About the Programme
Economics deals with the production, supply and consumption of goods and services - analysing the interaction among consumers, suppliers and industries to discover trends and devise better policies. It spans microeconomics (individual consumer behaviour) and macroeconomics (aggregate outcomes).
This rigorous, AAFM-accredited programme applies industrial and economic theory to the management of the global firm - covering wide-ranging analysis of the firm, its markets, competitors and the broader economic environment.
Industry Overview
Industrial Economics is the study of firms, industries and markets - from local businesses to multinational giants, across sectors such as electricity generation, car production and agriculture.
Industrial Economics helps answer questions such as:
- The levels at which capacity, output and prices are set
- The extent to which products are differentiated from each other
- How much firms invest in research and development (R&D)
- How and why firms advertise
Programme Objectives
Industrial Economics studies markets as institutions - examining competition, strategic interaction among firms, industrial policy and business decision-making within the market framework.
The Ch.IE® programme examines markets from three perspectives: economic theory, the applied business perspective, and the institutional and legal perspective. Topics include economic modelling, game theory, antitrust, networks, platforms, intellectual property, predation and entry deterrence.
This programme aims to:
- Understand the primary functions of industry
- Understand the structure of industrial markets
- Explain industrial market instruments and the functions of industrial intermediaries
- Explain regulation of industry and the role of Government Regulatory Authorities
Role of an Industrial Economist
What do Industrial Economists do?
Economists perform economic research and analysis, and develop and apply theories relating to the production and distribution of goods and services and people's spending behaviour. Economists advise and provide forecasts to governments and businesses on matters such as taxation levels, wages and prices, employment and unemployment, imports and exports, and interest and exchange rates.
- Compile, analyse and report data to explain economic phenomena and forecast market trends, applying mathematical models and statistical techniques
- Conduct research on economic issues and disseminate research findings through technical reports or scientific articles in journals
- Formulate recommendations, policies or plans to solve economic problems or interpret markets
- Provide advice and consultation on economic relationships to businesses, public and private agencies and other employers
- Study economic and statistical data in areas of specialisation such as finance, labour or agriculture
- Study the socioeconomic impacts of new public policies - proposed legislation, taxes, services and regulations
- Teach theories, principles and methods of economics
- Develop economic guidelines and standards and prepare points of view used in forecasting trends and formulating economic policy
- Supervise research projects and students' study projects
- Testify at regulatory or legislative hearings concerning the estimated effects of changes in legislation or public policy and present recommendations based on cost-benefit analyses
- Forecast production and consumption of renewable resources and supply, consumption and depletion of non-renewable resources
Industrial Economists should:
- Analyse data and information - identifying underlying principles, reasons or facts by breaking down information into separate parts
- Gather information from all relevant sources through observation and structured research
- Use computers and computer systems to programme, write software, enter data and process information
- Keep up to date technically and apply new knowledge to their work
- Analyse information and evaluate results to choose the best solution and solve problems
- Compile, code, categorise, calculate, tabulate, audit or verify information and data
- Translate and explain what information means and how it can be used by others
- Think creatively - developing new applications, ideas, relationships, systems or products
- Communicate findings to supervisors, co-workers and subordinates by telephone, in written form, email or in person
- Organise, plan and prioritise work - developing specific goals and plans to accomplish objectives
- Provide expert advice to management or other groups on technical, systems or process-related topics
- Communicate with people outside the organisation, representing the organisation to customers, the public and government
- Develop long-range objectives and specify strategies and actions to achieve them
- Estimate sizes, distances and quantities, or determine time, costs and resources needed to perform work activities
- Document and record information in written or electronic form
- Coach and mentor others to improve their knowledge or skills
- Evaluate information to determine compliance with laws, regulations or standards
Key Benefits of the Programme
Industrial economics builds heavily on microeconomics, macroeconomics and industrial organisation. It also requires familiarity with basic industrial policy, since these are the standard tools used to measure profitability and evaluate the management of industry.
- Understand current economic issues and economic principles and methods, including real-world applications in microeconomics and macroeconomics
- Develop knowledge of the economic perspective on the nature, scale and organisation of businesses, and the role of information and transaction costs in internal and external markets
- Deepen knowledge in focused topic areas such as labour economics, economics of financial markets, economic strategy and competitiveness, and economics of emerging markets
- Understand how resources are allocated across different times and places and how allocation improves the financial health of the organisation
- Attain Super Specialist Status in "Industrial Economics" with both the knowledge and skill to perform your duties as an Industrial Economist
- Add a globally recognised professional designation and post-nominal to your resume, business card and email signature
- Access one of the top economic and financial professional networks around the globe
- The Chartered Industrial Economist® certificate is awarded by the American Academy of Financial Management® (AAFM) and is fully recognised in the USA, more than 170 countries and hundreds of institutions worldwide
Who Should Enrol
The Ch.IE® is designed for professionals in manufacturing, mining, agriculture and consulting - especially those with an economics background. Suitable skill sets include:
- Research Scholars
- Manufacturing Employees
- Mining Employees
- Employees working in Agricultural Firms
- Consulting Firm Employees
- Government Employees
- Statisticians
- Business and Banking Analysts
- Financial Consultants
Educational Requirements
Minimum qualification required to pursue the programme:
- Graduates (Any Stream): Pass Level 1 - Chartered Economist Exam.
- Postgraduates in Economics: Directly pursue the Chartered Industrial Economist® designation.
Career Opportunities
The Ch.IE® designation is highly valued by consultancies, regulators, government agencies and multinationals. Top career paths include:
- Agricultural Firms
- Consulting Firms
- Economic Analyst
- Financial Analyst
- Financial Institutions
- Government Departments
- Large Companies and Multinationals
- Management Analyst
- Manufacturing Firms
- Marketing Firms
- Mines and Mining Firms
- Research Organisations
- Statistician
- Universities and Academic Institutions
- Self-Employment - with sufficient experience, candidates can open their own consultancy
Skills Required
Key Skills and Proficiencies of a Chartered Industrial Economist:
- Analytical Skills: Ability to review data in detail, observe patterns, perform advanced calculations and draw logical conclusions.
- Critical-thinking Skills: Use logic and reasoning to solve complex problems - for instance, identifying how economic trends may affect an organisation.
- Speaking Skills: Explain work to others through presentations and reports for clients who may not have a background in economics.
- Writing Skills: Present findings clearly in reports for colleagues, clients, journals or news media.
- Mathematical Proficiency: Expert knowledge of economics, algebra, geometry, statistics, calculus and their applications.
- Research Ability: Undertake independent research and effectively identify problems in industries and markets.
- Regulatory Knowledge: Familiarity with laws, government regulations, executive orders and court procedures.