Bachelor of Commerce in Economics

Purpose

The purpose of the Bachelor of Commerce in Economics is to promote access to higher education, to qualify learners for careers in business and economics, and to provide a platform for further studies in business management or economics.

In accordance with the Higher Education Qualifications Sub-Framework Policy (HEQSF), 2013, the qualification will equip graduates with the knowledge, skills, and applied competencies sought in modern businesses to inform and support business sustainability and growth, and to provide strategic direction from an economic perspective. Graduates will be well-prepared with the insight and skills relevant to further specialised study, supporting the principle of lifelong learning. The qualification design presents a combination of skills and competencies that are highly attractive to prospective employers.

On completion of the qualification, qualifying learners will be able to

• Communicate information reliably, appropriately, and coherently using generally accepted academic and professional business conventions and formats.
• Identify and assess the impact of various factors on business continuity and prosperity objectives.
• Identify and evaluate business opportunities and propose strategies to leverage growth prospects.
• Take informed ethical business decisions, drawing on appropriate ethical values and approaches, within a business environment.
• Apply a range of methods to resolve problems or introduce change within a business environment.

Rationale

The qualification will provide a well-rounded, broad education that equips graduates with the knowledge base, theory and methodology of disciplines and fields of study, and enables them to demonstrate initiative and responsibility in an academic or professional context. The qualification will emphasise general principles and theory in preparation for entry into general employment or for postgraduate studies. The design for this qualification was identified by industry.

The Bachelor of Commerce in Economics is historically popular, and graduates are consistently in demand in industry. Graduates will be able to make a valuable contribution to the organisation or business that employs them, particularly in terms of their ability to support and manage business sustainability by identifying the critical success factors of a specific business and working with management teams to formulate and deploy strategies to grow a sustainable business. Graduates will be able to source, evaluate and interpret information necessary to guide sound business decision-making, based on the effects and impact of various economic factors in relevant industries.

The graduate will be acutely aware of economic challenges facing consumers, businesses and organisations and will be able to apply themselves creatively to strategic direction and support that aims to achieve business objectives. The strategic thinking and planning content in the programme, combined with the strong economic focus, adds considerable value in terms of employability prospects. In keeping with the purpose of bachelor's degrees, this programme will therefore enable learners to apply a well-rounded strategic knowledge base to professional entry practice across a broad range of enterprise types, government, and industries.

Career opportunities for graduates of this qualification exist in/

• General management.
• Banking and Insurance.
• Business management.
• Business consulting.
• Financial consulting.
• Corporate advising.
• Business strategy planning.

This qualification will adequately prepare graduates to continue their studies at NQF Level 8. Graduates may pursue an honours degree within the field of economics and management sciences at any one of several institutions.

Recognition of Prior Learning (RPL)

The institution subscribes to the principles as outlined in the CHE Policies on the Recognition of Prior Learning, Credit Accumulation and Transfer (CAT), and Assessment in higher education, as well as the SAQA National Policy and Criteria for the Implementation of RPL.

RPL is applied to formal, informal, and non-formal learning achieved through any means other than formal study towards a recognised qualification or part of a recognised qualification, which is normally recognised through a process of CAT. RPL lends itself to an integrated form of assessment. As learning is not gained entirely through a formal process, it is often something the candidate is best able to present in an integrated manner through the presentation of evidence, often from their work environment and/or the completion of a task or tasks that will enable demonstration of the required competences.

The prior learning assessment seeks only to establish whether the candidate has, through a process other than the ordinary formal certified educational route, acquired the knowledge, competence and skills that would normally be expected for those being granted admission. Content knowledge is often not the primary consideration if it is something that can be readily acquired and will not inhibit progression; therefore, a Portfolio of Evidence (PoE) is presented.

The institution's RPL, CAT and Qualification Completion Policy distinguishes between RPL for access, which provides an alternative access route into a programme of learning and RPL for credit, which provides for the awarding of credits for or towards a qualification or part qualification registered on the NQF

RPL for access

• RPL can be used to give a learner access to a qualification if they have the required prior qualification, but not at the performance level normally required.
• RPL can be used to give a person admission to a qualification without having completed a qualification normally required at a lower level.
• Assessments for RPL are carried out by subject matter experts and are normally against the conventional entry requirements or assumptions about learning associated with entry requirements for a qualification.
• Only 10% of any cohort can be admitted through RPL.

RPL for credits

• Credits towards a qualification are not awarded by RPL but can be achieved through the CAT process.

Entry Requirements

The minimum entry requirement for this qualification is

• National Senior Certificate, NQF Level 4, granting access to bachelor's degree studies.

