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The differences between economic research analysts and senior research analysts can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both an economic research analyst and a senior research analyst. Additionally, an economic research analyst has an average salary of $78,261, which is higher than the $75,056 average annual salary of a senior research analyst.
The top three skills for an economic research analyst include data analysis, stata and SAS. The most important skills for a senior research analyst are analytics, data analysis, and data collection.
| Economic Research Analyst | Senior Research Analyst | |
| Yearly salary | $78,261 | $75,056 |
| Hourly rate | $37.63 | $36.08 |
| Growth rate | 19% | 19% |
| Number of jobs | 84,230 | 71,891 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 68% |
| Average age | 37 | 37 |
| Years of experience | 6 | 6 |
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.
The duties of a senior research analyst depend on one's line of work or industry of employment. Typically, their responsibilities revolve around coordinating with different departments to gather necessary data, performing research and analysis to identify consumer and market needs, finding new business opportunities, and devising strategies to optimize workflow and workforce processes. Furthermore, as a senior research analyst, it is essential to lead and encourage the team members and serve as a mentor to junior analysts, all while implementing the company's policies and regulations.
Economic research analysts and senior research analysts have different pay scales, as shown below.
| Economic Research Analyst | Senior Research Analyst | |
| Average salary | $78,261 | $75,056 |
| Salary range | Between $53,000 And $114,000 | Between $57,000 And $98,000 |
| Highest paying City | Washington, DC | Olympia, WA |
| Highest paying state | New Jersey | Washington |
| Best paying company | Ariad Pharmaceuticals | JPMorgan Chase & Co. |
| Best paying industry | Manufacturing | Finance |
There are a few differences between an economic research analyst and a senior research analyst in terms of educational background:
| Economic Research Analyst | Senior Research Analyst | |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 68% |
| Most common major | Economics | Business |
| Most common college | University of Georgia | University of Georgia |
Here are the differences between economic research analysts' and senior research analysts' demographics:
| Economic Research Analyst | Senior Research Analyst | |
| Average age | 37 | 37 |
| Gender ratio | Male, 56.6% Female, 43.4% | Male, 54.1% Female, 45.9% |
| 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, 4.7% Unknown, 4.9% Hispanic or Latino, 11.2% Asian, 14.1% White, 65.0% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 10% | 10% |