Chartered Economic Policy Analyst® (Ch.E® – EPA)
Specialist Designation in Economic Policy Analyst [Course Outline]
Program Objectives
Today’s economy and economic landscape is evolving fast. New technical possibilities are meeting changing customer demand. The micro-economics, macro-economics and economic policies complement and compete with each other, changing investment calculations, and adding new layers of complexity to the internal and external market. Both national and international economic regulations are profoundly changing the way businesses operate, the threats they face, and the opportunities that are opening up.
This program aims to:
- Explore the rationale for public policy interventions in the economy.
- Provide an overview of a wide range of areas of applied microeconomics used in public policy, including relevant historical and international experience.
- Discuss the role of economics in the political process; provide an introduction to the evaluation of economic policies. It will have some interdisciplinary elements, in touching on political economy and behavioural economics.
This course will enable participants to:
- Demonstrate an understanding of the criteria for successful microeconomic public policy interventions.
- Show understanding of the reasons for the variation in policy interventions over time and in different contexts.
- Evaluate critically policy proposals, including demonstrating awareness of sources of empirical evidence.
- Demonstrate knowledge of specific topics in public policy economics.
- Contribute to public and policy debates about a range of economic issues.
Role of an Economic Policy Analyst
What does Economic Policy Analyst do?
- Collect, analyze, and summarize information for use in agency work. This includes data collection, aggregation, manipulation, and summarization of both internal administrative data and program data received from outside entities.
- Use knowledge of statistical and econometric methods to derive highly quantitative information from available data and form conclusions about the meaning of the information.
- Provide economic analysis necessary for completion of agency fiscal notes.
- Assist with cost benefit analysis and small business economic impact analysis for proposed agency rule-making, as required by the Administrative Procedure Act (APA) and the Regulatory Fairness Act (RFA).
- Respond to requests for data, economic information, and research assistance on insurance related issues from agency managers and external stakeholders.
- Identify best sources of insurance industry and market data.
- Collect and update key data and reports on a regular basis.
- Work with other analysts to develop new sources of insurance industry and market data for use in agency work. This work includes, but is not limited to, surveying, analysis of administrative data, and extraction of data from primary source documents.
- Perform data cleaning and manipulation using a variety of software packages.
- Produce charts, maps, tables, and graphs to visually communicate data on the insurance industry and communicate compelling trends, results of analyses, and interrelationships between datasets.
- Analyze economic factors and evaluate the economic impact on the Washington State insurance market and regulation in support of the development of agency policy positions, management options and legislative proposals, with an emphasis on insurance-related economic analysis.
- Coordinate with agency staff, subject matter experts, other agencies and stakeholders to obtain information needed to provide analysis on policy options and legislative proposals.
- Prepare documents and other work product that are clearly written and plain talked to allow your audience to easily understand and engage in meaningful dialog.
- As a policy analyst, take the lead in bill analysis and facilitate rulemaking teams as assigned.
Economic Policy Analysts should:
Economic Policy Analyst analyzes the data and identifies the underlying principles, facts, and reasons. The economic policy analyst is also responsible for undertaking other job duties as follows:
- Receiving information from all the relevant sources and observing them
- Compiling and analyzing the data to explain the economic phenomena and calculating the market trends for applying statistical and mathematical techniques
- Undertaking researches on economic issues and circulating the findings through technical reports
- Consulting and assisting companies, organizations, and individuals on economic relationships
- Providing litigation support by documenting expert testimony or testifying as an expert witness
- Developing the economic guidelines and standards and suggesting points of view for formulating economic policy
- Studying economic and statistical data in the area of specialization such as finance, agriculture and/ or labor
- Contribute to strategic discussions/market access planning processes to enhance the effectiveness of implementation of corporate strategies
Benefits of Program
Policy analysts attempt to explain public and private policies and their development. In some cases, analysts will be involved with formulating policies for businesses or governments. Policy analysts gather statistical data, analyze policies and project outcomes.The Chartered Economic Policy Analyst® (CEPA) certification is ideal for those who wish to:
- Compile, analyses, 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
- Provide advice and consultation on economic relationships to businesses, public and private agencies, and other employers
- Provide litigation support, such as writing reports for expert testimony or testifying as an expert witness.
By the end of this course the participants will understand:
- The importance of definitions and ethics in framing policy questions and public debate.
- The limitations of both states and markets in collective action.
- The many trade-offs and choices that inevitably arise in economic policy.
By the end of this course candidates will be expected to have gained the following skills:
- Critically evaluate data, evidence and arguments about economic policy questions.
- Contribute to debates themselves in a more evidence based way.
- Link policy choices to social welfare, or ethical, goals.
- Connect economic trade-offs with issues of political choice and practical implementation.
Key Benefits of the Program
The course will give you better insight into the working of the economy of the country.
- Understanding of current economic issues and economic principles and methods, including real-world applications and elements of microeconomics and macroeconomics
- Knowledge of economic perspective on the nature, scale, and organization of businesses and the role of information and transaction costs in internal and external markets.
- Deepened knowledge in focused topic areas, such as labor economics, economics of financial markets, economic strategy and competitiveness, and economics of emerging markets.
