Undergraduate information
Economics Microeconomics Macroeconomics Quantitative methods and econometrics
1
Major in Economics
Economists study how people choose to allocate resources. They look at the behaviour of individuals, organisations and governments to understand how markets function. Is the economics major for me? Are you a logical and analytical thinker? Are you equally comfortable working with words and numbers? If you are curious about how the world works and aren’t afraid to tackle complex issues, economics could be for you.
What will I learn? Studying economics will help you understand economic welfare, financial markets, the role of government, influences on income, and wealth creation. You will learn to apply theory, perform cost-benefit analysis, plan scenarios and critique policy.
Why choose Melbourne? Ranked 4th in the Asia-Pacific for Economics and Econometrics1
Ranked 10th in the world for graduate employability3
Study at Australia’s best university.2 Learn from internationally renowned academics, with some of the world’s brightest students.
Our graduates are known for their perceptive understanding of business issues, skilful communication and strong leadership.
Exciting student experience opportunities
Over $2M in scholarships for Commerce students
There’s more to uni than lectures, assignments and exams. Get involved outside the classroom – there’s something for everyone.
Be rewarded for your hard work in high school and at uni, through one of Australia’s most generous scholarship programs.
Am I a good fit? To be a good economist, you need to be inquisitive, articulate, open-minded and good at maths. You should be a tireless problem solver and a skilled analyst.
Studying economics teaches you to get to the heart of complicated problems, see the ‘big picture’ and understand links between political, social and business issues. Economics equips you with problem solving skills and the ability to convey findings clearly and succinctly. Nicola Flook, BCom 2011, now works for KPMG
2
1 QS World University Rankings by Subject 2014 Times Higher Education World University Rankings 2013-14 3 QS World University Rankings 2013
2
I enjoy how relevant the course is. I love stepping out of an economics lecture and being able to understand why the RBA adjusts interest rates, why certain public policy decisions are made, and why industry behaves in a particular way. Heath Jamieson, BCom 2013, founder of The Language Barrier
Core study areas Microeconomics studies the behaviour of basic decision makers in the economy – individuals, households and firms – and how their interactions affect price, supply, demand, and the way markets operate.
Macroeconomics deals with economies as a whole, and specialises in business cycles and economic growth. It studies economy-wide outcomes such as unemployment and inflation, and the effects of government policy on these outcomes.
Quantitative methods and econometrics represent the intersection between economics, mathematics and statistics. These disciplines allow you to quantify economic events, test theories and forecast scenarios.
3
Economics in the Bachelor of Commerce
Economics has been taught at the University of Melbourne since its establishment in 1855. Because economic factors influence all aspects of business, the study of economics remains an integral part of the Bachelor of Commerce. The Commerce degree consists of 24 subjects, usually taken over three years of full-time study. The Commerce degree is very flexible and allows you to choose subjects across a range of disciplines. As part of the BCom, you must complete at least one major.
Bachelor of Commerce 24 subjects (usually 8 per year)
The Bachelor of Commerce major in economics is made up of a sequence of subjects that builds progressively on your knowledge in the discipline. Upon completion of the major, you will have developed expertise in the core areas of economics and enjoyed opportunities to expand your knowledge in specialist areas.
Compulsory subjects
Major and elective subjects
Breadth subjects
5 subjects to cover Commerce fundamentals
11-15 subjects to deepen your Commerce knowledge
4-8 subjects from other disciplines
Sample course plan – Bachelor of Commerce1 Major in Economics (conventional path)
This sample course plan names compulsory subjects in the BCom and subjects required for the economics major. In total, these comprise 10 of 24 subjects in the degree. If you intend to pursue Honours in Economics, you will also need to do Business Finance in your second year.
