Author: Taylor Warfield, Former Bain Manager and interviewer

Last Updated: April 22, 2026

 

Economic consulting is a specialized field that applies economic theory, data analysis, and quantitative modeling to solve problems in litigation, regulation, and public policy. If you enjoy working with data and want to influence high-stakes legal and business decisions, economic consulting could be the right career for you.

 

In this guide, you will learn exactly what economic consulting is, how it differs from management consulting, what the top firms are, how much economic consultants earn, and how to break into the field. This article draws on my experience as a former Bain consultant and interviewer, where I worked alongside economic consulting teams on litigation and regulatory matters.

 

But first, a quick heads up:

 

McKinsey, BCG, Bain, and other top firms accept less than 1% of applicants every year. If you want to triple your chances of landing interviews and 8x your chances of passing them, watch my free 40-minute training.

 

What Is Economic Consulting?

 

Economic consulting is the practice of using economic principles, statistical methods, and financial modeling to help organizations navigate legal disputes, regulatory proceedings, and strategic decisions. Economic consultants work at the intersection of economics, law, and business.

 

Unlike management consultants who focus on improving business operations and strategy, economic consultants produce rigorous data analyses, expert reports, and courtroom testimony. According to IBISWorld, the U.S. scientific and economic consulting industry grew at a compound annual growth rate of 5.8% over the past five years to reach an estimated $63.5 billion in revenue.

 

Economic consultants serve a wide range of clients, including law firms, Fortune 500 companies, government agencies, and global health organizations. Their work spans industries such as healthcare, energy, finance, technology, and telecommunications.

 

Common practice areas within economic consulting include:

 

• Antitrust and competition: Analyzing market concentration, pricing behavior, and competitive effects in merger reviews and cartel investigations

 

• Securities and finance: Evaluating claims of fraud, market manipulation, or damages in financial disputes

 

• Intellectual property: Estimating the economic value of patents, trade secrets, and copyrights in infringement cases

 

• Healthcare economics: Conducting cost-effectiveness analyses, health outcomes research, and drug pricing studies for life sciences companies

 

• Labor and employment: Analyzing wage discrimination claims, wrongful termination disputes, and class action employment cases

 

• Regulatory economics: Advising government agencies on policy impacts, auction design, and utility rate-setting

 

In my experience at Bain, I saw economic consulting teams handle some of the most analytically complex work in any professional service. The depth of statistical rigor required in this field is unmatched.

 

What Does an Economic Consultant Do Day to Day?

 

An economic consultant spends most of their time performing data-driven analysis to support legal cases, regulatory proceedings, or strategic advisory engagements. The daily work is heavily quantitative and research-oriented.

 

At the junior level (analyst or associate), you will spend your day cleaning and organizing large datasets, running regressions in Stata, R, or Python, building economic models, and creating charts and exhibits for expert reports. According to Glassdoor, the average economic consultant in the U.S. earns approximately $170,000 in total compensation, reflecting the high analytical demands of the role.

 

At the mid-level (manager or senior associate), you take on more responsibility for managing case teams, interpreting results, and drafting sections of expert reports. You also begin interacting directly with the academic experts and attorneys leading each case.

 

At the senior level (vice president, principal, or partner), you manage client relationships, develop new business, oversee multiple engagements, and may serve as an expert witness yourself. Many senior economic consultants hold PhDs and testify in federal court.

 

A single engagement might last anywhere from a few weeks to several years, depending on the complexity of the litigation. Having coached hundreds of candidates, I can tell you that the intellectual variety is one of the biggest draws of this career. You might work on an antitrust merger one month and a securities fraud case the next.

 

How Does Economic Consulting Differ from Management Consulting?

 

Economic consulting and management consulting are both called "consulting," but the work, clients, and skills required are quite different. Here is a side-by-side comparison to help you understand the key differences.

 

Dimension	Economic Consulting	Management Consulting
Primary Focus	Litigation, regulation, public policy	Business strategy and operations
Key Clients	Law firms, government agencies, regulators	C-suite executives, corporate boards
Deliverables	Expert reports, testimony, data analyses	Strategy decks, implementation plans
Core Skills	Econometrics, regression, Stata/R/Python	Frameworks, communication, Excel/PPT
Typical Degree	Economics, statistics, math (PhD valued)	MBA, business, any strong undergrad
Work Style	Deep analysis on fewer projects	Broad strategy across many projects
Travel	Minimal (mostly office-based)	Frequent (often 4 days per week)
Hours (avg)	50 to 55 hours per week	55 to 65+ hours per week
Top Firms	NERA, Cornerstone, Analysis Group, CRA	McKinsey, BCG, Bain

 

If you love digging into data, running regressions, and working on analytically rigorous problems, economic consulting is likely a better fit. If you prefer working on broad business strategy, presenting to executives, and traveling frequently, management consulting may suit you more.

