L7 - Senior Professional Economist
Site: | QMplus - The Online Learning Environment of Queen Mary University of London |
Module: | Independent External Assessors at Queen Mary |
Book: | L7 - Senior Professional Economist |
Printed by: | Guest user |
Date: | Tuesday, 27 August 2024, 2:17 PM |
Description
There are three EPA elements for this programme:
- A work-based project
- A professional discussion (underpinned by a portfolio)
- A test
1. Work-based project
This occupation involves the practical delivery of economic advice at senior levels within an organisation. Senior Professional Economists will draw on a range of complex analyses over time in order to deliver economic solutions for a range of business reasons. This would be difficult for an independent assessor to naturally observe in its entirety
The work-based project will offer flexibility to the apprentice to demonstrate the KSBs (as listed in Annex A) that would naturally occur in their organisation, where they will be working on challenging economic problems that could, for example, influence strategic decision-making within an organisation.
The work-based project will deliver a relevant output, such as a report plus any supporting materials that Senior Professional Economists will regularly demonstrate in their role, where they frequently need to present complex information to a range of audiences through various modes.
The work-based project is the best approach to assessment of competence. To try to replicate the working environment in a valid way would take too long to observe and would not be practicable or cost effective; a project is a reasonable substitute.
1.1. Detailed requirements
The work-based project should be designed to ensure that the apprentice’s work meets the needs of the business; is relevant to their role; and allows the relevant KSBs to be demonstrated for the EPA. The project’s subject, title and scope will be agreed between the employer and the EPAO.
The employer will ensure it has a real application to their workplace and the EPAO will ensure it meets the requirements of the EPA (including suitable coverage of the KSBs assigned to this assessment method).
Apprentices will present the outcome of their project in the form of a report, with any supporting materials including, for example, appendices, excel workbooks, model runs, system maps, references and diagrams.
The project must entirely be the apprentice’s own work; however, the apprentice should have access to a work-based mentor and academic supervisor, appointed by the employer and Queen Mary respectively.
The work-based project should be in the form of an electronic written report. The work-based project may be based on any of the following:
- a specific problem
- a recurring issue
- an idea/opportunity
- specific piece of analysis relevant to the workplace
As a minimum all work-based projects must include:
- Non-Technical Executive Summary
- Introduction
- Aims, objectives and project scope
- Literature review or state of the prior art
- Research methodology
- Research and findings
- Project outcomes
- Recommendations and conclusions
The work-based project will have a word limit of 8,000 with a tolerance of plus or minus 10% (at the apprentice’s discretion). Appendices, references, diagrams etc. will not be included in this word count. The non-technical executive summary is included in the word count. The work-based project must map, in an appendix, how it evidences the relevant KSBs for this assessment method.
The project will reference things such as:
- The approach to planning and completion of the work-based project, including what will be delivered on completion of the work-based project.
- The application of the knowledge, skills and behaviours to meet the outcomes in the occupational standard.
- Evidence of learning and of clear outcomes for the apprentice and their organisation
- The scope and context, supportive background research, results and analysis, conclusions and recommendations.
The apprentice will be required to document their assumptions and to highlight the consequences of those assumptions, enabling them to demonstrate their understanding of economic theories, and the application of their thinking and problem-solving skills
The project must entirely be the apprentice’s own work (though the apprentice will have access to a work-based mentor and academic supervisor. The project must include a plagiarism statement where the apprentice confirms that this report is their own work, is not copied from any other person’s work (published or unpublished) and has not previously been submitted for assessment anywhere. They must confirm that they have read and understood the EPAO’s regulations on plagiarism.
1.2. Grading descriptors
KSBs
The grading criteria below is based on the following principles:
- The distinction grading descriptors build on what is set out in the pass grading descriptor;
- To achieve a pass for an assessment method: pass or above must be demonstrated for every KSB under that assessment method.
