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SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED QUALIFICATION: 

Diploma in Economics 
SAQA QUAL ID QUALIFICATION TITLE
104767  Diploma in Economics 
ORIGINATOR
Tshwane University of Technology (TUT) 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY NQF SUB-FRAMEWORK
CHE - Council on Higher Education  HEQSF - Higher Education Qualifications Sub-framework 
QUALIFICATION TYPE FIELD SUBFIELD
Diploma (Min 360)  Field 03 - Business, Commerce and Management Studies  Finance, Economics and Accounting 
ABET BAND MINIMUM CREDITS PRE-2009 NQF LEVEL NQF LEVEL QUAL CLASS
Undefined  360  Not Applicable  NQF Level 06  Regular-Provider-ELOAC 
REGISTRATION STATUS SAQA DECISION NUMBER REGISTRATION START DATE REGISTRATION END DATE
Reregistered  EXCO 0821/24  2019-07-25  2027-06-30 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2028-06-30   2033-06-30  

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.  

This qualification does not replace any other qualification and is not replaced by any other qualification. 

PURPOSE AND RATIONALE OF THE QUALIFICATION 
Purpose:
This qualification is primarily a vocational learning programme on Level 6 with 360 Credits. The purpose of the qualification is to prepare learners for a career in economics to be economic officers. This qualification provides learners with a sound understanding of general theoretical principles in the field of economics as well as a combination of general and specific procedures and their application. The significance of this qualification is that it will enable qualifying learners to enter a number of career paths and to apply their knowledge to different economic contexts. Qualifying learners will have theoretical knowledge, together with practical innovative skills. They will be able to apply knowledge and skills in the entrepreneurial environment or workplace and advise communities on economic and related matters. The qualification equips qualifying learners with technical skills in the field of economics appropriate to the needs of the industry. The qualification intends to address some of the global and national challenges such as the development of critical economic skills and produce qualifying learners who are socially responsible in contributing to the national development effort and social transformation. Qualifying learners will function under the supervision of senior personnel within the scope of practice. This diploma includes an appropriate simulation component to expose learners to a hypothetical work environment through an assigned research project. Qualifying learners meet the minimum entry requirement for admission to an Advanced Diploma in Economics or a Bachelor Degree in Commerce.

Rationale:
The economics department has designed the Diploma in Economics in line with the recommendations of the Advisory Committee. Academic Advisory Committee constitutes of members from industry and academia in the field of economics. The is to be responsive to the needs of the industry by equipping the learners with analytical, research and quantitative skills required in the field of economics in an ethical manner. Some of the modules are quantitative modules such as Mathematical Economics, Statistical Economics, and Econometrics as well Commercial Law.

This qualification will provide learners with a thorough grounding knowledge in the field of economics. Qualifying learners will be in a position to work within economic units of banking and other financial institutions, public sector and other related fields. Furthermore, the qualification provides learners with career opportunities in finance and economics. These career opportunities include among others, economic analysts, economists, academics, investment managers, policy-makers, economic consultants in private and public sectors. The qualification serves a pathway towards an Advanced Diploma in Economics, Level 7. 

LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
Recognition of Prior Learning (RPL):
This qualification may be achieved in part through the Recognition of Prior Learning (RPL) which includes formal, informal and non-formal learning and through prior experience as a practitioner in the field of business administration. Providers are required to develop structured means for the assessment of individual learners against the Exit Level Outcomes of the qualification on a case-by-case basis and assessment is done by means of Integrated Assessment strategies as mentioned above. Such procedures, and the assessment of individual cases, are subject to moderation by independent-assessors. The learner will be thoroughly briefed on the mechanism to be used and support and guidance that will be provided. The necessary evidence as required by the Exit Level Outcomes, and presented by the learner, should meet the following principles: currency of evidence, sufficiency of evidence, validity of evidence and authenticity of evidence. If the learner is able to demonstrate competence in the knowledge, skills, values and attitudes implicit in this qualification the appropriate credits will be assigned to the learner. A maximum of 10% per cohort may be admitted to this qualification through RPL.