 

For a deeper look at all types of consulting, check out our guide on the different types of consulting.

 

What Are the Top Economic Consulting Firms?

 

The economic consulting industry is made up of specialized firms that focus on litigation support, expert testimony, and regulatory analysis. According to Vault's annual consulting rankings, the top firms consistently include a core group of pure-play economic consultancies alongside economic practices within larger firms.

 

Here is a breakdown of the top economic consulting firms by tier.

 

Tier	Firms	Known For
Tier 1	NERA Economic Consulting, Cornerstone Research, Analysis Group, Charles River Associates (CRA), Compass Lexecon	Largest and most established. Strong across antitrust, securities, IP, and finance. Highest pay and prestige within the field.
Tier 2	Brattle Group, Bates White, Berkeley Research Group (BRG), FTI Consulting (Economic Consulting)	Strong in specific practices. Brattle leads in energy. Bates White excels in antitrust litigation. BRG and FTI offer broad capabilities.
Big Four	EY, Deloitte, PwC, KPMG (economic consulting practices)	Integrate economic consulting within larger advisory practices. Strong in transfer pricing, valuation, and regulatory work.
Boutique	Edgeworth Economics, Coherent Economics, Epsilon Economics	Smaller firms with niche expertise. Often led by a few prominent experts. Can compete at the highest levels in specific practice areas.

 

The top-tier firms each have around 500 to 1,500+ employees across multiple offices. NERA, for example, operates in over 25 cities worldwide. Cornerstone Research has roughly 700 employees and is known for its close partnerships with academic experts from top universities.

 

For a full list of firms worth exploring, see our guide on top boutique consulting firms and our ranking of the most prestigious consulting firms.

 

How Much Do Economic Consultants Make?

 

Economic consulting offers competitive compensation that often rivals management consulting, especially at the senior levels. According to Glassdoor data from 2026, the median total pay for an economic consultant in the U.S. is approximately $170,000 per year, with a range from roughly $127,000 to $233,000 depending on experience and firm.

 

Here is a breakdown of typical compensation by level at top-tier economic consulting firms.

 

Level	Base Salary	Bonus	Notes
Analyst (Undergrad)	$80K to $100K	15% to 25%	Entry-level. 2 to 3 year program at most firms.
Associate (Master's)	$100K to $130K	20% to 30%	Requires graduate degree. More independent work.
Senior Associate / PhD Entry	$180K to $220K	25% to 35%	PhD hires start here. Lead analysis on cases.
Manager	$200K to $300K	30% to 50%	Manage teams, client interactions, report drafting.
VP / Senior Manager	$300K to $500K+	Varies	Business development, expert testimony support.
Principal / Partner	$500K to $1M+	Varies	Rainmakers. Testify as experts. Equity stakes.

 

According to ZipRecruiter, the average annual pay specifically for economic consulting roles in the U.S. is roughly $108,000 as of early 2026, though this figure includes a wide mix of seniority levels and firm types.

 

Signing bonuses at top firms typically range from $5,000 to $20,000 for undergrads and up to $50,000+ for PhD hires. Analysis Group, for example, pays an analyst base of roughly $96,000 plus a signing bonus around $17,500 and a performance bonus up to $24,000.

 

What Skills Do You Need for Economic Consulting?

 

Economic consulting requires a specific blend of technical and communication skills. The Bureau of Labor Statistics projects that demand for economists will grow by about 13% over the next decade, well above the average for all occupations. Here is what firms look for.

 

What Technical Skills Are Required?

 

• Econometrics and statistics: Regression analysis, hypothesis testing, causal inference, and time series analysis are essential. You should understand concepts like OLS, R-squared, heteroskedasticity, and endogeneity.

 

• Data analysis software: Stata is the industry standard at most economic consulting firms. R and Python are increasingly used. SAS is still common at some firms. Basic SQL is a plus.

 

• Economic theory: Microeconomics is especially important. You need to understand supply and demand, market structure, game theory, price elasticity, and welfare economics.

 

• Financial modeling: For securities and valuation cases, familiarity with DCF analysis, event studies, and financial statement analysis is valuable.

 

What Soft Skills Matter Most?

 

• Structured thinking: The ability to break complex problems into manageable components is critical. This is the single most tested skill in economic consulting interviews.

