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Economists and economic policy researchers and analysts

OaSIS code 41401.00

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.

Overview

Also known as

  • Agricultural economist
  • Economic advisor
  • Economic analyst
  • Economic policy analyst
  • Economist
  • Energy economist
  • Financial economist
  • Industrial economist
  • International trade economist
  • Investment economist
  • Labour economist
  • Natural resources economist
  • Tax economist
  • Trade economist

Main duties

This group performs 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.

Additional information

  • Progression to managerial positions in economics is possible with experience.

Similar occupations classified elsewhere

Exclusions:

  • Financial and investment analysts (11101)
  • Government managers - economic analysis, policy development and program administration (40011)
  • Business development officers and market researchers and analysts (41402)
  • Labour policy analyst (in 41403.01 Social policy researchers)

NOC hierarchy breakdown

NOC version

NOC 2021 Version 1.0

Broad occupational category

4 – Occupations in education, law and social, community and government services

TEER

1 – Occupations usually require a university degree

Major group

41 – Professional occupations in law, education, social, community and government services

Sub-major group

414 – Professional occupations in government services

Minor group

4140 – Policy and program researchers, consultants and officers

Unit group

41401 – Economists and economic policy researchers and analysts

Occupational profile

41401.00 – Economists and economic policy researchers and analysts

Work characteristics

Work characteristics gathers the various components describing the work environment of each occupation, such as employers, work activities, and the work context. Each category displays up to 10 descriptors in descending order based, firstly, on their attributed ratings by the level of complexity (for Work Activities) or other measurement dimensions (for Work Context), and secondly, in alphabetical order. The whole list of descriptors and their ratings can be expanded at the bottom of each page.

Work Activities

Proficiency or complexity level
Analyzing Data or Information
5 - Highest Level
Applying New Knowledge
5 - Highest Level
Communicating with Persons Outside Organization
5 - Highest Level
Estimating the Quantifiable Characteristics
5 - Highest Level
Getting Information
5 - Highest Level

Work Context

Structural Job Characteristics

Structured versus Unstructured Work
Degree of freedom to determine tasks and priorities
5 - Very high amount of freedom
Work Week Duration
Worked hours in a typical week
3 - More than 40 hours

Physical Work Environment

Physical Proximity
Physical distance from others
3 - Somewhat close (e.g. share office)

Physical Demands

Standing
Duration
1 - Very little time
Bending or Twisting the Body
Duration
1 - Very little time

Interpersonal Relations

Contact with Others
Frequency
3 - Once a week or more but not every day
Duration
3 - About half the time
Work with Work Group or Team
Importance
2 - Somewhat important
Frequency
3 - Once a week or more but not every day

Workplaces/employers

  • Associations
  • Banks
  • Government departments and agencies
  • Investment firms
  • Research organizations
  • Unions

Skills and abilities

This section displays the various competencies required for an occupation. Each category displays up to 10 descriptors in descending order based, firstly, on their attributed ratings by the level of proficiency (for Skills and Abilities) or importance (for Personal Attributes) and secondly, in alphabetical order. The whole list of descriptors and their ratings can be expanded at the bottom of each page.

Abilities

Proficiency or complexity level
Mathematical Reasoning
5 - Highest Level
Numerical Ability
5 - Highest Level
Verbal Ability
5 - Highest Level
Written Comprehension
5 - Highest Level
Written Expression
5 - Highest Level

Skills

Proficiency or complexity level
Digital Literacy
5 - Highest Level
Numeracy
5 - Highest Level
Critical Thinking
4 - High Level
Decision Making
4 - High Level
Evaluation
4 - High Level

Personal Attributes

Importance
Analytical Thinking
5 - Extremely important
Active Learning
4 - Highly important
Attention to Detail
4 - Highly important
Independence
4 - Highly important
Innovativeness
4 - Highly important

Interests

The OaSIS uses the Holland Codes to describe the work-related interests. According to the Holland model, people work best in work environments that match their preferences, which means that people and work environments can be matched for a best fit. Occupational environments in Holland’s theory are described according to a combination of main interests and the activities they represent. There are six interests in the Holland typology: Realistic, Investigative, Artistic, Social, Enterprising and Conventional. All occupations in OaSIS have up to three interests assigned to them.

Interests

Preferences for work environments and outcomes.

Interests profile: ICE

Investigative (I)

Investigative occupations are characterized by the dominance of activities that entail the observation and systematic or creative investigation of physical, biological, or cultural phenomena. These occupations require an extensive amount of thinking and frequently involve working with ideas, searching for facts and figuring out problems mentally.

Conventional (C)

Conventional occupations are characterized by the dominance of activities that entail following sets of procedures and routines. These activities may include systematic manipulation of data, such as keeping records, filing materials, reproducing materials, organizing written and numerical data according to a prescribed plan, and operating business and data processing. They often require following a clear line of authority and usually involve working with data and details more than with ideas.

Enterprising (E)

Enterprising occupations are characterized by the dominance of action-oriented activities to attain organizational or self-interest goals. They frequently involve starting up and carrying out projects, influencing, leading or mobilizing people, making decisions, and sometimes require risk taking and dealing with business.

Employment requirements

Employment requirements includes the education, training, certifications and the knowledge required to work in each occupation. The Knowledge category displays up to 10 descriptors in descending order based, firstly, on their attributed ratings by the level of proficiency, and secondly, in alphabetical order. The whole list of Knowledge descriptors and their ratings can be expanded at the bottom of each page.

Education, certification and licensing

  • 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.

Knowledge

Knowledge level
Economics
3 - Advanced Level
Languages
3 - Advanced Level
Mathematics
3 - Advanced Level
Performance Measurement
3 - Advanced Level
Clerical
2 - Intermediate Level

Skills for success

 
Skills for Success Model
 
Skills for Success are skills that help you in a quickly changing world. Everyone benefits from having these skills. They can help you to get a job, progress at your current job or even change jobs. The skills also help you become an active member of your community and succeed in learning.
 
 
Linkages Between ESDC Skills Models and Frameworks
 
ESDC makes available a dictionary of over 300 terms (or descriptors) and definitions, known as the Skills and Competencies Taxonomy (SCT). Descriptor information from the Taxonomy is used in the Occupational and Skills Information System (OaSIS).
 
While there is general commonality of meaning between the descriptors in the SCT and the Skills for Success model, there are some differences in their definitions due to their distinct purposes. The Skills for Success Model [9 broadly defined skills] identifies the skills that are universally applicable. The SCT displays specific skills and competency requirements for 900 occupations. Users of the Skills for Success Model and Essential Skills content may find competency information from the Taxonomy and the OaSIS to be complementary.
 
Stay tuned to this section for more information and updates regarding linkages between the Skills for Success model and the OaSIS.

O*NET in-it

This page includes information from the O*NET 27.2 Database by the U.S. Department of Labor, Employment and Training Administration (USDOL/ETA). Used under the CC BY 4.0 license. O*NET® is a trademark of USDOL/ETA. Employment and Social Development Canada has modified all or some of this information. USDOL/ETA has not approved, endorsed, or tested these modifications.

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