economic consulting salary reddit

I'm kind of turned off by some aspects of consulting - I'm more interested in this for the economics than the consulting, and if you'd asked me a few years ago, I never would have considered a consulting job. See my response to Daforce1 in this thread. It ultimately depends on the company, but most of the work in this industry deals with litigation, so you're working with lawyers to prep an expert (your case 'boss', so to speak). It's possible that I may need to take a slight pay cut, and I'd likely be moving somewhere with a greater cost of living (e.g. Any other good career paths out there that I should consider that are closely related to economic analysis? Do your best to accomplish a lot of things during the internship. there is a demand for actuarial skills since the world is becoming more and more risky. Not sure if there's any interest, but if anybody wants to know more about this field, I'm here to answer questions. What's the regular career trajectory like? Sort by. For example, Analysis Group in Los Angeles does a lot of finance. Those who work in economic consulting for a few years go onto top MBA, JD, or Ph.D. programs. A few questions from a junior very interested in this industry: Do you feel that you're building a "business skill set?" I'm not sure if I'm qualified to answer that, unless you mean any practice area of economic consulting. As far as skills, practice your soft skills as much as your technical skills. What advice would you have for an aspiring economic consultant? I'd like to pass on the favor. At the same time, learn to say no. What type of information networks are available for consultants of this type? Does anyone know much about this field? Salaries posted anonymously by NERA Economic Consulting employees in New York City. If they still have ties with their company, I'm sure they could help you get your foot through the door. RAND, Brookings. Be warned though, I left the industry back in 2014 for tech, so it's been a while and my experience might not be current anymore. As well as economics, engineering, computer science and medicine were among the top earners. You do need an MBA or preferably a PhD to advance past senior analyst, but there's a lot more runway compared to MBB before you need to leave for grad school - most analysts have 3-5 years, compared to a maximum for 3 years in MBB. A good portion of the "analysis" will be organizing data, dealing with anomalies, and running commands for basic metrics that describe the data (mean, median, count, etc). Salaries posted anonymously by NERA Economic Consulting employees in London, UK Area. Hot New Top. However, a few … Salary: PayScale estimates that the average annual salary for an economic consultant is $74,630. I'm currently applying for NERA, what kind of questions would be asked in the interview stages ? Or are you mostly just learning to use analytics effectively? Checking work to make sure it's perfect (I know it's necessary, but it's damn boring). I don't mind looking at your resume. The North Carolina Economic Development Association (NCEDA) and Creative Economic Development Consulting sponsor the salary survey in order to provide information to EDOs. If management, focus more on Excel than econometrics. If you're rushing for a filing deadline, it can be overnight stays, or 7 days a week running until 2am each day. Thank you so much for doing this! You may also research court cases. I graduated in 2013, top 50 school (unfortunately not top 25), >3.9 GPA, math major, econ minor. You may find out you don't even like it. The average salary for an Economic Consultant in Canada is C$71,216. The main purpose of your second round is for the office to assess how you'd fit in. The average salary for an Economic Consultant in United Kingdom is £35,651. Other companies may be similar. Though it's archived, feel free to message me if you have anything specific. It's better to do your current assignments well; spreading yourself thin and producing crappy work will hurt you in the long run. updated his answer on Oct 23, 2017 #1 Expert for Coaching Sessions (3.200+) | 1.200+ … Eg what are your thoughts on analysis v nera v compass lex etc. Advanced skills aren't enough; I think what makes the biggest difference is taking ownership of your work. A good GPA will help. Filter by location to see Economic Consultant salaries in your area. skills required would be SAS, stata, R, SQL, or matlab, and definitely excel (sometimes VBA as well). (This might vary in the UK.) EDIT: It's 2020 and I'm still getting questions related to this thread - that's great! My impression after speaking with so many people in this industry is that all of the companies do the same thing; what separates us are the practice areas we choose to focus on. Salary estimates are based on 20 salaries submitted anonymously to Glassdoor by Economic Consultant … Upvotes; Date ascending; Date descending; Best Answer . Since then, I have definitely thought about resuming (I have a little over 3 years left for completion) but am unsure exactly how that would affect my career when compared to just sticking around with a master's in economics. Once you finish the internship, leverage that as hard as you can to get the full-time interviews. As in previous years, the survey was designed to closely mirror the survey administered by the International Economic Development Council, in order to draw comparisons between state and national data. As Bill Bain retreats back in the other realm, the consulting team begins the final step of creating an additional change order to the SoW to bill the client for this service. Right now I'm looking at doing an economics degree with a comp sci minor to back up my quant flank. Read the article . The rest of the analysis is usually econometrics. Aim for perfection because... as your bill rate goes up, your reputation will be an important part of selling your services. Basically doing enough to know your data in and out. I know many in our field work in consulting for a few years and then go onto prestigious MBA programs, JD programs, or Ph.D. programs. Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of years you have spent in your profession. Roomate is at Analysis Group, I worked in a similar field (applied microecon/data analysis). Ha! Favorite: flexibility with hours (when there's nothing to do, I go home), working with data, reviewing economic literature (I came from a graduate program so I like this stuff), and learning about new industries that I didn't even know existed. If you're in an MBA program and are trying to get a consulting internship, the biggest advice I can give is to network your way into it. You can block all personal info. Like most? Least interesting? Press J to jump to the feed. Basically doing enough to know your data in and out. If you're a good intern, you may even get an offer from the same firm by the end of summer. I interviewed with 4 of the big firms when I was going through recruiting, and it's likely that NERA will follow this structure: first round interview will be a mix of behavioral and a case question or brain teaser. 100 duck-sized horses because a giant duck would be scary. No obligation to answer all of these, but some things I'm curious about. If you're interested in becoming an economic consultant, one of the first things to consider is how much education you need. No statistical software experience. Would you rather fight 100 duck-sized horses or one horse-sized duck? I am a current freshman at a top public university looking at economic consulting as a possible career path. Visit PayScale to research economic consultant salaries by city, experience, skill, employer and more. What do you hate most about your job? You may also get questions such as, "what is your understanding of econometrics?" The Bain consulting team then proceeds to sacrifice one of the cookie cutter H/S/W MBA interns to satiate Bill Bain. Filter by location to see Economic Consultant salaries in your area. Do you feel pigeonholed in anyway? Resume questions, what I do, general industry questions - I'm up for anything! You could say that most of what we do supports experts with their testimony. But you need to show that you're easy to teach. Bit of internet perusing and it seems like a lot of the MBA candidates at a school nearby used to work as analysts at econ consulting companies, and I think it'd be pretty cool to just talk with people with more of an econ background than me about what they did at their jobs/career paths/what other jobs might fit my interests, etc. Write an answer. NERA Economic Consulting Salaries trends. NERA’s economists create reports, expert testimony, and policy recommendations for government authorities and the world’s leading law firms and corporations. Is most of what you do expert witness stuff? 127. pinned by moderators. But overall, it's much better compared to MBB. I'm trying to weigh my options to see if this is worth pursuing. 150 Economic Consultant Internship jobs available on Indeed.com. How does your job compare to say, a management consulting job? That being said... in the 1.5 years I've been working, a good number of cases focused on helping a client rather than litigation. Behavioral questions include the typical ones + ones such as "are you aware of the diff between Econ and management consulting?" Source: American Economic Association 2019–2020 Universal Academic Questionnaire Summary Statistics, AEA Papers and Proceedings 2020, 110: 639–641. Visit PayScale to research economic consultant salaries by city, experience, skill, employer and more. 148 institutions and salaries from the graduating class of 2013 were analyzed to find out which degrees produced the best-paid graduates. They're hired people with poli sci backgrounds, so again, no econ is not a huge dealbreaker. I'm actually looking into other careers at the moment. After graduating, I became really interested in public policy and also in stuff like anti-trust, mergers, and competition matters. Are the hours really crazy? Econ consulting doesn't really touch on public policy, from what I can see - a lot of it tends to be damage assessments, e.g. For economic consulting, the sophistication of the statistical analyses depends on your title and the case you're working on. That being said, if you're looking to do economic consulting, focus on econometrics, statistics, and general microeconomic knowledge. It's true that most people are recruited right out of undergrad, but econ consulting is a bit more open to post-grad hires compared to MBB, so it's worth a shot, especially if you have connections or someone who can put in a good word. I don't feel pigeonholed in any way, because I personally think the skills here are very transferable. data analysis - this varies the most depending on the scope of the case, and your exposure depends on what practice areas your firm or office specialize in. Show that you can operate independently and you'll progress through the ranks much faster. The average salary for an Economic Consultant is $76,487. Somewhat related question for anyone - how weirded out would you be if some random person messaged you on linkedin asking for like an informational interview/to go get coffee and discuss your career? card classic compact. r/ consulting. Assignments include, but aren't limited to: research - this can be anything from googling for t-bill rates to reviewing modern economic literature, to a full assessment of the relevant market (products, players). They provide important research and analytical services to provide expert insight into complex financial and economic situations. As a bonus point, everyone I've known who has worked at NERA has hated it with a burning