Chartered Industrial Economist®(Ch.E® – IE)
Specialist Designation in Industrial Economics [Course Outline]
Industry Overview
Industrial Economics is the study of firms, industries, and markets. It looks at firms of all sizes – from local corner shops to multinational giants such as Wal-Mart or Tesco. And it considers a whole range of industries, such as electricity generation, car production, and restaurants As an Industrial Economist, you must understand what is going on not just in your organization or business but also in entire industry. The factors that are hurting and helping other players in the industry will also impact your organization’s business. While you probably can’t control all of these external factors, you can control how your business will respond to them. In fact, the way your business responds to them might constitute part of its competitive advantage. The modern health care sector is divided into many sub-sectors, and depends on interdisciplinary teams of trained professionals and paraprofessionals to meet health needs of individuals and populations. The health care industry includes establishments ranging from small-town private practices of physicians who employ only one medical assistant to busy inner-city hospitals that provide thousands of diverse jobs. When analyzing decision making at the levels of the individual firm and industry, Industrial Economics helps us understand such issues as:- the levels at which capacity, output, and prices are set;
- the extent that products are differentiated from each other;
- how much firms invest in research and development (R&D)
- how and why firms advertise
Program Objectives
Industrial Economics is the area of economics that studies the markets as institutions, the state of competition and strategic interaction among firms, the industrial policy and the business decisions firms make within the market framework.
The certification program of Chartered Industrial Economist from AAFM, candidates benefit from a broad and well-rounded education, coupled with in-depth exposure to specific academic disciplines.
The Certificate Program builds on this strong academic foundation: candidate develops advanced skills in qualitative and quantitative reasoning; gain exposure to real-world corporate scenarios; understand the nuances of solving challenging business problems. This certification program produces highly skilled graduates who stand out from their peers in the marketplace.
The course looks at the markets from three different perspectives: the economic theory, the applied business perspective and the institutional and legal perspective. The focus of the course is split equally between the economic theory and business perspective but there is a significant legal component incorporated in various topics.
The course includes economic modeling, game theory, numerous real life examples and several case studies. We explore interesting topics of market organization such as negotiations, antitrust, networks, platforms, electronic markets, intellectual property, business strategies, predation, entry deterrence and many others.
The basic objective of the course is to enable the student to understand the structure of markets and the nature of strategic competition. Knowledge in this course will be valuable for the students in acquiring managing and governance skills, enriching their understanding of the institutional framework of business, and improve their analytical ability in negotiations.
The program’s curriculum allows students to develop critical thinking skills, gain exposure to business applications and analytical models, and understand the qualitative analysis that underlies all strategic business decisions.
With this certification candidates are prepared for careers in areas such as Economist; Statistician; investment banking; and many more. More generally, candidate learns from the Certificate Program to work in groups and develop an appreciation for collaboration in academic and real-world settings.
Role of a Petroleum Economist
What do an 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. They investigate international or national economic situations, or particular features such as industries or regions.- Compile, analyze, 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 to interpret markets.
- Provide advice and consultation on economic relationships to businesses, public and private agencies, and other employers.
- Study economic and statistical data in area of specialization, such as finance, labor, or agriculture.
- Study the socioeconomic impacts of new public policies, such as 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.
- Provide litigation support, such as writing reports for expert testimony or testifying as an expert witness.
Industrial Economists should:
Industrial Economist analyzes the data and identifies the underlying principles, facts, and reasons. The Industrial Economist is also responsible for undertaking other job duties as follows:- Analyzing Data or Information – Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
- Getting Information – Observing, receiving, and otherwise obtaining information from all relevant sources.
- Interacting With Computers – Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
- Updating and Using Relevant Knowledge – Keeping up-to-date technically and applying new knowledge to your job.
- Making Decisions and Solving Problems – Analyzing information and evaluating results to choose the best solution and solve problems.
- Processing Information – Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
- Interpreting the Meaning of Information for Others – Translating or explaining what information means and how it can be used.
- Thinking Creatively – Developing, designing, or creating new applications, ideas, relationships, systems, or products, including artistic contributions.
- Identifying Objects, Actions, and Events – Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events.
- Training and Teaching Others – Identifying the educational needs of others, developing formal educational or training programs or classes, and teaching or instructing others.
- Communicating with Supervisors, Peers, or Subordinates – Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
- Organizing, Planning, and Prioritizing Work – Developing specific goals and plans to prioritize, organize, and accomplish your work.
- Provide Consultation and Advice to Others – Providing guidance and expert advice to management or other groups on technical, systems-, or process-related topics.
- Communicating with persons outside Organization – Communicating with people outside the organization, representing the organization to customers, the public, government, and other external sources. This information can be exchanged in person, in writing, or by telephone or e-mail.
- Establishing and Maintaining Interpersonal Relationships – Developing constructive and cooperative working relationships with others, and maintaining them over time.
