This occupation is present in Authorities, regulators and controlled industries (e.g. power, telecoms), consultancies, different companies (e.g. banks) and to a lesser extent within the third sector.

The aim of the occupation is to design, implement and lead programmes of financial evaluation to assist decision-making. The position of a Senior Skilled Economist is to ship recommendation and evaluation that improves outcomes for purchasers (together with inner stakeholders). The recommendation can come in several types together with: fashions exhibiting relationships between key variables of curiosity, enterprise instances for Board approval or written submissions setting out the financial implications of various programs of motion. It includes the reformulation of and software of superior financial information and expertise throughout a large and unpredictable vary of conditions. These conditions may embody recommendation to Authorities and companies on vital impacts of EU Exit or local weather change and insurance policies to mitigate these; enterprise instances for main expenditure programmes (e.g. whether or not to put money into new plant or Analysis and Growth) or whether or not to introduce new regulation. Senior Skilled Economists can even critically analyse, interpret and consider advanced info e.g. to tell business selections reminiscent of mergers and acquisitions or authorized instances (e.g. alleged breaches of competitors regulation). They should perceive a broad vary of methodologies and be capable to choose essentially the most acceptable one given the duty (e.g econometrics, information science). Senior Skilled Economists will design and undertake analysis e.g. to evaluate the worth of non-market items and providers offered by the surroundings. They normally function inside difficult political and enterprise environments requiring them to grasp the broader context by which their recommendation is given.

Of their every day work, an worker on this occupation interacts with a variety of stakeholders together with attorneys, senior administration (as much as and together with Board members and Everlasting Secretaries) and Ministers, finance and different specialists (e.g. social researchers, statisticians, operational researchers and scientists and engineers). Ceaselessly this recommendation will draw on experience from different disciplines (e.g. statisticians, company financiers). To this finish, a typical day may embody shopper visits, mission administration, workforce working and management duties, commissioning work from others and overseeing and conducting desk-based evaluation. Senior Skilled Economists will work each independently in addition to working in, or main, groups. They may have intensive mission administration, communication, influencing and management expertise.

An worker on this occupation will likely be accountable for growing and implementing programmes of study that underpin coverage and enterprise selections. Senior Skilled Economists will likely be accountable for growing sources of specialist information inside their organisation and be seen as specialists of their subject; to do that they may exhibit thought management. Senior Skilled Economists will usually specialize in a specific space e.g. environmental economics, however they can even be anticipated to have an excellent grasp of broader financial work.

They are going to be accountable for: managing shopper relationships on a everyday foundation; figuring out alternatives the place evaluation can add worth and speaking their views with conviction and impression. They may additionally handle analysis or programme budgets. Senior Skilled Economists will tailor their recommendation to the viewers and can take note of the broader context of the coverage maker or shopper. Senior Skilled Economists will develop their skilled networks and use these to broaden the analytical useful resource accessible to them. The place they match within the construction of an organisation will differ by employer. However they may sometimes report to a different Senior Skilled Economist with extra expertise and seniority within the organisation. They may nonetheless have substantial everyday autonomy over their work programmes. In bigger organisations they may usually handle or coach junior employees. The place Skilled Economists and Senior Skilled Economists work collectively, the Senior Skilled Economist will undertake extra advanced analytical duties and take the management position: designing work programmes, reviewing outputs and taking accountability for supply. Nonetheless, in lots of organisations employers will make use of Senior Skilled Economists solely believing that Skilled Economists lack enough information and expertise. In smaller organisations, Senior Skilled Economists are prone to have much more autonomy and fewer skilled oversight and could also be managed by a non-economist.



Agricultural economist


Local weather change economist


Growth economist


Financial adviser


Financial marketing consultant


Vitality economist


Environmental economist


Monetary economist


Industrial economist


Worldwide economist


Labour economist


Macroeconomist


Senior economist


Senior skilled economist


Commerce economist

Entry necessities will likely be a matter for particular person employers. However sometimes an apprentice could be anticipated to have already achieved an undergraduate economics diploma or a stage 6 Skilled Economist apprenticeship with diploma classification of no less than 2(i). The place apprentices do not need a earlier stage 6 economics qualification employers may take note of earlier undergraduate diploma and related expertise or fund extra coaching to develop fundamental economics and maths expertise to permit apprentices to take part successfully on the course.