Entry Requirements:
  • Senior Certificate with admission to higher education studies.
    Or
  • National Senior Certificate with admission to higher education studies.
    Or
  • National Certificate Vocational with admission to higher education studies Literacy. 
    		•

    RECOGNISE PREVIOUS LEARNING? 
    Y 

    QUALIFICATION RULES 
    This qualification comprises compulsory modules at Level 5 and 6 totalling 360 Credits.

    Compulsory Modules, Level 5: 224 Credits:
  • Communication for Academic Purposes IA, 10 Credits.
  • Computer literacy IA, 10 Credits.
  • Life Skills IA, 12 Credits.
  • Academic Literacy IA, 12 Credits.
  • Microeconomics I, 12 Credits.
  • Macroeconomics I, 12 Credits.
  • Financial Economics I, 24 Credits.
  • Statistical Economics I. 24 Credits.
  • Mathematical Economics I. 24 Credits.
  • Econometrics I, 12 Credits.
  • Work Integrated Learning (WIL) in Economics I (simulation), 24 Credits.
  • Ethical Aspects of Economics I, 12 Credits.
  • Commercial Law IA, 12 Credits.
  • Financial Accounting IA, 12 Credits.
  • Financial Accounting IB, 12 Credits.

    Compulsory Modules, Level 6: 136 Credits:
  • Microeconomics II. 12 Credits.
  • Macroeconomics II. 12 Credits.
  • Financial Economics II, 24 Credits.
  • Work Integrated Learning (WIL) in Economics II, 16 Credits.
  • Econometrics II, 12 Credits.
  • Microeconomics III, 18 Credits.
  • Macroeconomics III, 18 Credits.
  • Financial Economics III, 24 Credits. 
    		•

    EXIT LEVEL OUTCOMES 
    1. Demonstrate an understanding of core economic terms, concepts, and theories.
    2. Demonstrate an understanding of different schools/history of economic thoughts.
    3. Demonstrate the ability to employ the economic way of thinking.
    4. Demonstrate awareness of global, historical, and institutional forces.
    5. Apply economic theories and concepts to contemporary social issues, as well as formulation and analysis of policy in the context of the Republic of South Africa and beyond.
    6. Apply ethical values in economic decision making processes.
    7. Apply both oral and written communication skills in economics.
    8. Demonstrate quantitative reasoning skills in economics.
    9. Demonstrate the traits of economic citizenship and ability to work effectively in a team or group, take responsibility for own actions and actions of others against given assessment criteria. 

    ASSOCIATED ASSESSMENT CRITERIA 
    Associated Assessment Criteria for Exit Level Outcome 1:
  • The function of market and prices as allocative mechanisms are explained.
  • The concept of equilibrium to both microeconomics and macroeconomics is applied.
  • Key macroeconomic indicators and measures of economic change, growth and development are evaluated.
  • The key concepts underlying comparative advantage are demonstrated in the field of economics.
  • Major types of market failures are identified and discussed.
  • Innovative financial instruments and processes and the formulation of innovative solutions to financial decision making problems are discussed.

    Associated Assessment Criteria for Exit Level Outcome 2:
  • Different schools/history of economic thoughts and forms of explanation in macroeconomics are presented.
  • Different schools/history of economic thoughts and forms of explanation in microeconomics are presented.

    Associated Assessment Criteria for Exit Level Outcome 3:
  • The applications of marginal analysis are discussed in microeconomic and macroeconomic decision making processes.
  • The use of benefit/cost analysis is explained in appraising different socio-economic projects.
  • The contribution of economics to the analysis of non-market social issues is demonstrated.
  • The roles of domestic and international institutions and norms in shaping economies are critically assessed in the context of developing nations.
  • The extents of how economic trade-offs and social values impact public/private social policy, and the success or failure of policies to achieve intended outcomes are described.

    Associated Assessment Criteria for Exit Level Outcome 4:
  • The roles of domestic and international institutions and norms in shaping economies are critically assessed in the context of developing nations.

