Economic Consulting Major
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About the Major
Economic consulting is the practice of providing organizations with information they can use to improve their performance and inform public decision-making. Those in the field use economic theory, statistics, surveys and data visualization practices to answer client questions about a variety of business and social issues.
Jobs in Economic Consulting
- Economic consultant
- Economic development analyst
- Management consultant
- Research economist
- Technology consultant
Past Elon Economic Consulting Internships
- EY
- Goldman Sachs
- FTI Consulting
- KPMG
- RTI International
Related Majors
Student gains real-world economic consulting experience
In June 2021 Lotus Bakeries announced it would expand its operations in the Alamance County community of Mebane with an investment of at least $62 million and the addition of up to 90 new jobs. It was a substantial commitment by the global snack product producer to the county, where Lotus already had a facility, and an expansion that would create a ripple of economic impacts.
But just how big would those ripples be, and where would they reach? Thanks to an immersive research course at Elon, economic consulting major Emily Alps helped make that clear to county officials.
Alps, who is expected to graduate in 2024, worked closely with her mentor, Assistant Professor of Economics Brooks Depro, to tap into a powerful economic modeling tool to produce an overview of the impact for the Alamance Chamber, which wanted greater insight into how the move would impact the local economy. The extensive research experience helped Alps leverage Depro’s knowledge as an economic development consultant to help equip her with skills that she can use professionally in the field.
This research project has helped me develop skills essential for the professional world. It’s boosted my confidence and prepared me to make a strong start in my career.
The mentored research experience increased Alps’ desire to go into economic consulting following graduation and has made her prepared to make an immediate impact.
“Analyzing the impact of the decisions companies are making is something I find really fascinating,” Alps said. “Economic consulting essentially applies analytical tools and economic principles to advise companies on strategic decisions that not only impact their business directly but contribute to broader economic growth. This project confirmed my interest in this field and is something I can see myself succeeding in professionally.”
The idea for the project followed the addition of Depro in 2023 to the Alamance Chamber’s economic development committee. During a brainstorming session with Chamber leadership, the idea arose of using an undergraduate research project to more fully evaluate the impact of local economic development projects.
Depro approached Alps, his mentee, about conducting a one-on-one research project exploring economic impact in Alamance County. She jumped at the chance.
“I viewed this as an opportunity to gain experience in what a career in economic consulting would be like on a day-to-day basis and to develop the skills I would use as a professional,” she said.
The chamber identified the business, and as Alps studied how to use the powerful local economic impact analysis tool IMPLAN Cloud, Depro provided input and feedback on the simulations they began running. Alps learned how to adjust the model to adapt to the complexities of the local economy.
“It was extremely rewarding to have the timely and individualized feedback,” Alps said. “He took such an interest in the project. It wasn’t like he was just handing it off to me. He wanted to play an active role in helping me develop and to ensure we were producing valuable insights for the chamber.”
Her work with IMPLAN and the Alamance County data offered a much more developed view of the impact that the Lotus Bakeries expansion was making in the local economy. The model helped estimate the broader impact, including direct, indirect, and induced jobs, and the associated payroll with those new positions as well as increased business-to-business spending.
“I was surprised by the extensive dataset that IMPLAN holds on the commodities, industries, and even environmental outputs specific to Alamance County,” Alps said. “It opened my eyes to the potential for communities to leverage such information in economic development decisions.”
Depro also worked with Alps on her presentation to the Alamance Chamber, which helped her acquire an additional skill set around public speaking and the ability to convey complex information in a meaningful way.
“This research project has helped me develop skills essential for the professional world,” Alps said. “It’s boosted my confidence and prepared me to make a strong start in my career.”
Depro said the success of the project in the spring has opened the possibility of exposing more students to this type of work and providing this economic consulting resources to more businesses and entities in the surrounding community.
“It’s a model we’re going to want to use going forward,” Depro said.
As a student-athlete at Elon on the women’s cross-country and track teams, Alps worried that it might be tough to succeed both academically and athletically, but she has found that Elon makes it possible.
“I feel supported to find ways to embrace everything Elon has to offer, such as undergraduate research, clubs and internships,” she said. “As I prepare for life after Elon, I feel grateful for the opportunities that Elon has afforded me in shaping my academic and professional career.”
Did You Know?
- Economic consulting is playing an increasingly important role in managerial decision-making in the U.S. and abroad. In addition to traditional financial, business intelligence and other business related topics, today’s economic consultants are increasingly involved in other areas such as environment and natural resources, education, intellectual property, health care, economic development, and sustainability.
- The Elon Consulting Club serves as a resource for students who are interested in pursuing careers in business consulting. It provides opportunities for students to make contacts in the industry, participate in resume workshops, interview study sessions, case preparation, student/alumni presentations, networking events, projects for local companies and intercollegiate competitions.
- Members of the Economic Consulting Board — which include Elon alumni and a current student representative — advise the faculty and Economics Department chair in their efforts to serve the students and larger community better. They also consult on relevant academic programs, assist in providing internships and job opportunities for students and lend a hand in the development of student consulting projects.