- To receive a distinction for the project 6 out of 9 distinction grading descriptors must be met
The information below can also be downloaded here LINK NEEDED
Applied economic analysis
- S1 Apply micro-economic and macro-economic theories and modelling, including econometric, to inform a range of business and policy decisions
- S2 Convert the policy or other question into a tractable appraisal, evaluation or other analysis drawing on the most appropriate analytical method, including non-market valuation methods. Analysis considers, inter alia: the counterfactual, opportunity cost, risk and uncertainty and how to estimate discount rates and costs of capital.
- 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
Fail | Pass | Distinction |
---|---|---|
The minimum pass criteria as defined in this table are not met. |
|
|
Project management and planning
- 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.
Fail | Pass | Distinction |
---|---|---|
The minimum pass criteria as defined in this table are not met. |
|
|
Effective communication
- S7 Clearly communicate economic principles and concepts to non-economists; present trade-offs and ncertainties and articulate these clearly; frame advice, drawing on knowledge of stakeholders' positions, for maximum impact
Fail | Pass | Distinction |
---|---|---|
The minimum pass criteria as defined in this table are not met. |
|
|
Horizon scanning
- S6 Use horizon scanning methodologies to anticipate new trends, opportunities and challenges that may influence outcomes of interest to client.
Fail | Pass | Distinction |
---|---|---|
The minimum pass criteria as defined in this table are not met. |
|
|
Maintaining quality standards
- 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.
- B1 Ethical conduct: analyst attributes sources and ideas to their originator; provides honest advice on all relevant aspects to an issue; avoids bias.
- B4 Rigour: demonstrates a commitment to detail.
Fail | Pass | Distinction |
---|---|---|
The minimum pass criteria as defined in this table are not met. |
|
|
1.3. Mapping of KSBs
Skills
S1 Apply micro-economic and/or macro-economic theories and modelling, including econometric, to inform a range of business and policy decisions.
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.
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
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.
S6 Use horizon scanning methodologies to anticipate new trends, opportunities and challenges that may influence outcomes of interest to client.
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.
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.
Behaviours
B1 Ethical conduct: analyst attributes sources and ideas to their originator; provides honest advice on all relevant aspects to an issue; avoids bias.
B4 Rigour: demonstrates a commitment to detail.
1.4. Outline of assessment requirements
Required supporting materials (see EPA plan).
Not yet provided.
1.5. Marking materials
Required supporting materials (see EPA plan).
Not yet provided.
1.6. Examples of projects
Required supporting materials (see EPA plan).
Not yet provided.
2. Professional discussion underpinned by a portfolio
This assessment will take the form of a professional discussion, which must be appropriately structured to draw out the best of the apprentice’s competence and excellence and cover the KSBs assigned to this assessment method. It will involve the questions that will focus on coverage of prior learning or activity.
A professional discussion underpinned by a portfolio will allow those KSBs which may not naturally occur in every workplace or within a project, to be assessed. The independent assessor will be provided with a portfolio to review in advance of the professional discussion. This will allow questions to be formed and tailored to the evidence presented. Thereby provide a two-way professional discussion to bring out the level of detail required within the KSBs; for the apprentice to defend their own work; and to draw out the best of the apprentice’s competence and excellence.
Time
The professional discussion will last for 60 minutes. The independent assessor has the discretion to increase the time of the professional discussion by up to 10% to allow the apprentice to complete their last answer. Further time may be granted for apprentices with appropriate needs, in-line with Queen Mary's Reasonable Adjustments policy.
The Independent Assessor
There will be one independent assessor appointed by the EPAO. They will be responsible for assessing and grading the professional discussion. In addition there will be one technical expert present, whom must be either a practising or retired senior professional economist with experience in applying economics in the work place. The technical expert is not involved in grading decisions, but their questions will help the apprentice demonstrate how they have applied the KSBs in the workplace.
2.1. Detailed requirements
The professional discussion is a structured discussion between the apprentice and an independent assessor (with support from a technical expert), covering the relevant KSBs. The technical expert may ask questions of the apprentice in order to authenticate the apprentices evidence, experience and competence.
The professional discussion must not take place earlier than 4 weeks after the portfolio is submitted to ensure that it is fully considered and forms the basis for a well-informed discussion. The portfolio will assist you with creating appropriate questions. In doing so you will be guided by example questions, developed by Queen Mary.