    Associated Assessment Criteria for Exit Level Outcome 5:
  • The extents of how economic trade-offs and social values impact public/private social policy, and the success or failure of policies to achieve intended outcomes are described.

    Associated Assessment Criteria for Exit Level Outcome 6:
  • The differences between normative and positive economics is compared and contrasted.
  • The limits of economic analysis are identified.
  • The applications of the concepts of efficiency and equity are compared and contrasted.

    Associated Assessment Criteria for Exit Level Outcome 7:
  • Economic arguments in non-quantitative form are presented.
  • The arguments found in both academic and popular economic media reports are synthesized.
  • Economic concepts are discussed in an articulated manner in a classroom.

    Associated Assessment Criteria for Exit Level Outcome 8:
  • Basic economic arguments in economics are presented in quantitative terms.
  • The ability to solve systems of equations is demonstrated.
  • Equations and graphs are employed in conducting basic economics analysis.
  • Basic simulation exercises are performed and presented using MS Excel and other statistical packages.

    Associated Assessment Criteria for Exit Level Outcome 9:
  • Team work and responsibility for own actions and actions of others against given criteria are evaluated based on a given assignment or project in respective modules/subjects.

    Integrated Assessment:
    Formative Assessment strategies are continuous and aimed at giving learners feedback on their progress in the achievement of learning outcomes as well as to integrate theoretical and practical competence. Such strategies include informal assignments, discussions, case studies, informal tests and tutoring. Some of the criteria may be assessed through observation of the learners during classes.

    Summative Assessment strategies are aimed at judgement of the learning in relation to the Exit Level Outcomes of the programme. Such strategies include examinations, reports, projects or equivalent such as a portfolio of evidence which is representative of a selection of the outcomes.

    The outcomes of the formal assignments will contribute to a cumulative class mark as per pre-arrangement with the learners. In the formal assignments, and in the respective examinations learners will have to demonstrate the ability to communicate and integrate knowledge of the key issues, highlighted in the respective modules, and identify and resolve typical problems in the subfields as indicated. This will require critical and creative thinking as well as the ability to make practical applications of the learning outcomes as indicated in the module descriptors. 
    		•

    INTERNATIONAL COMPARABILITY 
    The Diploma in Economics is compatible with international qualifications in that all compulsory modules to be offered are also offered at a number of Universities in other countries. The Graduate Diploma in Economics at London School of Economics and Political Science includes the following: Introduction to Economics, Mathematics 1 (half course), Calculus, Statistics 1 (half course) are all compulsory. Learners are then required to pass 4 courses from the 3 compulsory ones above and 1 elective course that they have to choose from 14 options from the Social science courses.

    The Diploma in Economics at the Stansfield College, Singapore includes the following: Compulsory modules are Introduction to Economics, Mathematics 1 (half course) Calculus, Statistics 1 (half course), Principles of Sociology and Introduction to Business Management.

    Microeconomics, Macroeconomics, and Econometrics are compulsory at the University of Cambridge (Advanced Diploma in Economics). The Birkbeck University of London (Graduate Diploma in Economics) has applied statistics and econometrics, macroeconomics, mathematical economics, microeconomics and quantitative techniques as compulsory subjects.

    The one year Diplomas in Economics offered at all the above mentioned international universities are tailored for those learners without previous knowledge of Economics but with a graduate Degree in any field.

    The Diploma is comparable with other international universities in that it offers the same core modules as the international universities mentioned above. It is unique in that it has specifically been designed to meet the needs of the South African community and it will be introduced at level five (5). 

    ARTICULATION OPTIONS 
    This qualification allows for horizontal and vertical articulation.

    Horizontal Articulation:
  • National Diploma: Economic Management Analysis Level 6.

    Vertical Articulation:
  • Advanced Diploma in Economics, Level 7.
  • Bachelor of Commerce in Economic Sciences, Level 7. 
    		•

    MODERATION OPTIONS 
    N/A 

    CRITERIA FOR THE REGISTRATION OF ASSESSORS 
    N/A 

    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. Tshwane University of Technology (TUT) 


    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.