- Developing Objectives and Strategies – Establishing long-range objectives and specifying the strategies and actions to achieve them.
- Estimating the Quantifiable Characteristics of Products, Events, or Information – Estimating sizes, distances, and quantities; or determining time, costs, resources, or materials needed to perform a work activity.
- Judging the Qualities of Things, Services, or People – Assessing the value, importance, or quality of things or people.
- Documenting/Recording Information – Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.
- Guiding, Directing, and Motivating Subordinates – Providing guidance and direction to subordinates, including setting performance standards and monitoring performance.
- Coaching and Developing Others – Identifying the developmental needs of others and coaching, mentoring, or otherwise helping others to improve their knowledge or skills.
- Scheduling Work and Activities – Scheduling events, programs, and activities, as well as the work of others.
- Coordinating the Work and Activities of Others – Getting members of a group to work together to accomplish tasks.
- Evaluating Information to Determine Compliance with Standards – Using relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards.
Benefits of Program
Industrial economics builds heavily on microeconomics; macroeconomics and industrial economics. In addition, it requires familiarity with basic industrial organization and industrial policy, since these are the standard tools used to measure profitability and evaluate management of industry.
This course is designed to provide both a self-contained study of the principles of industrial economics, and a bridge to higher level courses in economics. It includes a critical discussion of the efficient markets theory, an overview of quantitative methods in finance, considers risk aversion in the context of utility theory, examines portfolio theory, the Capital Asset Pricing Model and multi-factor asset pricing models, covers bond pricing, duration and convexity, behavioural finance theory, an introduction to the economics of financial crises, and introduces the top down approach to investment decisions.
The emphasis is on a thorough coverage of modern finance theory as applied to investment analysis, balanced with a consideration of new developments in the discipline, and of the application of both old and new theoretical perspectives to understand the current environment for financial investment decisions.
Key Benefits of the Program
The course will give you better insight into the working of the industrial sector 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 “Industrial Economics” with both the knowledge and skill to perform your duties as an “Industrial Economist”.
- 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 Industrial Economist® 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
There are many reasons why candidates should pursue this field academically, these are:
- Candidates studying industrial economics allow students to understand how markets operate.
- Candidates can equip themselves with skills and fundamental knowledge of the 21st century in industrial economics.
- The field will allow candidates to understand how policies are made and what issues affect these decisions.
- The career opportunities are vast with an industrial economics degree. Individuals can seek employment in a range of industries.
At the end of the course, students should be able to
- Understand the primary functions of the industry
- Understand the structure of the industrial markets.
- Explain the industrial market instruments
- Explain the functions of industrial intermediaries
- Explain the types of industrial intermediaries
- Explain regulation of the industry
- Explain the role of Government Regulatory Authorities
Program Ideal For:
This program is designed for professionals who work in the industry like – manufacturing, mining, agriculture etc. and especially those with a background in economics.
The programme is designed for a wide range of professional skill sets, including:
- Research Scholars
- Manufacturing Employees
- Mining Employees
- Employees working in Agricultural Firms
- Consulting Firm’s Employees
- Government Employees
- Statisticians
- Business and Banking Analysts
- Financial Consultants
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 Industrial Economist” Designation.
Career Opportunities
- Agricultural Firms
- Consulting Firms
- Economic Analyst
- Financial Analyst
- Financial Institutions
- Government Departments
- Large Companies
- Management Analyst
- Manufacturing Firms
- Marketing Firms
- Mines and Mining Firms
- Research Organizations
- Statistician
- Universities
- Self-Employment, with enough experience, can open own business and work as a consultant
Important skills required for Industrial Economist
Key Skills and Proficiencies of an Industrial Economist- Analytical Skills: Economists must be able to review data in detail, observe patterns, perform advanced calculations, and draw logical conclusions.
- Critical-thinking Skills: Economists must be able to use logic and reasoning to solve complex problems. For instance, they might identify how economic trends may affect an organization.
- Speaking Skills: Economists must be able to explain their work to others and they often give presentations and explain reports to clients who may not have a background in economics.
- Writing Skills: Economists must be able to present their findings clearly. Many economists prepare reports for colleagues or clients; others write for publication in journals or for news media.
- Expert knowledge about economics with proficiency in financial markets and banking analysis.
- Expert in mathematical knowledge of algebra, geometry, statistics, calculus, and their applications.
- Ability to undertake researches and effectively identifying the problems
- Prepare and maintain all the reports, documents, and statistics.
- Knowledge about using various computer applications required for maintaining the economic records.
