Yihan Xu earned a B.A. in Economics with Honors from NYU Shanghai and graduated from Yale with an M.A. in International Development Economics in 2023. He is working as an Associate at Charles River Associates (CRA) in Boston, MA.
Yihan works in Antitrust and Competition Economics, with a primary focus on mergers and acquisitions within the healthcare industry. His role involves helping clients navigate the regulatory approval process, particularly as it pertains to antitrust concerns, and advising clients on economic and financial matters pertaining to litigation and regulatory proceedings using economic models and econometric analyses.
Entry into Charles River Associates
Could you start with a brief overview of your academic journey and what drew you to economic consulting?
I developed a fond interest for economic research during my undergraduate and graduate studies, particularly in ways that economic theory can be applied to understanding and addressing real-world issues. As a result, while I appreciated the rigor of academic work, I was more so drawn to the applied nature of economic consulting. It offers a unique opportunity that allows me to engage in rigorous analysis while contributing to decisions with tangible impacts.
How did your job‑search strategy steer you toward the Antitrust & Competition practice at Charles River Associates, and what did the selection process look like from application to offer?
Having a clear focus is key when entering a competitive job market. Rather than casting a wide net, I identified economic consulting – specifically Antitrust – as my primary target early on. This allowed me to allocate more time and energy to understanding the industry, preparing application materials, and practicing for interviews.
The recruitment process typically begins in early fall and can extend into the new year. It involves a resume pre-selection and two to three rounds of interviews, culminating in a series of interviews over several hours with senior principals and vice presidents. It is both a technical and behavioral assessment and provides you with a deeper insight into the firm’s culture and expectations.
What qualities or experiences make a candidate stand out for CRA, and how does the firm evaluate prior internships or referrals? Are there formal internship programs or refer opportunities applicants could know about?
CRA is research driven. It places strong emphasis on analytical rigor and intellectual curiosity. I would recommend anyone applying to showcase strong quantitative and analytical skills, be it through prior research assistantships, thesis, or teaching assistant roles in economics or related fields. Experience in consulting and the ability to manage team-based projects efficiently is also highly regarded.
CRA does offer a formal internship program, which is an excellent way to gain exposure to the type of work full-time associates do, and they often serve as a direct pipeline to full-time roles. I also highly recommend reaching out to alumni working in the industry you are applying to for informational interviews. These conversations not only offer industry insights but can also lead to internal referrals.
Early Professional Growth & Challenges
Which software and quantitative methods (e.g., Stata, R, Python, SQL, econometric modeling) do you rely on most in case work, and how did your graduate training prepare you to use them?
I heavily use Stata in my day-to-day work for data cleaning, modeling, and econometric analysis. Increasingly, Python and R are becoming important in the context of cloud computing, as they allow for more complex data management. ArcGIS and Tableau are also helpful for visualizing geographic and market data in client-facing materials.
My studies at Yale provided a solid foundation in these tools, both through coursework and hands-on research. It made me comfortable working with large datasets and eased my learning process of new programming languages and analytical tools.
Could you walk us through a typical day or week as an Associate, especially given your hybrid work schedule? How did you balance deep data analysis, report writing, and collaboration with your team?
We, and many companies alike, have a hybrid work mode, where we are encouraged to come into the office three days a week. CRA operates on a free market staffing model, meaning associates can express preferences for the projects they want to work on, within the constraints of project needs. This flexibility gives us a sense of ownership of our work and allows us to choose projects that aligns with our interests.
A typical week for me involves a blend of responsibilities, from data work, such as cleaning, analyzing, and summarizing datasets, to written work like editing reports or presentations. The workload is generally well-balanced and effective communication and time management are key to maintaining that equilibrium.
When translating complex economic analysis for attorneys, regulators, or other non‑economists, which communication techniques or mindsets have proven most effective?
It is important to tailor your presentation style to your audience. While some have a preference for visual summaries like maps and charts, others may prefer detailed Excel tables. The same applies for communication – some clients appreciate concise, bullet-pointed emails, but others may expect clear and thorough explanations. It’s helpful to start by understanding what the client values most and shape the materials accordingly.
Guidance for Aspiring Economic Consultants
For students (e.g., in Yale’s IDE program) aiming for economic consulting, what courses, research projects, or extracurriculars would you recommend they prioritize?
I recommend taking courses in competition economics, industrial organization, or competitive strategy offered through the Graduate School of Arts and Sciences and the School of Management. These classes provide useful frameworks and case studies relevant to economic consulting, especially as it pertains to antitrust.
On-campus roles such as research assistant or teaching assistant positions are also highly valued. On the extracurricular side, playing a team sport or participating in student organizations also showcases your collaboration skills.
Beyond technical expertise, which soft skills—time management, mentorship, client relations—have proven critical in a fast‑paced consulting environment?
It is important to build trust – both internally with your managers, and externally with your clients. This is achieved by delivering consistent work products and maintaining a high quality in your deliverables. In addition, the ability to prioritize, set realistic deadlines, and communicate progress effectively is also crucial. Facilitating trust early on in your career goes a long way.
What advice would you give for navigating recruiting cycles and interviews, and for leveraging university resources like career services or alumni networks?
Be targeted in your job search. Take your time to understand the skills and qualities your target company looks for, and tailor your resume and preparation accordingly. Build on your past interviewing experiences to refine your skills. I found it extremely useful to utilize the OCS for resume review, mock interviews, and interview preparation resources. I also highly recommend attending the fall career fairs organized by the OCS, as they give you the opportunity to speak to company representatives and gain a better understanding of the industry and job expectations.
Outlook in Competition Economics
How did generative AI affected economic consulting field? Which emerging trends excite you most, and where do you hope to focus on your career over the next five years?
Economic consulting, especially in the antitrust and regulatory spheres, has been largely unaffected by AI. Much of our work involves creating analyses to support legal arguments, submitting formal regulatory evidence, and supporting court proceedings. Processes like these require a high degree of accuracy, transparency, and credibility. Because of the “black-box” nature of generative AI, it is unlikely for AI-generated analysis to be accepted as formal evidence anytime in the near future.
However, that is not to say AI hasn’t been useful in our work in other ways. For example, many of my peers use generative AI to help with coding and improving code efficiency when learning a new tool or programming language.
One trend that excites me in the industry is the increasing reliance from regulators and courts on economic evidence in antitrust matters. I look forward to deepening my expertise in this area, taking on more responsibilities for managing case components, and engaging more directly with clients and experts over the next several years.
