Learn all about the Fellowship Award — including how to submit a nomination, how the selection process works, and what terms and conditions the recipients are required to follow.
The nomination period for the Fellowship Program Awards is now closed and will reopen in the fall of 2025.
Purpose
The Fellowship Award provides financial support to academics who are recognized for their expertise and research in areas important to the Bank's core functions.
The award is for a term of up to five years and consists of these annual payments, subject to an annual review and confirmation process:
- a $50,000 research grant
- a $40,000 research expense allowance for related research expenses and for research assistants
- a sum of $5,000 for the university to administer the award funds
Funding details
Payment
The $90,000 ($50,000 research grant, plus the $40,000 research expense allowance) is an annual payment made for up to five (5) years, pending the program’s annual review and confirmation process. Therefore, should a Fellowship Award recipient obtain approval of continued funding each year, the funding total would be $450,000 over the five (5) years ($90,000 per year).
Fund allocation
Both the $50,000 research grant and the $40,000 research expense allowance (which is used for expenses incurred by the recipient to support all activities related to their research, such as travel, equipment, materials, supplies, and/or salaries to students and research assistants) are paid directly by the Bank of Canada to the University institution, who then disburses the funds as authorized by the award recipient.
The University is asked to provide the Bank with a financial statement at year-end showing how the Fellowship funds were spent.
Nomination
The nomination period for the Fellowship Program Awards is now closed and will reopen in the fall of 2025.
There is no limit to the number of candidates a university can nominate for the Fellowship Award.
Universities may nominate award recipients for a second term.
The Bank recognizes the value diverse perspectives and knowledge bring to its work on behalf of Canadians. It promotes the advancement of all persons specializing in economics and finance regardless of race, ethnicity, colour, religion, sex, age, disability, sexual orientation, gender identity or expression, socio-economic background or lived experience and encourages the nominations of researchers with a range of identities and backgrounds.
Eligibility
Fellowship Award nominees are required to:
- be Canadian citizens, permanent residents of Canada, or be otherwise legally permitted to work in Canada
- conduct and support research in Economics or Finance in Canada (nominations where the majority of the research is in Canada could also be considered)
- be employed by a Canadian university in a tenured position during the term of the Fellowship Award
Selection
Eligible nominees will be considered by the Fellowship Nominating Committee. This Committee provides recommendations to the Bank's Governing Council who select the final recipient(s). For more information, refer to the Fellowship Nominating Committee Terms of Reference.
The criteria used to assess eligible nominations includes:
- demonstrated excellence and innovation in the nominee’s work as indicated by publications and forthcoming articles in high impact peer-reviewed journals as well as citations and references (i.e., commentaries/critiques), working papers, other research outputs, including books and book chapters, research grants and awards, and recognition by peers
- demonstrated leadership within the discipline and/or academic institution(s) as indicated by mentoring, committee roles, collaboration, contribution to the education and development of new researchers, etc.
- applicability to Bank of Canada policy development or research, as indicated in a match of the nominee's written work and research plan with Bank plans and priorities; and as expressed in the nomination materials
Recipient terms and conditions
Recipients of the Fellowship Award will be required to abide by these and other terms and conditions. More detailed information will be provided to recipients and their nominating universities.
Collaboration with Bank researchers
Recipients are expected to collaborate periodically with Bank research staff by, for example, co-authoring papers, conducting seminars, commenting on research papers or proposals, etc.
Learning Exchange
Recipients are expected to participate in an annual Learning Exchange during the term of their award at the Bank of Canada’s Head Office in Ottawa, or at such place as determined by the Bank.
The next Learning Exchange is scheduled to take place April 30 to May 1, 2025.
Annual review and confirmation
The Fellowship Award is subject to an annual review and confirmation by the Bank’s Governing Council for the term of the award. This happens in the fall and includes providing an update of the recipient’s research plan. Recipients will be contacted by the Governance Office with the requirements.
Canadian Economics Association speech
Fellowship Award recipients are required to speak at the Canadian Economics Association annual meeting one time during the term of their award.
Publicity
Fellowship Award recipients are required to grant permission to the Bank of Canada to publicly communicate their names and qualifications.