Or

• National Certificate (Vocational), NQF Level 4, granting access to bachelor's degree studies.

Or

• Senior Certificate, NQF Level 4 with endorsement.

This qualification consists of the following compulsory modules at National Qualifications Framework Level 5, 6 and 7, totalling 360 credits.

Compulsory Modules, Level 5, 120 Credits

• Applied Communication Techniques, 15 Credits.
• Accounting 1A, 15 Credits.
• Introduction to Accounting and Finance, 15 Credits.
• Mathematics 1A, 15 Credits.
• Mathematics 1B, 15 Credits.
• Economics 1A, 15 Credits.
• Economics 1B, 15 Credits.
• Business Management 1, 15 Credits.

Compulsory Modules, Level 6, 120 Credits

• Business Management 2A, 15 Credits.
• Business Management 2B, 15 Credits.
• Intermediate Microeconomics 2A, 15 Credits.
• Intermediate Macroeconomics 2B, 15 Credits.
• Business Statistics, 15 Credits.
• Business Law, 15 Credits.
• Business Data Modelling, 15 Credits.
• Public Economics, 15 Credits.

Compulsory Modules, Level 7, 120 Credits

• Introduction to Research, 15 Credits.
• Research Practice, 15 Credits.
• Advanced Microeconomics, 15 Credits.
• Advanced Macroeconomics, 15 Credits.
• Econometrics A: Introduction, 15 Credits.
• Econometrics B: Applied, 15 Credits.
• Monetary Economics, 15 Credits.
• International Trade and Finance, 15 Credits.

1. Communicate information reliably, appropriately, and coherently using generally accepted academic and professional business conventions and formats.
2. Demonstrate the ability to identify and assess the impact of various factors on business continuity and prosperity objectives.
3. Demonstrate the ability to identify and evaluate business opportunities and propose strategies to leverage growth prospects.
4. Demonstrate an ability to take informed ethical business decisions, drawing on appropriate ethical values and approaches, within a business environment.
5. Demonstrate an ability to apply a range of methods to resolve problems or introduce change within a business environment.

Associated Assessment Criteria for Exit Level Outcome 1

• Use written and oral language conventions to demonstrate effective communication skills in different contexts.
• Apply different styles of writing by adjusting conventions to genre and purpose.
• Correctly use appropriate grammar, syntax and punctuation to produce professional writing required in a business environment.

Associated Assessment Criteria for Exit Level Outcome 2

• Discuss the financial management and strategy and apply financial and business management concepts, facts and theories.
• Establish competitive advantage within the broader South African and International business and economic environment.
• Structured and systematic processes to support the economic and financial well-being of the organisation/business are developed and applied.
• Analyse fiscal policy, monetary policy and the South African financial markets and system.

Associated Assessment Criteria for Exit Level Outcome 3

• Identify critical business success factors and the potential impact of various factors on business success and continuity.
• Evaluate and interpret the financial statements of a business entity to establish its financial position to enable sound business decision-making.
• Evaluate the financial status and working capital position of a business entity to support strategic decision-making.
• Identify business prospects and opportunities and evaluate strategies to leverage opportunities.

Associated Assessment Criteria for Exit Level Outcome 4

• Evaluate business opportunities and propositions to make informed decisions.
• Critically describe issues surrounding ethical business conduct and governance in practice.
• Function as part of a team, provide ethical business leadership and business patterns and statistics as the basis for good business decisions to ensure the economic well-being of the organisation.

Associated Assessment Criteria for Exit Level Outcome 5

• Contextualise economic, business and market trends to assess the potential impact that a variety of economic, political, environmental and societal opportunities and concerns may have on an organisation/business globally, regionally and locally.
• Identify challenges and assess strategy changes to manage the proposed risk.
• Source, evaluate and interpret information needed to support sound decision-making in business.
• Manage information and knowledge in an organisation.

INTEGRATED ASSESSMENT

Each qualification and module has an assessment strategy that will ensure that all assessment principles are adhered to and manage predictability and learner load. This strategy includes the type, number, and weightings of assessments in all modules. This is made explicit for learners in the Module Information Sheet (MIS) as summarised in the Qualification Guide. The assessment structure, type, number, and weightings in all modules must be appropriate for the credit value of the module (notional time), discipline and NQF-level. Exceptions to standard structures must be approved by the Faculty Boards.

In an assessment, module, and qualification, the strategy must include more than one question type, learning skill, answer format, and time structure so that all learning types are catered for. In an individual assessment, the structure of the assessment should not be that the inability to answer one question impacts the ability to answer others. Stated differently, the inability to master one question cannot have the consequential impact of making it not possible to answer others.

