Economist
at IMF
- TRAINING
INSTITUTE (IMF - SINGAPORE)
- PROGRAM &
COURSES
- ECONOMIST
PROGRAM
- LENGTH OF
APPOINTMENT
- SECONDMENTS
- WHO SHOULD APPLY
- SELECTION
PROCESS
- RESPOSIBILITIES
& SKILLS
- MISSIONS
- MOBILITY
- TRAINING
INSTITUTE (IMF - SINGAPORE): -
The courses are intended for
officials from the Asia and Pacific region. Some
courses are by invitations while others are by
applications, as indicated under the title of
each course. Normally, a maximum of 30
participants per course will be invited. The
training will be conducted in English at the
IMF-Singapore Regional Training Institute (STI)
located in the Monetary Authority of Singapore
(MAS) building, 10 Shenton Way, Singapore.
The process for attending
courses at the STI is the following: -
For courses by invitation,
participants are nominated by their governments
upon the request of the International Monetary
Fund (IMF). For courses by application,
candidates should submit an application form
directly to the STI. Applicants must be sponsored
by the government agency in which they serve. It
is essential those sponsors exercise the greatest
possible care in recommending only applicants who
meet. The criteria of proper academic background,
job relevancy, and language fluency. A maximum of
three candidates from each sponsoring institution
can be nominated for each course, with an order
of priority, if possible.
Applicants and sponsoring
officials should ensure that all the information
requested is provided in their application.
Incomplete and handwritten applications will not
be processed. The completed application form
should be sent by facsimile to the STI both the
candidate and the sponsoring agency will be contacted in due course.
For both courses by invitation
and by application, the sponsoring agency is
required to certify that, if invited, the
applicant will receive a leave of absence with
regular pay for the duration of the course, that
during his/her attendance at the course the
participant will be given no other duties or
assignments, and that upon return to duty the
participant will be placed in his/her former
position or in one carrying equal or greater
responsibility.
The principal purpose of the
courses and seminars offered by the IMF Institute
is to help strengthen the technical capability of
officials from the financial agencies of member
countries. Candidates for IMF Institute courses
must, without exception, are sponsored by the
government agency in which they serve.The IMF
Institute cannot consider applications from
persons employed in non-governmental institutions
or business, such as commercial banks,
universities, or trade unions.
- PROGRAM &
COURSES: -
Following are the list of
various courses available:-
Public Finance
Price Statistics
Fiscal Analysis
Monetary Analysis
Inflation Targeting
Monetary Operations
The Real Exchange Rate
Central Bank Accounting
Handling of Problem Banks
Capital Flows and Financial
National Accounts Statistics
Dealing with Banking
Crises
Selected Issues in Tax Policy
Banking and Currency Crises
Foreign Exchange Operations
Money and Banking Statistics
Government Finance Statistics
Balance of Payments Analysis
Conceptual and Technical Aspects
Consolidated Supervision of Banks
Selected Issues in Payment Systems
Financial Programming and Policies
Monetary and Exchange Operations
Banking Supervision and Regulation
Macroeconomic Impact of the Budget
Linkages and Early Warning Indicators
Current Issues in Exchange Rate Policy
Monetary Policy: Targets and Instrument
Exchange Rate Arrangements and Policies
Structural Adjustment Policies and
Poverty
Payments, Clearing, and Settlement System
Development of Capital Market in Thailand
Money and Inter-Bank Market Development
Advanced Financial Programming and
Policies
Macroeconomic Management and Fiscal
Issues
Banking Restructuring in East Asia: Case
Study
Macroeconomic Stability and Growth:
Overview
Deposit Insurance and the Issue of Moral
Hazard
Financial Markets and New Financial
Instruments
Macroeconomic Accounts and their
Interrelations
Fiscal Policy and Fiscal Sustainability:
Part I & II
Forecasting Macroeconomic and Financial
Variables
Financial Sector Reform and Macroeconomic
Stability
Distance Learning Financial Programming
and Policies
Dealing with Banking Crises Program /
Reading Material
Macroeconomic Management and Financial
Sector Issues
Financial Markets and the Macro Economy:
An Overview
Fiscal Policy for Sustained Growth in a
Globalizing World
The New Architecture of the International
Financial System
- ECONOMIST
PROGRAM: -
The Economist Program is
the "gate of entry" into the IMF
for economists joining the organization soon
after completion of their graduate studies.
Participants join the Program for a two-year
period, after which appointment to the permanent
("regular") staff is offered, provided
that performance during the EP period has been
fully satisfactory. Typically, over 95 percent of
the EP "graduates" join the regular
staff.
The Economist Program is much
more than a training program. Participants are
expected to contribute fully to the work of their
team, including participation in visits to member
countries (missions). EP participants normally
take training courses on IMF policies and
operations, computer and writing skills, and
receive language instruction. They also have
access to in-house economics training seminars
and external conferences to enhance their
professional skills.
During the two-year program,
participants are given two assignments, each
lasting one-year. One assignment will be in an
area department dealing with country-specific
issues; the other is likely to be in a functional
department (dealing with fiscal, monetary,
balance-of-payments, debt and other issues).
Participants normally take part in at least two
missions during the program. They work closely
with experienced members of the staff and are
given considerable responsibility in carrying out
operations-related analysis and research.