 

• Clear writing: Expert reports must be precise and understandable to judges and attorneys who are not economists. Strong writing separates good consultants from great ones.

 

• Presentation skills: You will present findings to attorneys, experts, and sometimes courts. Translating technical results into plain language is a daily requirement.

 

• Attention to detail: One misplaced decimal in a damages estimate can undermine an entire case. Economic consulting demands meticulous accuracy.

 

For more on the academic backgrounds that best prepare you for consulting careers, read our guide on the best majors for consulting.

 

How Do You Break into Economic Consulting?

 

Breaking into economic consulting depends heavily on your educational background. Here is how to approach it from each starting point.

 

How Do You Enter from Undergrad?

 

Most top firms hire undergrads into analyst programs that last two to three years. You will typically need a strong GPA (3.5+), a degree in economics, statistics, math, or a related quantitative field, and at least some experience with data analysis.

 

Recruiting usually happens in the fall of your senior year, with on-campus interviews at target schools. Roughly 60% to 70% of analysts at top firms come from a core set of about 20 to 30 universities, though most firms accept applications from any school.

 

Internships are the most reliable path to a full-time offer. Firms like NERA, Analysis Group, and Bates White all run structured summer internship programs. If you perform well, you will almost certainly receive a return offer.

 

How Do You Enter from a Master's or PhD Program?

 

A master's degree in economics or statistics qualifies you for associate-level roles, which offer higher starting pay and more analytical responsibility than analyst positions. A PhD in economics is the gold standard for senior roles and expert testimony positions.

 

PhD economists at top firms start with base salaries between $180,000 and $220,000 plus substantial bonuses. Many firms actively recruit from top economics PhD programs, and some even sponsor graduate school tuition for analysts who plan to return after completing their degree.

 

How Do You Enter from a Non-Economics Background?

 

If you do not have an economics degree, strong quantitative skills can compensate. Backgrounds in math, physics, engineering, and computer science are all respected in the industry. The key is demonstrating your ability to handle data-heavy analytical work.

 

Building skills in Stata or R through online courses, completing a research project involving regression analysis, or earning a certificate in applied economics can all strengthen your application. Having coached hundreds of candidates, I have seen people from non-traditional backgrounds land offers when they can prove their quantitative chops.

 

What Is the Economic Consulting Interview Process?

 

The economic consulting interview process typically involves two to three rounds and tests both your technical knowledge and your fit with the firm. The exact format varies by firm, but most interviews include a combination of behavioral questions, technical questions, and case interviews.

 

What Are the Interview Rounds?

 

Most firms follow a structure similar to this:

 

• Round 1: An online assessment or phone screen. Some firms use a written test covering basic economics and statistics. Others conduct a 30-minute behavioral interview.

 

• Round 2: One to two interviews covering motivational questions ("Why economic consulting?"), technical knowledge (microeconomics, econometrics), and a case study or data interpretation exercise.

 

• Final round: A full day of interviews with four to five employees at various levels. Includes deeper case work, technical questions, and fit conversations with managers and partners.

 

How Do Economic Consulting Case Interviews Differ from Management Consulting Cases?

 

Economic consulting case interviews share some similarities with management consulting cases, but there are important differences. Both test structured thinking and analytical ability. However, economic consulting cases place much heavier emphasis on specific economic knowledge.

 

In an economic consulting case, you may be asked to interpret regression output, explain the economic logic behind antitrust policy, estimate damages in a contract dispute, or evaluate the competitive effects of a merger. Management consulting cases focus more on business strategy frameworks and less on technical economic theory.

 

Key concepts to review before your interview include: price elasticity, market equilibrium, regression analysis (OLS, R-squared, significance testing), game theory, barriers to entry, and damages estimation methods.

 

For a complete walkthrough of economic consulting case interviews, including practice problems and strategies, check out our economic consulting case interview guide.

 

If you are specifically preparing for NERA interviews, we also have a dedicated NERA case interview guide.

 

What Are the Career Path and Exit Opportunities?

 

Economic consulting offers a clearly defined career ladder with strong exit opportunities at every level. Here is how the typical progression works at a top-tier firm.

 

Level	Typical Tenure	Key Responsibilities
Analyst	2 to 3 years	Data cleaning, running regressions, building models, creating exhibits
Associate / Senior Associate	2 to 3 years	Independent analysis, drafting report sections, managing analysts
Manager	3 to 4 years	Leading case teams, client interaction, overseeing multiple projects
Senior Manager / Director	3 to 5 years	Business development, expert testimony support, firm leadership
VP / Principal / Partner	Ongoing	Rainmaking, expert testimony, firm strategy, equity ownership

 

Only about 10% to 15% of professionals who start in economic consulting eventually make partner. The majority exit at the analyst or associate level to pursue graduate school, law school, or other career paths.

