What is economic consulting?
Economic consulting covers a more specific range of consulting than management consulting, dealing mostly with government organizations and cooperations to help solve problems and disputes that fall under the umbrellas of economics, business, and law. Economic consultants can solve problems that range from estimations of future liabilities to helping with legal disputes. Economic consultants can help with preparing reports and even assisting in trials. Large economic consulting firms are often able to handle disputes in a wide variety of cases, from health care to labor.
What strategy roles are there outside of consulting?
Economic consulting offers similar exit opportunities to management consulting. In addition to business school and finance, the litigation work can lead to law school, and the significant quantitative work makes economic consultants natural candidates for graduate school programs in economics. The quantitative skills developed also allow economic consultants to thrive in many business roles, particularly those involving data.
Economic consulting opportunities at a glance
We know that it's often difficult to accurately and objectively compare one consulting firm against another. We have therefore gathered the information below from company websites, information sessions, as well as personal coffee chats with firm representatives, so that you are able to make informed decisions.
The case interview for economic consulting is similar to that for management consulting, except that the emphasis will often be on quantitative questions, with interviewees expected to provide more in-depths analyses. Nevertheless, resources for management consulting case interviews can be applicable as a starting point.
We recommend our program to match students with potential case interview partners, events such as a Case Interview Workshop and our Education Series, and our online resources which you can consult to gain some further knowledge, as well as well-known resources such as Marc Cosentino’s Case in Point and Victor Cheng’s videos.
It is essential though to go beyond these, ensuring that you have deep knowledge of economic and financial concepts, in addition to very solid math skills. Behavioral questions are addressed in our Education Series and some of our online resources as well, with lists of potential questions also available across the internet.
One other event to look out for is Deloitte’s behavioral interview workshop. When preparing to answer questions in an economic consulting interview, it is important that they provide insights into your previous quantitative experience, whether that be creating a financial model or analyzing complex data sets.