Economist vs accountant

The differences between economists and accountants can be seen in a few details. Each job has different responsibilities and duties. Additionally, an economist has an average salary of $109,102, which is higher than the $54,890 average annual salary of an accountant.

The top three skills for an economist include economic research, research findings and economic analysis. The most important skills for an accountant are reconciliations, general ledger accounts, and account reconciliations.

Economist vs accountant overview

	Economist	Accountant
Yearly salary	$109,102	$54,890
Hourly rate	$52.45	$26.39
Growth rate	6%	6%
Number of jobs	1,029	60,073
Job satisfaction	-	3
Most common degree	Bachelor's Degree, 58%	Bachelor's Degree, 71%
Average age	45	44
Years of experience	-	4

What does an economist do?

The primary role of economists is to study how society distributes resources, including raw materials, land, and labor, to create goods and services. They perform various tasks, including conducting research, monitoring economic trends, and devising forecasts on a wide range of issues such as inflation, interest rates, and employment. Additionally, they are responsible for preparing reports and presentations and advising individuals, businesses, and governments on economic issues. Economists are also responsible for designing policies or making recommendations for resolving economic problems.

What does an accountant do?

An accountant is an individual whose primary task is to prepare, keep, examine, and interpret financial records. Most accountants are in charge of a wide scope of finance-related tasks, either for private individuals or for large-scale businesses and organizations they are employed with. They make sure that financial statements and records are accurate and comply with laws and regulations. They also compute for taxes, prepare tax returns, and ensure being paid properly and on time. As they keep track and record the flow of money, they can offer guidance on how to reduce costs, enhance revenue, and help in profit maximization.

Economist vs accountant salary

Economists and accountants have different pay scales, as shown below.

	Economist	Accountant
Average salary	$109,102	$54,890
Salary range	Between $73,000 And $162,000	Between $41,000 And $72,000
Highest paying City	Washington, DC	Washington, DC
Highest paying state	Montana	New York
Best paying company	Cornerstone Research	Meta
Best paying industry	Professional	Technology

Differences between economist and accountant education

There are a few differences between an economist and an accountant in terms of educational background:

	Economist	Accountant
Most common degree	Bachelor's Degree, 58%	Bachelor's Degree, 71%
Most common major	Economics	Accounting
Most common college	Harvard University	University of Pennsylvania

Economist vs accountant demographics

Here are the differences between economists' and accountants' demographics:

	Economist	Accountant
Average age	45	44
Gender ratio	Male, 59.2% Female, 40.8%	Male, 38.2% Female, 61.8%
Race ratio	Black or African American, 6.4% Unknown, 5.7% Hispanic or Latino, 12.1% Asian, 13.1% White, 62.4% American Indian and Alaska Native, 0.2%	Black or African American, 8.6% Unknown, 4.0% Hispanic or Latino, 10.9% Asian, 15.0% White, 61.1% American Indian and Alaska Native, 0.5%
LGBT Percentage	8%	7%

Differences between economist and accountant duties and responsibilities

Economist example responsibilities.

Manage, utilize, and archive database for commodities in assign areas.
Lead the advanced receiver hardware prototyping and evaluate the receiver performance.
Formulate USDA policy positions and apprise decision makers on their implications.
Provide economic and financial analysis, particularly on treasury functions and natural resource taxation.
Ensure compliance with HIPAA and FDA.
Support FDA filing for azimilide.

Accountant example responsibilities.

Manage preparation of the statutory financial statements and financial aggregates in compliance with IFRS and local applicable norms.
Manage personnel financial matters including salaries, taxation procedures and other relate issues.
Manage and monitor accounting procedures for compliance with Sarbanes-Oxley and coordinate and facilitate external audit requirements.
Reconstruct and improve many balance sheet account reconciliations for easier reading and interpretation by senior level management.
Perform complex general accounting functions, including preparation of journal entries, account analysis and balance sheet reconciliations.
Maintain general ledgers and preparation of monthly and other periodic financial reports in accordance with GAAP and international accounting standards.

Economist vs accountant skills

Common economist skills

Economic Research, 9%
Research Findings, 7%
Economic Analysis, 6%
Research Projects, 4%
Econometrics, 4%
Project Management, 4%

Common accountant skills

Reconciliations, 14%
General Ledger Accounts, 6%
Account Reconciliations, 6%
GAAP, 5%
Payroll Tax Returns, 5%
Customer Service, 5%

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Economist vs Accountant

Updated January 8, 2025

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