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Are you fascinated by how the economy works? Do you have a knack for gathering information from large amounts of data? Are you good at math and statistics? If so, a career as an economist might be in your forecast. Economists analyze how individuals value goods and services and how resources are allocated in markets and other mechanisms. They conduct research, analyze economic information, and prepare reports and plans. They also predict the potential impacts of changes in policy or economic conditions and offer solutions and new initiatives.

Duties and Responsibilities of Economists

Economists have a variety of duties depending on their area of specialization and employer. They collect data on the production, distribution, and consumption of goods, and develop models to project economic activities. They analyze economic data and evaluate outcomes and risks of business, investment, and public policy decisions. Economists also study the effects of changes in policy and economic conditions on the economy and society. They provide advice to government and business agencies and write reports to help them develop policy and make decisions.

Specializations in Economics

There are different areas of specialization within economics, such as money and banking, consumer economics, financial economics, public finance, international trade and finance, and industrial organization. Some economists specialize in agricultural, natural resource, or environmental economics, where they monitor and analyze trends in prices, supplies, and demand, estimate costs and benefits associated with using natural resources, and forecast prices and supplies.

Econometricians and Financial Economists

Econometricians specialize in using statistics, mathematics, and economic theory to forecast economic variables and explain economic behavior. Financial economists study overall economic, financial, and monetary conditions, monitor factors affecting the money supply, and provide advice on financing capital projects and placement of investments.

Government and Industrial Economists

Government-employed economists perform cost-benefit analyses, study various policies and their impact on the economy, and forecast government revenue and economic growth. Industrial or business economists provide data on economic conditions and trends to help management make decisions, analyze the effects of government policies and international agreements on business, and advise management on business strategies.

Qualifications and Job Outlook

Economists typically work in offices and use computers to compile and analyze data. Some may need to do fieldwork, and others may work from home offices. Strong mathematical, statistical, and analytical skills are essential for economists, as well as computer programming abilities. They should have an interest in current affairs and the ability to express complex ideas in plain language, both orally and in writing. Economists should be creative in developing economic models, analyzing information, and making forecasts. They should enjoy problem-solving and advising others in government and business decision-making.

In terms of qualifications, a 5-year post-secondary education is typically required for this profession, with an average salary of $46.81 per hour. Certification is not regulated. The approximate demand for economists is around 2,300 per province per year.

If you're considering a career as an economist, it's important to note that this profession falls under the NOC codes 4162, E032, 4162, and 41401.