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INTITUTE OF CHARTERED ECONOMISTS OF NIGERIA PROFESSIONAL EXAMINATIONS SYLLABUS AND REGULATIONS
Published by:
The Institute of Chartered Economists of Nigeria (The Citadel of Professionally Chartered Economists in Nigeria)
-National Secretariat:
BZ 1 & 2, Sardauna Crescent,
off Junction Road, Kaduna.
-Administrative Head Office:
31, Idimu Road, opposite Alimosho
Local Government Secretariat, Lagos.
-Benin Office:
Shop 15, Ede Plaza, Opp. Nigerian Observer,
AirPort Road, GRA, Benin.
-Warri Office:
139, Effurun/Warri Road, Effurun,
Delta State.
-Kano Office: 3, Zaria Road,
opposite State House of Assembly,
Audu Bako Secretariat, Kano.
This Syllabus can be also be obtained from all Branch Offices of the Institute nationwide from designated and approved persons.
All correspondents to be directed to the Chief Registrar/Secretary-General at any of the above offices.
v Email: , ,
v Website: Website: http://www.icennig.org.
(C) Copyright Reserved for:
The Institute of Chartered Economists of Nigeria (ICEN) 2007
ICEN Publishing Company, 31, Idimu Road, Opposite. Alimosho Local Government Secretariat, Ikotun, Lagos.
Prepared and Compiled By:
Emmanuel E. Ekeng, Esq. (B.Sc, M.Sc, ACE) Principal Partner
Corporate Strategies and Management Consortium, Kano.
CONTENTS
PART ONE
1. Historical Background of the Institute ------5
2. Objectives of the Institute ------6 -7
3. The Philosophy of the Institute ------7-8
4. Structure and Categories of Membership------8 -11
5. Designatory Letters------11
6 The Council of the Institute ------11-12
7. Quality Control and Standard ------12
8 Publications ------12
PART TWO
9. Approved Qualifications or Studentship ------13
10. Application for Registration as a Student ------14
11. Rejection of Application for Studentship Registration--- 14-15
12. Payments of Annual Studentship Subscriptions------15 -16
PART THREE
13. Scope of the Examination ------16
14. Communication of Examination Results ------16
15 Credit System for Examination and Pass Mark ------17
16 Entry into Examination ------17
17 Absence from Examination ------18
18 Change of Examination Centre ------18
19 Examination States and Centres ------18 -19
20. General Regulations and Conducts in Examinations--- 19
21. Examination Misconducts and Appropriate Penalties -- 19 -21
22. Appropriate Penalties for Disobedience ------21
23. Guidelines on Exemptions for ACE Examination--- 22-24
24. Examination Time-Table Schedule and Period ------25
PART FOUR
PROFESSIONAL EXAMINATIONS SYLLABUS STRUCTURE
Details of courses available for the examination of the award of Associate Chartered Economist (ACE) are listed below:
FOUNDATION LEVEL (FL)
Courses/Subjects Exam. Subjects Codes
1. Principles of Economics F1------26-31
2. Quantitative Techniques F2------32 -36
3. Principles of Banking & Finance F3------36 -40
4. Fundamentals of Accounting 1 F4 ------40-44
5. Business Management F5 ------45 -48
INTERMEDIATE LEVEL (IL)
Courses/Subjects Exam. Subjects Codes
1. Microeconomics Analysis G1 ------48 -53
2. Macroeconomics Analysis G2 ------53 -59
3. Environmental Economics G3 ------59-66
4. Management Accounting G4 ------66 -69
5. General principles of Law (GPL)- G5 ------69 -74
THE PROFESSIONAL EXAMINATION LEVELS PE 1-3
PROFESSIONAL EXAMINATIONS 1
Courses/Subjects Exam. Subjects Codes
1. Industrial Economics H1 ------74-77
2. Public Finance & Investment H2 ------77 -81
3. Financial Accounting 2 H3 ------81-83
4. Human Resources Management H4 ------83-88
5. Business Law H5 ------88-92
PROFESSIONAL EXAMINATION 2
Courses/Subjects Exam. Subjects Codes
1. Mathematical Economics K1 ------92-95
2. Advanced Macroeconomic K2 ------95-99
3. Structure of the Nigerian Economy K3------99-102
4. Financial Management K4------102 -107
5. Information Technology & Management K5------107-110
PROFESSIONAL EXAMINATION 3
Courses/Subjects Exam. Subjects Codes
1. Econometrics & Research Methodology M1------111-115
2. Labour Economics, Law & Industrial Relations M2------115-120
3. International Economics M3 ----- 120-124
4. Monetary Economics M4----- 124-128
5. Economic Planning & Development M5----- 128-131
1. Historical Background of the Institute
The desire to have an institute, which will embrace holders of degrees in economics, in particular, and qualifications in other disciplines into a single umbrella institution, as a body corporate, which regulates among other things; the professional practice of economics as a discipline to ensure quality control, have for two decades been sought for in Nigeria.
