Economic policy officer

Description

Economic policy officers develop economic strategies. They monitor aspects of economics such as competitiveness, innovation and trade. Economic policy officers contribute to the development of economic policies, projects and programs. They research, analyse and assess public policy problems and recommend appropriate actions.

Other titles

The following job titles also refer to economic policy officer:

policy officer for economy
economical policy officer
policy officer, economics
economic policy advisor
economic policy analyst
economic policy researcher
finance policy officer
economic policy specialist

Minimum qualifications

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

ISCO skill level

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 policy officer is a Skill level 4 occupation.

Economic policy officer career path

Similar occupations

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

regional development policy officer
recreation policy officer
labour market policy officer
economic development coordinator
immigration policy officer

Long term prospects

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

Essential knowledge and skills

Essential knowledge

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

Government policy implementation: The procedures related to the application of government policies at all levels of public administration.
Economics: Economic principles and practices, financial and commodity markets, banking and the analysis of financial data.

Essential skills and competences

These skills are necessary for the role of economic policy officer.

Create solutions to problems: Solve problems which arise in planning, prioritising, organising, directing/facilitating action and evaluating performance. Use systematic processes of collecting, analysing, and synthesising information to evaluate current practice and generate new understandings about practice.
Maintain relations with local representatives: Maintain good relations with representatives of the local scientific, economic and civil society.
Advise legislators: Give advice on various government and legislative duties, such as policy creation and the inner workings of a governmental department, to government officials in legislative positions, such as members of parliament, government ministers, senators, and other legislators.
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.
Maintain relationships with government agencies: Establish and maintain cordial working relationships with peers in different governmental agencies.
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.
Develop economic policies: Develop strategies for economic stability and growth in an organisation, nation, or internationally, and for the improvement of trade practices and financial procedures.
Monitor national economy: Supervise the economy of a country and their financial institutions such as banks and other credit institutions.
Consider economic criteria in decision making: Develop proposals and take appropriate decisions taking into account economic criteria.
Advise on legislative acts: Advise officials in a legislature on the propositioning of new bills and the consideration of items of legislation.
Forecast economic trends: Gather and analyse economic data in order to predict economic trends and events.
Manage government policy implementation: Manage the operations of the implementation of new government policies or changes in existing policies on a national or regional level as well as the staff involved in the implementation procedure.

Optional knowledge and skills

Optional knowledge

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

International trade: The economic practise and study field that address the exchange of goods and services across geographic borders. The general theories and schools of thought around the implications of international trade in terms of exports, imports, competitivity, GDP, and role of multinational companies.
International tariffs: Know international tariffs, taxes, or duties that must be paid on a particular class of import or export materials.
Project management principles: Different elements and phases of project management.
International commercial transactions rules: Pre-defined commercial terms used in international commercial transactions which stipulate clear tasks, costs and risks associated with the delivery of goods and services.
Project management: Understand project management and the activities which comprise this area. Know the variables implied in project management such as time, resources, requirements, deadlines, and responding to unexpected events.
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.

Optional skills and competences

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

Carry out strategic research: Research long term possibilities for improvements and plan steps to achieve them.
Establish collaborative relations: Establish a connection between organisations or individuals which may benefit from communicating with one another in order to facilitate an enduring positive collaborative relationship between both parties.
Collaborate in the drafting of policies: Provide specific knowledge and relevant considerations (e.g. financial, legal, strategic) on matters which should be considered when drafting policies.
Perform project management: Manage and plan various resources, such as human resources, budget, deadline, results, and quality necessary for a specific project, and monitor the project’s progress in order to achieve a specific goal within a set time and budget.
Liaise with politicians: Liaise with officials fulfilling important political and legislative roles in governments in order to ensure productive communication and build relations.

ISCO group and title

2412 – Financial and investment advisers

 

 


 

 

References
  1. Economic policy officer – ESCO
Last updated on August 8, 2022