Bachelor of Commerce Honours in Economics

Purpose

The Bachelor of Commerce Honours in Economics is designed to provide learners with advanced knowledge and skills in the fields of economics, econometrics, development economics, political economy and business research. The curriculum develops analytical skills, practical competencies, and broaden strategic perspectives, enabling graduates to add value at the operational and strategic levels of organisations. Graduates will be able to further their careers in the economic profession, confident in their abilities to engage at multiple operational and strategic levels of organisational involvement.

The curriculum builds on undergraduate commerce qualifications to expand the expertise of learners wishing to pursue careers as:

• economists
• political risk analysts
• stockbrokers
• international economic affairs consultants, and other economic professions, and in this regard, lead and interact with diverse and multicultural stakeholders, providing data-informed recommendations leading to economic development and stabilisation.

Successful learners will be able to contribute to a range of economic contexts and be able to articulate into a more advanced, diverse range and scope of postgraduate economic fields of study. The choice of electives allows for specialisation areas such as environmental economics, financial economics, health economics, labour economics, and public sector economics.

Upon completion of the qualification, a qualifying learner will be able to

• Demonstrate specialised knowledge of econometric theory and methodology for model construction and forecasting.
• Formulate a personal critique on how unique learning strategies, intelligences, and perspectives contribute towards one's personal, professional and ongoing learning needs.
• Utilise advanced knowledge of micro/macro-economic theories to address real-world issues and problems, applying sound critical reasoning to provide data-informed recommendations to diverse stakeholders.
• Demonstrate a thorough knowledge of the theories and methodologies associated with specialised areas of economics, such as environmental economics, financial economics, health economics, labour economics, or public sector economics, assessing concerns and providing data-informed recommendations where relevant.

Rationale

Within the South African and broader African context, there is a need for specialised economists who can navigate both local and global economic markets, whilst meeting the growth demands of both the public and private sectors.

The qualification has been designed in response to key developmental areas identified in the South African National Development Plan Vision for 2030, specifically the need to create graduates who have specialised knowledge and capability in the field of economics, in order to promote commercial development and stability throughout the various sectors.

In light of South Africa's national goal of sustainable development, it is vital to ensure that future leaders have the skills and expertise needed to effectively direct organisations towards long-term growth and development in a fast-paced and global economy.

As per South Africa's national goals of sustainable development, it is vital to ensure that future leaders have the skills and expertise needed to effectively direct organisations towards long-term growth and development in a fast-paced and global economy

A strong understanding of the intricate relationships between various political institutions, policies, and economic interventions, including the role these play in shaping economic dynamics, will be essential in assessing concerns and providing data-informed recommendations where relevant. These essential skills, coupled with specialised knowledge in the areas of environmental economics, financial economics, health economics, and labour economics, will ensure that the professional needs of the individual and the requirements of society at large are met.

The rationale for adding this qualification was informed by the desire to provide learners and graduates with clear learning pathways to assist in developing holistically competent future leaders capable of advancing their careers or furthering their education towards advanced postgraduate studies.

Recognition of Prior Learning (RPL)

RPL within the institution refers to an assessment process to determine the potential of a learner to succeed at a particular level of a qualification based on prior informal or non-formal learning. The RPL assessment is based on the demonstration of particular abilities in respect of knowledge, competence, attitudes and values at the particular NQF level the learner wants to attempt.

RPL process for access

Upon a positive result of the assessment, learners may elect to apply for exemption from relevant modules, but mostly the institution utilises the RPL process for access only. Assessment is an integral feature of all forms of RPL and exists in combination with a range of other strategies that allow for different sources of knowledge and forms of learning to be compared and judged.

RPL for credit

RPL includes diagnostic, formative, or summative assessments to create opportunities for or towards access and/or credit. Learners are not awarded credits based on the outcome of an RPL assessment, but can be exempted from modules. In this case, learners will qualify with less than the minimum credits of a qualification; however, the academic record will indicate the learner has met the requirements of the qualification in order to be certificated.

RPL is conducted using a variety of specialised learning interventions and/or assessment approaches through which the knowledge, skills and values of a person are made visible, mediated, and assessed. The purposes and contexts of RPL determine the practices and outcomes of the RPL process in each case. The focus is on what has been learned, and not on the status of the institution or place where the learning was obtained.

Assessment is an integral feature of all forms of RPL and exists in combination with a range of other strategies that allow for different sources of knowledge and forms of learning to be compared and judged. The institution does not exceed the national maximum of 10 % admissions into its qualification via the recognition of prior learning. The application of the institution's Management RPL policy is described in the RPL process document.

RPL for admission

Recognition of Prior Learning (RPL) is applied to applicants who do not meet the admission criteria for a qualification, and access through RPL is based on an assessment of learners' prior informal and non-formal learning. From an institutional perspective, admission of applicants per qualification through an RPL route would not constitute more than 10 % of the learner intake for the qualification

Entry Requirements

The minimum entry requirement for this qualification is

• Bachelor of Economics, NQF Level 7.

Or

• Bachelor of Commerce in Economics, NQF Level 7.

Or

• Advanced Diploma in Economics, NQF Level 7.