- The independent assessor will ask the apprentice a minimum of five open and holistic questions relevant to the portfolio.
- The independent assessor and technical expert may ask any number of follow up questions within the time permitted for the professional discussion to delve deeper into the apprentice’s answers if this is necessary.
- Independent assessors must ensure that apprentices have a different set of questions in the case of re-sits/re-takes.
Questions and responses must be recorded by the independent assessor.
The apprentice may refer to their portfolio during the professional discussion should they wish to. The portfolio supports the professional discussion but will not be assessed or graded during the end-point assessment.
The professional discussion should take place in a quiet room, free from distractions and influence. The professional discussion can take place in any of the following:
- a suitable venue selected by the Queen Mary (e.g. an on campus room or on a university-supported video-conferencing tool)
- the employer’s premises
2.2. Grading descriptors
The grading criteria below is based on the following principles:
- The distinction grading descriptors build on what is set out in the pass grading descriptor;
- To achieve a pass for an assessment method: pass or above must be demonstrated for every KSB under that assessment method.
- To receive a distinction for the professional discussion 11 out of 15 distinction grading descriptors must be met
The information below can also be downloaded here LINK NEEDED
KSBs
Maintaining quality standards
- K7 Quality assurance techniques and sources of risks to quality of analysis
Fail | Pass | Distinction |
---|---|---|
The minimum pass criteria as defined in this table are not met. |
|
|
Project management and planning
- 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.
- S4 Prioritise scarse 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
Fail | Pass | Distinction |
---|---|---|
The minimum pass criteria as defined in this table are not met. |
|
|
Effective communication
- K9 The wider context affecting the work area and how changes might affect clients and analysis.
- K10 Different communication styles and techniques; stakeholder theory; different ways of presenting data.
Fail | Pass | Distinction |
---|---|---|
The minimum pass criteria as defined in this table are not met. |
|
|
Horizon scanning
- K11 Techniques to assess how future political, economic, social, technological, legal and environmental developments could affect organization, work programmes or clients
- K12 Understand high level business objectives and strategy in order to anticipate demands for economic analysis
Fail | Pass | Distinction |
---|---|---|
The minimum pass criteria as defined in this table are not met. |
|
|
Leadership
- B2 Proactive: seeks opportunities to apply analysis to policy and business problems; seeks ideas for improvements, such as new approaches and/or methods; willing to look 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.
- B5 Leadership: is willing to lead others, including outside organisational structures, to deliver outcomes.
Fail | Pass | Distinction |
---|---|---|
The minimum pass criteria as defined in this table are not met. |
|
|
Effective collaboration
- B3 Collaborative: understands others point of view and willing to adapt approach or ask; seeks to reconcile different views; builds trust with colleagues and clients; willing to share 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.
Fail | Pass | Distinction |
---|---|---|
The minimum pass criteria as defined in this table are not met. |
|
|
2.3. Mapping of KSBs
Knowledge
K7 Quality assurance techniques and sources of risks to quality of analysis
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.
K9 The wider context affecting the work area and how changes might affect clients and analysis.
K10 Different communication styles and techniques; stakeholder theory; different ways of presenting data.
K11 Techniques to assess how future political, economic, social, technological, legal and environmental developments could affect organisation, work programmes or clients
K12 Understand high level business objectives and strategy in order to anticipate demands for economic analysis
Skills
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
Behaviours
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.
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.
B5 Leadership: leads others, including outside organisational structures, to deliver outcomes.
2.4. Outline of assessment requirements
Required supporting materials (see EPA plan).
Not yet provided.
2.5. Marking materials
Required supporting materials (see EPA plan).
Not yet provided.
2.6. Example question bank
Required supporting materials (see EPA plan).
Not yet provided.
3. Test
Rationale for this assessment method Some of the theory the apprentice will have learned may not be directly relevant to their current roles. This means that they would not have an opportunity to demonstrate that knowledge in either their work-based project or the professional discussion. The test allows them to demonstrate their understanding of the knowledge as set out below.
