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The differences between economic research analysts and economic 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 economic analyst takes usually requires 2-4 years. Additionally, an economic research analyst has an average salary of $78,261, which is higher than the $72,501 average annual salary of an economic analyst.
The top three skills for an economic research analyst include data analysis, stata and SAS. The most important skills for an economic analyst are SQL, SAS, and data analysis.
| Economic Research Analyst | Economic Analyst | |
| Yearly salary | $78,261 | $72,501 |
| Hourly rate | $37.63 | $34.86 |
| Growth rate | 19% | 9% |
| Number of jobs | 84,230 | 81,768 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 71% |
| Average age | 37 | 40 |
| 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.
An economic analyst is in charge of observing and analyzing the economy's state to assist a company in its decision-making endeavors. Their responsibilities revolve around keeping track of different markets, learning the impact of politics and important events to the economy, gathering data from various departments, and creating business plans and forecasts based on the findings. Moreover, in a company setting, an economic analyst may produce progress reports and presentations, mentor younger analysts, and implement the company's policies and regulations.
Economic research analysts and economic analysts have different pay scales, as shown below.
| Economic Research Analyst | Economic Analyst | |
| Average salary | $78,261 | $72,501 |
| Salary range | Between $53,000 And $114,000 | Between $49,000 And $107,000 |
| Highest paying City | Washington, DC | Washington, DC |
| Highest paying state | New Jersey | New Jersey |
| Best paying company | Ariad Pharmaceuticals | The Citadel |
| Best paying industry | Manufacturing | Professional |
There are a few differences between an economic research analyst and an economic analyst in terms of educational background:
| Economic Research Analyst | Economic Analyst | |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 71% |
| Most common major | Economics | Economics |
| Most common college | University of Georgia | University of Pennsylvania |
Here are the differences between economic research analysts' and economic analysts' demographics:
| Economic Research Analyst | Economic Analyst | |
| Average age | 37 | 40 |
| Gender ratio | Male, 56.6% Female, 43.4% | Male, 65.9% Female, 34.1% |
| 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, 5.6% Unknown, 4.5% Hispanic or Latino, 7.7% Asian, 14.1% White, 68.0% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 10% | 7% |