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The differences between economic research analysts and product 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 a product analyst takes usually requires 2-4 years. Additionally, a product analyst has an average salary of $79,316, which is higher than the $78,261 average annual salary of an economic research analyst.
The top three skills for an economic research analyst include data analysis, stata and SAS. The most important skills for a product analyst are tableau, data analysis, and product management.
| Economic Research Analyst | Product Analyst | |
| Yearly salary | $78,261 | $79,316 |
| Hourly rate | $37.63 | $38.13 |
| Growth rate | 19% | 11% |
| Number of jobs | 84,230 | 176,369 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 73% |
| 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.
A product analyst job utilizes data analysis software and notates trends in market research. Primarily, analysts project the costs of product development and marketing. They think of the possibilities for profit and sales and monitor the performance of products on the market to come up with a better product. Their responsibilities include company product evaluation, product understanding, and product rating reviews. Familiarity with Microsoft Office Suite, strong communication skills, and proficiency in database software is necessary for this job.
Economic research analysts and product analysts have different pay scales, as shown below.
| Economic Research Analyst | Product Analyst | |
| Average salary | $78,261 | $79,316 |
| Salary range | Between $53,000 And $114,000 | Between $56,000 And $111,000 |
| Highest paying City | Washington, DC | Seattle, WA |
| Highest paying state | New Jersey | Washington |
| Best paying company | Ariad Pharmaceuticals | Meta |
| Best paying industry | Manufacturing | Technology |
There are a few differences between an economic research analyst and a product analyst in terms of educational background:
| Economic Research Analyst | Product Analyst | |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 73% |
| Most common major | Economics | Business |
| Most common college | University of Georgia | University of Georgia |
Here are the differences between economic research analysts' and product analysts' demographics:
| Economic Research Analyst | Product Analyst | |
| Average age | 37 | 44 |
| Gender ratio | Male, 56.6% Female, 43.4% | Male, 53.2% Female, 46.8% |
| 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, 7.6% Unknown, 4.5% Hispanic or Latino, 8.5% Asian, 14.6% White, 64.6% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 10% | 12% |