careers.novascotia.ca

Economists and Economic Policy Researchers and Analysts

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NOC:4162
Occupation:Economists, Economic Policy Researchers, and Analysts
Category:Education, Law, Government, Social and Community Services

About the job

Nature of work:

Economists and economic policy researchers and analysts conduct research, monitor data, analyze information and prepare reports and plans to resolve economic and business problems and develop models to analyze, explain and forecast economic behaviour and patterns. They advise on matters such as finance, fiscal and monetary policy, international trade, agricultural and natural resource commodities and labour and industrial markets. They are employed by government departments and agencies and throughout the private sector in associations, unions, research organizations, banks and investment firms.

Job duties:
Economists and economic policy researchers and analysts perform some or all of the following duties:
  • Conduct research and develop models to analyze, explain and forecast economic behaviour and patterns, and devise methods for collection and analysis of data.
  • Forecast production and consumption of specific products and services based on records of past production and consumption and general economic and industry-specific conditions.
  • Prepare forecasts of income and expenditure, interest rates and exchange rates.
  • Analyze factors which determine economic growth and advise government agencies on policies to increase economic activities.
  • Analyze factors which determine labour force participation, employment, wages, unemployment and other labour market outcomes.
  • Study mathematical formulae and statistical techniques and apply them to the testing and quantifying of economic theories and the solution of economic problems.
  • Study the nature of money, credit and the operation of banks and other financial institutions to develop monetary policies and forecasts of financial activity.
  • Monitor economic data to assess the effectiveness, and advise on the appropriateness, of monetary and fiscal policies.
  • Examine problems related to the economic activity of individual companies.
  • Examine financial methods, production costs and techniques and marketing policies to recommend possible improvements.
  • Examine statistical data on the exchange of goods and services among nations.
  • Forecast production and consumption of renewable resources and supply, consumption and depletion of non-renewable resources.
  • Conduct research on market conditions in local, regional or national area to set sales and pricing levels for goods and services, to assess market potential and future trends and to develop business strategies.
  • Monitor regional and local economic trends.
  • Study regulatory processes and provide material in support of legal proceedings with government and other parties.
Sample job titles:
  • business economist
  • econometrician
  • economic policy analyst
  • economic policy researcher
  • economist
  • international trade economist
  • labour market information analyst
  • regional economist
  • salary analyst - economic policy
Skills:

To work in these fields, you should be organized, resourceful, and able to co-operate with others in a team. You must be able to communicate clearly, both orally and in writing. You will need an interest in research and familiarity with computers. Advanced computer and technical skills for data manipulation and statistical analysis may be required in some positions.

Job requirements:
  • A master's degree in economics or in a related discipline such as business administration or statistics is usually required.
  • A doctorate in economics may be required.
Other considerations:

Progression to managerial positions in economics is possible with experience.

Labour Market Information

Work Prospects:Fair

The employment outlook over the next few years for this occupational group is “average”, which indicates the chances of a qualified individual finding work is comparable to the average for all occupations in Nova Scotia. This is not a large occupation in Nova Scotia so job opportunities may not be that frequent. The number employed in this occupation is expected to grow moderately over the next few years, which will likely provide some additional opportunities for employment. With a large percent of workers being 55 years of age and older, retirements are expected to be a key contributor to employment opportunities over the coming years. Economists, Economic Policy Researchers, and Analysts most commonly work full-time hours. Furthermore, the jobs may either be permanent or temporary positions, as both are common.