Assessments must test theory/content, skills and appropriate application and should include assessing values and attitudes. The assessment structure is outlined in the Module Information Guide and summarised in the Qualification Guide. The purposes of an assessment need to be reflected in the instruments and processes used to assess learner work. Some assessments are formative in that their purpose is to enable learners to use feedback to improve their performance in that module. Others are summative and their purpose is only to evaluate the attainment of the outcomes.

Formative Assessment

• As competence develops over time and is improved with feedback, formative assessment should take place throughout the learning process and must result in feedback that enables learners to improve their performance and prepare for summative assessments.
• Feedback to learners may include a model answer or rubric, depending on the nature of the discipline. However, these are not sufficient as they do not provide an individual learner with feedback on the relationship between the learner's response and the desired response in such a way that the learner knows what action is needed to improve their performance, particularly in preparation for the summative assessment.
• Some formative assessments are not graded (awarded marks) and function to provide learners with feedback to promote their development, but performance on the actual task does not contribute to the final module mark.
• Integrated Curriculum Engagement (ICE) tasks would be an example of formative assessments that are not graded insofar as each task does not make a performance-based, assessed contribution to the final mark, although completion of the tasks is required to earn a contribution to the final mark.

Graded Formative Assessment

• Some formative assessments are graded and thus have both the feedback and evaluative roles.
• Graded formative assessment results are included in the Cumulative Assessment (CASS) Mark.
• Graded formative and summative assessments are designed centrally in a standard manner and format for all learners in a module against the module outcomes. Unlike ICE, graded assessments are not tools for class-specific responsive evaluation and feedback by the lecturer to the learner group they are teaching.
• The feedback from graded formative assessments should be used by learners to improve performance in their summative assessments, but this feedback is generally subject to a time delay.
• Tests, essays, and tasks in a Portfolio of Evidence (PoE) are examples of graded formative assessments.

Integrated Curriculum Engagement

• Each class and each learner engage with their learning in a different manner.
• Understanding that engagement and progress improve the ability of the lecturer and the learner to promote learner success in formative and summative assessments and against the outcomes, in a focused manner.
• ICE activities are activities requiring active engagement with a small part of the learning material/limited number of learning objectives to measure interim progress.
• ICE is the tool used at The IIE to give lecturers the autonomy and learners the reward for active, immediate engagement with the learning process, in small pieces, so that lecturers and learners get immediate and constant feedback on progress.
• They are either designed by the lecturer for the class's needs at that moment or purposefully selected from a range of options on Learn to meet the immediate needs of the class.
• ICE tasks are a part of a continuous assessment process, so they need to be meaningful and purposeful in allowing learners and lecturers to track progress and learning needs.
• The contribution that ICE makes to CASS is normally a simple reward where learners can achieve up to 10% of their module mark simply by completing the required activities in the prescribed manner.
• ICE is part of the explicit teaching and learning strategy for contact and distance modes of provision, in all undergraduate qualifications and in all postgraduate qualifications that have coursework components.
• If well designed, an ICE task will have an intrinsic mastery value for learners, and they will appreciate their value. Learner compliance and participation are thus partly about learner autonomy but also about the quality of the tasks made available to them.
• The 10% contribution is split between tasks on which feedback is given (by the lecturer or by other learners, or self-assessment or machine-marked assessment) and tasks on which the learner is solely responsible for assessing their performance against the module objectives and on which no other feedback is given.
• At least six must be provided by the lecturer to enable learners to submit all or at least four.
• The type of activity should be deliberately chosen to ensure the best learning and feedback for the learner, taking into consideration objectives to be achieved, the learning needs of the group, the mode of delivery of the module, and the practical circumstances.
• The task types should also vary to cater for different learning preferences.
• Possibilities include but are not limited to existing activities on Learn, questions from past formative and summative assessments, additional reading, quizzes, debates, online group discussions, surveys, blog responses, studio activities, mini-tests, and presentations.
• Variety should also be offered in terms of when the tasks should be done, such as before, after or during a scheduled engagement with the lecturer or with other learners.

Summative Assessment

• The purpose of summative assessments is to evaluate learner learning, skill acquisition and academic achievement at the end of a defined instructional period.
• Unlike formative assessments, which summarise learner development at a point in a module and are intended to improve the learners' learning capacity or skill, summative assessments focus on analysing learner achievements after the completion of the learning process.
• Normally, learners are only given a grade for summative assessments and not detailed feedback.
• Summative assessments are typically the work of individual learners, rather than a group of learners.