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The differences between research analysts and consultants can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become a research analyst, becoming a consultant takes usually requires 2-4 years. Additionally, a consultant has an average salary of $78,912, which is higher than the $70,232 average annual salary of a research analyst.
The top three skills for a research analyst include data analysis, data collection and research projects. The most important skills for a consultant are customer service, strong analytical, and project management.
| Research Analyst | Consultant | |
| Yearly salary | $70,232 | $78,912 |
| Hourly rate | $33.77 | $37.94 |
| Growth rate | 19% | 11% |
| Number of jobs | 81,374 | 171,733 |
| Job satisfaction | 4.5 | 4 |
| Most common degree | Bachelor's Degree, 70% | Bachelor's Degree, 64% |
| Average age | 37 | 44 |
| Years of experience | 6 | 4 |
A research analyst is responsible for providing a company with insights and advice concerning finance, investments, and expenditures. Utilizing their analytical skills and extensive expertise in marketing, they analyze the trends and significant factors to conclude which decision should be the best to make. They can also take part in conducting an in-depth analysis of a business and examine which areas require improvement or has potential. Furthermore, they may work with a company or independently as a freelance analyst.
Consultants are individuals who were tapped by a company or an organization to work on a specific activity, depending on their field of expertise. They act as guides for the organization in undertaking projects that are related to their field. Consultants would usually assist organizations in planning, often giving advice when the need arises. They would, at times, take the lead in activities that involve data gathering and interpretation of data gathering results so that they can provide solid recommendations on actions that the organization may undertake. They may also guide the organization in implementing any changes brought about by their consultancy and in evaluating the effectiveness of the changes.
Research analysts and consultants have different pay scales, as shown below.
| Research Analyst | Consultant | |
| Average salary | $70,232 | $78,912 |
| Salary range | Between $45,000 And $107,000 | Between $58,000 And $107,000 |
| Highest paying City | Seattle, WA | Washington, DC |
| Highest paying state | Washington | New Jersey |
| Best paying company | The Citadel | L.E.K. Consulting |
| Best paying industry | Finance | Technology |
There are a few differences between a research analyst and a consultant in terms of educational background:
| Research Analyst | Consultant | |
| Most common degree | Bachelor's Degree, 70% | Bachelor's Degree, 64% |
| Most common major | Business | Business |
| Most common college | University of Georgia | Northwestern University |
Here are the differences between research analysts' and consultants' demographics:
| Research Analyst | Consultant | |
| Average age | 37 | 44 |
| Gender ratio | Male, 50.8% Female, 49.2% | Male, 58.4% Female, 41.6% |
| Race ratio | Black or African American, 4.7% Unknown, 4.9% Hispanic or Latino, 11.3% Asian, 14.3% White, 64.7% American Indian and Alaska Native, 0.1% | Black or African American, 7.8% Unknown, 4.5% Hispanic or Latino, 8.7% Asian, 13.8% White, 65.0% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 10% | 12% |