This aspiration has led to several consultations among the holders of varying degrees in economics. Workshops were held to sensitize persons who are interested in the emergence of an institute that will embrace their aspirations.
Incidentally, decision was reached at one of the conferences, by a large number of persons willing to see such body corporate come alive, and a communiqué mandating the establishment was given to pious members of the conference, who with such passion, went ahead to ensure that the Institute of Chartered Economist of Nigeria (ICEN) was registered under the Companies and Allied Matters Act, 1990. Under such enabling statute, the ICEN is a body corporate, which also qualified it to be regarded as ‘Company Limited by Guarantee” (sections 21 (1) (b) and 26, sub. Sec 1 – 10, (CAMA, 1990).
Presently the enabling Act of parliament is being sought for to give the Institute an autonomous status, and an amendment has been considered in the upper legislative chamber of the National Assembly to have the name registered initially with the Corporate Affairs Commission (CAC) Abuja, to be amended and to be known as
Institute of Chartered Economists of Nigeria (ICEN).
It would be recalled that this is a welcomed achievement, and that the Institute has already put several structures on ground since 2002 to commence its objectives for which it was established.
2. Objectives of the Institute
The Institute objectives, to mention a few, are premised on the followings:
(a) To provide for professionally qualified persons, with the Institute certification, fitting for service in the public or private sector of the Nigerian economy, in order to be seen as an epitome and model for quality service.
(b) To harmonize ideas, views and researches on issues that affect the political economy as well as providing a blue print for macroeconomic policy formulation in Nigeria.
(c) To monitor the structures for economic growth and development in Nigerian, by evaluating the suitability, given the epoch of our time, and or to assist government or its agencies to formulate, develop and implement sound economic policies and reforms for our great country, Nigeria.
(d). To develop standards in professional practice, as an Economics Institute, with the aim to ensure quality control adherence by its members.
(e) To hold periodic examinations in economics courses and related courses, with the aim of broadening the intellectual faculty of examines, and to issue certificates on their successful completion of the approved programme of studies organized by the Institute.
(f). To create enabling atmosphere for interaction by members of the Institute and other international institutes in economics and business studies (for example, London School of Economics, Harvard Business School, etc) for intellectual discourse, awareness and sharing of research experiences in related fields such as international Economics, Development Economics, Environmental and Industrial Economics.
(g) To hold Mandatory Continuous Education Programme (MCEP) for the Fellows and Associates of the Institute, as a means of keeping members updated with knowledge in a dynamic global economy and in national economic policies and performance indices.
(h) To organize Mandatory Induction Programme (MIP) for successfully completed study programme by students’ members of the Institute’s examinations, for the award of Associate Chartered Economist (ACE) certificates.
(i) To organize conferences, seminars and workshops, where the general public and members are invited to discourse on crucial economic policies and reforms required for the Nigerian State.
3. The Philosophy of the Institute
There has been a growing trend by many holders of Bachelor of Science (B.Sc) in Economics, and relatively, few holders of Master of Science (M.Sc) in Economics to seek membership in professional bodies by examination of the institute, in pursuant of special skills and training outside their discipline. To mention a few of these professional institutions, being the:
- Institute of Chartered Accountants of Nigeria (ICAN);
- Chartered Institute of Bankers of Nigeria (CIBN)];
- National Institute of Marketing of Nigeria (NIMN);and
- Chartered Institute of Insurance of Nigeria (CIIN).
It is noted from empirical studies that the membership of the above institutes by holders of degrees in Economics through having successfully completed their examination, is not because the holders of B.Sc and M.Sc or Ph.D in Economics desired to take to their profession, rather, they wanted to have a broad base knowledge that will make them more professional in Business Management and Finance; since the study of Economics, essentially, is an academically based discipline.
Base upon the above facts, the philosophy of the Institute of Chartered Economics of Nigerian (ICEN) is, holistically, premised on the need to bridge the gap seen in the economics discipline as a profession; by making it a mutually beneficial discipline through the acquisition of multi–disciplinary knowledge, so as to meet the yearnings of holders of various levels of degrees in economics on one hand, and other acceptable, but Non-Economics degrees qualifications, who also are yearning to have themselves trained in the rudimentary and core courses offered in economics; so as to make them very much professionally inclined.