 

Common exit opportunities from economic consulting include:

 

• Graduate school: Many analysts leave to pursue MBA, master's in economics, or PhD programs. Top firms often sponsor tuition.

 

• Law school: The litigation focus of economic consulting makes it a natural stepping stone to a legal career, especially in antitrust or IP law.

 

• Finance: Roles in private equity, hedge funds, investment banking, and corporate finance value the analytical rigor developed in economic consulting.

 

• Government and policy: Agencies like the DOJ Antitrust Division, FTC, SEC, and Federal Reserve recruit heavily from economic consulting.

 

• Academia: PhD-level economic consultants sometimes transition into tenure-track faculty positions at research universities.

 

• Tech: Data science, product economics, and trust and safety teams at companies like Google, Amazon, and Meta hire economic consulting alumni.

 

Is Economic Consulting a Good Career?

 

Economic consulting is one of the best career paths for analytically minded people who enjoy working with data and solving complex problems. It offers a rare combination of intellectual rigor, competitive pay, and reasonable work-life balance compared to finance.

 

What Are the Biggest Advantages?

 

• Intellectual variety: You work on different cases across different industries and legal issues. No two projects are identical.

 

• Strong compensation: Pay is competitive with management consulting and significantly better than most research or academic roles at the same education level.

 

• Better work-life balance: Hours are typically 50 to 55 per week, with minimal travel. This is a significant advantage over management consulting (55 to 65+ hours) and finance (60 to 80+ hours).

 

• Graduate school sponsorship: Many top firms sponsor MBA, JD, or PhD programs, making it a smart launching pad for further education.

 

• Meaningful impact: Your analysis can directly influence the outcome of multibillion-dollar lawsuits and policy decisions that affect millions of people.

 

What Are the Potential Drawbacks?

 

• Narrow specialization: Economic consulting experience does not translate as broadly as management consulting experience. Your exit options are strong but more concentrated in quantitative roles.

 

• Lower brand recognition: Outside of law firms and academia, few people know the names NERA or Cornerstone Research. In contrast, McKinsey and BCG are household names.

 

• Slower progression: The path to partner can take 12 to 15+ years. Management consulting firms have a faster up-or-out culture that leads to quicker promotions for top performers.

 

• Work can be tedious at junior levels: Early-career analysts spend a significant portion of their time cleaning data and running repetitive analyses. The intellectually stimulating work increases as you advance.

 

For a broader view of consulting career paths and compensation, see our guide on case interview types.

 

Frequently Asked Questions

 

Do You Need a PhD for Economic Consulting?

 

No. You do not need a PhD to work in economic consulting. Most top firms hire analysts with bachelor's degrees and associates with master's degrees. However, a PhD in economics is required for expert testimony roles and significantly increases your starting salary and long-term earning potential. At most firms, roughly 20% to 30% of professional staff hold PhDs.

 

Is Economic Consulting Harder to Break into Than Management Consulting?

 

The difficulty is comparable, though the candidate pool is different. Economic consulting firms recruit primarily from economics, statistics, and math programs, while management consulting casts a wider net. Some candidates who do not receive offers from economic consulting firms go on to land MBB offers, and vice versa. The interview process is technically different, with economic consulting placing more emphasis on quantitative and econometric knowledge.

 

What Is the Work-Life Balance Like in Economic Consulting?

 

Work-life balance in economic consulting is generally better than in management consulting or finance. Most consultants work 50 to 55 hours per week on average, with occasional spikes around trial dates or filing deadlines. Travel is minimal. This is one of the main reasons candidates choose economic consulting over other high-paying professional services careers.

 

Can You Switch from Economic Consulting to Management Consulting?

 

Yes, though it is not the most common transition. Your analytical skills will transfer well, but you would need to develop business strategy skills and prepare for a different style of case interview. The most common transition path is to attend business school after economic consulting and then recruit into management consulting from your MBA program.

 

What Is the Best Economic Consulting Firm to Work For?

 

There is no single "best" firm. NERA, Cornerstone Research, Analysis Group, and Charles River Associates are all top-tier. The best firm for you depends on your preferred practice area, office location, and culture fit. Cornerstone is known for the highest compensation, Analysis Group for culture, and NERA for prestige and breadth of practice areas. Visit each firm's website and talk to current employees to find the right match.

 

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