Economists, Economic Policy Researchers, and Analysts

(NOC 4162)

in All Education, Law, Government, Social and Community Services

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 Outlook

Average

Read more

  • Estimate Moderate growth employment change, 2017-2019
  • Estimate 15 openings due to growth and retirements, 2017-2019
  • Estimate Low rate of unemployment in 2016

Compared to: All Education, Law, Government, Social and Community Services

  • Estimate Moderate growth employment change, 2017-2019
  • Estimate 4880 openings due to growth and retirements, 2017-2019
  • Estimate Low rate of unemployment in 2016

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)

Hourly Pay

N/A

Minimum

N/A

Median

N/A

Maximum

Annual Pay

$2,649

Minimum

$66,438

Median

$109,622

Maximum

Compared to: All Education, Law, Government, Social and Community Services

Hourly Pay

$14.00

Minimum

$26.88

Median

$46.15

Maximum

Annual Pay

$5,616

Minimum

$44,335

Median

$92,599

Maximum

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.

By the numbers

Quick look

205

employed in 2016

82.2%

employed full-time

9.8%

self employed

45.7%
Icons/female Created with Sketch.
54.3%
Icons/male Created with Sketch.
50.2

median age

Compared to: All Education, Law, Government, Social and Community Services

55,420

employed in 2016

79.3%

employed full-time

6.5%

self employed

64.0%
Icons/female Created with Sketch.
36%
Icons/male Created with Sketch.
43.5

median age

Where will I likely work?

71.7%

Halifax

13.0%

Northern

6.5%

Cape Breton

4.3%

Southern

4.3%

Annapolis Valley

Compared to: All NS Occupations

47.0%

Halifax

15.6%

Northern

12.9%

Annapolis Valley

12.7%

Cape Breton

11.8%

Southern

Top Industries of Employment

34.9%

Public Administration

18.6%

Finance, Insurance, Real Estate & Leasing

14.0%

Other Professional Services

4.7%

Metal Fabrication and Machinery (excl. electrical)

4.7%

Professional Business Services

What is the age of Employment?

44.0%

45-54

20.0%

25-34

16.0%

35-44

8.0%

15-24

Compared to: All Education, Law, Government, Social and Community Services

36.6%

35-44

29.3%

45-54

24.4%

55-64

4.9%

25-34

4.9%

65+

Top levels of education

44.4%

Doctorate

$37,880 median annual income
28.9%

Bachelor's degree

$72,345 median annual income
8.9%

College certificate or diploma

$43,423 median annual income
6.7%

University certificate or diploma

N/A
6.7%

Medicine, dentistry, veterinary, optometry

N/A

Compared to: All Education, Law, Government, Social and Community Services

29.2%

Bachelor's degree

$43,533 median annual income
21.5%

College certificate or diploma

$28,183 median annual income
17.2%

Master's degree

$35,978 median annual income
14.3%

High school

$25,801 median annual income
4.6%

Doctorate

$60,991 median annual income

Education & training

Applied economics

This program is typically offered at the college or university level.

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.

Institutions providing this program

Saint Mary's University

923 Robie Street

Halifax, NS B3H 3C3

(902) 420-5400

Business administration and management - General

This program may be offered at the college, trades, or university level.

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.