Semester 1
Introductory Microeconomics
Semester 2
Introductory Macroeconomics
Semester 1
Introductory Econometrics2
Intermediate Microeconomics
Semester 2
Organisational Behaviour
Intermediate Macroeconomics
Semester 1
Microeconomics
Basic Econometrics or Econometrics
Semester 2
Macroeconomics
Year 1
Year 2
Year 3
Compulsory subjects
Quantitative Methods 1
Economics subjects
Free elective subjects3
1
This is a sample course plan only. Subjects offered may change from year to year. You will be advised of current subject offerings prior to subject selection and enrolment.
2
There is a choice of Level-2 subjects available to fulfil the quantitative requirement for BCom. Consult with a course adviser to find out which one suits you best.
3
You need to complete a specified amount of Commerce and breadth subjects at particular levels to meet BCom course requirements. A course adviser can help you select subjects so that you don’t neglect these requirements.
I always wanted to study economics, and I chose Melbourne because its economics department is so highly regarded. I was lucky to be able to study with the brightest students and discuss my ideas with some of the world’s most famous economists. Vivienne Groves, BCom Hons 2008, PhD Candidate at Stanford University
4
Sample course plan – Bachelor of Commerce1 Major in Economics (mathematics path) Semester 1
Introductory Microeconomics
Calculus 12
Semester 2
Introductory Macroeconomics
Linear Algebra
Semester 1
Probability for Statistics
Intermediate Microeconomics
Semester 2
Statistics
Organisational Behaviour
Semester 1
Microeconomics
Basic Econometrics or Econometrics
Semester 2
Macroeconomics
Year 1
Year 2
Year 3
Calculus 2
Intermediate Macroeconomics
There is a second option for majoring in economics, called the mathematics path. This is designed for students who have an aptitude for mathematics, who enjoy it and wish to study maths as part of the degree. Again, students who wish to go into Economics Honours should complete the Business Finance subject in Year 2. Whichever path you choose, completing the economics major still leaves you with plenty of flexibility in the degree. You can use subjects marked as “free electives” in a number of ways. See page 6 for details of your study options.
Compulsory subjects (including quantitative subjects counted as breadth) Economics subjects Specified breadth subjects Free elective subjects3 1
This is a sample course plan only. Subjects offered may change from year to year. You will be advised of current subject offerings prior to subject selection and enrolment.
2 Students
who have achieved a study score of at least 27 in VCE Specialist Mathematics Units 3 and 4 can omit Calculus 1.
3 You
need to complete a specified amount of Commerce and breadth subjects at particular levels to meet BCom course requirements. A course adviser can help you select subjects so that you don’t neglect these requirements.
If you would like to deepen your economics knowledge, there is a variety of economics electives available in your second or third year.
Year 2 electives Australian Economic History Business Decision Economics and e-Commerce Competition and Strategy Forecasting Methods Globalisation and the World Economy Sports Economics
Year 3 electives Applied Microeconomic Modelling Behavioural Economics Economic Development Economics of Financial Markets Economics of Food Economics of the Law Environmental Economics Experimental Economics Industrial Economics International Trade Policy Mathematical Economics Money and Banking Organisations, Economics and Incentives Time Series Analysis and Forecasting
Honours in Economics If you intend to work as a professional economist, we recommend that you do an honours year. Honours in Economics is completed over an extra year of study, usually taken immediately after the Commerce degree. It is an integrated program with small classes, close interaction with your supervisor, and an emphasis on research and specialised subject areas. Our Honours graduates are extremely sought-after, and most are employed before they complete the degree.
5
Study options for BCom economics majors
The Commerce degree is extremely flexible and is designed to help you explore your interests. Choosing the economics major in Commerce still keeps you open to other possibilities – what subjects you choose is up to you. Electives are available across the range of Commerce disciplines. With careful planning, you could complete a second major.
What can I combine with the economics major? Second major options: Accounting (including accreditation), Finance, Management, Marketing We do not recommend any particular Commerce major combinations – the choice depends on your interests and career goals. You won’t have to confirm a major until second year, so you can take a little time to decide what you want to do.
