VOCATIONAL EDUCATION AND TRAINING STANDARD FOR AN ECONOMIST

Transcription

1 THE REPUBLIC OF LITHUANIA MINISTRY OF EDUCATION AND SCIENCE MINISTRY OF SOCIAL SECURITY AND LABOUR VOCATIONAL EDUCATION AND TRAINING STANDARD FOR AN ECONOMIST Vocational education level 5 Vilnius, 2008

2 EUROPOS SĄJUNGA PROFESINIO MOKYMO METODIKOS CENTRAS Europos socialinis fondas ŠVIETIMO IR MOKSLO MINISTERIJA KURKIME ATEITĮ DRAUGE! Development of the Standard was financed by European Union and by the Republic of Lithuania under the Project No BPD2004-ESF /0156 Development of the System of VET Standards Development of the Standard was coordinated by the Methodological Centre for Vocational Education and Training Profesinio mokymo metodikos centras, 2008

3 APPROVED by Order No ISAK-1970/A1-279 of the Minister for Education and Science of the Republic of Lithuania and of the Minister for Social Security and Labour of the Republic of Lithuania of 8 October, 2007 VOCATIONAL EDUCATION AND TRAINING STANDARD FOR AN ECONOMIST I. PARTICULARS OF THE VET STANDARD 1. Vocational education level 5 th. 2. State code S Qualification awarded an economist. 4. Basic education secondary. II. CONTENT OF THE VET STANDARD 5. Brief description of occupational activity: 5.1. of an economist The VET Standard for a (hereinafter referred to as the Standard ) has been developed taking into account changes on the labour market, the findings of the qualification study carried out by the Standards Development Working Group and based on experience in other countries. The present Standard serves as a basis for the of a higher non-university study programme Upon successful completion of the study programme of an economist, governed by this Standard, a person acquires professional competencies in the following activity areas: analysis and assessment of the economic entity s activity; forecasting of the economic entity s activity and strategy preparation; control of the economic entity s activity Upon acquisition of the qualification of an economist, a person will be capable of examining and assessing economic business environment, identifying strategic goals of an economic entity, systematising, analysing research data and economic information, required for taking management decisions, evaluating economic entity/unit s current economic, investment,, financing sources, planning, analysing, controlling usage of available material working and financial resources, preparing business management (internal) and statistical reports In the area of long-term management, an economist will be capable of balancing, in an optimum way, economic entity/unit s projected and existing material, working, financial and investment resource needs. Will make proposals regarding the choice of economic direction, production, effective use of resources and on other issues of economic activity An economist will be capable of applying laws and bylaws of the Republic of Lithuania and international legislation governing a relevant area of the economic entity s activity, related to business planning, accounts, analysis, financial, investment activity assessment. Will be capable of using economic literature, regulatory material, information application software, communicating in at least one foreign language, will have knowledge of management, marketing and law, will have an understanding of finance, production, work and management organisation, peculiarities of production technologies, will know how to communicate and cooperate with colleagues, subordinates, staff of superior institutions and business partners, will have an understanding of money and capital markets An economist will acquire skills of forecasting the economic entity s activity, will be capable of drawing up a production program based on economic resources, financial

4 activity, human resources and work pay plans, will know how to determine the value of capital, draw up marketing and business plans, plan the economic entity/unit s activity, control implementation of plans An economist requires the following personal qualities: analytical, logical thinking, a sense of responsibility, creativity, communicativeness, entrepreneurship. 6. The purpose of an economist is to analyse, assess, plan and forecast the economic entity s activity. 7. Activity areas and competencies of an economist are listed in Appendix 1 to the Standard. 8. Range of competencies, study objectives and competency assessment of an economist are provided in Appendix 2 to the Standard. 9. Successful work as a of an economist work requires the following general skills: 9.1. mathematical literacy; 9.2. computer literacy; 9.3. decision making; 9.4. communication in at least one foreign language; 9.5. team work; 9.6. drive to excel; 9.7. independence; 9.8. proactiveness. 10. Final qualification assessment: The qualification of an economist is awarded to a student who has completed the whole study programme, acquired competencies defined in the Standard and has been given a positive final qualification evaluation In accordance with the competency assessment criteria listed in the Standard, the following is tested and evaluated: during the study process - all competencies defined in the Standard; during the final qualification assessment - selected competencies Organisation and performance of the final qualification assessment and issuance of documents is regulated by the Ministry of Education and Science of the Republic of Lithuania.