Apprentices must have 120 minutes to complete the test. The test will be set by the EPAO and will be invigilated by an appropriate invigilator. The invigilator may be the independent assessor or another external person employed by the EPAO or specialised (proctor) software, if the test is computer based.
3.1. Detailed requirements
The test can be computer based or paper based. It will consist of 10 questions. In terms of marking, all questions will have equal weight and are graded against the grading descriptors set out in this EPA plan. These questions will consist of:
- Open questions requiring short, structured answers: there will be three macro and three micro questions. These questions can also cover topics from competing streams of economic thought. In addition, there should be two questions covering non-market valuation techniques and appraisal/evaluation techniques. The questions can involve the interpretation of graphs, tables or diagrams.
- Data analysis questions: There should be a total of two questions involving econometric analysis and data analysis. The questions can involve the interpretation of graphs, tables or diagrams.
The test is closed book which means that the apprentice cannot refer to reference books or materials.
3.2. Grading descriptors
The grading criteria below is based on the following principles:
- The distinction grading descriptors build on what is set out in the pass grading descriptor;
- To achieve a pass for an assessment method: pass or above must be demonstrated for every KSB under that assessment method.
- To receive a distinction for the test 6 out of 8 distinction grading descriptors must be met.
The information below can also be downloaded here LINK NEEDED
KSBs
Applied Econometrics and data
- K1 Applied econometric techniques, including micro-econometric techniques, time series and panel data, including limitations thereof.
- 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.
Fail | Pass | Distinction |
---|---|---|
The minimum pass criteria as defined in this table are not met. |
|
|
Advanced economic theory
- K2 Applications of micro-economic and macro-economic theory in a range of policy and business contexts.
- K5 Non-market valuation techniques including willingness to pay/accept.
- 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.
- 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.
Fail | Pass | Distinction |
---|---|---|
The minimum pass criteria as defined in this table are not met. |
|
|
3.3. Mapping of KSBs
Knowledge
K1 Applied econometric techniques, such as micro-econometric techniques, time series and/or panel data, including limitations thereof.
K2 Applications of micro-economic and macro-economic theory in a range of policy and business contexts.
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.
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.
K5 Non-market valuation techniques including willingness to pay/accept.
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.
3.4. Test specification
Required supporting materials (see EPA plan).
Not yet provided.
3.5. Question bank
Required supporting materials (see EPA plan).
Not yet provided.
3.6. Sample tests and mark schemes
Required supporting materials (see EPA plan).
Not yet provided.
3.7. Live tests and mark schemes
Required supporting materials (see EPA plan).
Not yet provided.
3.8. Analysis reports showing areas of weakness for completed tests
Required supporting materials (see EPA plan).
Not yet provided.
4. Overall grading
Performance in the EPA will determine the apprenticeship grade of fail, pass or distinction. Each assessment method will be graded fail, pass or distinction. An apprenticeship pass award represents minimum competence against the standard.
Marking is based on the following principles:
- All assessment methods will be weighted equally, i.e. 33.3 % each.
- All pass criteria need to be reached in all three assessment methods; in achieving this, the apprentice will be demonstrating a minimum competence level in all knowledge, skills and behaviours in the standard
- A distinction overall requires apprentices to achieve a distinction in two or more assessment methods.
Individual assessment method grades will be collated using the Table below to produce an overall EPA / apprenticeship grade.
Work-based project | Professional discussion | Test | Overall |
---|---|---|---|
Fail | Fail | Fail | Fail |
Fail | Fail | Pass or above | Fail |
Pass or above | Fail | Fail | Fail |
Fail | Pass or above | Fail | Fail |
Pass or above | Fail | Pass or above | Fail |
Pass or above | Pass or above | Fail | Fail |
Fail | Pass or above | Pass or above | Fail |
Pass | Pass | Pass | Pass |
Pass | Pass | Distinction | Pass |
Distinction | Pass | Pass | Pass |
Pass | Distinction | Pass | Pass |
Distinction | Pass | Distinction | Distinction |
Distinction | Distinction | Pass | Distinction |
Pass | Distinction | Distinction | Distinction |
Distinction | Distinction | Distinction | Distinction |
5. Occupational Standard
The Occupational Standard file can be found here