The Board shall develop guidelines and policies for permitting any high school student in grades 11 and 12 to earn one-half standard unit of credit per semester for employment in certain fields or industries or participation in certain fine arts programs in which such student works or participates a certain minimum number of hours per week for each week of the semester, as determined by the Board. Such guidelines and policies shall include:

1. Standards and requirements for determining the eligibility of employment and fine arts programs for awarding academic credit, including eligibility criteria and approval procedures for specific employers and programs;