Economic adviser

Economic advisers research economic developments and advise on economic problems. They forecast trends and behaviour in economics, and advise on finance, trade, fiscal and other related matters. They advise companies and organisations on techniques to gain economic profit.

The following job titles also refer to economic adviser:

economics adviser
economic policy researcher
policy analyst
economics consultant
economic policy advisor
financial and economic policy analyst
economic development officer

Master’s degree is generally required to work as economic adviser. However, this requirement may differ in some countries.

ISCO skill level is defined as a function of the complexity and range of tasks and duties to be performed in an occupation. It is measured on a scale from 1 to 4, with 1 the lowest level and 4 the highest, by considering:

• the nature of the work performed in an occupation in relation to the characteristic tasks and duties
• the level of formal education required for competent performance of the tasks and duties involved and
• the amount of informal on-the-job training and/or previous experience in a related occupation required for competent performance of these tasks and duties.

Economic adviser is a Skill level 4 occupation.

These occupations, although different, require a lot of knowledge and skills similar to economic adviser.

economic development coordinator
competition policy officer
tax policy analyst
regional development policy officer
community development officer

These occupations require some skills and knowledge of economic adviser. They also require other skills and knowledge, but at a higher ISCO skill level, meaning these occupations are accessible from a position of economic adviser with a significant experience and/or extensive training.

This knowledge should be acquired through learning to fulfill the role of economic adviser.

Organisational policies: The policies to achieve set of goals and targets regarding the development and maintenance of an organisation.
Politics: The method, process and study of influencing people, gaining control over a community or society, and the distribution of power within a community and between societies.
Financial forecasting: The tool used in performing fiscal financial management to identify revenue trends and estimated financial conditions.
Business analysis: The research field which addresses the identification of business needs and problems and the determination of the solutions that would mitigate or prevent the smooth functioning of a business. Business analysis comprises IT solutions, market challenges, policy development and strategic matters.
Statistics: The study of statistical theory, methods and practices such as collection, organisation, analysis, interpretation and presentation of data. It deals with all aspects of data including the planning of data collection in terms of the design of surveys and experiments in order to forecast and plan work-related activities.
Economics: Economic principles and practices, financial and commodity markets, banking and the analysis of financial data.
Strategic planning: The elements defining the foundation and core of an organisation such as its mission, vision, values, and objectives.
Market analysis: The field of market analysis and research and its particular research methods.
Company policies: The set of rules that govern the activity of a company.

These skills are necessary for the role of economic adviser.

Analyse market financial trends: Monitor and forecast the tendencies of a financial market to move in a particular direction over time.
Develop organisational policies: Develop and supervise the implementation of policies aimed at documenting and detailing the procedures for the operations of the organisation in the lights of its strategic planning.
Apply statistical analysis techniques: Use models (descriptive or inferential statistics) and techniques (data mining or machine learning) for statistical analysis and ICT tools to analyse data, uncover correlations and forecast trends.
Advise on economic development: Advise organisations and institutions on the factors and steps they could take which would promote and ensure economic stability and growth.
Think analytically: Produce thoughts using logic and reasoning in order to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Develop financial statistics reports: Create financial and statistical reports based on collected data which are to be presented to managing bodies of an organisation.
Analyse economic trends: Analyse developments in national or international trade, business relations, banking, and developments in public finance and how these factors interact with one another in a given economic context.
Monitor company policy: Monitor the company’s policy and propose improvements to the company.
Comprehend financial business terminology: Grasp the meaning of basic financial concepts and terms used in businesses and financial institutions or organisations.
Carry out statistical forecasts: Undertake a systematic statistical examination of data representing past observed behaviour of the system to be forecast, including observations of useful predictors outside the system.
Assess risk factors: Determine the influence of economical, political and cultural risk factors and additional issues.
Supervise advocacy work: Manage the aim to influence political, economic and social decisions. Make sure ethics and policies are followed.
Maintain financial records: Keep track of and finalise all formal documents representing the financial transactions of a business or project.

This knowledge is sometimes, but not always, required for the role of economic adviser. However, mastering this knowledge allows you to have more opportunities for career development.

Government policy implementation: The procedures related to the application of government policies at all levels of public administration.
Public finance: The economic influence of the government, and the workings of government revenue and expenditures.
Civil law: The legal rules and their applications used in disputes between different parties.

Scientific research methodology: The theoretical methodology used in scientific research involving doing background research, constructing an hypothesis, testing it, analysing data and concluding the results.

These skills and competences are sometimes, but not always, required for the role of economic adviser. However, mastering these skills and competences allows you to have more opportunities for career development.

Inspect government expenditures: Inspect the financial procedures of a government organisation which deals with budget and resource allocation and spending to ensure that no faults are being made and no suspicious activity occurs in the handling of financial accounts, and that the expenditures are compliant with financial needs and forecasts.
Maintain relations with local representatives: Maintain good relations with representatives of the local scientific, economic and civil society.
Liaise with local authorities: Maintain the liaison and exchange of information with regional or local authorities.
Ensure information transparency: Ensure that required or requested information is provided clearly and completely, in a manner which does not explicitly withhold information, to the public or requesting parties.
Analyse big data: Collect and evaluate numerical data in large quantities, especially for the purpose of identifying patterns between the data.
Maintain relationships with government agencies: Establish and maintain cordial working relationships with peers in different governmental agencies.
Inspect government incomes: Inspect the resources available to a national or local government organisation, such as tax incomes, to ensure that the incomes are compliant with the income expectations, that no faults are being made and no suspicious activity is present in the handling of government finances.
Advise on public finance: Advise public organisations such as governmental organisations on their financial operations and procedures, to ensure optimal efficiency.
Advise on government policy compliance: Advise organisations on how they may improve their compliance to the applicable government policies they are required to adhere to, and the necessary steps which need to be taken in order to ensure complete compliance.
Report analysis results: Produce research documents or give presentations to report the results of a conducted research and analysis project, indicating the analysis procedures and methods which led to the results, as well as potential interpretations of the results.
Present reports: Display results, statistics and conclusions to an audience in a transparent and straightforward way.
Advise on legislative acts: Advise officials in a legislature on the propositioning of new bills and the consideration of items of legislation.

2631 – Economists

 

 

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References

1. Economic adviser – ESCO