This qualification consists of the following compulsory and elective modules at National Qualifications Framework Level 8, totalling 125 Credits.

Compulsory Modules, Level 8, 110 Credits

• Intermediate Personal Mastery, 5 Credits.
• Development Economics 15 Credits.
• Econometrics, 15 Credits.
• Microeconomics, 15 Credits.
• Fundamentals of Business Research, 30 Credits.
• Macroeconomics, 15 Credits.
• Political Economy, 15 Credits.

Elective Modules, Level 8, (Select one module), 15 Credits

• Environmental Economics, 15 Credits
• Financial Economics, 15 Credits.
• Health Economics, 15 Credits.
• Labour Economics, 15 Credits.
• Public Sector Economics, 15 Credits.

1. Analyse and compare various factors and policies that contribute towards the economic development processes of countries, regions, and communities.
2. Demonstrate specialised knowledge of econometric theory and methodology for model construction and forecasting.
3. Formulate a personal critique on how unique learning strategies, intelligence, and perspectives contribute towards one's personal, professional and ongoing learning needs.
4. Utilise advanced knowledge of micro/macro-economic theories to address real-world issues and problems.
5. Demonstrate a detailed understanding of research methodology and concepts.
6. Analyse the intricate relationships between various political institutions, policies, and interventions and the role these play in shaping economic dynamics.
7. Demonstrate a thorough knowledge of the theories and methodologies associated with specialised areas of economics, such as environmental economics, financial economics, health economics, labour economics, or public sector economics, assessing concerns and providing data-informed recommendations where relevant.

Associated Assessment Criteria for Exit Level Outcome 1

• Accurately assess relevant factors and policies that influence a country or sector's economic growth.
• Investigate issues such as industrialisation, technological innovation, income distribution, and infrastructure development in order to provide context-specific insights on economic development and sustainability to a diverse audience.
• Provide recommendations to policymakers and development practitioners on how to promote sustainable and inclusive economic development.

Associated Assessment Criteria for Exit Level Outcome 2

• Apply advanced statistical and mathematical techniques to analyse economic data and test economic theories.
• Evaluate economic data and test economic theories, thus contributing towards data-informed decision making and the advancement of knowledge in economics.

Associated Assessment Criteria for Exit Level Outcome 3

• Illustrate knowledge and understanding in the application of resources when formulating personal development plans, inclusive of specialist knowledge of multiple intelligences and learning strategies.
• Take personal responsibility for actions, self-reflect and critique own performance and identify and plan future professional development.

Associated Assessment Criteria for Exit Level Outcome 4

• Critically evaluate real-world problems or case studies utilising relevant economic principles and concepts (addressing issues such as market behaviour, resource allocation, economic growth, and stabilisation policies).
• Present viable solutions which will contribute towards informed decision-making and policy formulation in various sectors.
• Apply sound critical reasoning to provide data-informed recommendations to diverse stakeholders.

Associated Assessment Criteria for Exit Level Outcome 5

• Effectively design research studies, analyse data and communicate research findings to a variety of stakeholders to contribute towards data-informed decision-making.
• Select and execute research methodology based upon a given research question or scenario.
• Illustrate understanding of the theory behind the collection of data, analysis, and interpretation of raw data; thus, contributing towards an appreciation of the role of research in facilitating data-informed decision-making within organisations.

Associated Assessment Criteria for Exit Level Outcome 6

• Utilise analytical skills and theoretical knowledge to navigate and contribute meaningfully to contemporary debates and challenges in political economy.
• Appraise real-world scenarios and case studies.
• Analyse the distribution of power and resources within societies in order to evaluate the impact of government interventions and economic systems on social welfare and development.

Associated Assessment Criteria for Exit Level Outcome 7

• Apply knowledge of the theories and methodologies associated with specialised areas of economics to assess concerns and provide data-informed recommendations where relevant.
• Accurately engage with real-world economic issues and problems in order to assess, advise and compile relevant reports that will contribute towards informed organisational decision-making.

INTEGRATED ASSESSMENT

Learning and assessment across exit-level outcomes within the qualification should be integrated to ensure a well-structured, cohesive qualification. Assessments are based on formative assessments, which are in place to ensure continuous learning and feedback to learners and summative assessments, which ensure a judgement of learning at exit level outcomes. Such assessments should assess the learner's ability to integrate the larger body of knowledge, competencies and attitudes that are represented by the exit-level outcomes, either as a whole or as components of the qualification.

Formative Assessment

For purposes of the formative assessment segment, learners are required to complete and submit two formal formative assessment tasks per module, i.e.:

• objective test, e.g. multiple choice (weighted at 20%),
• cognitive assessment, e.g. traditional assignment (weighted at 40%). The formative assessment segment, therefore, adds up to a 60 % weighting of the final mark for the module.

Summative Assessment

The summative assessment carries a weight of 40 %. The final mark, therefore, is formed of the formative assessment carrying a weight of 60 % and the summative assessment carrying a weight of 40 %.

A learner passes a module if a final average mark of at least 50% is achieved for the module as a whole, i.e. the final mark. This is subject to a sub-minimum of 40% being obtained for both the formative and summative assessments.