- Apply utility theory to describe and analyze investment decisions under risk aversion.
- Describe, apply and criticize single and multiple factor models of risk and return.
- It also helps in understanding the allocation of the various resources of the organization at different times and at different places to know how the allocation of the resources helped in improving the financial health of the organization.
- The program allows you to attain Super Specialist Status in “Economic Policy Analysis” with both the knowledge and skill to perform your duties as “Chartered Economic Policy Analysts”.
- The key benefit for certification holders is obviously the ability to add a professional designation and post nominal to your list of resume qualifications and it can also be display on your business card, letter head, email signature etc.
- It provides access to one of the top economic and financial professional networks around the globe providing the opportunity to network with charters and members throughout the world.
- The certificate of the Chartered Economic Policy Analysts® is awarded by the Most Prestigious American Academy of Finance Management (AAFM) and as such, it’s fully recognized in the USA, more than 170 Countries and hundreds of Institutions worldwide.
Why you should attend the program
At the end of the course, candidates/students should be able to- Knowledge of the institutions and processes in policy development and implementation, including legislative processes.
- Knowledge of statistical and econometric methods to derive high quality quantitative information from available data and form conclusions about the meaning of the information.
- Ability to work in a fast-paced policy making environment. Sensitive to the needs of stakeholders and the general public.
- Ability to develop innovative ideas that provide solutions to all types of workplace challenges. Identifies impacts of policy options on different stakeholders.
- Ability to effectively collect, organize and document data and information in ways that make the information most useful for subsequent assessment, analysis and investigation.
- Ability to explain complex or technical information using language that holds the attention of and meets the needs of different audiences, including managers, legislative staff, stakeholders, and the general public.
- Ability to work diplomatically, professionally, and in a non-partisan manner. Stays focused on results and desired outcomes and how best to achieve them.
- Ability to provide option based advice when evaluating complex situations.
Program Ideal For:
This program is designed for professionals who work in the industry, government sector, Department of Industry, Agriculture and Commerce, especially those with a background in economics. The programme is designed for a wide range of professional skill sets, including:- Business Analyst
- Economic Research
- Management Consultants
- Policy Makers
- Product Research and Development
- Professionals in Real Estate, City Development Agencies and Municipalities
- Researchers & Academics
Educational Requirements
Minimum Qualification required to pursue the program:- For Graduates (Any Stream): Pass Level 1 – Chartered Economist Exam.
- For Post Graduates and above in Economics: Directly pursue the “Chartered Economic Policy Analyst” Designation.
Career Opportunities
- Analyst for the Department of Economics, Industry and Commerce
- Banking
- Broking Institution
- Business Analyst
- Business Consultant
- Council on Foreign Relations
- Data Analyst
- Economic Policy Advisor for Non-governmental Organization
- Economic Policy Analyst for the Government Regulator
- Economist
- Finance Manager
- Financial Analyst
- Insurance
- Legal Corporations
- Macroeconomic Policy Section
- Operations Analyst
- Policy Analyst for National Planning Commission
- Research Analyst
- Research Service of Government and Finance Division in Economic Policy
Important skills required for Economic Policy Analysts
Key Skills and Proficiencies of an Economic Policy Analyst- Respect, Recognition and Inclusiveness: Engages in constructive working relationships characterized by a high level of acceptance, cooperation, and mutual respect; helps create a work environment that embraces and appreciates diversity; and, recognizes contributions of others within the organization (to include subordinates and peers) — all of which will enhance the attainment of organizational goals.
- Accountability: Demonstrates understanding of the link between job responsibilities and organizational goals. Accepts personal responsibility and accountability for the quality and timeliness of own work, and adhering to agency processes/policies. Manages his or her own performance to meet expectations and achieve expected results.
- Communication and Collaboration: Actively listens and engages in open, respectful, and cooperative manner. Conveys messages that are effective in communicating information and ideas with others.
- Customer Focus: Builds and maintains internal and external customer satisfaction with services offered by the organization, both regulatory and consumer based. Demonstrates sensitivity to public’s perceptions and attitudes.
- Professionalism and Integrity: Through consistent honesty, forthrightness, and professionalism in all interactions, earns the trust, respect and confidence of co-workers and customers.
Salary Prospect of Chartered Economic Policy Analyst Economist
Economists earned a median annual salary of $101,050 in 2016, according to the Bureau of Labor Statistics. On the low end, economists earned a 25th percentile salary of $73,890, meaning 75 percent earned more than this amount. The 75th percentile salary is $138,120, meaning 25 percent earn more. In 2016, 21,300 people were employed as economists.
