Thank you to Management Consulted for this article. Economic consulting is a dynamic field that bridges the gap between data analysis and business decision-making. An economic consultant helps clients interpret complex data, model financial or market trends, and develop insights that support business strategy, litigation, and policymaking. The work of an economic consultant spans industries such as healthcare, energy, finance, and tech. Whether you’re a company defending a merger, a government evaluating regulatory policy, or a law firm preparing for trial, economic consulting firms offer you specialized, high-impact expertise. Economic consulting is highly data-driven, precise, and analytical, and many who enter this industry do so because they enjoy solving quantitative puzzles and delivering data-backed advice.
What Is Economic Consulting?
So, what is economic consulting? At its core, economic consulting involves applying economic theories and quantitative methods to real-world issues in litigation, regulation, strategy, and public policy. The field blends academic rigor with commercial application. An economic consultant might work on antitrust cases, evaluate damages in commercial litigation, or forecast market trends. The work also includes interpreting large datasets, conducting regression analysis, or building econometric models.
As to the broader meaning of economic consulting? We’ll let our friends at Bates White explain the meaning the work drives for clients and consultants.
An economic consultant typically holds a strong background in economics, mathematics, or statistics. In legal settings, economic consultants are often retained as expert witnesses. In the public sector, they help assess the impact of policy changes.
What Does An Economic Consultant Do?
An economic consultant performs data-driven analysis to solve problems in areas such as finance, litigation, healthcare, and government. Common engagements include assessing enrollment growth for universities, identifying procurement savings for corporations, or supporting litigation cases with financial models. Legal economic consultants often serve as expert witnesses or help attorneys understand the economic impact of a dispute. Behavioral economics consulting is a niche within the field where economic consultants use psychology-informed models to analyze consumer behavior or policy outcomes.
Economic consultants also work on cases involving intellectual property, merger reviews, labor disputes, and securities fraud. Their ability to break down complex problems into quantifiable elements makes them invaluable partners to leaders across industries.
Economic Consulting vs Management Consulting
Many wonder about the difference between economic consulting vs management consulting. While both provide analytical guidance to organizations, economic consulting is more quantitative and model-driven, often focused on litigation, regulation, or public policy. Management consulting, by contrast, centers around organizational strategy, operations, and implementation.
Economic consultants often work with lawyers or government agencies, while management consultants engage with corporate leaders. A management consultant might design a new supply chain strategy, whereas an economic consultant may estimate economic damages in a contract dispute.
What Skills Are Required For Economic Consulting?
Economic consulting demands a unique blend of technical and soft skills. Proficiency in statistics, econometrics, and data analysis is essential. Economic consultants often use tools like Stata, R, or Python to analyze large datasets. Critical thinking and mathematical modeling are must-have skills, as is the ability to communicate findings clearly to non-technical audiences.
Strong writing skills are important, especially for producing expert reports and memos. Interpersonal skills also matter, particularly in client-facing roles. An economic consultant must synthesize complex findings into actionable insights. A background in economics, finance, or mathematics is the foundation, but storytelling and structured thinking elevate one’s effectiveness.
Economic Consulting Firms
There are hundreds of economic consulting firms around the world, ranging from global giants to boutique players. The U.S. is home to many top economic consulting firms, including:
- NERA Economic Consulting – One of the biggest economic consulting firms globally, with deep expertise in antitrust and securities litigation.
- Bates White Economic Consulting – Known for economic litigation consulting and public policy work.
- Cornerstone Economic Consulting – Specializes in antitrust, intellectual property, and international arbitration.
Other key players include: FTI Economic Consulting, SLCG Economic Consulting, Charles River Economic Consulting, Analysis Group Economic Consulting, and Brattle Economic Consulting. While some firms operate globally, others focus on specific regions, like DKM Economic Consultants in Ireland or EPG Economic and Strategy Consulting in India—examples of the rise of the international economic consultancy.
Firms such as Accenture Economic Consulting, EY Economic Consulting, and Deloitte Economic Consulting integrate economic work within broader consulting practices. Boutique economic consulting firms like Finnerty Economic Consulting, Brown Economic Consulting, and Bartlett Economic Consulting offer specialized expertise. Altogether, economic consulting companies employ thousands of consultants across North America, Europe, and Asia.
