Apprenticeship training course

Senior professional economist (integrated degree) (level 7)

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Information about Senior professional economist (integrated degree) (level 7)

Design, implement and lead programmes of economic analysis to support decision-making.

• Knowledge, skills and behaviours:
  View knowledge, skills and behaviours

  Knowledge

  • Applied econometric techniques, such as micro-econometric techniques, time series and/or panel data, including limitations thereof. (1,2)
  • Applications of micro-economic and macro-economic theory in a range of policy and business contexts. (1,3)
  • Understanding the robustness and quality of economic statistics, model generated data and external information; data cleaning; hypothesis testing; the most relevant software and programming techniques; main requirements for successful survey design. (1,2,3,4,5,9)
  • Appraisal and evaluation techniques, including cost-benefit analysis, multi-criteria decision analysis, real options and least regrets; and the underpinning tools that are required to conduct appraisals e.g. asset pricing models. (1,2)
  • Non-market valuation techniques including willingness to pay/accept. (2)
  • Topics from competing streams of economic thought and the implications they have for policies, e.g. market failures, rationale for intervention, and business strategies (1,2)
  • Quality assurance techniques and sources of risks to quality of analysis (1,2,3,5,11)
  • Team's capacity to deliver - organisation specific processes for: securing additional resource from within and without the organisation; work planning and associated risk management techniques; and the demands from clients. (6,9,10,11)
  • The wider context affecting the work area and how changes might affect clients and analysis. (7)
  • Different communication styles and techniques; stakeholder theory; different ways of presenting data. (1,2,3,5,8)
  • Techniques to assess how future political, economic, social, technological, legal and environmental developments could affect organisation, work programmes or clients (9).
  • Understand high level business objectives and strategy in order to anticipate demands for economic analysis (9).

  Skills

  • Apply micro-economic and/or macro-economic theories and modelling, including econometric, to inform a range of business and policy decisions. (1,2)
  • Where appropriate convert the policy or other question into a tractable appraisal, evaluation or other analysis drawing on the most appropriate analytical method. And, where appropriate, consider: non-market valuation methods, the counterfactual, opportunity cost, risk and uncertainty and how to estimate discount rates and costs of capital. (2)
  • Critically assess available information sources and judge validity and usefulness for the issue at hand; clean and manipulate data; be aware of data limitations and explain them; clearly describe and present data using data visualisation techniques; and draw out and explain policy and business implications to clients (1,2,3,4,5)
  • Prioritise scarce resources, including own time, and focus work on areas of greatest impact; deploy project management techniques; negotiate for additional resources where appropriate; manage delivery risks; build and maintain relationships with colleagues and clients and develop and utilise internal and external networks (6,10)
  • Scope areas of work identifying: objectives, analytical methods, resources required and potential delivery risks. Able to recognise when complementary expertise is required e.g. scientists, other social scientists and data specialists. (9)
  • Use horizon scanning methodologies to anticipate new trends, opportunities and challenges that may influence outcomes of interest to client. (7)
  • Clearly communicate economic principles and concepts to non-economists; present trade-offs and uncertainties and articulate these clearly; frame advice, drawing on knowledge of stakeholders' positions, for maximum impact (1,2,3,7,8).
  • Design Quality Assurance processes and implement these, following organisational best practices, and drawing on sources of external expertise; critically assess economic analysis and improve it. (11)

  Behaviours

  • Ethical conduct: analyst attributes sources and ideas to their originator; provides honest advice on all relevant aspects to an issue; avoids bias. (1,2,3,5)
  • Proactive: seeks opportunities to apply analysis to policy and business problems; seeks ideas for improvements, such as new approaches and/or methods; looks beyond the narrow confines of a problem or opportunity when producing analysis; is a passionate advocate for analysis; uses professional judgement and reaches conclusions even when evidence is incomplete. (1,2,4,7,9,10)
  • Collaborative: understands others point of view and adapts approach or ask; seeks to reconcile different views; builds trust with colleagues and clients; shares ideas and work with other professionals; respects and appreciates diversity; listens to others' points of view, however challenging; invites and considers feedback; aware of the impact of language and non verbal behaviour on others. (4,6,7,8,9)
  • Rigour: demonstrates a commitment to detail. (5,11)
  • Leadership: leads others, including outside organisational structures, to deliver outcomes. (6)
• Apprenticeship category (sector): Legal, finance and accounting
• Qualification level: 7; Equal to master’s degree
• Course duration: 24 months
• Maximum funding: £11,000 ; Maximum government funding for ; apprenticeship training and assessment costs.
• Job titles include:
  • Senior professional economist
  • Economic adviser
  • Economic consultant
  • Senior economist
  • Climate change economist
  • Labour economist
  • Environmental economist
  • Industrial economist
  • Agricultural economist
  • Energy economist
  • Financial economist
  • International economist
  • Trade economist
  • Development economist
  • Macroeconomist
  • Agricultural economist
  • Climate change economist
  • Development economist
  • Energy economist
  • Environmental economist

View more information about Senior professional economist (integrated degree) (level 7) from the Institute for Apprenticeships and Technical Education.