- LENGTH OF
APPOINTMENT: -
Most initial appointments
offered to experienced economists are for a term
of two years. If performance during this period
suggests potential for a successful IMF career,
and if the IMF has a continued need for the
position, the individual may be offered a regular
staff appointment (an indefinite appointment).
- SECONDMENTS: -
A few mid-career appointments
are offered to officials from member countries in
the form of a Secondments, i.e., a temporary
external assignment from their government. Such
Secondments are typically arranged for a two- or
three-year period for promising officials likely
to hold key public service positions in the
future. The candidates must meet the
qualifications set out below and must have been
working on economic policy issues for a number of
years in a Central Bank, Ministry of Finance, or
similar government department. These assignments
are offered on the understanding that the
individuals will return to their original
employer in their home country upon completion of
the appointment. The mutual benefits of such
Secondments are to increase knowledge of the
IMF's operations among the financial officials in
member countries and to bring economists into the
IMF with valuable "hands-on" experience
of policy-making in their own country.
- WHO SHOULD
APPLY: -
The IMF seeks to hire
experienced economists with 5-15 years of
experience in economic policy issues. Candidates
employed in a Ministry of Finance, a Central
Bank, or a private financial institution are
invited to apply. Work in academia, research
institutions, or other international
organizations is also considered.
- SELECTION
PROCESS: -
Candidates should initially
submit their CV or an IMF Application Form,
indicating education and work experience. The IMF
may later also request samples of written work.
From this pool of applicants, candidates are
screened in light of current and potential
vacancies. If an individual's qualifications
match the requirements of a current or expected
vacant position, preliminary interviews are
arranged, often in the candidate's own country or
the country where he or she is currently working.
If these go well, the applicant is likely to be
invited to Washington for final interviews in the
interested department(s).
- RESPOSIBILITIES
& SKILLS: -
During the course of a Fund
career, IMF economists will face a succession of
challenging assignments with increasing
responsibilities for economic analysis, policy
design and technical assistance to member
countries. IMF economists work either on (I)
economic developments and policies in one or more
member countries (as a "desk economist"
in an area department) or (ii) on general
policies or more specialized functions (in a
functional department). Most assignments involve
visits to member countries (missions).
Responsibility for maintaining
the Fund's relations with its member countries is
divided among six area departments (See
Organizational Chart). At least one desk
economist is assigned to each country. Desk
economists develop and maintain comprehensive
databases on aspects of the economy of
"their" country; keep abreast of recent
economic developments (particularly in the areas
of production, prices, the labor market, money,
fiscal issues, and the balance of payments);
prepare country forecasts; undertake country
visits; assess policy options; develop aspects of
IMF lending programs (where necessary); and
assist in preparing reports for the IMF's
Executive Board.
Other economic departments of
the IMF cover a specific economic function rather
than a geographical area. They include: Fiscal
Affairs, the IMF Institute, Monetary and Exchange
Affairs, Policy Development and Review, Research,
Statistics, and Treasurer's Departments.
Economists in these departments are concerned
with general IMF policy issues, but also work
closely with area department economists in
analyzing developments and policies in member
countries.
Some departments have
specialized tasks such as training (IMF
Institute) or technical assistance (Monetary and
Exchange Affairs, Fiscal Affairs, and
Statistics). In addition to assisting area
departments in their field of expertise (e.g.
fiscal policy, central banking expertise),
economists in the functional departments prepare
reports and documents for the IMF's Executive
Board, as well as studies published in the IMF's
World Economic Outlook, the IMF Staff Papers and
other publications.
The skills required of these
economists are specific to the nature of their
assignments. In addition, Fund economists are
expected to pick up a detailed knowledge of the
organization's policies and practices. Skills
needed in more specialized assignments may
include an expertise in banking, tax policy, or
trade.
- MISSIONS: -
One of the most interesting -
and central - aspects of an IMF economist's
responsibilities are the missions. A typical
mission consists of a small team of four or five
economists who visit a member country for two to
three weeks. Having carried out a thorough
analysis of the latest data, the team reviews
economic developments and policies with the
appropriate government authorities and, if the
country wishes to borrow from the IMF, negotiates
a financial program. The team then returns to
Washington and prepares a report, which is
submitted to and discussed by the IMF's Executive
Board. A keen analytical mind, strong
quantitative skills, good teamwork, patience,
tact, and stamina are some of the many
requirements demanded of staff members during a
mission. An economist typically travels two to
four times a year.
- MOBILITY: -
The IMF encourages staff
economists to acquire a wide range of skills and
experience by working on different assignments in
the course of their career. The IMF has a
Mobility Program, which encourages economists to
move from one department to another every few
years. Promotion to managerial level is
conditional on a staff member having worked in at
least two departments. Over their career,
economists can expect to work on both
industrialized and developing countries, and both
market and transition economies.
There are also opportunities
for career development by taking an overseas
assignment. The IMF has three small regional
offices, with 10 - 20 staff each, in Geneva,
Paris and Tokyo, as well as a three-person
representative office at the United Nations in
New York. IMF staff also help to run the Joint
Vienna Institute in Austria and the Regional
Training Institute in Singapore. In addition,
economists fill between 60 and 70 Resident
Representative posts attached to Central Banks
and/or Ministries of Finance. These posts are
typically in developing countries or transition
economies, which have an IMF economic program in
place.k
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