Economic Consulting
What is Economic Consulting?
Economic consulting helps organizations improve performance and make informed decisions using economic theory, econometrics, surveys, and data visualization. Consultants address various business and social issues, including finance, environmental resources, healthcare, and sustainability.
With the rise of data and computing power, economic consulting is vital for decision-making. Demand for skilled consultants is high at leading firms such as Bates White Economic Consulting, NERA Economic Consulting, FTI Consulting, and others recognized on Vault’s list of top economic consulting firms.
The Elon BSBA in Economic Consulting
The BSBA in Economic Consulting equips students with the skills to apply economic principles, such as microeconomics, macroeconomics, and econometrics, to business decision-making. Unlike the broader BA in Economics, this program emphasizes practical business applications and includes the Love School of Business core curriculum. This curriculum ensures students understand business functions, strategic decision-making, and essential consulting skills like presentation, Excel proficiency, and case-based analytics, preparing them for real-world economic consulting roles.
Info for current and prospective majors
Student Experience Course
The BA in Economics major requires all students to write an original thesis. They develop their own research question, read the literature, and test theoretical predictions of economic models to address their thesis. They work one-on-one with a faculty mentor throughout the academic year. Such research is best described as “basic research” in the sense that students are looking to answer fundamental questions about how individuals behave and respond to incentives.
The BSBA in Economic Consulting also requires a capstone project, but it is very different. First of all, students work in small groups as they would if they were working in a consulting firm or division. Second, they work on a client-driven research project rather than a question of their choosing. Such research questions are not well-formed, but typically broad. Part of the role of the consultant is to take the client’s question and figure out how to address it. In this sense, the skills are more similar to those utilized in case competitions. Third, the client may or may not provide data. If not, the group has to find data themselves.