5 Appendix 1 to the VET Standard for an economist AREAS OF ACTIVITY AND COMPETENCIES OF AN ECONOMIST Activity Areas 1. Analysis and assessment of the economic entity s activity 2. entity s activity forecasting and strategy Competencies 1.1.Organising economic and of an economic entity 1.2.Managing economic information 1.3. Analysing and assessing the economic entity s business indicators 1.4.Assessing financial efficiency of resource usage 2.1. Examining and assessing the economic environment 2.2. Examining economic and of an economic entity 2.3. Forecasting economic and of an economic entity 2.4. Preparing the economic entity s economic and strategy and its economic substantiation 2.5. Planning the economic entity/unit s activity 3. entity s activity control 3.1. Controlling the plan for the implementation of the economic entity s activity 3.2. Controlling efficiency of the use of available material, labour and financial resources 3.3. Assessing quality of economic and financial activity

6 Appendix 2 to the VET Standard for an economist RANGE OF COMPETENCIES, STUDY OBJECTIVES AND COMPETENCY ASSESSMENT OF AN ECONOMIST Activity Areas 1. Analysis and assessment of the economic entity s activity Description of Competencies Competencies Range of Competencies 1.1.Organising economic and of an economic entity Classification of business and economic entities. Activity organisation forms. Economics activity types. Factors affecting economic activity. Economic, commercial, financial activity indicators of economic entities and their calculation methodology. Accounting methods of activity indicators. Financing sources of economic entities activity. Statistical, financial reports. Regulatory legislation governing economic and of economic entities (related to business planning, Study Objectives Knowing the peculiarities of the economy and organising of economic entities Understanding the influence of economic, financial, investment policy on the economic entity s activity Identifying financing sources of the economic entity s activity and knowing the basics of financing from the EU Structural Funds Knowing the calculation methodology of economic indicators of an economic entity Knowing the basics of financial and management accounting and business taxation Preparing activity management (activity), statistical and financial reports Complying with the standards and regulatory legislation governing economic entity s activity Working with application software Competency Assessment system, specific its activity features and directions described. Financing sources of the economic entity s activity named. The influence of economic, financial, investment policy on the economic entity s activity evaluated. The accounting and business taxation procedure learnt. Required standards and regulatory legislation governing the economic entity s activity selected. Using the application software learnt. Activity management

7 analysis, control). International accounting standards (IAS), International financial accounting standards (IFAS). Laws and other legislation governing accounts and drawing up of statements. EU Structural Funds and regulation of their usage. Economic overview of the Lithuanian economy. The Lithuanian economy and its structure. Economic innovations, their classification, strategies. Investments, their classification, strategies. Financial markets and their functioning. Corporate taxes and their administration. Customs policy. Lithuanian economic long-term strategy. The European Union programmes for national. (internal), statistical and financial reports prepared learnt. The document management procedure. The procedure of making use of the EU Structural Funds learnt.

8 1.2. Managing economic information Environmental standards. Regulatory legislation governing the Lithuanian economic policy. The Classifier of Economic Activity Types (EVRK). The Product, Article and Service Classifier (PGPK). The Register of Legal Persons. Application of information technologies. Computerised accounting programs. Organisational management structure of an economic entity. Accumulation, systematisation and summarising of economic information. Economic information processing ways and methods. Statistical and financial reports. Business management (internal) reports. Using information for drawing conclusions, decisions, preparing Storing, systematising and summarising economic information Applying progressive economic information processing methods, ways and means Applying economic information for formulating conclusions, assessing activity and making decisions Preparing reports and other documents Understanding peculiarities of economic information users and their goals Economic information processing methods, ways and means described. Relevant information for assessing the economic entity s activity used and decisions taken. Reports and other documents prepared.

9 1.3. Analysing and assessing the economic entity s business indicators documents. Economics information processing programs. Analysis goals, sources, objectives and means. Analysis results and their documentation. Using analytical material for making conclusions and decisions. Performance efficiency indicators. Profitability indicators. Liquidity (solvency) indicators. Financial indicators Applying analysis sources, ways and methods for analysing economic entity s economic and Performing produced production and sale analysis Analysing labour resources Analysing asset (long-term, short-term) usage effectiveness Performing cost analysis Assessing economic entity s economic and financial performance efficiency indicators Performing analysis of profitability indicators Assessing the influence of the interrelations between expenditure, profit, price and other indicators on the economic entity s activity Analysis goals, sources and means for analysing economic entity s economic and described. Produced output and sale analysis performed. Available material and labour resources evaluated. Work productivity and work pay interdependence analysis performed. Asset (long-term and short-term) usage analysis performed. entity s performance efficiency indicators evaluated. The influence of factors on the changes in performance efficiency identified. Expense and cost

10 1.4. Assessing financial efficiency of resource usage Using analytical material for evaluating financial resources. Using financial statement data for evaluating economic state, liquidity (solvency), profitability, turnover indicators, capitalisation level. Financial structure of an economic entity. The risk management principles, methods, assessment criteria and assessment models. Highest risk activity areas and risk types, risk level. Risk and profit rate. Financial operations and interest rate. Common and compound interest, effective interest rate Examining the risk management principles, methods, assessment criteria and assessment models Understanding peculiarities of the functioning of financial markets Assessing the price of the economic entity s capital and selecting an optimum structure Assessing financial risk and identifying financial state Identifying the economic entity s liquidity (solvency), profitability, turnover indicators, capitalisation level Drawing a conclusion on the economic entity s economic and Projecting the economic entity s economic and Preparing a risk matrix analysis performed. Analysis of profitability indicators performed. Analysis conclusions about the property situation and business results presented. Risk management principles, methods, assessment criteria described. The price of the economic entity s capital calculated. Financial state evaluated. Conclusions about the economic entity s economic and made. entity s economic and, its dynamics evaluated and an activity forecast made. A risk matrix prepared.

