Careers in Economic Consulting

Introduction

When a company wants to know how a merger might affect prices, or a court needs to calculate damages in a lawsuit, they often hire an economic consultant. This career uses economics to solve real-world problems.

What Economic Consultants Do

Economic consultants analyze data and apply economic theory to answer complex questions. They might study whether two companies merging would hurt competition, estimate how much money a business lost because of a broken contract, or evaluate the impact of a new government policy. Their work is often used in lawsuits, regulatory reviews, and business decisions.

Where They Work

Economic consulting firms like Analysis Group, Cornerstone Research, and Compass Lexecon hire many economics graduates. Consultants often work closely with lawyers and sometimes support expert witnesses, who testify in court. Government agencies and international organizations also hire economists for similar work.

Skills You Need

Strong math and statistics skills are essential, along with experience using tools like Excel, Stata, R, or Python. Consultants must write clearly and explain complex findings in simple terms. Entry-level analysts usually have bachelor's degrees in economics, while senior roles often require a PhD.

Conclusion

Economic consulting is perfect for students who love economics and want to see it applied to real cases. It is a challenging, intellectual career with plenty of impact!