Consulting is another popular career path for recently graduated economics students; Puget Sound econ grads often go to work for firms like Hitachi Consulting. So, what does a consulting position entail?
wiseGEEK provides the following perspective on economic consulting:
In general, economic consulting firms are founded by academics, usually in the fields of economics and business, who wish to apply their knowledge to real world situations by providing corporations and the public sector with research and advice on matters pertinent to their area of expertise.
Essentially, economic consultants can apply their knowledge of economic theory and concepts directly to real world situations. For corporations, economic consultants are like economists-for-hire.
Why is economic consulting a desirable career for economics graduates?
In my research I haven’t come across many career paths that offer a more direct way to apply economic theory and knowledge than economic consulting. Additionally, economic advice from the experts isn’t cheap and as a result economic consulting can be a very lucrative career if you are with the right firm.