economic consulting salary reddit
I'm not exactly sure what you mean by this question - could you clarify? 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. Cornerstone also has a huge presence on the west coast since Menlo Park is their HQ. 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. And lastly, what are your favorite and least favorite parts of the job/industry?! Salaries posted anonymously by NERA Economic Consulting employees in London, UK Area. document review - basically going through the massive production of documents provided by counsel or client and coming up with a list of what kind of documents we received. I'm not sure if I'm qualified to answer that, unless you mean any practice area of economic consulting. Berkeley Research Group is kind of a "jack of all trades", but master of none. 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. If they still have ties with their company, I'm sure they could help you get your foot through the door. Speak with confidence. Ha! The main purpose of your second round is for the office to assess how you'd fit in. Log In Sign Up. Rising. 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). If you're a good intern, you may even get an offer from the same firm by the end of summer. Or should I try to apply and see if it turns into anything? Press J to jump to the feed. No obligation to answer all of these, but some things I'm curious about. Do you need a masters to get started? Francesco Expert Content Creator. 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. 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. Visit PayScale to research economic consultant salaries by city, experience, skill, employer and more. 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). Do most people you work with have really big ambitions (like becoming CEOs and crap)? 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. 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. 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? Working in R is good; consulting firms have the resources to buy SAS licenses so definitely try and learn SAS if you can. Checking work to make sure it's perfect (I know it's necessary, but it's damn boring). 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? 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. Upload it somewhere and message me the link to download. 2 … I'm trying to weigh my options to see if this is worth pursuing. Samsung is suing Apple, and they need someone to back up the $X million they're asking. The average salary for an Economic Consultant in South Africa is R318,000. Worry about the pay cut after you get an offer, there's always some room for haggling. I am a current freshman at a top public university looking at economic consulting as a possible career path. Other tasks include searching for and reviewing relevant economic literature. 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). organizing results - this usually means taking your analysis and putting it into an exhibit that is easy to follow. I don't feel pigeonholed in any way, because I personally think the skills here are very transferable. Career trajectory is pretty similar to MBB consulting, you gradually accumulate more "minions" and eventually make partner. Best Economic Consulting Firms 2019. They provide important research and analytical services to provide expert insight into complex financial and economic situations. Know your limits and don't be afraid to turn down projects if you don't have time. Visit PayScale to research economic consultant salaries by city, experience, skill, employer and more. After graduating, I became really interested in public policy and also in stuff like anti-trust, mergers, and competition matters. Anyone know much about economics consulting? We will also reach out to providers such as Frost & Sullivan, IMS, and other market research providers. Behavioral questions include the typical ones + ones such as "are you aware of the diff between Econ and management consulting?" Cancel Search. Is this just to progress or would you probably get let go if you stayed an analyst forever? Do your best to accomplish a lot of things during the internship. (This might vary in the UK.) 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. Any other good career paths out there that I should consider that are closely related to economic analysis? Though it's archived, feel free to message me if you have anything specific. 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. I'm actually looking into other careers at the moment. Research can be as simple as downloading t-bill rates from the Fed Reserve database. r/ consulting. Compass Lexecon has the most experts in antitrust. Visit PayScale to research economic consultant salaries by city, experience, skill, employer and more. NY, DC). 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. Just cold. What degrees tend to be the most useful in that field? Just thought I'd toss this here for anyone thinking of consulting as a career. I personally think good indicators are showing they can take on a lot of responsibility and perform well under pressure. The actual analysis can greatly very. 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). Visit PayScale to research economic consultant salaries by city, experience, skill, employer and more. 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. There's a high variance: if you're not crushed, you can leave by 6.30pm to 7pm. Is most of what you do expert witness stuff? 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. Grad school? Would you rather fight 100 duck-sized horses or one horse-sized duck? You sound like you're in it for the right reasons (intellectual interest) so you should give it a shot. From what you have learned, what consulting skills can be transferred from your industries to other industries? Hot New Top. Each firm supports and offers experts to testify in litigation matters related to economics and finance. Might be interested - I'll post some questions probably tonight. If so, then those are just a few of the ones we use. 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. 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 … NERA Economic Consulting Salaries trends. The Bain consulting team then proceeds to sacrifice one of the cookie cutter H/S/W MBA interns to satiate Bill Bain. 