What does a principal research economist do?
Principal Research Economists are responsible for developing macroeconomic models to help inform the operational policies of an organization. Their duties include creating macro-econometric models, conduct forecasts and simulations, advising senior management in economic policy-making as well as perform macroeconomic research. Besides that, they prepare development reports, conduct macroeconomic projections, and organize research conferences or seminars. Principal Research Economists also assist in creating capacity development programs for institutional organizations and regional member countries.
Principal research economist responsibilities
Here are examples of responsibilities from real principal research economist resumes:
- Lead the advanced receiver hardware prototyping and evaluate the receiver performance.
- Develop a discrete choice modeling procedure (CMDC) in the SAS cloud computingplatform (SAS Viya).
- Initial testing involve regression modeling to determine external variable sensitivity to default and foreclosure.
- Mitigate unexpected talent loss by developing a logistic regression model design to evaluate attrition risk for newly-hire employees.
- Train and teach new graduate students, summer students immunological and microbiology assays, teach basic concepts of immunology and microbiology.
- Partner with contractors and external stakeholders as expert on financial and economic analyses for complex litigation cases.
Principal research economist skills and personality traits
We calculated that 18% of Principal Research Economists are proficient in C++, Research Projects, and Data Analysis. They’re also known for soft skills such as Analytical skills, Speaking skills, and Writing skills.
We break down the percentage of Principal Research Economists that have these skills listed on their resume here:
- C++, 18%
Developed CORBA applications based on C++ on Linux.
- Research Projects, 16%
Conducted research projects on the effectiveness of financial recovery programs and monitored the status of domestic commercial real estate.
- Data Analysis, 7%
Coordinate transporter studies with CRO's including sample shipment, data analysis, reporting.
- Data Collection, 6%
Apply sound business practices and rules to data collections to ensure informed judgments.
- Project Management, 5%
Apply strategic planning, prioritization, and project management skills toward consistently achieving critical deadlines while maintaining high quality standards.
- Independent Research, 4%
Received a competitive scholarship of $3,500 to conduct an independent research project in the summer of 2012.
Most principal research economists use their skills in "c++," "research projects," and "data analysis" to do their jobs. You can find more detail on essential principal research economist responsibilities here:
Analytical skills. To carry out their duties, the most important skill for a principal research economist to have is analytical skills. Their role and responsibilities require that "economists must be able to review data and observe patterns to draw logical conclusions." Principal research economists often use analytical skills in their day-to-day job, as shown by this real resume: "gained skills in independent experiment design and data collection. "
The three companies that hire the most principal research economists are:
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Compare different principal research economists
Principal research economist vs. Senior research fellow
Senior Research Fellows are reputable researchers employed in an academic institution or a research facility. The nature of their employment in the institution is related to their research work or field of interest. Senior Research Fellows lead a team of researchers on big projects that require more team members. They manage the team's budget, set timelines, and guide the researchers. They spearhead the analysis of the data gathered. They also set the tone for the presentation materials. Senior Research Fellows should be passionate about their field, should have a thirst for knowledge, and should be able to lead teams.
There are some key differences in the responsibilities of each position. For example, principal research economist responsibilities require skills like "emerging technologies," "technical support," "market research," and "matlab." Meanwhile a typical senior research fellow has skills in areas such as "python," "research findings," "visualization," and "technical assistance." This difference in skills reveals the differences in what each career does.
The education levels that senior research fellows earn slightly differ from principal research economists. In particular, senior research fellows are 1.2% less likely to graduate with a Master's Degree than a principal research economist. Additionally, they're 6.4% more likely to earn a Doctoral Degree.Principal research economist vs. Economist
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.
In addition to the difference in salary, there are some other key differences worth noting. For example, principal research economist responsibilities are more likely to require skills like "c++," "emerging technologies," "independent research," and "technical support." Meanwhile, an economist has duties that require skills in areas such as "research findings," "economic analysis," "economic data," and "policy issues." These differences highlight just how different the day-to-day in each role looks.
Economists earn a higher average salary than principal research economists. But economists earn the highest pay in the professional industry, with an average salary of $122,496. Additionally, principal research economists earn the highest salaries in the finance with average pay of $141,812 annually.Average education levels between the two professions vary. Economists tend to reach similar levels of education than principal research economists. In fact, they're 3.9% more likely to graduate with a Master's Degree and 6.4% less likely to earn a Doctoral Degree.What technology do you think will become more important and prevalent for principal research economists in the next 3-5 years?
Erik Johnson Ph.D.
Assistant Professor of Economics, Carthage College
Principal research economist vs. Research associate
A research associate is responsible for assisting the research team, organizing and interpreting findings, and verifying information before presenting the study to the board. Research associates duties also include gathering and comparing data from multiple sources, analyzing the current industry trends, creating draft outlines for reports, collecting individual contacts for interview purposes, and helping with the development of research procedures. A research associate must have excellent time-management skills and ability to multi-task, especially on meeting strict deadlines and conducting studies.
There are many key differences between these two careers, including some of the skills required to perform responsibilities within each role. For example, a principal research economist is likely to be skilled in "emerging technologies," "project management," "independent research," and "prototyping," while a typical research associate is skilled in "patients," "chemistry," "laboratory equipment," and "lab equipment."
Research associates make a very good living in the finance industry with an average annual salary of $84,005. On the other hand, principal research economists are paid the highest salary in the finance industry, with average annual pay of $141,812.research associates typically earn lower educational levels compared to principal research economists. Specifically, they're 6.8% less likely to graduate with a Master's Degree, and 0.4% less likely to earn a Doctoral Degree.Principal research economist vs. Senior research associate
A Senior Research Associate works closely with research team members to implement research ideas. They diagnose, solve system/software problems, and install application software according to research needs.
Updated January 8, 2025