passion, so I'd suggest you start by looking at Cornerstone, Analysis Group, and Navigant. There are many smaller firms. Hot New Top Rising. Berkeley Research Group is kind of a "jack of all trades", but master of none. Does anyone have some insight into the Economic Consulting case set up and perhaps some resources that I can use? Because when I was in school, I was lucky to have connections that taught me a lot about the industry, making my job search and interviews easier. The familiarity with programming will definitely make you a strong candidate. The average Economic Consultant salary in the United States is $81,473 as of February 26, 2021, but the salary range typically falls between $68,696 and $97,619. Cancel Search. New comments cannot be posted and votes cannot be cast, A community for consultants and those interested in consulting, Press J to jump to the feed. Economics graduates are the highest-paid in the UK, according to new information from the Department of Education. Considering the 3 you explicitly mentioned, I would rank Analysis Group > Compass > NERA. super day (your full day of interviews with roughly 6 consultants) will be mostly behavioral, although a few brain teasers are possible. User account menu. Samsung is suing Apple, and they need someone to back up the $X million they're asking. Some examples from my own personal experience include creating a first-mover advantage model, DCF, options pricing, plenty of econometrics, calculating prejudgment interest, forecasting sales, or assessing damages. Least Favorite: working with lawyers (they're the big part of why we have crazy deadlines, and they often want to make too many changes to our workproduct to better favor the client), and the hours (they can sometimes get crazy). The industry is great, but I'm the kind of person who likes to try everything, so lately I've been thinking about data science or financial engineering (becoming a quant). How hard is it to break in with an undergrad from a non, target school? As you become more advanced, you have other responsibilities such as writing the report and interacting with clients on a daily basis. Salary estimates are based on 1,596 salaries submitted anonymously to Glassdoor by Economic Consultant employees. The consultants don't really get together beforehand and discuss the interviewing, so you'll get a lot of repeat questions. I was wondering if you could give me tipps on which skills i should train to start a career in consulting of any field. MBA programs are great because your peers are people who have worked in all sorts of industries before. Often, you will need to learn everything you can about an industry in a very short amount of time - this includes knowing who the players are, their market shares, their products, the current state of the market, and other aspects of it (growth rate, size, future prospects). Roommate and I work in Chicago, and pretty much all the major firms have an outpost there - cost of living is great here! I find that my only options are big 4 advisory or accenture. or "what is a normal distribution?" Recent activity on Oct 20, 2017 7.6 k Views 1 answer. 2 … A client is paying for your advice because he is often unsure of the answer himself. 7 Economic Consulting Salaries provided anonymously by employees. Best Economic Consulting Firms 2019. The best way is to figure out which practice area you like, then look up the CVs of the consultants at these firms and see which people you'd like to work with most. We use cookies on our websites for a number of purposes, including analytics and performance, functionality and advertising. data maintenance - compiling data from the right sources and keeping it organized, checking for (and handling) anomalies, and becoming extremely familiar with it to the point that you can source every value back to a document or other database (Bloomberg terminal, federal reserve website, etc.). What does it take to go from an average consultant to a good consultant, and finally to a great consultant? This first list is for MBAs; undergrad … As of now, I'm learning to use analytics effectively. If you fuck up, you should take responsibility for your mistake and do your best to fix it. a consulting career in any field? What's your day to day work like? My current job has very lax hours and allows me a good work/life balance, and I know that any consulting job would be a whole different lifestyle. I also don't have a great econ background - I have the minor, but it didn't require econometrics, and honestly I think it was pretty easy and may not have given me the background I'd need to definitively succeed in case interviews, if I ever got that far. Analysis involves using SAS, stata, R, matlab, and/or excel. A reference from them goes a long way. If so, then those are just a few of the ones we use. 387 salaries for 33 jobs at NERA Economic Consulting in New York City. Find your next job near you & 1-Click Apply! Academic economists at PhD granting institutions play leading roles in the development of new ideas in economics and publish their work in journals like those published by the AEA.As teachers, economists play an important role in supporting … The authors discuss how labor concentration issues are being raised in the courts and how economic analysis can inform antitrust inquiry in this Law360 article. The average Economic Consultant salary in Oregon is $80,850 as of December 28, 2020, but the salary range typically falls between $68,171 and $96,873. And lastly, what are your favorite and least favorite parts of the job/industry?! Join. Also, the ability to learn quickly. I guess a good general answer is to love what you do, and aim for perfection. The math background would be very helpful if you're going for economic consulting. US MC perspectives. I figure this could be helpful for graduating seniors and/or juniors thinking