The median employment income for 73% of Economists, Economic Policy Researchers, and Analysts who worked full-time, year-round in 2015 was $70,119. Across all occupations in Nova Scotia, 59% of those who worked full-time year round had a median employment income of $43,600.
(Source: 2016 Census)

OccupationEstimated employment in 2018Estimated change in employment between 2017 and 2019Estimated openings due to growth and retirements, 2017-2019Estimated rate of unemployment in 2018 Estimated hourly earnings in 2015 (learn more)Estimated annual earnings in 2015
Economists and Economic Policy Researchers and Analysts205Moderate growth15Low
Minimum:  N/A
Median:  N/A
Maximum:  N/A
Minimum: $2,649
Median: $66,438
Maximum: $109,622
Occupations in Education, Law, Government, Social and Community Services55,420Moderate growth4,880Low
Minimum: $14.00
Median: $26.88
Maximum: $46.15
Minimum: $5,616
Median: $44,335
Maximum: $92,599
Economists and Economic Policy Researchers and AnalystsCompared to: Occupations in Education, Law, Government, Social and Community Services
Percent employed full-time82%79%
Percent self-employed5%6%
Where will I likely work?
Area of EmploymentEconomists and Economic Policy Researchers and AnalystsCompared to: All NS Occupations
% EmployedMedian Annual Income% EmployedMedian Annual Income
Southern4%x12%$30,581
Northern13%x16%$33,660
Cape Breton7%x13%$32,974
Halifax72%$57,18747%$41,209
Annapolis Valley4%x13%$32,958
What are the workers like?
AgeEconomists and Economic Policy Researchers and AnalystsCompared to: All Education, Law, Government, Social and Community Services
% Employed% Employed
15-248%N/A
25-3420%5%
35-4416%37%
45-5444%29%
55-64x24%
65+x5%
Median Age5044
GenderEconomists and Economic Policy Researchers and AnalystsCompared to: Occupations in Education, Law, Government, Social and Community Services
% Employed% Employed
Female46%64%
Male54%36%
EducationEconomists and Economic Policy Researchers and AnalystsCompared to: All Education, Law, Government, Social and Community Services
% EmployedMedian Annual Income% EmployedMedian Annual Income
Less than high schoolN/Ax2.8%$11,346
High school4.4%$23,57614.3%$25,801
Trades certificateN/Ax4.2%$35,678
College certificate or diploma8.9%$43,42321.5%$28,183
University certificate or diploma6.7%x2.6%$35,967
Bachelor's degree28.9%$72,34529.2%$43,533
University advanced certificate or diplomaN/Ax3.4%$47,801
Master's degreeN/A$56,60917.2%$35,978
Doctorate44.4%$37,8804.6%$60,991
Medicine, dentistry, veterinary, optometry6.7%x0.2%$83,456
Total100%100%
Wage Disclaimer

Hourly earnings data are from the Labour Force Survey by Statistics Canada. Data are not available for all occupations. Hourly earnings are calculated based on usual hours worked per week. This is how an annual salary, for instance, gets converted to an hourly rate. The data include full and part-time workers along with new and experienced workers. Self-employed workers are excluded.

Annual employment income data reported in the Work Prospects section, are from the 2011 National Household Survey by Statistics Canada. Much of the data (around 70%) came directly from tax records. The data relates to the year 2010 and includes total wages and salaries and net income from self-employment.

Sources

Employment Requirements & Contacts

Regulations:
No regulating bodies were found under this occupation profile
Useful contacts:
Atlantic Provinces Economic Council
5121 Sackville Street, Suite 500
Halifax, NS B3J 1K1
Tel: (902) 422-6516
Fax: (902) 429-6803
info@apec-econ.ca
Public Service Commission of Canada - Atlantic
1505 Barrington Street, Suite 1525, Maritime Centre
Halifax, NS B3J 3Y6
Tel: (877) 998-7979
Fax: (888) 457-5333
job-emplois@psc-cfp.gc.ca
Institute of Public Administration of Canada
1075 Bay Street, Suite 401
Toronto, ON M5S 2B1
Tel: (416) 924-8787
Fax: (416) 924-4992
ntl@ipac.ca
Canadian Economics Association
500 Glenridge Avenue
St. Catharines, ON L2S 3A1
Tel: (905) 688-5550
office@economics.ca

