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SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED QUALIFICATION: 

Postgraduate Diploma in Applied Economics 
SAQA QUAL ID QUALIFICATION TITLE
93972  Postgraduate Diploma in Applied Economics 
ORIGINATOR
Nelson Mandela University 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY NQF SUB-FRAMEWORK
CHE - Council on Higher Education  HEQSF - Higher Education Qualifications Sub-framework 
QUALIFICATION TYPE FIELD SUBFIELD
Postgraduate Diploma  Field 03 - Business, Commerce and Management Studies  Finance, Economics and Accounting 
ABET BAND MINIMUM CREDITS PRE-2009 NQF LEVEL NQF LEVEL QUAL CLASS
Undefined  120  Not Applicable  NQF Level 08  Regular-Provider-ELOAC 
REGISTRATION STATUS SAQA DECISION NUMBER REGISTRATION START DATE REGISTRATION END DATE
Registered-data under construction  EXCO 0324/24  2024-07-01  2027-06-30 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2028-06-30   2031-06-30  

Registered-data under construction

The qualification content is currently being updated for the qualifications with the status “Registered-data under construction” or showing “DETAILS UNDER CONSTRUCTION” to ensure compliance with SAQA’S Policy and Criteria for the registration of qualifications and part-qualifications on the National Qualifications Framework (NQF) (As amended, 2022). These qualifications are re-registered until 30 June 2027 and can legitimately be offered by the institutions to which they are registered.

 

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

PURPOSE AND RATIONALE OF THE QUALIFICATION 
Purpose:
The qualification has been designed with the primary purpose of providing holders of the Advanced Diploma in Economics, certain categories of graduates, as well as practising economists in the private and public sector, with the opportunity to gain a deeper understanding of micro and macroeconomic theory, and to reflect critically on economic practices and applications. This includes "building intuition" and competence in the verification (testing), development and application of economic models used to explain the behaviour of governments, consumers, businesses and markets, as well as the econometric (i.e. mathematical) tools to do so. In addition, candidates will also get the opportunity to conduct field work in economics by applying relevant economic survey techniques.

Rationale:
There is an increasing demand for knowledgeable and highly skilled economists familiar with micro and macroeconomic policies, practices and applications in the world of finance and economics. One just needs to consult the readily available literature and websites on careers in finance to appreciate how great the need is for well-qualified economists, especially at postgraduate level. These include careers in commercial banking, corporate finance, financial planning, hedge funds, insurance, investment banking, money management, private equity, real estate and consulting, to name but a few.

In addition, it is to be noted that international economic and political interests are shifting to Africa and services of professional economists for bilateral and multilateral assistance programmes will be keenly sought. South African economists need to be prepared to take their place on these programmes. As Dube (2012) warns: "...while the sands of global economic governance are shifting" the G7/8 still has significant power in the articulation of norms and rules in the global economic system.

These issues are of particular importance to Africa for two reasons:
South Africa finds itself as the only member of most of these influential groupings in the global economic system with the two particular examples that stand out being the G20 as well as the BRICS grouping; and as Africa is the last frontier for growth and given growth predictions for Africa, it is important to gain a foothold in the decision-making mechanisms and entrench that foothold. Both South Africa and the rest of the continent have in the past not been that active in the space of global economic governance. There is a need to develop and nurture a culture of involvement in the global economic system and harness Africa's full potential and power in these matters e.g. through such concerted African positions as was seen in the run-up to the appointment of the World Bank president in early 2012. If South Africa and Africa can influence the rules of the game then they can maximise their own space to make domestic economic policy. Otherwise the traditionally dominant actors will formulate the rules without reference to developing countries and specifically African interests. This risks constraining African policy space in unpredictable ways, and imposing domestic economic policy choices that may be inimical to pursuing sustainable and equitable development outcomes.

South Africa therefore needs a cohort of well-qualified and hands-on economists to secure its position in the world economy, making it a major player. The Postgraduate Diploma in Applied Economics aims to contribute to the realisation of this vision. 

LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
Recognition of Prior Learning (RPL):
Applicants who do not meet the admission criteria as stipulated, but who can demonstrate experiential or work-based learning at an equivalent level may be considered for RPL provided a proper structured assessment of the prior learning has been conducted. Such candidates may be required to broaden their knowledge base by enrolling for identified preliminary modules prior to admission or parallel modules after admission. Candidates may also apply for exemption from certain modules on the grounds of credits obtained through relevant programmes of study.