about internships. edit: we are also expected to learn everything we can about an industry in a short amount of time... being a quick learner will help greatly. However, the "business skill set" may result from learning about various industries and knowing how to conduct the proper research. Rising. Do you absolutely have to get an MBA or PhD at some point? Is this just to progress or would you probably get let go if you stayed an analyst forever? If you sound unsure, then he'll think, "why am I paying this guy so much if I'm still as uncertain was I was before?". Most interesting? Definitely what I talked about in my first bullet point. organizing results - this usually means taking your analysis and putting it into an exhibit that is easy to follow. My job right now is good, but I think I'd like to do something that I really genuinely found interesting. Just would like a job that I enjoy where I'm hopefully continually learning. However, I really really really think I'd be interested in economics consulting. Other firms are Cornerstone Research, Berkeley Research Group, Charles River Associates, Navigant, Brattle, and Bates White. What salary does a Economic Consulting earn in your area? card. Press question mark to learn the rest of the keyboard shortcuts. I feel like unless you're asking somebody with a Ph.D., assignments for consulting staff at the other levels really do vary depending on the case. What sort of personalities prevail? I also have never really considered myself to be a people person - for an actuary, I'm very outgoing, but compared to business majors, I'm sure I'd seem a bit reserved, and I sometimes get nervous easily. Economic consulting is mostly a type of paralegal work. Exit opportunities are great. Especially if you have experience interpreting financial statements. On the other hand, this makes EC a great non-traditional route to law school. I personally do not prefer networking (I feel like the conversations can be too much BS at times), but hey, what can you do? This fun piece was also put together by an econ consultant, and it's a fairly accurate if tongue-in-cheek picture of the lifestyle. Been working as an actuarial analyst for a year, pretty good computer skills w/ Excel, Access, VBA, some SQL. Could you give an example of a "typical" day? Iam currently in my first year of Studying. Compass Lexecon, NERA, Cornerstone, etc? It's true that consulting firms don't visit non-target schools, so you'll have to do some networking to get that initial internship. NERA Economic Consulting is a global firm of experts dedicated to applying economic, finance, and quantitative principles to complex business and legal challenges. I don't have any sort of research experience. 40 salaries for 16 jobs at NERA Economic Consulting in London, UK Area. If you were to hire a consultant, what indicators would suggest a great consultant vs a good consultant? Hours are pretty good. What's the culture like? Francesco Expert Content Creator. Press question mark to learn the rest of the keyboard shortcuts . Browse 31,238 ECONOMIC CONSULTANT Jobs ($48K-$107K) hiring now from companies with openings. The average salary for an Economic Consultant in South Africa is R318,000. Visit PayScale to research economic consultant salaries by city, experience, skill, employer and more. Although your salary increases relatively rapidly within a top consulting firm, you typically receive a pay increase when leaving, as well as a bump in lifestyle. Most firms use SAS exclusively, so it's really not that hard to learn, compared to say, R. SAS can also use SQL commands to some extent (google "proc sql"). It's possible that I may need to take a slight pay cut, and I'd likely be moving somewhere with a greater cost of living (e.g. Find out the job description and salary of an economic development consultant. Career trajectory is pretty similar to MBB consulting, you gradually accumulate more "minions" and eventually make partner. Press question mark to learn the rest of the keyboard shortcuts, Ex-Applied microecon/Big Data; now in tech. We've determined that 24.7% of economic consultants have a bachelor's degree. Just thought I'd toss this here for anyone thinking of consulting as a career. Hot. If you are close to any of your econ or business professors, ask them for contacts. Speak with confidence. You can do it right out of undergrad, no masters needed. I also probably would need to go to grad school at some point, which is not something that's necessary in my current career path. Might be interested - I'll post some questions probably tonight. PayScale.com reported that in November 2019, graduates with an MS in Economics made an average annual salary of $77,000, while those with an MA in the field made a median salary … Cornerstone Research provides high-quality expert testimony and economic and financial consulting in all phases of complex litigation and regulatory proceedings. What kind of cases/projects do you work on? Some professors do economic consulting on the side (just look at any econ consulting firm's website and look for 'visiting economist' or something of that nature). What might a case you would do involve in terms of research/analysis? NY, DC). Posted by. In practical terms, that means economic consulting firms produce research, analysis, and testimony to be used in court cases. Economic Development Consultant: Job Description & Salary. Document review, meetings with lawyers, finicky citation stuff is also a huge part. Even if someone is extremely qualified on paper to at least be an intern. Finally, I know that in most consulting fields, much travel is involved. How is a normal day/week/month split between say, computer work, and presentations for clients/being in meetings/etc? For top economic consulting firms like McKinsey, their work doesn’t end with guiding clients all around the world. Is it interesting? We