Advanced Diploma in Economics

Purpose:

The purpose of the Advanced Diploma in Economics is to extend the learners' knowledge and understanding of current economic issues relating to South African and global economies. It will give learners an understanding of how the economy functions based on the core theories of Macroeconomics and Microeconomics as well as applied theories in Econometric, Industrial Policy, Development Economics and International Trade theory. Development of research and investigative/analytical skills is a key focus of this qualification and this encourages learners to think independently and use their initiative, but also provides opportunities for working as a team. The qualification will strengthen the learners' understanding of economic models, issues, policies, and opinions, and will develop their decision-making skills by enabling them to evaluate and/or justify any economic actions taken. This qualification is instrumental in developing the learners' critical thinking skills. The qualification provides knowledge and understanding of concepts that underpin economic decisions made by individuals, businesses, governments and other organizations. In an effort to ensure uniqueness and relevance to the market, the qualification has a Research Principles in Economics module, which has been recommended by the advisory committee. The qualification will provide learners with analytical skills, knowledge, and understanding needed to analyze and evaluate complex and interrelated economic and social issues. This qualification encourages learners to become more open and independently minded individuals capable of applying their skills to everyday life situations. The investigative and higher-order thinking skills developed throughout this qualification will give learners opportunities to contribute to team working and to working more independently. This will develop attributes such as taking responsibility and ownership, self-motivation, using initiative and communication and interpersonal skills, all of which are important for successful lifelong learning and in the world of work. Studying economics will enable learners to become better informed and more responsible citizens, consumers, and producers by allowing them to develop a critical awareness of how underpinning economic concepts and theories affect our daily life. Furthermore, learners' horizons will be expanded as they will be challenged to look at local, national, and global economic issues in new ways. This will enable them to become more confident and successful in their ability to understand and offer resolutions to economic situations, thereby allowing them to become more effective contributors to society.

Rationale:

The qualification was conceptualized to align it with the objectives of the National Qualifications Framework (NQF) that aims to create a single integrated national framework for learning achievements. The qualification was formulated in line with the advice from the advisory committee, which emphasized the need to train and equip our graduates with quantitative and analytical skills to address the economic and social challenges facing South Africa. The Department of Economics, together with the advisory committee, echoes the sentiments expressed in the National Development Plan (NDP) which aim to address the main challenges facing South Africa: inequality and poverty. In order to tackle these issues, the country requires a pool of competent learners who will successfully implement the NDP agenda and objectives. The Advanced Diploma in Economics is a vocational qualification at Level 7 of the NQF with a minimum of 120 credits, offered over a period of 1-year full time, preparing learners for careers in the fields of Economics and preparing them to be financial risk/investment analysts, financial economic consultants, economic advisors, statisticians, operations research analysts, credit analysts, pricing analysts, securities traders, mortgage loan experts, and business journalists. Successful graduates will also be able to work in various sectors such as government departments, financial institutions, and non-governmental organizations as economists, technical, financial or economic advisers, and policy makers under minimal supervision. The qualification will provide access to and facilitate mobility and progression for learners with a Diploma in Economics or equivalent qualifications. The qualification is part of a learning pathway that starts with a Diploma in Economics and ends with a doctoral qualification in Economics. After attaining this qualification, the graduates will be in a position to enroll for a Postgraduate Diploma in Economics. Thus the qualification covers a broad area of learning that allows for further progression and depth of study at a later stage such as a Postgraduate Diploma in Economics. Upon completion of this qualification, the learners will be able to contribute to the social, cultural, and economic development of South Africa as well as to participate in the local and global economy. This will be enabled by the theoretical, practical knowledge and skills that the learners would have attained during the study of this qualification.