How To Become An Economic Consultant
If you’re wondering how to become an economic consultant, the path starts with a strong academic foundation. Most economic consultants hold undergraduate degrees in economics, statistics, or a related field. Advanced degrees (Master’s or PhDs) are often preferred, especially for research-heavy or litigation-focused roles.
Steps To Become An Economic Consultant:
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- Earn a relevant degree (Economics, Statistics, Finance).
- Build quantitative and coding skills (Stata, R, Python).
- Get internship experience at an economic consulting firm.
- Develop business writing and presentation skills.
- Apply for analyst or associate roles.
For those asking how to get into economic consulting without an economics degree, strong quantitative skills and relevant experience can compensate. The industry values practical skills and problem-solving ability.
Economic Consulting Careers
Is economic consulting a good career? Absolutely—especially for analytically minded individuals who enjoy solving complex problems. The economic consulting career path typically starts at the analyst level and moves up to associate, manager, and eventually principal or partner. While the field is competitive, demand remains strong in both private and public sectors.
Crafting a strong economic consulting cover letter can help you stand out—highlight your data skills, attention to detail, and interest in applied economics. Exit opportunities include roles in finance, think tanks, government agencies, or pursuing graduate education.
Economic Consulting Jobs
Economic consulting jobs include roles such as research analyst, litigation consultant, data scientist, or economic associate. Many economic consultant jobs require comfort with spreadsheets, regressions, and report writing. Industries hiring economic consultants include legal services, tech, energy, healthcare, and government.
Jobs can be found in major metros like Washington, DC, New York, and San Francisco, or in specialized hubs like Massachusetts, which is home to many economic consulting firms in Boston.
Explore the latest economic consulting jobs on the MC Jobs Board.
Economic Consulting Internships
Gaining experience through economic consulting internships is often the first step into the industry. Many firms, including Bates White Economic Consulting and NERA Economic Consulting, offer structured internship programs for undergraduates or master’s students.
These internships typically involve supporting senior consultants with research, data cleaning, and modeling. A successful internship can lead to a full-time offer, and it gives candidates a taste of the firm’s culture and client work.
See the latest internship application deadlines here.
Economic Consulting Case Interview
The economic consulting case interview tests a candidate’s ability to think quantitatively and apply economic logic to real-world problems. Economic consulting cases often involve interpreting data, modeling supply and demand, or assessing the financial impact of a policy or action.
Economic consulting interview questions may include interpreting graphs, constructing regressions, or defining a pricing strategy based on market data. If you’re preparing for an interview, explore economic consulting case interview examples in this free guide and practice through our personalized Black Belt prep program.
Economic Consulting Case Interview Prep
Wondering how to prepare for economic consulting interview rounds? Start by reviewing basic economic theory, practicing data interpretation, and learning to build structured arguments. Economic consulting interview prep should also include:
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- Practicing regression-based case interviews.
- Reviewing antitrust, intellectual property, and labor market frameworks.
- Reading example expert reports.
Economic Consultant Salary
An economic consultant salary varies based on education, experience, and location. Entry-level salaries for economic consultants in the U.S. range from $75,000 to $95,000, with bonuses up to 20-30%.
At the associate level, pay increases to $110,000–$150,000. The economic consultant salary at firms like NERA Economic Consulting or Bates White are amongst the most competitive in the industry, and even rival the salaries at some strategy consulting firms. So how much do economic consultants make? Top performers at top firms can earn over $200,000 annually with experience.
See our latest Consulting Salary Report for all the juicy numbers.
Conclusion
Economic consulting is a rewarding, intellectually stimulating field that combines analytics, economics, and strategic thinking. Whether you’re drawn to economic litigation consulting, behavioral economics consulting, or regulatory policy work, there’s room to carve a unique and impactful career. With hundreds of economic consulting firms and companies offering internships, jobs, and long-term growth, the field is booming. From internship to interview to your first client engagement, economic consulting can be the perfect place to launch or grow your career.
