Considering a career in economic consulting? Check out these tips below from current students who have held internships within this industry.
Do’s:
- Research the industry. Economic consulting is a special industry that stands at the crossroads of academia and the business world. Therefore, it does expect potential candidates to be equipped with basic research skills and an interest in rigorous analysis. It is important to understand what the industry is and does before you decide to give it a try.
- Research different companies within this field. Once you decide that economic consulting is the right fit for you, it is helpful to find out what companies there are in the field. It’s important to note that many companies specialize in different practice areas so pick the ones that align with your interests.
- Read the publications on company websites. These publications are the best resources for you to understand what kind of economic analysis the company does, and are good for interview preparation too!
- Familiarize yourself with fundamental concepts, both in economic theory and econometrics applications. You could encounter them in your interview and may need them in your daily work.
- Talk to people who know the industry. Economic consulting interviews are not as structured as management consulting ones. You do not have interview books to read and prepare from, and you have no idea what kind of case studies you will be asked. The best way to prepare is to practice answering simple case analysis questions with your friends.
Dont’s:
- Do not confuse economic consulting with management/strategy consulting. These are very different things.
- Do not go into the field without realizing how important data and data analysis are in economic consulting.
- Do not think that you have to be an economics major in order to be in economic consulting. If you like research and the cases in these economic consulting websites seem interesting to you, you should give it a try.
Have more questions? Make an appointment with a CWS counselor or come see us during drop-in hours.