Institutions providing this program

Maritime Business College - Dartmouth

45 Ochterloney Street, Suite 100

Dartmouth, NS B2Y 2N6

(902) 463-6700

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

Acadia University

15 University Avenue

Wolfville, NS B4P 2R6

(902) 542-2201

Dalhousie University

Office of the Registrar

Halifax, NS B3H 4R2

(902) 494-2450

Mount Saint Vincent University

166 Bedford Highway

Halifax, NS B3M 2J6

(902) 457-6117

Universite Sainte-Anne

Siège Social: 1695, Route 1

Pointe-de-l'Église, NS B0W 1M0

(902) 769-2114

St. Francis Xavier University

PO Box 5000

Antigonish, NS B2G 2W5

(902) 867-2219

Saint Mary's University

923 Robie Street

Halifax, NS B3H 3C3

(902) 420-5400

Cape Breton University

PO Box 5300 1250 Grand Lake Road

Sydney, NS B1P 6L2

(888) 959-9995

Nova Scotia Community College - Cumberland Campus

PO Box 550, 1 Main Street

Springhill, NS B0M 1X0

(902) 597-3737

Nova Scotia Community College - Burridge Campus

372 Pleasant Street

Yarmouth, NS B5A 2L2

(902) 742-3501

Nova Scotia Community College - Kingstec Campus

236 Belcher Street

Kentville, NS B4N 0A6

(902) 678-7341

Nova Scotia Community College - Lunenburg Campus

75 High Street

Bridgewater, NS B4V 1V8

(902) 543-4608

Nova Scotia Community College - Pictou Campus & School of Fisheries

PO Box 820, 39 Acadia Avenue

Stellarton, NS B0K 1S0

(902) 752-2002

Nova Scotia Community College - Strait Area Campus & Nautical Institute

226 Reeves Street

Port Hawkesbury, NS B9A 2A2

(902) 625-2380

Nova Scotia Community College - Marconi Campus

PO Box 1042, 1240 Grand Lake Road

Sydney, NS B1P 6J7

(902) 563-2450

Nova Scotia Community College - Truro Campus

36 Arthur Street

Truro, NS B2N 1X5

(902) 893-5385

Nova Scotia Community College - Waterfront Campus & Aviation Institute

80 Mawiomi Place

Dartmouth, NS B2Y 0A5

(902) 491-1100

Nova Scotia Community College - Online Learning

Unit 37, 115 Chain Lake Drive

Halifax, NS B3S 1B3

(877) 491-6774

Development economics and international development

This program is typically offered at the college or university level.

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.

Institutions providing this program

Acadia University

15 University Avenue

Wolfville, NS B4P 2R6

(902) 542-2201

Dalhousie University

Office of the Registrar

Halifax, NS B3H 4R2

(902) 494-2450

University of King's College

6350 Coburg Road

Halifax, NS B3H 2A1

(902) 422-1271

Saint Mary's University

923 Robie Street

Halifax, NS B3H 3C3

(902) 420-5400

Cape Breton University

PO Box 5300 1250 Grand Lake Road

Sydney, NS B1P 6L2

(888) 959-9995

Economics - General

This program is typically offered at the college or university level.

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.

Institutions providing this program

Acadia University

15 University Avenue

Wolfville, NS B4P 2R6

(902) 542-2201

Dalhousie University

Office of the Registrar

Halifax, NS B3H 4R2

(902) 494-2450

University of King's College

6350 Coburg Road

Halifax, NS B3H 2A1

(902) 422-1271

Mount Saint Vincent University

166 Bedford Highway

Halifax, NS B3M 2J6

(902) 457-6117

St. Francis Xavier University

PO Box 5000

Antigonish, NS B2G 2W5

(902) 867-2219

Saint Mary's University

923 Robie Street

Halifax, NS B3H 3C3

(902) 420-5400

Cape Breton University

PO Box 5300 1250 Grand Lake Road

Sydney, NS B1P 6L2

(888) 959-9995

Mathematics and statistics - Other

This program may be offered at the college, trades, or university level.

This instructional program class comprises any program not listed above that relates to Mathematics and Statistics.

Institutions providing this program

Acadia University

15 University Avenue

Wolfville, NS B4P 2R6

(902) 542-2201

Statistics - General

This program is typically offered at the college or university level.

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.

Institutions providing this program

Dalhousie University

Office of the Registrar

Halifax, NS B3H 4R2

(902) 494-2450

University of King's College

6350 Coburg Road

Halifax, NS B3H 2A1

(902) 422-1271

Mount Saint Vincent University

166 Bedford Highway

Halifax, NS B3M 2J6

(902) 457-6117

St. Francis Xavier University

PO Box 5000

Antigonish, NS B2G 2W5

(902) 867-2219

Employment requirements & contacts

No regulating bodies were found under this occupation profile

Contacts

Atlantic Provinces Economic Council
5121 Sackville Street, Suite 500
Halifax, NS B3J 1K1
Tel: (902) 422-6516
Fax: (902) 429-6803
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
Institute of Public Administration of Canada
1075 Bay Street, Suite 401
Toronto, ON M5S 2B1
Tel: (416) 924-8787
Fax: (416) 924-4992
Canadian Economics Association
500 Glenridge Avenue
St. Catharines, ON L2S 3A1
Tel: (905) 688-5550

Additional resources

There are no additional resources for this occupation.

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