11 2. entity s activity forecasting and strategy 2.1. Examining and assessing the economic environment 2.1. Examining economic and of an economic entity The price of capital. Value and market price of an economic entity, value estimation methodologies. Capital structure and capital leverage. Economic entity s performance assessment models. Information collection and systematisation. Market structures and competition. Business macroenvironment and microenvironment factors. Measured for enhancing competitiveness, their assessment criteria. Supply and demand. Marketing types and its environment. Information accumulation and systematisation for performing research. Economic and research aspects. Research methods Analysing a marketing system Assessing the market and the influence of the environment factors on changes in demand, supply, market structure, competition and financial market Assessing the economic environment Providing a conclusion about the influence of the economics environment on the economic entity s activity Knowing the aspects of researching the economic entity s economic and and applying methods of activity research Performing the economic entity s activity examination Summarising and evaluating examination results Providing a conclusion about The system of marketing described. A market research plan drawn up and a market research report prepared. Economic environment and its influence of the economic entity s activity analysed and evaluated. The aspects of researching the economic entity s economic and and methods of activity examination described.

12 2.3. Forecasting economic and financial activity of an economic entity Using information sources for planning. Mathematical models for optimum production programs and other activity areas. The outline of the human resources and work pay plan and the methodology. Financial activity plan, its procedure. Marketing plan, its methodology. Business plan, its methodology. the economic entity s economic and opportunities Identifying the economic entity s strategic business goals Preparing a project for of optimum production programme and other activity areas Drawing up a human resources and work pay plan Drawing up a plan Preparing an investment project Preparing a marketing plan of an economic entity Preparing a business plan of an economic entity Making an economic, labour, forecast entity s economic and examination performed. A SWOT analysis performed. entity s economic and opportunities evaluated and strategic business goals identified. entity s economic and project prepared. entity s marketing program prepared. An investment project prepared. A business plan prepared. entity s economic, labour, financial activity trends identified.

13 2.4. Preparing the economic entity s economic and financial activity strategy and its economic substantiation 2.5. Planning the economic entity/unit s activity Investment project, its methodology. Calculation methodology of economic and financial indicators. Reference values of material, labour and financial resources. Rating methods. Economic and optimisation methods. Activity management (internal) and statistical statements. Financial statement reports. Resource needs calculation methods. Cash flow reports. Investment project assessment methods. Economic models. The principles of decision making management. Plan types and preparation phases. Economic entity/unit s operational activity plans Calculating reference values of material, labour and financial resources Calculating the need for material, labour and financial resources Calculating and evaluating activity expenses and cash flow movement Making a cash flow forecast Assessing investment projects and their risks Preparing expense and profit optimisation scenario Preparing an innovation strategy Preparing an economically founded strategic plan of the economic entity s activity Knowing the principles of activity planning, plan types and their methodology Drawing up the economic entity s (unit) operational activity plan Economic entity/unit s Drawing up the economic entity s need for material, labour and financial resources identified. Activity expenses and cash flow movement calculated and evaluated. Investment project feasibility calculated. entity s activity strategic plan prepared. Risk management strategies described. Resource needs calculation methods applied. The principles of activity planning, plan types and their methodology analysed.

14 3. entity s activity control 3.1. Controlling the plan for the implementation of the economic entity s activity 3.2. Controlling efficiency of the use of available material, labour and financial resources tactical activity plans. Activity plan methodology. Activity plan control methods. Activity plan control types, methods. Monitoring report. Material, labour, financial resource control forms, methods and ways. Control process phases. Finance control. Financial reports. External and internal audit. Control procedures. Material, labour entity/unit s tactical activity plan Preparing a plan of measures for changing the existing situation Knowing activity plan control methods, types and methods Preparing a monitoring report Applying control procedures for evaluating the implementation progress of the activity plan Examining material, labour, financial resource control methods, forms, methods, phases and procedures Preparing reference values for usage of material, labour and financial resources and their assessment criteria Assessing possibilities for the use of material, labour and financial resources Knowing the basics of organising external and internal audit entity/unit s operational and tactical activity plans drawn up. A plan of measures for improving the economic entity/unit s activity prepared. Activity plan control methods, types, methods, control procedures described. entity/unit s activity monitoring report prepared. entity/unit s activity evaluated. Material, labour and financial resource control methods, forms, methods, phases and control procedures examined. The basics of organising external and internal audit described. Material, labour and financial resource

15 3.3. Assessing quality of economic and financial activity financial resource utilisation norms. Measurements and metrology. Statistical process control. Control diagrams. National quality programme. Quality management system standards. Quality management systems. Quality control principles. Management, technical and social systems Knowing quality control methods, principles, quality management systems Selecting quality control means Applying quality management methods Observing standards of the quality management system usage state evaluated. Quality control methods, ways, principles, quality management systems described. Relevant standards and documents selected. Quality of economic, labour, evaluated.