JOB PROFILE Position # MULTIPLE
TITLE: ECONOMIC ANALYST CLASSIFICATION: BAND 3
MINISTRY: FINANCE WORK UNIT: ECONOMIC FORECASTING & ANALYSIS
SUPERVISOR TITLE: DIRECTOR SUPERVISOR POSITION #: 00113515
JOB OVERVIEW
The primary role of Treasury Board Staff (TBS) is to work with Ministries, Crown Corporations and agencies, and organizations in the Schools, Universities, Colleges and Health Authority (SUCH) sector to prepare the province’s three-year fiscal plan and provide strategic advice to Treasury Board, a committee of Cabinet. This includes forecasts and analysis of: the provincial economy; revenue, spending, debt and capital forecasts; annual Estimates and other associated budget and fiscal documents. Throughout the fiscal year, TBS monitors the risks and opportunities affecting the three-year plan and recommends alternative fiscal management strategies and course corrections to the Chair of Treasury Board and Treasury Board.
The Economic and Forecasting Analysis branch supports development and management of the government’s Budget and Fiscal Plan by providing analysis and advice on the economy, by developing forecasts of the provincial economy, and monitoring the provincial economic forecast. The branch contributes to various public reports on the Province’s economic and fiscal performance and outlook, such as the government’s Budget and Fiscal Plan, Quarterly Reports, and the British Columbia Financial and Economic Review. The branch works closely with Treasury Board Staff and also provides economic analysis support to Provincial Treasury in their relations with rating agencies and international investors.
The mandate and vision of the branch is three-fold: to provide timely and accurate economic policy analysis and advice to the Minister of Finance and key stakeholders; to proactively evaluate relevant policy issues through the use of current economic analysis methodologies; and for prudent economic forecasting to support government’s budget and fiscal planning.
Reporting to the Director, the Economic Analysts provide advice as a recognized expert in developing economic forecasts, policies and proposals, and in identifying implications of fiscal and economic options to meet the Minister’s priorities and government’s objectives. Using econometric analysis, macroeconomic modeling or forecasting, the Economic Analysts undertake major research projects relating to international/national, federal/provincial/local economic and financial activities in both the public and private sectors. They provide authoritative advice in economic forecasting, economic policy, and cost-benefit analysis. Economic Analysts oversee a
Date: September 2017 matrix of resources including other analysts as well as staff from other ministries in managing project teams.
ACCOUNTABILITIES Required: Undertake major research projects relating to international/national, federal/provincial/local economic and financial activities both in the public and private sector. Undertake economic projects involving econometric analysis, macroeconomic modelling or forecasting. Provide detailed information on alternative policy options and the effect of these on the economy and government’s finances, policies and programs. Undertake or participate in special research projects on the economic and fiscal implications of social and economic development programs, and taxation policies. Analyze the impacts of federal/provincial/local programs and provincial policies and programs on the provincial economic and fiscal framework. Represent the ministry on inter-ministerial and intergovernmental committees dealing with economic, fiscal and taxation issues. Give timely verbal and written advice on economic and fiscal matters to their supervisor and senior executive, and draw attention to the implications of changing economic and fiscal events that impact the economy, and the government’s finances, policies or programs. Monitor, analyze and forecast various elements of the economy and provincial finances to provide guidance for government policy decisions. Consult with the business community or other stakeholders on their views/concerns with provincial fiscal, economic and taxation policies.
JOB REQUIREMENTS Post Graduate degree in economics completed or in progress (with no more than two courses pending and/or the extended essay pending) o At least two graduate courses in econometrics or equivalent, one in advanced econometrics. Advanced econometrics topics include: systems estimation, instrumental variables estimation, forecasting, time-series analysis and error-correction formulations. Demonstrated experience in: Maintenance of large-scale macroeconomic models, including database management, equation estimation, and model testing. Conducting empirical research projects using econometric analysis and model simulation methods to analyze the impact of government economic, financial and fiscal initiatives.
Date: September 2017 Providing advice and recommendations to management. Experience with personal computers and experience in PC based econometrics and simulations packages required. Experience with AREMOS and/or EViews computer software an asset. An equivalent combination of education and experience may be considered
KNOWLEDGE, SKILLS AND ABILITIES In-depth knowledge of both microeconomics and macroeconomics at the post-graduate level. In-depth knowledge of statistical data sources. Ability to apply modern economic theory and econometrics in the analysis of practical government economic, financial and fiscal policy issues. Ability to work independently, with minimal direction, to carry out complex empirical research projects to analyse the impact of government economic, financial and fiscal initiatives. Ability to communicate complex model-based results and make recommendations in a format accessible to non-technical audiences such as senior management and cabinet committees. Ability to work within tight time constraints to meet deadlines with high quality work. Well-developed general problem solving skills. Excellent interpersonal skills including tact and diplomacy. Demonstrated conflict management skills including leadership, negotiation, and consensus building. Strong organizational skills - identify tasks in major projects and prioritize. Strong verbal and written communication skills. Word processing and spreadsheet skills. Thorough knowledge of the British Columbia economy preferred. Familiarity with current world economic events.
BEHAVIOURAL COMPETENCIES Decisive Insight: Combines the ability to draw on one’s own expertise, knowledge and training to effectively problem-solve increasingly difficult and complex situations. It involves breaking down problems, tracing implications and recognizing patterns and connections that are not obviously related. It translates into identifying underlying issues and making the best decisions at the most appropriate time. At higher levels, the parameters upon which to base decisions become increasingly complex and ambiguous and may require new ways to think through issues.
Date: September 2017 Analytical Thinking: Is the ability to comprehend a situation by breaking it down into its components and identifying key or underlying complex issues. It implies the ability to systematically organize and compare the various aspects of a problem or situation and determine cause-and-effect relationships to resolve problems in a sound, decisive manner. Expertise: Includes the motivation to expand and use technical knowledge or distribute work-related knowledge to others. Initiative: Involves identifying a problem, obstacle or opportunity and taking appropriate and early action to address current or future problems or opportunities. As such, initiative can be seen in the context of proactively doing things and not simply thinking about future actions. Innovation: Indicates an effort to improve performance by doing or promoting new things, such as introducing a previously unknown or untried solution or procedure to the specific area or organization Impact/Influence: Is the ability to influence, persuade, or convince others to adopt a specific course of action. It involves the use of persuasive techniques, presentations or negotiation skills to achieve desired results. Strategic Orientation: Is the ability to link long-range visions and concepts to daily work, ranging from a simple understanding to a sophisticated awareness of the impacts of the world at large on strategies and on choices. Relationship Building: Is working to build or maintain ethical relationships or networks or contracts with people who are, or may be, potentially helpful in achieving work-related goals and establishing advantages. Teamwork & Cooperation: Is the ability to work co-operatively within diverse teams, work groups and across the organization to achieve group and organizational goals. Communication: Communication expertise is required to keep all stakeholders, including supervisors and ministers, informed on key developments. In a policy environment, this requires tact and discretion and the ability to appropriately manage confidential or sensitive information. This competency also includes the ability to provide both very short and detailed briefings to ministry executive and the minister, in both oral and written form, and to write for public consumption in budget documents. Leadership implies a desire to lead others, including diverse teams. Leadership is generally, but not always, demonstrated from a position of formal authority. The "team" here should be understood broadly as any group with which the person interacts regularly.
Date: September 2017