learned to watch out for unintended consequences and feedback effects. They have demonstrated facility with mathematical models, and have learned how to analyze and interpret data. They can apply these skills to new problems that they will face in the workplace, even outside the field of economics. Students majoring in economics might want to seek out some classes that emphasize writing skills and creative thinking—these skills are rarely developed in core economics classes, but are highly valued by employers.
What's a day at work look like for an Economic Consultant?
David Miller: Remote work has turned out to be more productive than many employers realized pre-pandemic. This may make it easier for employers headquartered in cities with high living costs to hire employees who live further away, if they can work remotely at least part time. For instance, people who work for New York firms may be able to work from home in the outer Philadelphia suburbs, and commute to New York once or twice a week for in-person meetings. A Silicon Valley firm may be able to open up offices in Detroit or Memphis, with teams of workers who coordinate with their Silicon Valley colleagues remotely most of the time, and fly in for occasional meetings and conferences.