Training Paths & Education

Program Name:Applied economics
Education Level:This program is typically offered at the college or university level.
Program Description:
This instructional program class comprises any program that focuses on the application of economic principles and analytical techniques to the study of particular industries, activities, or the exploitation of particular resources. These programs include courses in economic theory; microeconomic analysis and modelling of specific industries and commodities; the economic consequences of resource allocation decisions; regulatory and consumer factors; and the technical aspects of specific subjects as they relate to economic analysis.
See all institutions providing this program+
Saint Mary's University
923 Robie Street
Halifax, NS B3H 3C3
(902) 420-5400
admission.status@smu.ca
Program Name:Business administration and management - General
Education Level:This program may be offered at the college, trades, or university level.
Program Description:
This instructional program class comprises any program that generally prepares individuals to plan, organize, direct, and control the functions and processes of a firm or organization. These programs include courses in management theory, human resources management and behaviour, accounting and other quantitative methods, purchasing and logistics, organization and production, marketing, and business decision-making.
See all institutions providing this program+
Maritime Business College - Dartmouth
45 Ochterloney Street, Suite 100
Dartmouth, NS B2Y 2N6
(902) 463-6700
admissions@maritimebusinesscollege.ca
Eastern College - Halifax
6940 Mumford Road, Suite 111
Halifax, NS B3L 0B7
(902) 423-3933
Success College
800 Sackville Drive
Lower Sackville, NS B4E 1R8
(902) 865-8283
Academy of Learning - Halifax
6960 Mumford Road, Suite 155-1st Floor Mumford Professional Centre
Halifax, NS B3L 4P1
(902) 455-3395
careers@aolhrm.com
Acadia University
15 University Avenue
Wolfville, NS B4P 2R6
(902) 542-2201
agi@acadiau.ca
Dalhousie University
Office of the Registrar
Halifax, NS B3H 4R2
(902) 494-2450
admissions@dal.ca
Mount Saint Vincent University
166 Bedford Highway
Halifax, NS B3M 2J6
(902) 457-6117
admissions@msvu.ca
Universite Sainte-Anne
Siège Social: 1695, Route 1
Pointe-de-l'Église, NS B0W 1M0
(902) 769-2114
Blanche.Theriault@usainteanne.ca
St. Francis Xavier University
PO Box 5000
Antigonish, NS B2G 2W5
(902) 867-2219
admit@stfx.ca
Saint Mary's University
923 Robie Street
Halifax, NS B3H 3C3
(902) 420-5400
admission.status@smu.ca
Cape Breton University
PO Box 5300 1250 Grand Lake Road
Sydney, NS B1P 6L2
(888) 959-9995
registrar@cbu.ca
Nova Scotia Community College - Cumberland Campus
PO Box 550, 1 Main Street
Springhill, NS B0M 1X0
(902) 597-3737
cumberland.info@nscc.ca
Nova Scotia Community College - Burridge Campus
372 Pleasant Street
Yarmouth, NS B5A 2L2
(902) 742-3501
burridge.info@nscc.ca
Nova Scotia Community College - Kingstec Campus
236 Belcher Street
Kentville, NS B4N 0A6
(902) 678-7341
kingstec.info@nscc.ca
Nova Scotia Community College - Lunenburg Campus
75 High Street
Bridgewater, NS B4V 1V8
(902) 543-4608
lunenburg.info@nscc.ca
Nova Scotia Community College - Pictou Campus & School of Fisheries
PO Box 820, 39 Acadia Avenue
Stellarton, NS B0K 1S0
(902) 752-2002
pictou.info@nscc.ca
Nova Scotia Community College - Strait Area Campus & Nautical Institute
226 Reeves Street
Port Hawkesbury, NS B9A 2A2
(902) 625-2380
strait.info@nscc.ca
Nova Scotia Community College - Marconi Campus
PO Box 1042, 1240 Grand Lake Road
Sydney, NS B1P 6J7
(902) 563-2450
marconi.info@nscc.ca
Nova Scotia Community College - Truro Campus
36 Arthur Street
Truro, NS B2N 1X5
(902) 893-5385
truro.info@nscc.ca
Nova Scotia Community College - Waterfront Campus & Aviation Institute
80 Mawiomi Place
Dartmouth, NS B2Y 0A5
(902) 491-1100
waterfront.info@nscc.ca
Nova Scotia Community College - Online Learning
Unit 37, 115 Chain Lake Drive
Halifax, NS B3S 1B3
(877) 491-6774
online.learning@nscc.ca
Program Name:Development economics and international development