The median annual wages for economists in the top industries in which they work are as follows:
| Sector | Salary |
|---|---|
| Business Analyst | $72,000 |
| Business Consultant | $96,000 |
| Data Analyst | $68,000 |
| Economist | $99,000 |
| Financial Manager | $112,000 |
| Financial Analyst | $70,000 |
| Operations Analyst | $63,000 |
| Research Analyst | $63,000 |
| Senior Business Analyst | $101,000 |
| Senior Financial Analyst | $92,000 |
Curriculum of Chartered Economic Policy Analyst
The curriculum of Chartered Economic Policy Analysts consists of in-depth study of economics, which is based on the core concepts of the economic demand; economic welfare and economics of the industry. Investigate & explore the moral and individual dimensions of economics and ethical viewpoint of industry and understand the moral responsibilities as a Chartered Economic Policy Analyst.Concepts of Economic Policy
For a professional like a Chartered Economic Policy Analyst; an understanding of concepts of economic policy is of prime importance. This part of course content would enable the Chartered Economic Policy Analyst to get a basic understanding of the economic policy evaluation and the public intervention in economic policy. This part of course would also cover the brief history of policy analysis; goal and steps in policy analysis.
This part of course would enable the Economics professionals in acquainting with the role of policy analyst. The objective of this part is to enable a Chartered Economic Policy Analyst to understand the critical thinking of policy tools and critical thinking about policy analysis.
Review of Market and Rational Behaviour
For a professional like a Chartered Economic Policy Analyst; an understanding of the market demand & supply and market equilibrium is the crucial aspect of the study. This part of course content would enable the Chartered Economic Policy Analyst to get a better understanding about the net benefit of consumption and market and rational consumers and the role of incentives. This part of course would also cover the incentives and the economic policy problems.
The part of course would enable the Economics professionals in acquainting with Pareto optimality and market imperfection and inefficiency analysis at the sectoral level. The objective of this part is to enable a Chartered Economic Policy Analyst to understand the net gains and deadweight loss. This part of course would focus on the public goods and their market and demand & supply.
Efficiency and the Role of Government
For a Chartered Economic Policy Analyst; know-how of the efficiency and role of government in economy and the market is the crucial aspect of the study. This part of course would enable the Chartered Economic Policy Analyst to get a better understanding about the taxes in competitive market and forms of government involvement. This part of course would also cover the government intervention in imperfect markets.
The part of course would enable the Economics professionals in foundation of public choice of goods and the government failure. The objective of this part is to enable a Chartered Economic Policy Analyst to understand the ethical goals of the policy analysts. It also enables Economist to assess the utilitarianism.
Benefit-cost Analysis and Present Value
For a Chartered Economic Policy Analysts; know-how of the process of benefit-cost analysis is the crucial aspect of the study. This part of course would enable the Chartered Economic Policy Analysts to get a better understanding about the decision criteria for benefit-cost analysis and types if policy decisions. This part of course would also cover the benefits and costs using efficiency concepts.
The part of course would enable to understand the Economics professionals in investment vs. saving and the present value formula. The objective of this part is to enable a Chartered Economic Policy Analysts to understand the importance of present value with infinitely long net benefits. It also enables Economist to understand the alternatives to present value and the inflation rate and the discount rate.
Economic Impact Analysis
For a Chartered Economic Policy Analysis; understanding of the economic policy impact and estimating direct multiplier is the crucial aspect of the study. This part of course would enable the Chartered Economic Policy Analysis to get a better understanding about the Keynesian Multiplier and economic base models. This part of course would also cover the input-output models and measuring an institution’s effect on government.
The part of course would enable the Economics professionals to understand the basics of measuring risk & uncertainty; expected value and decision tree. The objective of this part is to enable a Chartered Economic Policy Analysis to understand the expected utility model; concepts and issues in insurance market.
Transportation Policy and Pollution Control Policy
For a Chartered Economic Policy Analysis it is crucial to understand the basics of economic concepts related to transportation policy. This part of course would enable to get a better understanding about the modal choice and the transportation demand. This part of course would also cover the analysis of highway construction policy.
This part of course would enable the economics professional to understand the economic views of nature and pollution. This would enable the economic professional to understand the benefits of controlling air pollution on the economy.
Poverty and Income Support Policies
For a Chartered Economic Policy Analyst, it is crucial to understand what is poverty? This part of course would enable to get a better understanding about the absolute poverty measure and poverty line. This part of course would also cover the alternative measures of poverty and measures of inequality. This part of course focuses on the problems of the labour market and evaluating training programs & the minimum wage.
Analysis of Fiscal and Monetary Policy
For a Chartered Economic Policy Analysis it is important to know about the fiscal and monetary policy of the government. This part of course would enable Economic Policy Analyst Economist to get a better understanding about the issues related to fiscal & monetary policy. This part of course would also cover the key policy choices of fiscal & monetary policy.
Apart from the above mentioned course content, AAFM suggest candidate/students to go beyond the course and study the following topics for better understandings of the certification course. These topics are:
- Micro-economics
- Macro-economics
- Industrial Economics
- International Economics
Fee for Chartered Economic Policy Analyst
| Head | Resident Student | Overseas Student |
|---|---|---|
| Registration Fees$ | Rs.29,000 + GST | USD1000 |
| Registration Renewal | Rs.10,000 + GST | USD100 |
| Examination Fee–Chartered Economist®% | Rs.3,000 + GST | USD100 |
| Examination Fee–Chartered Health Economist® | Rs.10,000 + GST | USD100 |
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