- Knowledge about laws, government regulations, executive orders, and court procedures
Salary Prospect of Industrial Economist
Overall, economists report a median salary of $102,490 per year. The economics salary you can expect, however, varies across industries. Many employers also factor in the specific duties of a job and any supervisory elements or fiscal responsibility, raising salaries for employees who take on these additional challenges. Salaries are also determined by location, prior work experience, and level of education. Economics candidates with only a bachelor’s degree earn a median salary of $75,000, while those with a graduate degree can expect a median salary of $100,000. The median annual wages for economists in the top industries in which they work are as follows:| Sector | Salary |
|---|---|
| Economist | $91,860 |
| Financial Analysts | $76,950 |
| Statistician | $75,560 |
| Scientific Research and Development Services | $102,000 |
| Management; Scientific and Technical Consulting Services | $69,170 |
Curriculum of Chartered Industrial Economist
The curriculum of Chartered Industrial Economist consists of in-depth study of industrial economics, which is based on the core concepts of the industry; market structure; statistics and economics of the industry. Investigate & explore the moral and individual dimensions of industrial economics and ethical viewpoint of industry and understand the moral responsibilities as a Chartered Industrial Economist.
Industry and Market Structure
For a professional like a Chartered Industrial Economist; an understanding of concepts of industrialization and industrial economics is of prime importance. This part of course content would enable the Chartered Industrial Economist to get a basic understanding of the concepts and role of the industrialization. This part of course would also cover the factors inhibiting industrialization problems; international measures of industry; plant; and firm.
The part of course would enable the Economics professionals in acquainting with the fundamental meaning of market; market structure; market power; market conduct and performance. The objective of this part is to enable a Chartered Industrial Economist to understand the standard forms of market structure; monopoly; monopolistic completion and oligopoly.
Industrial Location and Regional Imbalance in India
For a professional like a Chartered Industrial Economist; an understanding of the location of industry is the crucial aspect of the study. This part of course content would enable the Chartered Industrial Economist to get a better understanding of Weber’s Theory of location and location coupling. This part of course would also cover the Sargent Florence’s inductive analysis and balanced approach.
The part of course would enable the Economics professionals in acquainting with the fundamentals of balanced regional development and indicators of regional imbalance. The objective of this part is to enable a Chartered Industrial Economist to understand the causes of economic backwardness and regional imbalance; estimates of regional disparities and economic plans.
Industrial Organization
For a Chartered Industrial Economist; know-how of the forms of industrial organization is the crucial aspect of the study. This part of course would enable the Chartered Industrial Economist to get a better understanding about the state/public sector enterprises; private sector; joint sector; co-operative enterprises. This part of course would also cover the choice of the organizational form.
TThe part of course would enable the Economics professionals in optimum size of firm and industry. The objective of this part is to enable a Chartered Industrial Economist to understand the measurement of the size of industrial unit; optimum firm; and equilibrium firm. It also enables Economist to assess the factors determining the optimum size of the firm.
Rationalization in Industry Automation and Standardization
For a Chartered Industrial Economist; know-how of the industry automation and standardization is the crucial aspect of the study. This part of course would enable the Chartered Industrial Economist to get a better understanding about the aspects of rationalization and benefits of rationalization. This part of course would also cover the attitudes of industrialists and opposition from labourers.
The part of course would enable the Economics professionals in rationalization and scientific management of the industry. The objective of this part is to enable a Chartered Industrial Economist to understand the importance of rationalization and automation in the industry in India. It also enables Economist to understand the measurement of the productivity and miss-interpretation of productivity.
Cost Benefit Analysis
For a Chartered Industrial Economist; understanding of the cost benefit analysis of the industry is the crucial aspect of the study. This part of course would enable the Chartered Industrial Economist to get a better understanding about the stages of project evaluation and methods of evaluation.
The part of course would enable the Economics professionals to understand the cost benefit analysis and net present value criterion. The objective of this part is to enable a Chartered Industrial Economist to understand the limitation of cost benefit analysis and cost benefit analysis in India.
Industrial Policy and Indian Planning
For a Chartered Industrial Economist it is crucial to understand the Industrial policy Resolution of 1948 & 1956 and the features of the 1956 Policy. This part of course would enable to get a better understanding about the Industrial Licensing; Hazari Committee Report on Industrial Licensing Policy; and the Industrial Policy Statement of 1977. This part of course would also cover the Industrial Policy of 1991 & 2001 and Industrial Reforms.
Multi-nationals in India
For a Chartered Industrial Economist it is crucial to understand the multi-national in India. This part of course would enable to get a better understanding about the emerging global competition and Indian industry. This part of course would also cover the globalization of Indian business and the globalization strategy.
Problems of Industries in India and Deindustrialization
For a Chartered Industrial Economist it is important to know about the problem faced by various industries like – iron & steel; jute; sugar; cement industry etc. This part of course would enable to get a better understanding about the theoretical framework for the analysis of deindustrialization. This part of course would also cover the loss of competitiveness; disaggregated view of changes in industry and the Dutch Disease.
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
- Introduction to Mathematical Economics
- Econometrics
- International Economics
Fee for Chartered Industrial Economist
| 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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