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Economic Modelling information

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$31K

$73.3K

$130K

How much do economic modelling jobs pay per year?

As of Jul 14, 2026, the average yearly pay for economic modelling in the United States is $73,261.00, according to ZipRecruiter salary data. Most workers in this role earn between $52,500.00 and $87,000.00 per year, depending on experience, location, and employer.

What jobs make $1,000,000 a year?

In economic modeling, high-earning roles such as senior quantitative analysts, chief economists, or partners at major financial firms can reach or exceed $1 million annually, often through a combination of salary, bonuses, and profit sharing. These positions typically require advanced degrees, strong analytical skills, and extensive experience in finance or economics. Compensation varies widely based on industry, location, and individual performance.

What is economic modelling?

Economic modelling is the process of creating mathematical frameworks and simulations to represent economic processes, relationships, or systems. These models help economists analyze complex scenarios, forecast outcomes, and evaluate the impact of policy decisions or market changes. Economic models can be simple or highly complex, depending on the variables and assumptions involved. They are widely used in government, academia, and business to guide decision-making and understand economic dynamics.

What is the difference between Economic Modelling vs Data Analyst?

AspectEconomic ModellingData Analyst
Required CredentialsDegree in Economics, Finance, or related field; often requires advanced degreesBachelor's or Master's in Data Science, Statistics, or related field
Work EnvironmentResearch-focused, often in finance, government, or consulting firmsBusiness or tech companies, analyzing large datasets
Employer & Industry UsageUsed in economic forecasting, policy analysis, financial modelingUsed in marketing, operations, and business intelligence

Economic Modelling and Data Analysts both work with data, but Economic Modelling focuses on creating economic forecasts and financial models, often requiring advanced economics knowledge. Data Analysts interpret data to inform business decisions, typically with a stronger emphasis on data manipulation and visualization. While overlapping skills exist, their primary applications and industries differ.

What jobs can you do with financial modelling?

Financial modelling skills are essential for roles such as financial analyst, investment analyst, corporate finance analyst, and risk analyst. These jobs involve building financial models to support decision-making, valuation, budgeting, and forecasting using tools like Excel and financial software. Strong analytical skills and understanding of accounting and economics are also important for these positions.

What do economic models do?

Economic modelling involves creating mathematical or computational representations of economic systems to analyze and predict economic behavior and outcomes. Economic modelers use these models to inform policy decisions, forecast market trends, and evaluate the potential impact of economic changes, often utilizing tools like statistical software and data analysis techniques.

What are some common challenges faced by professionals in economic modelling roles, and how can they be addressed?

Economic modelling professionals often encounter challenges such as managing incomplete or inconsistent data, adapting models to rapidly changing economic conditions, and effectively communicating complex findings to non-technical stakeholders. Addressing these issues typically involves collaborating closely with data analysts and subject matter experts to enhance data quality, staying current with economic trends, and developing strong presentation skills to translate technical results into actionable business insights. Proactively seeking feedback and participating in cross-functional teams can also help in overcoming these challenges and delivering impactful work.

What jobs pay 500,000 a year in the US?

In the field of economic modeling, senior roles such as Chief Economist, Director of Economic Research, or senior quantitative analysts at large financial firms can reach or exceed $500,000 annually, especially with bonuses and profit sharing. These positions typically require advanced degrees, extensive experience, and strong analytical skills with tools like statistical software and economic modeling platforms.

What are the key skills and qualifications needed to thrive as an Economic Modeller, and why are they important?

To thrive as an Economic Modeller, you need a strong background in economics, mathematics, and statistical analysis, often supported by a degree in economics or a related field. Proficiency with technical tools such as Excel, statistical software (e.g., Stata, R, or Python), and econometric modelling platforms is typically required. Strong analytical thinking, attention to detail, and the ability to communicate complex findings clearly help individuals stand out in this role. These skills are crucial for producing accurate forecasts, informing policy or business decisions, and effectively conveying model insights to stakeholders.
More about Economic Modelling jobs
What cities are hiring for Economic Modelling jobs? Cities with the most Economic Modelling job openings:
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What job categories do people searching Economic Modelling jobs look for? The top searched job categories for Economic Modelling jobs are:
Economic Modelling jobs near you
Infographic showing various Economic Modelling job openings in the United States as of July 2026, with employment types broken down into 90% Full Time, 9% Part Time, and 1% Contract. Highlights an 95% Physical, 1% Hybrid, and 4% Remote job distribution, with an average salary of $73,261 per year, or $35.2 per hour.
Principal Consultant, Health Economics & Modelling

