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 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
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Compared to: All Education, Law, Government, Social and Community Services
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
MinimumN/A
MedianN/A
MaximumAnnual Pay
$2,649
Minimum$66,438
Median$109,622
MaximumCompared to: All Education, Law, Government, Social and Community Services
Hourly Pay
$14.00
Minimum$26.88
Median$46.15
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 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
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
Northern
Cape Breton
Annapolis Valley
Southern
Compared to: All NS Occupations
Halifax
Northern
Annapolis Valley
Cape Breton
Southern
Top Industries of Employment
Public Administration
Finance, Insurance, Real Estate & Leasing
Other Professional Services
Computer System Design Services
Retail Trade
What is the age of Employment?
45-54
25-34
35-44
15-24
Compared to: All Education, Law, Government, Social and Community Services
35-44
45-54
55-64
25-34
65+
Top levels of education
Doctorate
$37,880 median annual incomeBachelor's degree
$72,345 median annual incomeCollege certificate or diploma
$43,423 median annual incomeMedicine, dentistry, veterinary, optometry
N/AUniversity certificate or diploma
N/ACompared to: All Education, Law, Government, Social and Community Services
Bachelor's degree
$43,533 median annual incomeCollege certificate or diploma
$28,183 median annual incomeMaster's degree
$35,978 median annual incomeHigh school
$25,801 median annual incomeDoctorate
$60,991 median annual incomeEducation & training
Applied economics
This program is typically offered at the college or university level.This instructional program class includes 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
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 includes 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
45 Ochterloney Street, Suite 100
Dartmouth, NS B2Y 2N6
(902) 463-6700
6960 Mumford Road, Suite 155-1st Floor Mumford Professional Centre
Halifax, NS B3L 4P1
(902) 455-3395
Office of the Registrar
Halifax, NS B3H 4R2
(902) 494-2450
166 Bedford Highway
Halifax, NS B3M 2J6
(902) 457-6117
Siège Social: 1695, Route 1
Pointe-de-l'Église, NS B0W 1M0
(902) 769-2114
PO Box 5000
Antigonish, NS B2G 2W5
(902) 867-2219
923 Robie Street
Halifax, NS B3H 3C3
(902) 420-5400
PO Box 5300 1250 Grand Lake Road
Sydney, NS B1P 6L2
(888) 959-9995
PO Box 550, 1 Main Street
Springhill, NS B0M 1X0
(902) 597-3737
372 Pleasant Street
Yarmouth, NS B5A 2L2
(902) 742-3501
236 Belcher Street
Kentville, NS B4N 0A6
(902) 678-7341
75 High Street
Bridgewater, NS B4V 1V8
(902) 543-4608
PO Box 820, 39 Acadia Avenue
Stellarton, NS B0K 1S0
(902) 752-2002
226 Reeves Street
Port Hawkesbury, NS B9A 2A2
(902) 625-2380
PO Box 1042, 1240 Grand Lake Road
Sydney, NS B1P 6J7
(902) 563-2450
36 Arthur Street
Truro, NS B2N 1X5
(902) 893-5385
80 Mawiomi Place
Dartmouth, NS B2Y 0A5
(902) 491-1100
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 includes 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
Office of the Registrar
Halifax, NS B3H 4R2
(902) 494-2450
6350 Coburg Road
Halifax, NS B3H 2A1
(902) 422-1271
923 Robie Street
Halifax, NS B3H 3C3
(902) 420-5400
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 includes 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
Office of the Registrar
Halifax, NS B3H 4R2
(902) 494-2450
6350 Coburg Road
Halifax, NS B3H 2A1
(902) 422-1271
166 Bedford Highway
Halifax, NS B3M 2J6
(902) 457-6117
PO Box 5000
Antigonish, NS B2G 2W5
(902) 867-2219
923 Robie Street
Halifax, NS B3H 3C3
(902) 420-5400
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 includes any program not listed above that relates to Mathematics and Statistics.
Institutions providing this program
Statistics - General
This program is typically offered at the college or university level.This instructional program class includes 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
Office of the Registrar
Halifax, NS B3H 4R2
(902) 494-2450
6350 Coburg Road
Halifax, NS B3H 2A1
(902) 422-1271
166 Bedford Highway
Halifax, NS B3M 2J6
(902) 457-6117
PO Box 5000
Antigonish, NS B2G 2W5
(902) 867-2219
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