Career at a First Glance
An economic development consultant, also known as a management analyst, aims to increase income growth and improve quality of life for entrepreneurs. Consultants want to fuel the economy by using the power of the markets and business models to create jobs. They work with public-sector organizations to implement strategies that promote economic development. Check out the chart below to find out more:
|Degree Requirement||Bachelor's degree|
|Job Duties||Problem solve; analyze financial and other data; develop solutions; provide recommendations to managers|
|Work Experience||Less than 5 years|
|Median Salary (2018)||$83,610 per year or $40.20 per hour (management analysts)*|
|Job Outlook (2016-2026)||14% growth (management analysts)*|
Source: *U.S. Bureau of Labor Statistics
Economic Development Consultant Job Duties
Economic development consultants work with organizations to help them reach their financial goals in a growing economy. They implement growth strategies and new employment-management systems, expand financial service options, develop rapid response resources, etc. Unlocking the economic growth of a company or organization is the major purpose of this type of consultant. Some may work in the public sector or in the non-profit sector. In the non-profit sector, an economic development consultant works by creating opportunities for those that are at a disadvantage. This type of consultant will focus on things like growing an organization's donor list and pushing for system-level change.
The Salary of an Economic Development Consultant
According to the U.S. Bureau of Labor Statistics (BLS), as of 2018 a management analyst earns a median of $83,610 per year, or $40.20 per hour. Many work at consulting firms and are typically paid a base salary in addition to a year-end bonus. Those consultants who decide to work independently or as freelancers get paid directly from their clients. One in four work more than 40 hours per week; these workers may be required to work long hours with pressured deadlines.
The Degree Requirement
A bachelor's degree is required at the minimum; however, employers and clients prefer to hire those who have a master's degree. Some common fields that you could major in include economics, management, finance, accounting, psychology, marketing and computer and information science. Furthermore, most analysts enter the field with several years of working experience and this will be incredibly important if you want to specialize.
The Job Outlook
Between 2016 and 2026, the BLS predicted that the job outlook for management analysts would grow by 14%. Demand for consultants is expected to grow because of organizations continuing to find ways to improve efficiency and save money while doing so. Growth is also expected to be higher with small consulting companies that have specialized consultants.
Becoming an economic development consultant is a great way to help organizations with their finances and help them grow within the economy. However, there is also a wide range of other careers that may interest you that will allow you to perform some similar duties. Check out the links below for more information.