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. 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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  • Estimate change in employment not available for this occupation.
  • Estimate openings due to growth and retirements not available for this occupation.
  • Estimate rate of unemployment not available for this occupation.

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

  • Estimate 770 employment change, 2019-2021
  • Estimate 4115 openings due to growth and retirements, 2018-2020
  • Estimate rate of unemployment not available for these occupation.

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

Maximum

Annual Pay

$2,649

Minimum

$66,438

Median

$109,622

Maximum

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

Hourly Pay

$14.74

Minimum

$33.28

Median

$46.76

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. 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

230

employed in 2016

84.8%

employed full-time

8.7%

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

76.4%

employed full-time

6.6%

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%

North Shore

6.5%

Cape Breton

4.3%

Southern

4.3%

Annapolis Valley

Compared to: All NS Occupations

47.0%

Halifax

15.6%

North Shore

12.9%

Annapolis Valley

12.7%

Cape Breton

11.8%

Southern

Top Industries of Employment

38.5%

Public administration

20.5%

Finance and insurance

15.4%

Professional, scientific and technical services

5.1%

Transportation and warehousing

5.1%

Agriculture, forestry, fishing and hunting

What is the age of Employment?

29.0%

45-54

21.0%

55-64

17.0%

35-44

15.0%

65+

15.0%

25-34

4.0%

15-24

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

24.2%

35-44

22.7%

45-54

21.4%

25-34

17.2%

55-64

8.4%

15-24

Top levels of education

42.6%

Master

$60,391 median annual income
29.8%

Bachelor

$50,279 median annual income
8.5%

College Diploma

N/A
6.4%

Diploma Below Bachelor

N/A
6.4%

Doctorate

N/A

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

28.9%

Bachelor

$45,929 median annual income
21.2%

College Diploma

$35,398 median annual income
16.8%

Master

$71,043 median annual income
14.6%

High school

$29,055 median annual income
4.6%

Doctorate

$100,443 median annual income

Education & training

Business Administration and Management

College, Trades, or University Program

These programs prepare students to plan, organize, direct, and control the functions and processes of a firm or organization. They 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

Lower Sackville, NS

Academy of Learning Career College - Halifax

Halifax, NS

Acadia University

Wolfville, NS

Dalhousie University

Halifax, NS

Mount Saint Vincent University

Halifax, NS

Universite Sainte-Anne

Pointe-de-l'Église, NS

St. Francis Xavier University

Antigonish, NS

Saint Mary's University

Halifax, NS

Cape Breton University

Sydney, NS

Dalhousie University Faculty of Agriculture

Truro, NS

Nova Scotia Community College - Annapolis Valley Campus

Middleton, NS

Nova Scotia Community College - Cumberland Campus

Springhill, NS

Nova Scotia Community College - Burridge Campus

Yarmouth, NS

Nova Scotia Community College - Kingstec Campus

Kentville, NS

Nova Scotia Community College - Lunenburg Campus

Bridgewater, NS

Nova Scotia Community College - Pictou Campus & School of Fisheries

Stellarton, NS

Nova Scotia Community College - Strait Area Campus & Nautical Institute

Port Hawkesbury, NS

Nova Scotia Community College - Marconi Campus

Sydney, NS

Nova Scotia Community College - Truro Campus

Truro, NS

Nova Scotia Community College - Ivany Campus

Dartmouth, NS

Nova Scotia Community College - Online Learning

Various, NS

Development Economics and International Development

College or University Program

These programs focus on the systematic study of the economic development process and its application to the problems of specific countries and regions. They 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

Wolfville, NS

Dalhousie University

Halifax, NS

University of King's College

Halifax, NS

St. Francis Xavier University

Antigonish, NS

Saint Mary's University

Halifax, NS

Cape Breton University

Sydney, NS

Economics

College or University Program

These programs focus 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. They 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

Wolfville, NS

Dalhousie University

Halifax, NS

University of King's College

Halifax, NS

Mount Saint Vincent University

Halifax, NS

St. Francis Xavier University

Antigonish, NS

Saint Mary's University

Halifax, NS

Cape Breton University

Sydney, NS

Mathematical Statistics and Probability

University Program

These programs focus on the mathematical theory underlying statistical methods and their use. They include courses in probability theory, parametric and nonparametric inference, sequential analysis, multivariate analysis, Bayesian analysis, experimental design, time series analysis, resampling, robust statistics, limit theory, infinite particle systems, stochastic processes, martingales, Markov processes, and Banach spaces.

Institutions providing this program

Acadia University

Wolfville, NS

Statistics

College or University Program

These programs focus on the relationships between groups of measurements, and similarities and differences, using probability theory and techniques derived from it. They 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

Halifax, NS

University of King's College

Halifax, NS

Mount Saint Vincent University

Halifax, NS

Employment requirements & contacts

No regulating bodies were found under this occupation profile

Contacts

Atlantic Provinces Economic Council
Halifax, NS
Public Service Commission of Canada - Atlantic
Dartmouth, NS
Institute of Public Administration of Canada
Toronto, ON
Canadian Economics Association
Ottawa, ON

Additional resources

There are no additional resources for this occupation.