Learn all about the Governor’s 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 Governor’s 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 consists of a $30,000 annual research grant for a term of up to two years, subject to an annual review and confirmation process.
Funding details
Payment
The $30,000 research grant is an annual payment made for up to two (2) years, pending the program’s annual review and confirmation process. Therefore, should a Governor’s Award recipient obtain approval of continued funding for the second year, the funding total would be $60,000 over the two (2) years ($30,000 per year).
Fund allocation
The $30,000 research grant is paid directly from the Bank of Canada to the award recipient.
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 Governor’s Award.
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
Governor’s 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)
- have obtained a PhD within ten years of their nomination
- be employed by a Canadian university in an associate or assistant professor position during the term of the 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 Governor’s 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 will be invited 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 Governor’s Award is subject to an annual review and confirmation by the Bank’s Governing Council. This happens in the fall of the first year and includes providing an update of the recipient’s research plan. Recipients will be contacted by the Governance Office with the requirements.
Publicity
Governor’s Award recipients are required to grant permission to the Bank of Canada to publicly communicate their names and qualifications.