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. Find out the job description and salary of an economic development consultant. Is this also true in economic consulting? Been working as an actuarial analyst for a year, pretty good computer skills w/ Excel, Access, VBA, some SQL. 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. There are many smaller firms. Does anyone know much about this field? But overall, it's much better compared to MBB. The average Economic Consultant salary in Texas is $79,711 as of December 28, 2020, but the salary range typically falls between $67,210 and $95,508. 127. pinned by moderators. 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 … ), think about how you would've done it yourself, think about potential holes/criticisms of your analysis and how you'll deal with them. What salary does a Economic Consulting earn in your area? Resume questions, what I do, general industry questions - I'm up for anything! 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. Is it interesting? 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 do it right out of undergrad, no masters needed. 58 votes, 58 comments. Consulting is a client-based service. You could say that most of what we do supports experts with their testimony. 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. NY, DC). For economic consulting, the sophistication of the statistical analyses depends on your title and the case you're working on. Skip to Job Postings. If you were to hire a consultant, what indicators would suggest a great consultant vs a good consultant? Salary estimates are based on 20 salaries submitted anonymously to Glassdoor by Economic Consultant … Iam currently in my first year of Studying. What type of information networks are available for consultants of this type? In terms of higher education levels, we found that 54.0% of economic consultants have master's degrees. If we're going to be spending late nights working together, can I stand you? Are the hours really crazy? 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. Resources. 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. The average salary for an Economic Consultant in Canada is C$71,216. 148 institutions and salaries from the graduating class of 2013 were analyzed to find out which degrees produced the best-paid graduates. That being said, if you're looking to do economic consulting, focus on econometrics, statistics, and general microeconomic knowledge. How is a normal day/week/month split between say, computer work, and presentations for clients/being in meetings/etc? RAND, Brookings. The national average salary for a Economic Consultant is $97,811 in United States. Sort by. 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. Hours are pretty good. I was wondering if you could give me tipps on which skills i should train to start a career in consulting of any field. The firm also aims to make a meaningful difference and a … Also, the ability to learn quickly. Those who work in economic consulting for a few years go onto top MBA, JD, or Ph.D. programs. Definitely what I talked about in my first bullet point. Could you give an example of a "typical" day? Right now I'm looking at doing an economics degree with a comp sci minor to back up my quant flank. 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). The average salary for an Economic Consultant is $76,487. The management aspect doesn't come until a few years down the line. I was in a Ph.D. program and left because the idea of original research and teaching was not attractive to me at the time. auditing work - everything we send to the client or lawyers needs to be perfect, so a good amount of time is spent checking our work. average assignment... that's tough to say. card. Especially if you have experience interpreting financial statements. The North Carolina Economic Development Association (NCEDA) and Creative Economic Development Consulting sponsor the salary survey in order to provide information to EDOs. Thanks! You could also put it: What skills are interchangeable for consultants? NERA Economic Consulting is a global firm of experts dedicated to applying economic, finance, and quantitative principles to complex business and legal challenges. I graduated in 2013, top 50 school (unfortunately not top 25), >3.9 GPA, math major, econ minor. Exit opportunities are great. But you need to show that you're easy to teach. Analysis involves using SAS, stata, R, matlab, and/or excel. What's the culture like? How much does a Economic Consultant make? 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?). 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. If management, focus more on Excel than econometrics. Roomate is at Analysis Group, I worked in a similar field (applied microecon/data analysis). Do you feel pigeonholed in anyway? For economic consulting, the sophistication of the statistical analyses depends on your title and the case you're working on. On the other hand, this makes EC a great non-traditional route to law school. Deadlines come sooner than you think, and the hours can be crazy. Press question mark to learn the rest of the keyboard shortcuts. skills required would be SAS, stata, R, SQL, or matlab, and definitely excel (sometimes VBA as well). A few questions from a junior very interested in this industry: Do you feel that you're building a "business skill set?" You may find out you don't even like it. In practical terms, that means economic consulting firms produce research, analysis, and testimony to be used in court cases. Source: American Economic Association 2019–2020 Universal Academic Questionnaire Summary Statistics, AEA Papers and Proceedings 2020, 110: 639–641. If you're interested in public policy, you may want to look at Think Tanks instead, e.g. If you're rushing for a filing deadline, it can be overnight stays, or 7 days a week running until 2am each day. Hot New Top Rising. Economics graduates are the highest-paid in the UK, according to new information from the Department of Education. Join. Filter by location to see Economic Consultant salaries in your area. 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. My job right now is good, but I think I'd like to do something that I really genuinely found interesting.