What breadth subjects can I do? There is a wealth of study options available at the University. You can take all your breadth subjects in one discipline, or break them up to explore different interests. Note that some subject areas have study prerequisites, which you can discuss with a course adviser. Keep in mind that completing particular breadth subjects can lead to graduate study – that’s another option for you to consider. Breadth subjects are available in these study areas: • Agriculture, animal studies, food science and veterinary science
• Language, literature and cultural studies
• Architecture, building and planning
• Law, legal studies and criminology
• Education, teaching and training
• Medicine, dentistry, health and welfare
• Engineering and geomatics • Environment and natural resources • Historical, philosophical, political and social studies • Information technology and systems
• Music • Performing and visual arts, theatre, film and television • Sciences and mathematics
I chose Melbourne because I liked the flexibility built into their degrees. At school, I took business studies, maths and French. This combination seemed too diverse for other courses, but at Melbourne I can complete the BCom and still keep up my French. Christie Parkinson, BCom majors in Economics and Finance
6
Studying economics as breadth
Can I do economics subjects even if I’m not a Commerce student? Yes, you can. One of the cornerstones of Melbourne degrees is breadth studies – the opportunity for all students to take subjects from outside their major area of study.
Contemporary Public Economic Policy
Quantitative Methods in Economics
Features key economics concepts and techniques that will help you make sense of contemporary policy debates.
Explores how to make sense of information and use data to improve decision making.
• Introductory Microeconomics
• Quantitative Methods 1
• Introductory Macroeconomics
• Introductory Econometrics OR Quantitative Methods 2
• Introductory Microeconomics
Breadth studies in economics are available to students in the Bachelor of Arts, Biomedicine, Environments, Music or Science.
• Intermediate Microeconomics OR Intermediate Macroeconomics
If you would like to take economics subjects, check the structure of your degree and prerequisites for the subjects you are interested in. To enrol in any economics subject, you must have completed VCE Mathematical Methods (CAS) Units 3 and 4 – or equivalent – with a minimum study score of 25.
Economics & Finance
A Long-Run Economic Perspective
For non-Commerce students who wish to explore future careers in consulting or investment banking.
Helps you develop an understanding of the economic present, using the lens of the past.
• Finance 1
• Introductory Microeconomics
• Quantitative Methods 1
• Introductory Macroeconomics
• Business Finance
• Australian Economic History
As a start, we recommend doing a first year economics subject. From there, you can mix and match subjects based on your interests, or complete a sequence of subjects – called a breadth track – to progressively build your economics knowledge.
• Introductory Econometrics OR Quantitative Methods 2 • Two of: Investments, Corporate Finance, Derivative Securities
Global Economic Issues Gives you the tools to think systematically about and contribute to the globalisation debate. • Introductory Microeconomics • Introductory Macroeconomics • Globalisation and the World Economy
7
Economics in the Bachelor of Arts
The Melbourne Arts degree offers a flexible approach to studying the humanities, social sciences and languages. As a social science, economics is an excellent complement to the disciplines available through the Bachelor of Arts. The Bachelor of Arts consists of 24 subjects, usually taken over three years of full-time study. There are over 30 study areas available as majors and minors; economics is available as both. As part of the BA, you must complete at least one major.
Bachelor of Arts 24 subjects (usually 8 per year)
The Bachelor of Arts major in economics is made up of nine subjects, and the minor in economics consists of six subjects. Note that all economics subjects have a maths prerequisite: a study score of 25 in VCE Mathematical Methods Units 3 and 4 (CAS), or equivalent.
Arts Foundation subject
Major, minor and elective subjects
Breadth subjects
At least one of: Aboriginalities, Identity, Language, Power, Reason, Representation
17-19 subjects in the Arts study areas of your choice
4-6 subjects from other disciplines
Sample course plan – Bachelor of Arts1 Major in Economics
This sample course plan names compulsory subjects in the BA and subjects required for the economics major. In total, these comprise 10 of 24 subjects in the degree.
