Interested in a simple Skills Scan and Learning Progress Tracker tool for the Senior professional economist (integrated degree) standard?
Knowledge
K1: Applied econometric techniques, such as micro-econometric techniques, time series and/or panel data, including limitations thereof. (1,2)
K2: Applications of micro-economic and macro-economic theory in a range of policy and business contexts. (1,3)
K3: 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)
K4: 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)
K5: Non-market valuation techniques including willingness to pay/accept. (2)
K6: 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)
K7: Quality assurance techniques and sources of risks to quality of analysis (1,2,3,5,11)
K8: 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)
K9: The wider context affecting the work area and how changes might affect clients and analysis. (7)
K10: Different communication styles and techniques; stakeholder theory; different ways of presenting data. (1,2,3,5,8)
K11: Techniques to assess how future political, economic, social, technological, legal and environmental developments could affect organisation, work programmes or clients (9).
K12: Understand high level business objectives and strategy in order to anticipate demands for economic analysis (9).
Skills
S1: Apply micro-economic and/or macro-economic theories and modelling, including econometric, to inform a range of business and policy decisions. (1,2)
S2: 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)
S3: 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)
S4: 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)
S5: 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)
S6: Use horizon scanning methodologies to anticipate new trends, opportunities and challenges that may influence outcomes of interest to client. (7)
S7: 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).
S8: 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
B1: 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)
B2: 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)
B3: 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)
B4: Rigour: demonstrates a commitment to detail. (5,11)
B5: Leadership: leads others, including outside organisational structures, to deliver outcomes. (6)
Duty 1
DUTY: Analyse problems using a broad range of micro, macro and statistical, including econometric, techniques. Improve existing techniques to address analytical questions setting new standards for performance (e.g. more accurate or more extensive predictions). Faced with novel analytical questions, develop new or adapt existing techniques.
K1
K2
K3
K4
K6
K7
K10
S1
S3
S7
B1
B2
Duty 2
DUTY: Create or commission appropriate economic models to inform advice and decision-making, including policy and business decisions.
K1
K3
K4
K5
K6
K7
K10
S1
S2
S3
S7
B1
B2
Duty 3
DUTY: Review and critically evaluate published information (e.g. literature reviews, reports, statistics and databases) relevant to the task or project. Evaluate weaknesses in quality of evidence base, identify data gaps and develop approaches to addressing these.
K2
K3
K7
K10
S3
S7
B1
Duty 4
DUTY: Keep up to date with relevant academic literature, developments in data science, techniques (e.g. behavioural insights) and contribute to wider debates within the organisation and economic profession.
K3
S3
B2
B3
Duty 5
DUTY: Structure, clean and manipulate data and, where appropriate, design and oversee data collection and transformation. Evaluate results testing for robust statistical and economic conclusions.
K3
K7
K10
S3
B1
B4
Duty 6
DUTY: Bring together the right resources (stakeholders, other analysts, financial), to deliver high quality economic analysis to influence and inform decision making.
K8
S4
B3
B5
Duty 7
DUTY: Contextualise own and others analysis taking into account wider political, social, economic and environmental issues affecting clients; adapt to changes in context as they occur.
K9
S6
S7
B2
B3
Duty 8
DUTY: Recognise that stakeholders respond differently to different communication styles and messages. Analyse stakeholder needs using appropriate techniques based on stakeholder theory. Develop and implement strategies to communicate complex economic ideas and arguments to senior stakeholders to achieve influence and impact. Manage client expectations.
K10
S7
B3
Duty 9
DUTY: Anticipate analytical requirements through horizon scanning and proactively scope work programmes for clients and colleagues.
K3
K8
K11
K12
S5
B2
B3
Duty 10
DUTY: Evaluate trade-offs between quality of analysis, impact, resources and time. Select approaches that maximise impact given time or other resource constraints. Adapt to limited resources by, wherever possible, negotiating changes to scope of work or by leveraging networks to increase resource available.
K8
S4
B2
Duty 11
DUTY: Manage quality levels. Champion, design and implement approaches to quality assurance. Identify errors and take appropriate action.
