L7 - Senior Professional Economist: 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.

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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.	Assess the suitability of different econometric techniques to investigate economic issues, including pros and cons of different methods. Interpret estimated results of econometric models and comment on their economic implications. Assess the quality of data and show understanding of methods and techniques for improvement.	Identify where econometric results are biased or unreliable (e.g. omitted variable bias) and can take appropriate corrective action. Formulate a policy or business hypothesis and critically assess the practical implications relating to a given estimated econometric model. Derive a model from theory and use that to test hypotheses. Judge and justify where data driven biases may occur

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.	Apply micro and macro models and appraise their suitability to policy and business issues. Show knowledge of the main methods for non-market valuation. Show knowledge and understanding of at least two appraisal and evaluation methods and are able to apply these in an example Show knowledge and understanding of different schools of thought on economic issues and are able, in a question, to apply these to a context (e.g. a business problem, a policy topic).	Select an appropriate theoretical economic framework to analyse an issue and justify the choice in terms of its advantages and limitations. Select and justify the most appropriate non-market valuation methods in test. Critically describe the main reasons for differences in results from different appraisal and evaluation methods. Describes the assumptions of different schools of thought on economic issues and show how these lead to different conclusions in a policy or business example.