Entry Requirements:
Learners must be in position of either of the following:
  • Advanced Diploma in Economics.
  • Bachelor's Degree in Economics or an equivalent qualification in a cognate field of study. 
    		•

    RECOGNISE PREVIOUS LEARNING? 
    Y 

    QUALIFICATION RULES 
    The qualification consists of compulsory and elective modules with 20 Credits each at NQF Level 8 totalling 120 Credits.

    Compulsory Modules:
  • Economics Survey Techniques.
  • Economics Field Work Project.
  • Applied Macroeconomics.
  • Applied Microeconomics.

    Elective Modules (Select any 2 modules):
  • Economics for a Developing World.
  • Economics of Money and Business.
  • International Trade and Finance.
  • Applied Econometrics.
  • Economics of Local, Provincial and Central Government. 
    		•

    EXIT LEVEL OUTCOMES 
    1. Apply economic theory and use quantitative techniques to address typical problems confronting business and government.
    2. Evaluate and test economic models, and forecast and assess business and government policy options.
    3. Demonstrate insight into the role of microeconomics in the economic decision-making process with a view to optimising economic performance.
    4. Demonstrate knowledge of macroeconomic policy objectives and policy instruments as applied in a federal state in global context.
    5. Demonstrate the ability to conduct economic surveys and make independent enquiry, the application of critical data analysis skills and the processing and communicating of results in a professionally acceptable manner.
    6. Identify, reflect upon and address ethical issues that economists are faced with from time to time and within the contexts of varying value systems.
    7. Demonstrate specialised knowledge and applied competence in any two particular fields of interest:
  • Range: Economics for a Developing World, Economics of Money and Business, International Trade and Finance, Economics of Local, Provincial and Central Government and Applied Econometrics. 
    		•

    ASSOCIATED ASSESSMENT CRITERIA 
    Associated Assessment Criteria for Exit Level Outcome 1:
  • Appropriate knowledge, methods of enquiry and a wide range of specialised skills and tools relating to the economic principle of satisfying unlimited needs with limited means are implemented and applied.
  • Contemporary domestic, national and international economic issues and challenges confronting business and government are identified, conceptualised, analysed and addressed using estimation and quantitative techniques.

    Associated Assessment Criteria for Exit Level Outcome 2:
  • Economic models are developed and intuitive explanations of the results are provided.
  • Information infrastructure is competently utilised for accessing, processing, managing and storing information.
  • Information is processed with due consideration of the applicability and limitations of software.

    Associated Assessment Criteria for Exit Level Outcome 3:
  • The effects of specific market structures on microeconomic decision-making are investigated.
  • Demand analysis with a view to economic forecasting is conducted taking due cognisance of production, market structures, pricing structures, the aspect of risk as well as the impact of government regulation.
  • Economic models are developed and tested with a view to hypothesising about business and government policy options and producing practical, evidence-based business and public policy advice.

    Associated Assessment Criteria for Exit Level Outcome 4:
  • Macroeconomic models are used to explain changes in output, employment, inflation and growth.
  • The objectives of macroeconomic policy and policy instruments are related to globalisation.
  • Domestic and global macroeconomic data are appraised and applied with a view to conducting macroeconomic analyses of contemporary challenges and issues.

    Associated Assessment Criteria for Exit Level Outcome 5:
  • Investigative economic surveys and fact-finding activities/projects related to the selected subfields of micro- and/or macroeconomics are initiated, planned, managed and concluded appropriately, within an allocated time-frame.
  • Appropriate survey design, data collection and processing techniques are demonstrated.
  • Research findings are presented, trends identified, appropriate conclusions are made with clarity and precision and by using appropriate software, graphic and statistical techniques, format and academic style.
  • Economic data is processed and critically reviewed, research findings presented identifying trends, drawing appropriate conclusions and communicating creative responses as part of an economic and financial management evaluation process.

    Associated Assessment Criteria for Exit Level Outcome 6:
  • The results of economic analysis are related to ethical issues, for example that value standards or frameworks determine what counts as a benefit or a cost, or, that success or failure of an outcome can be determined either by practical consequences or moral idealism.
  • The point is made that the relevance of economic analysis to policy-making depends on, in part at least, an individual's belief in a final source of ethical standards.
  • Recognition that the debate in the ethics of Economics is ultimately one between egoism and altruism, between self-interest and self-less concern for the well-being of others.