KSBs

Data


K1: Utilized econometric methods, reminiscent of micro-econometric methods, time collection and/or panel information, together with limitations thereof. (1,2)
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K2: Functions of micro-economic and macro-economic principle in a variety of coverage and enterprise contexts. (1,3)
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K3: Understanding the robustness and high quality of financial statistics, mannequin generated information and exterior info; information cleansing; speculation testing; essentially the most related software program and programming methods; foremost necessities for profitable survey design. (1,2,3,4,5,9)
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K4: Appraisal and analysis methods, together with cost-benefit evaluation, multi-criteria choice evaluation, actual choices and least regrets; and the underpinning instruments which can be required to conduct value determinations e.g. asset pricing fashions. (1,2)
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K5: Non-market valuation methods together with willingness to pay/settle for. (2)
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K6: Subjects from competing streams of financial thought and the implications they’ve for insurance policies, e.g. market failures, rationale for intervention, and enterprise methods (1,2)
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K7: High quality assurance methods and sources of dangers to high quality of study (1,2,3,5,11)
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K8: Group’s capability to ship – organisation particular processes for: securing extra useful resource from inside and with out the organisation; work planning and related threat administration methods; and the calls for from purchasers. (6,9,10,11)
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K9: The broader context affecting the work space and the way modifications may have an effect on purchasers and evaluation. (7)
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K10: Totally different communication kinds and methods; stakeholder principle; alternative ways of presenting information. (1,2,3,5,8)
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K11: Strategies to evaluate how future political, financial, social, technological, authorized and environmental developments may have an effect on organisation, work programmes or purchasers (9).
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K12: Perceive excessive stage enterprise goals and technique to be able to anticipate calls for for financial evaluation (9).
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Abilities


S1: Apply micro-economic and/or macro-economic theories and modelling, together with econometric, to tell a variety of enterprise and coverage selections. (1,2)
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S2: The place acceptable convert the coverage or different query right into a tractable appraisal, analysis or different evaluation drawing on essentially the most acceptable analytical methodology. And, the place acceptable, take into account: non-market valuation strategies, the counterfactual, alternative price, threat and uncertainty and the way to estimate low cost charges and prices of capital. (2)
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S3: Critically assess accessible info sources and decide validity and usefulness for the problem at hand; clear and manipulate information; concentrate on information limitations and clarify them; clearly describe and current information utilizing information visualisation methods; and draw out and clarify coverage and enterprise implications to purchasers (1,2,3,4,5)
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S4: Prioritise scarce sources, together with personal time, and focus work on areas of best impression; deploy mission administration methods; negotiate for added sources the place acceptable; handle supply dangers; construct and keep relationships with colleagues and purchasers and develop and utilise inner and exterior networks (6,10)
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S5: Scope areas of labor figuring out: goals, analytical strategies, sources required and potential supply dangers. In a position to recognise when complementary experience is required e.g. scientists, different social scientists and information specialists. (9)
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S6: Use horizon scanning methodologies to anticipate new developments, alternatives and challenges which will affect outcomes of curiosity to shopper. (7)
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S7: Clearly talk financial rules and ideas to non-economists; current trade-offs and uncertainties and articulate these clearly; body recommendation, drawing on information of stakeholders’ positions, for max impression (1,2,3,7,8).
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S8: Design High quality Assurance processes and implement these, following organisational finest practices, and drawing on sources of exterior experience; critically assess financial evaluation and enhance it. (11)
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Behaviours


B1: Moral conduct: analyst attributes sources and concepts to their originator; supplies trustworthy recommendation on all related points to a difficulty; avoids bias. (1,2,3,5)
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B2: Proactive: seeks alternatives to use evaluation to coverage and enterprise issues; seeks concepts for enhancements, reminiscent of new approaches and/or strategies; seems to be past the slender confines of an issue or alternative when producing evaluation; is a passionate advocate for evaluation; makes use of skilled judgement and reaches conclusions even when proof is incomplete. (1,2,4,7,9,10)
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B3: Collaborative: understands others perspective and adapts method or ask; seeks to reconcile completely different views; builds belief with colleagues and purchasers; shares concepts and work with different professionals; respects and appreciates range; listens to others’ factors of view, nonetheless difficult; invitations and considers suggestions; conscious of the impression of language and non verbal behaviour on others. (4,6,7,8,9)
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B4: Rigour: demonstrates a dedication to element. (5,11)
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B5: Management: leads others, together with outdoors organisational buildings, to ship outcomes. (6)
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