Economists, Economic Policy Researchers, and Analysts
(NOC 4162)
in All Education, Law, Government, Social and Community ServicesEconomists and economic policy researchers and analysts conduct research, monitor data, analyze information, and prepare reports and plans. They develop models to analyze, explain and forecast economic behaviour and patterns. They advise on finance, fiscal and monetary policy, international trade, agricultural and natural resource commodities, and labour and industrial markets. They work for government departments and agencies and throughout the private sector in associations, unions, research organizations, banks, and investment firms.
Job Outlook
Undetermined
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Compared to: All Education, Law, Government, Social and Community Services
This is not a large occupation in Nova Scotia so job opportunities may not be that frequent. 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 and Economic Policy Researchers and Analysts most commonly work full-time hours.
The median employment income for 72% of Economists and 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)
Hourly Pay
$28.21
Minimum$36.25
Median$63.08
MaximumAnnual Pay
$2,649
Minimum$66,438
Median$109,622
MaximumCompared to: All Education, Law, Government, Social and Community Services
Hourly Pay
$14.74
Minimum$33.28
Median$46.76
MaximumAnnual Pay
$5,616
Minimum$44,335
Median$92,599
MaximumAbout the job
Nature of work
Economists and economic policy researchers and analysts conduct research, monitor data, analyze information, and prepare reports and plans. They develop models to analyze, explain and forecast economic behaviour and patterns. They advise on finance, fiscal and monetary policy, international trade, agricultural and natural resource commodities, and labour and industrial markets. They work for 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:
- Research and develop models to analyze, explain, and forecast economic behaviour and patterns, and devise methods to collect and analyze data.
- Forecast production and consumption of 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 that determine economic growth and advise government agencies on policies to increase economic activities.
- Analyze factors that 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.
- Research 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
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 like 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.
By the numbers
Quick look
employed in 2016
employed full-time
self employed
median age
Compared to: All Education, Law, Government, Social and Community Services
employed in 2016
employed full-time
self employed
median age
Where will I likely work?
Halifax
North Shore
Cape Breton
Southern
Annapolis Valley
Compared to: All NS Occupations
Halifax
North Shore
Annapolis Valley
Cape Breton
Southern
Top Industries of Employment
Public administration
Finance and insurance
Professional, scientific and technical services
Transportation and warehousing
Agriculture, forestry, fishing and hunting
What is the age of Employment?
45-54
55-64
35-44
65+
25-34
15-24
Compared to: All Education, Law, Government, Social and Community Services
35-44
45-54
25-34
55-64
15-24
Top levels of education
Master
$60,391 median annual incomeBachelor
$50,279 median annual incomeCollege Diploma
N/ADiploma Below Bachelor
N/ADoctorate
N/ACompared to: All Education, Law, Government, Social and Community Services
Bachelor
$45,929 median annual incomeCollege Diploma
$35,398 median annual incomeMaster
$71,043 median annual incomeHigh school
$29,055 median annual incomeDoctorate
$100,443 median annual incomeEducation & training
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