use cookies on our websites for a number of purposes, including analytics and performance, functionality and advertising. How much does a Economic Consultant make? edit: just got into the office and found out I'm interviewing someone today. I'd be more worried if you said you were in it for industry exposure, because a lot of folks don't "get" that an EC's clients are Samsung's lawyers, not Samsung, so ECs don't get the same business-side exposure that you would get in management consulting. For economic consulting, the sophistication of the statistical analyses depends on your title and the case you're working on. What degrees tend to be the most useful in that field? Grad school? Is this also true in economic consulting? Research can be as simple as downloading t-bill rates from the Fed Reserve database. New comments cannot be posted and votes cannot be cast, A community for consultants and those interested in consulting, Press J to jump to the feed. I'm not exactly sure what you mean by this question - could you clarify? NY, DC). The next is to be dependable. I think the most transferable skills are those having to do with knowledge of Excel and the statistical programs such as SAS, Stata, or R. They are good skills to have for any job that requires handling data. Involvement in Developing Issues and Trends Across the World . average assignment... that's tough to say. Are there good chances of staying in the industry more than a few years, or do most people leave and move on to something else? Economic consultants can also act as expert witnesses in legal cases to assess economic damages, analyze intellectual property and antitrust violations, and to address regulatory violations. We will also reach out to providers such as Frost & Sullivan, IMS, and other market research providers. Resources. Use your internship to expand your network and learn more about the industry. Other tasks include searching for and reviewing relevant economic literature. Economic consultants, who generally work for a firm specifically devoted to economic consulting, are vitally important when it comes to high-profile legal cases involving multi-billion dollar corporations. Skip to Job Postings. Do you need a masters to get started? r/consulting: A community for consultants and those interested in consulting. A Reddit for consultants! Any suggestions you have for future consultants would be great. As a true consultant and before departing, Bill Bain demands restitution for his services. I personally think good indicators are showing they can take on a lot of responsibility and perform well under pressure. What are you and your peers planning to do next? You will be working many hours to please a client and it can be easy to burn out when you don't care about the client and what the issue is. Or should I try to apply and see if it turns into anything? Working in R is good; consulting firms have the resources to buy SAS licenses so definitely try and learn SAS if you can. In the U.S., the average consultant who accepts an industry position receives a 12-20% increase in pay and a better work-life balance. Become advanced with Excel. Good luck! How much does a Economic Consultant make? I have one question for you - why are you thinking of leaving data science? I think I have at least some shot of getting into economics consulting, although the lack of statistical software knowledge and the fact that I have already graduated and I'm not from a target school will probably hurt significantly, so if I did, it probably wouldn't be at one of the big firms. Business school? You sound like you're in it for the right reasons (intellectual interest) so you should give it a shot. Each firm supports and offers experts to testify in litigation matters related to economics and finance. Cornerstone also has a huge presence on the west coast since Menlo Park is their HQ. Why am I doing this? It's easy to just sit back and not care, because it's ultimately someone else's reputation on the line, not the consultant out of undergrad. Not because I don't like my job (I love what I do), but because I just want to try new things, and I figure that it's better to move around when you're young. What areas do you see needs for actuarial consultants? When you get an assignment, don't just follow the instructions - think about the bigger picture (where does this analysis fit in? The programming and technical skills I'm learning here make me a competitive candidate for any job that requires familiarity with data. The average Economic Consultant salary in Minnesota is $83,042 as of December 28, 2020, but the salary range typically falls between $70,019 and $99,499. I also probably would need to go to grad school at some point, which is not something that's necessary in my current career path. Because many of the cases deal with litigation, it's important that the exhibits are easy enough for someone (aka judge) without the same background to follow. How you handle this stress makes a big difference, and people will want to work with you (nobody wants to work with someone that makes them more stressed, right?). Hello, Thanks for doing this AMA, looks like I’m a little late to the party, but I was hoping you could answer a few quick questions. Anyone know much about economics consulting? Know your limits and don't be afraid to turn down projects if you don't have time. I can't comment on management consulting because I'm not too familiar with how a strong technical background fits there. I'm currently in the pension line of business and am trying to find another line of business with a brighter and more robust future. Do most people you work with have really big ambitions (like becoming CEOs and crap)? Knowing how to do an analysis is great, but if you can't communicate your results to the client, then it's all a waste.
economic consulting salary reddit 2021