Education Level:This program is typically offered at the college or university level.
Program Description:
This instructional program class comprises any program that focuses on the systematic study of the economic development process and its application to the problems of specific countries and regions. These programs include courses in economic development theory, industrialization, land reform, infrastructural development, investment policy, the role of governments and business in development, international development organizations, and the study of social, health, and environmental influences on economic development.
See all institutions providing this program+
Acadia University
15 University Avenue
Wolfville, NS B4P 2R6
(902) 542-2201
agi@acadiau.ca
Dalhousie University
Office of the Registrar
Halifax, NS B3H 4R2
(902) 494-2450
admissions@dal.ca
University of King's College
6350 Coburg Road
Halifax, NS B3H 2A1
(902) 422-1271
admissions@ukings.ca
Saint Mary's University
923 Robie Street
Halifax, NS B3H 3C3
(902) 420-5400
admission.status@smu.ca
Cape Breton University
PO Box 5300 1250 Grand Lake Road
Sydney, NS B1P 6L2
(888) 959-9995
registrar@cbu.ca
Program Name:Economics - General
Education Level:This program is typically offered at the college or university level.
Program Description:
This instructional program class comprises any general program that focuses on the systematic study of the production, conservation and allocation of resources in conditions of scarcity, together with the organizational frameworks related to these processes. These programs include courses in economic theory, microeconomics and macroeconomics, comparative economic systems, money and banking systems, international economics, quantitative analytical methods, and applications to specific industries and public policy issues.
See all institutions providing this program+
Acadia University
15 University Avenue
Wolfville, NS B4P 2R6
(902) 542-2201
agi@acadiau.ca
Dalhousie University
Office of the Registrar
Halifax, NS B3H 4R2
(902) 494-2450
admissions@dal.ca
University of King's College
6350 Coburg Road
Halifax, NS B3H 2A1
(902) 422-1271
admissions@ukings.ca
Mount Saint Vincent University
166 Bedford Highway
Halifax, NS B3M 2J6
(902) 457-6117
admissions@msvu.ca
St. Francis Xavier University
PO Box 5000
Antigonish, NS B2G 2W5
(902) 867-2219
admit@stfx.ca
Saint Mary's University
923 Robie Street
Halifax, NS B3H 3C3
(902) 420-5400
admission.status@smu.ca
Cape Breton University
PO Box 5300 1250 Grand Lake Road
Sydney, NS B1P 6L2
(888) 959-9995
registrar@cbu.ca
Program Name:Mathematics and statistics - Other
Education Level:This program may be offered at the college, trades, or university level.
Program Description:
This instructional program class comprises any program not listed above that relates to Mathematics and Statistics.
See all institutions providing this program+
Acadia University
15 University Avenue
Wolfville, NS B4P 2R6
(902) 542-2201
agi@acadiau.ca
Program Name:Statistics - General
Education Level:This program is typically offered at the college or university level.
Program Description:
This instructional program class comprises any general program that focuses on the relationships between groups of measurements, and similarities and differences, using probability theory and techniques derived from it. These programs include courses in the principles in probability theory, binomial distribution, regression analysis, standard deviation, stochastic processes, Monte Carlo method, Bayesian statistics, non-parametric statistics, sampling theory, and statistical techniques.
See all institutions providing this program+
Dalhousie University
Office of the Registrar
Halifax, NS B3H 4R2
(902) 494-2450
admissions@dal.ca
University of King's College
6350 Coburg Road
Halifax, NS B3H 2A1
(902) 422-1271
admissions@ukings.ca
Mount Saint Vincent University
166 Bedford Highway
Halifax, NS B3M 2J6
(902) 457-6117
admissions@msvu.ca
St. Francis Xavier University
PO Box 5000
Antigonish, NS B2G 2W5
(902) 867-2219
admit@stfx.ca
Additional resources:

There are no additional resources for this occupation.