    Associated Assessment Criteria for Exit Level Outcome 7:
  • The intricate processes of economic development of industrialised nations and the evolution of new development paradigms among emerging economies, including South Africa are investigated, analysed and reported on.
    Or
  • Creative and coherent participation in the latest debates and discussions around the role of financial markets, institutions and financial regulation in the monetary system including the current state of money and banking locally and abroad.
    Or
  • The effects of various trade policies on the business environment and the global economy are evaluated with reference to international finance, exchange rates and the political economy.
    Or
  • Issues and aspects of contemporary thinking related to intergovernmental relations in a federal type of state are debated with special reference to centralisation and decentralisation.
    Or
  • Economic relationships are quantified, economic theory tested; economic outcomes forecast and well-specified econometric models formulated using econometric software as appropriate.

    Integrated Assessment:
    The method of assessment may vary according to the module purpose, its subject matter and the teaching and learning approach adopted. Some modules are more theoretically oriented; others require a more practical, hands-on or applied approach. This will be reflected in the assessment instruments.

    The assessment tasks will require learners to demonstrate applied competence, in an integrated way. Assessment will include a mixture of assignments and/or tasks during the semester, ranging from informal and formal formative assignments that include presentations and progress checks, to presentations and formal (summative) written tests that will take place during the contact period. In each of the modules, excluding the research project module, there will also be two major formal assignments and/or projects to be submitted during the course of the semester, and one 60-minute test. The purpose of these assessments will be two-fold:
  • Formative and diagnostic, in order to provide feedback to learners and lecturers in order to facilitate improved learning.
  • Summative, in order to test whether or not the learners have achieved the learning outcomes of the modules. 
    		•

    INTERNATIONAL COMPARABILITY 
    Manchester University United Kingdom: The Postgraduate Diploma in Economics.

    The Postgraduate Diploma in Economics comprises two units in Microeconomics (Econ60241 and Econ60262), two units in Macroeconomics (Econ60251 and Econ60272), two units in quantitative techniques (either Econ60611 and Econ60622 or Econ60632 and Econ60641), and two approved optional units.

    The pattern of modules by semester is:
    Semester 1 (60 Credits):
  • Econ60241 Microeconomic Theory I (15 Credits).
  • Econ60251 Macroeconomic Theory I (15 Credits).
  • Econ60611 Introduction to Econometrics (15 Credits).
    Or
  • Econ60641 Introductory Quantitative Methods I (15 Credits).
  • Approved optional course unit (15 Credits).

    Semester 2 (60 credits):
  • Econ60262 Microeconomic Theory II (15 Credits).
  • Econ60272 Macroeconomic Theory II (15 Credits).
  • Econ60622 Further Econometrics (15 Credits).
    Or
  • Econ60632 Introductory Quantitative Methods II (15 Credits).
  • Approved optional course unit (15 Credits).

    Macquarie University, Sydney Australia:
    Degree: Postgraduate Diploma in Applied Economics (PGDipAppEc).
    University of East Anglia, United Kingdom.
    Postgraduate Diploma in Economics.

    Emphasis is placed on the principles of economics. In addition to the four core modules, learners select two modules from a wide range of options covering specialised economic theory and its application in areas of practical benefit to learners from developed and developing countries.

    Examples of options include:
  • Public Sector Economics.
  • Development Economics.
  • The European Economy.
  • The Economics of Corporate Finance.
  • Strategic Thinking.
  • Mathematical Economics.
  • Macroeconomics, Institutions and Policies.

    Conclusion:
    The qualifications compares favourably in terms of duration, modules and outcomes. There is more emphasis on economics principles from these qualifications. 
    		•

    ARTICULATION OPTIONS 
    The learners who have obtained this Postgraduate Diploma can articulate vertically to a relevant coursework or full research Master's Degree, subject to any additional admission or selection requirements that may be set for the Master's Degree.

    Horizontal articulation is possible with the following qualifications:
  • Bachelor of Commerce Honours in Economics, at NQF Level 8.
  • Postgraduate Diploma in Economics, at NQF Level 8.

    Vertically the qualification articulates with the following qualifications:
  • Master of Commerce in Economics, at NQF Level 9.
  • Master of Administration in Economics, at NQF Level 9.
  • Master of Arts in Economics: Research, at NQF Level 9. 
    		•

    MODERATION OPTIONS 
    N/A 

    CRITERIA FOR THE REGISTRATION OF ASSESSORS 
    N/A 

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this qualification was Reregistered in 2015. 

    NOTES 
    N/A 

    LEARNING PROGRAMMES RECORDED AGAINST THIS QUALIFICATION: 
     
    NONE 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS QUALIFICATION: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    1. Nelson Mandela University 


    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.