Incidentally, it is obvious and necessary that the courses (as subjects offered) in the ICEN examination leading to the award of ACE on it holders, must be broadly selected to fulfill these aspirations of the potential members. The courses have been carefully drawn up in such a manner that it will also give stronger employment opportunities in the labour market to every holder of ACE, with the resolve for quality service delivery in the private and public sectors of the Nigerian economy.
The promoters of the Institute have envisage it as a body corporate, which will promote Ideals, Integrity, Discipline, Ethics, and to serve as a guardian of acceptable standards (both for Nigeria and international countries), and to train professionally, persons who can adapt and contribute immensely to dynamic changes in economic thoughts, ideals, policies and reforms; within the macroeconomic settings, especially in Nigeria.
Therefore, it is a vision that is valued in similitude with the sanctity of life of humans in the society and to the Creator, and is very sacrosanct.
4. Structure and Categories of Memberships
The Institute has five (5) structures of persons categorized as members of the institute, namely:
(a) Fellow Chartered Economist (FCE)
(b) Associate Chartered Economists (ACE)
(c) Institute of Chartered Economists Diploma {ICE,Dip}
(d) Economics Executive scheme (EEs)
(e) Students membership
Fellow membership
To qualify as a fellow of the Institute of Chartered Economists Nigeria (ICEN), a person must have been an Associate of the Institute with ACE qualification, and having been found to have demonstrated sound understandings in economics for not less than ten (10) years, with proven evidence of resourceful contributions to the growth and development of Nigeria, in addition to the Institute’s ethics, ideals and goals; morally, academically, professionally and perhaps, financially.
In the opinions of the Chief Registrar, the Director-General and the President of the Institute, certain persons with proven ability, integrity and sound industrial practice in senior management level in public and private sector, senior lecturers or professors in academics are also awarded “fellowship status”. This is intended to make them as a role-model for other members to emulate their hard work and quality, thereby making the Institute Epitome of Quality recognition.
In the same consideration, the founding members, also qualifies to be accorded the fellowship status as a “reserved right”, for which they are so acknowledge and are described.
Associate Membership
The Associate of the Institute can only be acquired through the successful completion of all the stages of the Institute’s examinations, from the foundation level to the professional examination 3. On completion, the Board of the Institute, led by its Chief Register/Secretary General, shall formally present the graduates of the Institute for induction as members by the President of the Institute, after admission of Oaths of Allegiance on them. Prior to the commencement of the ACE examinations, about 2000 graduates with HND in management related disciplines or B.Sc M.Sc and Ph.D in Economics and other related management disciplines, have been inducted to date as the pioneer members of ACE holders; after conducting character assessments and academic quality assessments, through a comprehensive interview on individual persons, stated at different periods.
Graduate Diploma
These are persons who hold university degrees in economics or related disciplines, and also holders of the HND in specific fields of management, and non related economics fields, but with MBA, M.Sc, Ph.D, ACA, ACIB, ACII, ANAN, etc.
They are conferred with ICE, DIP, where they signify there interest not to undergo examinations for the award of ACE but to be awarded the Graduate diploma status of the institute.
Economics Executive scheme (EES)
This membership is opened to persons who do not possess the academic requirement for admission into the ACE examination or conferment of Graduate Diploma membership status. Persons in this category must possess a minimum of five (5) credits at the SSCE, WASCE or GCE, including English Language, Mathematics and Economics.
Holders of University Diploma from recognized universities in Nigeria, or polytechnic Ordinary Diploma or National Certificate of Education (NCE) from institutions certified by NUC, NBTE and National Board of Colleges of Education in Nigeria, respectively will be admitted into the EES.
All persons registered under the EES are to write the examinations status for this level, which are in stages 1 and 2.
On successful completion of the EES, certificates would be awarded, and such persons are entitled to use the letter after their names as “AEE”.
v Holders of AEE can proceed to the professional examination to write ACE. They would be exempted only in the Foundation, but will be required to commence from the Intermediate Examination.
v Every person admitted into the EES must certify the University Matriculation Examination (UME) requirements of five (5) credits at a sitting or six or more credits at two sitting, irrespective of other qualifications held.
5. Designatory Letters
(a) Holders of the fellowship certificates of the Institute may also use the designatory letter ‘fce’ (or FCE), whichever way may de desired, after their names to indicate their status.
(b) Holders of the Associate membership certificates are also to use the designatory letter ‘ace’ (or ACE), whichever way desired, after their names. Members may also indicate their academic qualifications first before the use of the designatory letters, eg, Professor. Ita Elijah Henshaw, B.Sc, M.Sc, Ph.D, FCE, CFR [The Obong of Calabar]; Alhaji Shehu Usman Dantata, B.Sc, M.Sc, ACE, MON.