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The differences between economic research analysts and analysts can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become an economic research analyst, becoming an analyst takes usually requires 2-4 years. Additionally, an economic research analyst has an average salary of $78,261, which is higher than the $73,007 average annual salary of an analyst.
The top three skills for an economic research analyst include data analysis, stata and SAS. The most important skills for an analyst are customer service, troubleshoot, and data analysis.
| Economic Research Analyst | Analyst | |
| Yearly salary | $78,261 | $73,007 |
| Hourly rate | $37.63 | $35.10 |
| Growth rate | 19% | 11% |
| Number of jobs | 84,230 | 253,138 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 67% |
| Average age | 37 | 44 |
| Years of experience | 6 | 4 |
An economic research analyst uses modeling, qualitative analysis, and quantitative methods to gather and evaluate statistical data and economic data. They forecast patterns/trends and discuss economic phenomena by compiling data, analyzing data, reporting data, and applying statistical techniques and models. Besides formulating plans, policies, and recommendations to resolve economic issues, economic research analysts also work hand-in-hand with economists on matters relating to country strategy papers and policy-based loans. They provide research and background material needed in making effective policies.
Analysts are employees or individual contributors with a vast experience in a particular field that help the organization address challenges. They help the organization improve processes, policies, and other operations protocol by studying the current processes in place and determining the effectiveness of those processes. They also research industry trends and data to make sound inferences and recommendations on what the company should do to improve their numbers. Analysts recommend business solutions and often help the organization roll out these solutions. They ensure that the proposed action plans are effective and produce the desired results.
Economic research analysts and analysts have different pay scales, as shown below.
| Economic Research Analyst | Analyst | |
| Average salary | $78,261 | $73,007 |
| Salary range | Between $53,000 And $114,000 | Between $53,000 And $99,000 |
| Highest paying City | Washington, DC | Jersey City, NJ |
| Highest paying state | New Jersey | New Jersey |
| Best paying company | Ariad Pharmaceuticals | The Citadel |
| Best paying industry | Manufacturing | Technology |
There are a few differences between an economic research analyst and an analyst in terms of educational background:
| Economic Research Analyst | Analyst | |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 67% |
| Most common major | Economics | Business |
| Most common college | University of Georgia | Northwestern University |
Here are the differences between economic research analysts' and analysts' demographics:
| Economic Research Analyst | Analyst | |
| Average age | 37 | 44 |
| Gender ratio | Male, 56.6% Female, 43.4% | Male, 52.4% Female, 47.6% |
| Race ratio | Black or African American, 4.8% Unknown, 4.9% Hispanic or Latino, 11.3% Asian, 14.3% White, 64.5% American Indian and Alaska Native, 0.1% | Black or African American, 7.4% Unknown, 4.4% Hispanic or Latino, 8.5% Asian, 14.3% White, 65.2% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 10% | 12% |