Principal Consultant, Health Economics & Modelling

Parexel

House, NM

Other

Posted 5 days ago

Parexel rating

9.1

Company rating: 9.1 out of 10

Based on 5 frontline employees who took The Breakroom Quiz

5th of 59 rated research

Job description

When our values align, there's no limit to what we can achieve.
At Parexel, we all share the same goal - to improve the world's health. From clinical trials to regulatory, consulting, and market access, every clinical development solution we provide is underpinned by something special - a deep conviction in what we do.

Each of us, no matter what we do at Parexel, contributes to the development of a therapy that ultimately will benefit a patient. We take our work personally, we do it with empathy and we're committed to making a difference.

Job Purpose:

As a senior leader a Principal Consultant in the HEOR modelling team has responsibility for building and maintaining relationships with clients, for providing technical leadership and training to junior staff, generating and advocating thought leadership pieces, and for leading the delivery of projects on time and to a high quality. In addition, the Principal Consultant has an important role in writing and presenting proposals to prospective clients, driving sales targets and NBA's.

Principal Consultants are senior technical and project leaders in the Health Economics & Modelling (HEM) team, with key responsibilities including;

Providing advanced methodological and modelling leadership on complex projects

Acting as Project Director on key engagements, assuring quality, timelines and financial performance

Support account and client relationship management and contribute meaningfully to new business activities, driving business growth

Take a visible role in developing people, methods, and internal standards

Essential Knowledge & Experience You Will Require For This Role:

10-15+ years of health economics modelling experience, ideally with extensive consultancy experience

Deep expertise across therapeutic areas, HTA jurisdictions and global market access

Extensive experience as Project Director on complex, multi-jurisdictional projects

Demonstrated experience supporting HTA submissions (e.g. NICE, SMC, CADTH, G-BA, others)

Proven track record of successful business development and account growth

Demonstrated thought leadership through publications, presentations or industry contributions

Strong network within the pharmaceutical industry and the HTA community

Experience coaching and line-managing (or de facto managing) junior staff is strongly preferred.

Skills Required:

Deep expertise in health economic modelling (Excel/VBA, R)

Advanced understanding of HTA-relevant guidelines, techniques and methodologies

Proven ability to direct multiple projects in parallel

Solid grasp of project financials (pricing, WIP, burn vs. budget, revenue recognition)

Advanced expertise in generative AI tools for health economics modelling

Exceptional client relationship and account management capabilities

Proven influencing and negotiation skills, comfortable in discussing trade-offs and methodological decisions with senior client stakeholders

Strategic business thinking and commercial acumen

Outstanding written and oral communication across all organisational levels

Results-oriented with a strong accountability mindset

Leadership, coaching, and team-building capabilities

Ability to motivate teams, set clear expectations, and give constructive feedback

Calm under pressure; able to make pragmatic decisions in imperfect data environments

Fluent English with a high degree of written accuracy; additional European languages advantageous

Education Requirements for this role:

Master's degree in health economics, economics, life sciences, mathematics, statistics, or related quantitative discipline.

Additional postgraduate training (e.g. PhD, MBA) is an advantage, but not essential.

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About PAREXEL

Sourced by ZipRecruiter

Bring your Data Management expertise to Parexel's Strategic Partnerships. Although we work globally, each partnership we form is deeply personal. We are as dedicated to every aspect of our client's product development as they are - and work closely with client teams in true partnership to understand both challenges and opportunities. At Parexel we are focused on meeting customer and patient needs through collaborative partnership so that we get treatments into the hands of patients who need them most.

Industry

Pharmaceutical and medicine manufacturing

Company size

10,000+ Employees

Headquarters location

Waltham, MA, US

Year founded

1983

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