Learn what skills, education, and experience you need to become an economic development advisor, a career that helps communities grow and prosper.

I recommend starting with a certificate or degree in Economic Development. U of Waterloo, or through Economic Developers Alberta, the International Economic Development Association or Economic Development Association of Canada. Additionally, a foundation in business administration, e.g., through an MBA, human resources, change management, etc., is beneficial. Then, depending on the community and the role's focus, it would be prudent to understand business retention and expansion supports and processes, investment attraction, labour market development strategies, social economic development, real estate, planning, community vibrancy and resiliency etc.

Inevitably, you need to have relevant qualifications namely degree certificates in Economics. You also need to have a solid knowledge of econometric modelling and the relevant knowledge to combine economic theory with econometric analysis. However you also need a bevy of soft skills - a problem solving skill, communication skills, effectiveness in managing meetings and strong presentation skills.

Last updated on Sep 29, 2024

How do you become an economic development advisor?

If you are passionate about helping communities grow and prosper, you might be interested in becoming an economic development advisor. This is a rewarding career that involves providing strategic guidance, technical assistance, and policy advice to governments, businesses, and organizations on how to improve their economic performance and potential. In this article, you will learn what skills, education, and experience you need to pursue this path, as well as some tips on how to find and land your dream job.

1 Skills and competencies

To be successful as an economic development advisor, it is necessary to possess a combination of hard and soft skills that enable you to analyze data, communicate effectively, and solve problems creatively. This includes the ability to research and interpret quantitative and qualitative information on various aspects of economic development, such as market trends and growth opportunities. Additionally, project management and coordination is essential in order to plan, implement, and monitor economic development projects and programs. Furthermore, communication and presentation skills are key in order to communicate clearly and persuasively to different audiences. Moreover, cultural and political awareness of the social, cultural, and political context of the regions and countries you work in is necessary in order to build trust with different groups and individuals.

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Eleanor Miclette
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I recommend starting with a certificate or degree in Economic Development. U of Waterloo, or through Economic Developers Alberta, the International Economic Development Association or Economic Development Association of Canada. Additionally, a foundation in business administration, e.g., through an MBA, human resources, change management, etc., is beneficial. Then, depending on the community and the role's focus, it would be prudent to understand business retention and expansion supports and processes, investment attraction, labour market development strategies, social economic development, real estate, planning, community vibrancy and resiliency etc.

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Mark Bamber

Strategic leader, P&L driver, Certified Accountant, Mature Economist C-level Executive, Commercial Lead, Board Experience, Compliance in Financial Services, Fintech Experience
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Inevitably, you need to have relevant qualifications namely degree certificates in Economics. You also need to have a solid knowledge of econometric modelling and the relevant knowledge to combine economic theory with econometric analysis. However you also need a bevy of soft skills - a problem solving skill, communication skills, effectiveness in managing meetings and strong presentation skills.

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Onyekachi Orji

Chief Executive Officer at Treasured Excel leverages
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In addition to above assertions, a business leader should be able to identify, analyze and stream line business opportunities,risks and solutions with a view broadening economic eco system.

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Eissa Hatem

AI Solutions Architect | Innovating AI for Mental Health, Business Growth & Beyond | Business Coach
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Being a good economic advisor is like being a superhero! You need brains (data analysis, research) and heart (communication, cultural understanding). You figure out what helps an economy grow, then work with others to make it happen, all while explaining things clearly to everyone involved. It's a tough job, but it can make a real difference.

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Julian D.

Global Community Development Champion
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The ability to conduct research, analyze and present information is important. I suggest starting with a general understanding of the audience served by the role and the issues which confront them. Read widely on issues such as entrepreneurship, to understand the journey and challenges faced by small businesses. Build your knowledge of investment facilitation/attraction, business retention and expansion, community engagement and marketing.

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2 Education and qualifications

To become an economic development advisor, you typically need a bachelor's degree or higher in a relevant field, such as economics, business, public policy, or international development. Depending on your area of specialization and interest, you may also benefit from taking courses or certifications in related topics, such as finance, entrepreneurship, trade, or sustainability. Additionally, you may need to demonstrate proficiency in one or more foreign languages, especially if you plan to work in an international or multicultural setting.

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Julian D.

Global Community Development Champion
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A strong foundation in business, ecomonic development, planning and community engagement would be a good base for a generalist role. The University of Waterloo offers a great program which formally included an internship ( not sure if that is still included).

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Onyekachi Orji

Chief Executive Officer at Treasured Excel leverages
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Hands on experience in active economic and management activities positions a business leader as an advisor coupled with academic qualification. Experience and exposure they say is a great teacher.

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Eissa Hatem

AI Solutions Architect | Innovating AI for Mental Health, Business Growth & Beyond | Business Coach
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Becoming an economic development advisor involves studying economics, business, public policy, or something similar in college. Taking extra classes in finance, trade, or sustainability can be helpful depending on your interests. If you want to work internationally, speaking other languages is a plus.

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3 Experience and portfolio

Gaining experience and credibility as an economic development advisor requires building a portfolio of projects and achievements that demonstrate your skills and competencies. Consider seeking internships, fellowships, or volunteer opportunities with organizations working on economic development issues. Participate in competitions, hackathons, or challenges that involve solving real-world economic development problems or proposing innovative solutions. Conduct independent research or analysis on topics related to economic development, and publish or present your results in academic journals, blogs, podcasts, or conferences. Network with other professionals and experts in the field, and join relevant associations, communities, or platforms that offer opportunities for learning, mentoring, or collaboration.

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Eissa Hatem

AI Solutions Architect | Innovating AI for Mental Health, Business Growth & Beyond | Business Coach
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Do you want to be a trusted advisor on growing economies? Show off your skills! Work on real projects with organizations or compete in challenges to solve economic problems. Research and share your findings, and connect with other experts to learn and grow together. This builds your "portfolio" and makes you a credible voice in economic development.

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4 Job search and application

To find and secure your dream job as an economic development advisor, you must first identify your niche and target market. Consider factors such as your skills, interests, values, goals, and location preferences. Then research and explore opportunities using online job boards, social media, referrals, cold emails, or events. Make sure to prepare and customize your application materials to each position and organization you apply to. Don’t forget to follow up with employers and express your interest in the role. Finally, be ready to negotiate salary and other terms of employment if you receive an offer. With passion, skills, and determination, you can make a difference by becoming an economic development advisor and contributing to the economic growth and well-being of communities around the world.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How do you become an economic development advisor?

1

2

3

4

5

1 Skills and competencies

2 Education and qualifications

3 Experience and portfolio

4 Job search and application

5 Here’s what else to consider

Business Development

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How do you become an economic development advisor?

1

2

3

4

5

1 Skills and competencies

2 Education and qualifications

3 Experience and portfolio

4 Job search and application

5 Here’s what else to consider

Business Development

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