How Much Does an Economist Make in Canada Per Year in 2021?

How Much Money Do Economists Make? Economist: Key Features, The Work, Canada Salary in 2021, Prospects 

What do economists do?

Economists study the way a society uses scarce resources such as land, labor, raw materials, and machinery to provide goods and services and analyze the results of their research to determine the costs and benefits ofmaking, distributing, and using resources in a particular way. Economists are employed in colleges and universities, government agencies, and private industry in such firms as banks, insurance companies, and securities and investment companies. Some run their own consulting businesses and others combine a full time job in government or business with part time consulting work. 

Economist Career in Canada

A bachelor's degree with a major in economics is sufficient for many beginning research, administrative, management trainee, and business sales jobs. However, graduate training increasingly is required for advancement to more responsible positions and is the minimum requirement for a job as an instructor in many junior colleges and small four year schools. A Ph.D. is generally necessary for a college professorship and for top positions in some organizations. 


Economist Salary in Canada (2021)

Prospective economists will find entry into the profession fairly easy, with employment expected to grow faster than the average for all occupations, particularly in business and industry, due in large part to increased reliance on quantitative methods of analyzing business trends, forecasting sales, and planning purchases and production operations. Income advancement potential is fairly high but is closely tied to level of education. Starting salaries for economists with bachelor’s degrees range from some $75,000 to some $85,000 a year. Those with advanced degrees and more experience earn from around $90,000 to $120,000 and up annually. 

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The average salary for a Economist in Canada (2021)

Annual Salary $94,400
Monthly Salary  $7,600
Weekly Salary $1,900
Hourly Salary  $33

Economist Requirements 

Entry Requirements in Prior Experience: 

The career changer interested in becoming an economist would find prior experience working as a data gatherer for a marketing research or an economic research firm particularly helpful. It should be noted, however, that in this profession there is no substitute in experience for the required education. 

Entry Requirements in Personal Qualities: 

Prospective economists should be able to work accurately with detail since much time is spent on data analysis. Patience and persistence are necessary as economists may spend long hours on independent study and problem solving. Economists must be objective and systematic in their work and must be able to express themselves effectively, in clear, concise language. Being able to present economic and statistical concepts in a meaningful way is particularly important. Creativity and intellectual curiosity are essential to success in this field, just as they are in other areas of scientific endeavor. Many economists work under pressure of deadlines, tight schedules, and heavy workloads. Their routine may be interrupted frequently by special requests for data, meetings, or conferences. Travel may be necessary to collect data or attend conferences. 

How much does an economist make?


Entry Requirements in Training and Education: 

Since many initial jobs for economists in government and business involve the collection and compilation of data, a thorough knowledge of basic statistical procedures is required. In addition to courses in macroeconomics, microeconomics, econometrics, and business and economic statistics, training in computer science is highly recommended. Although a bachelor s degree with a major in economics is sufficient for entry level employment as an economist, graduate level training is generally required for advancement and advantageous for entry, as competition is keen.

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