Semester 1 Year 1
Due to the structure of the economics major in the Bachelor of Arts, six subjects in the major must be taken as breadth. This exhausts the breadth component of the degree, so you will not be able to undertake breadth subjects in other disciplines. However, it still leaves you open to pursue study areas that are part of the Arts degree.
Semester 2
Introductory Microeconomics Quantitative Methods 1
Year 2
Introductory Macroeconomics Intermediate Microeconomics
Semester 1 Semester 2
Quantitative Methods 2
Intermediate Macroeconomics
Semester 1
Basic Econometrics
Microeconomics
Year 3 Semester 2 Compulsory subjects 1
8
Arts Foundation subject
Macroeconomics Economics subjects, including those taken as breadth
This is a sample course plan only. Subjects offered may change from year to year. You will be advised of current subject offerings prior to subject selection and enrolment.
Arts subjects
What can I combine with Economics? In the Bachelor of Arts, you can complete: • One major, or • Two majors, or • A major and a minor. You can study any of the following disciplines as a major or a minor: • Ancient World Studies • Anthropology • Arabic • Art History • Asian Studies • Australian Indigenous Studies • Chinese Language • Classics • Creative Writing • Criminology • English and Theatre Studies • French • Gender Studies • Geography • German • Hebrew and Jewish Studies
• History • History and Philosophy of Science • Indonesian • Islamic Studies • Italian • Japanese • Linguistics and Applied Linguistics • Media and Communications • Philosophy • Politics and International Studies • Psychology • Russian • Screen and Cultural Studies • Sociology • Spanish and Latin American Studies
The following disciplines are only available as a minor: • Chinese Studies • Development Studies • English Language Studies • Environmental Studies • European Studies • Knowledge and Learning • Law and Justice • Social Theory
The greatest drawcard for me was the opportunity to enjoy a liberal arts education in Australia. The variety of options available is exciting, and that’s not even mentioning the quality of the teaching staff or the academic rigour of the degree. Matthew Connolly, BA majors in Economics, Politics and International Studies
9
Careers in economics
Our graduates receive high-level economics training, combined with exposure to complementary disciplines and opportunities for development outside the classroom. They enjoy excellent career outcomes including high starting salaries, outstanding job satisfaction and exceptional employment rates. Where do economics graduates work?
Career progression in economics Sample job titles
Some of our most recent graduates are now working at:
Your first job
In 5-10 years
In 15-20 years
Accenture
Adviser
Consultant
Chief Economist
Alliance Bank Malaysia
Analyst
Economist
Chief Executive Officer
ANZ Banking Group
Associate
Manager
Director
Australian Bureau of Agricultural and Resource Economics and Sciences
Graduate
Senior Analyst
Head
Researcher
Senior Adviser
Partner
Australian Competition and Consumer Commission Bank Negara Malaysia Beijing Hejun Consulting, China BHP Billiton Boston Consulting Group Citigroup Cochlear Ltd Deloitte Department of Broadband, Communications and the Digital Economy Department of Foreign Affairs and Trade Ernst & Young Financial Ombudsman Service Flagstaff Partners Foundation for Young Australians Goldman Sachs IBM Australia JBWere Judge & Papaleo L.E.K. Consulting Macquarie Bank MEGA Wealth Management, Hong Kong Parliament of Victoria Ping An Bank, China PricewaterhouseCoopers Reserve Bank of Australia Telstra The Freight Consultants
10
I love that what I am learning is so transferable. Eventually I would like to work as a consultant in the not-for-profit sector. I want to work with organisations to make their initiatives sustainable, targeted and effective. Lorraine Priestly, BCom majors in Economics and Finance
Where could the Economics major take you?
Mark Chicu Economic consulting, USA
Anthony Goldbloom Technology and data analytics, USA
Lindsay Smelt Public policy, Australia
Fernando Tamayo Social enterprise, Peru
Karen Lee Management consulting, Australia
Henry Williams Public policy, Australia
Ying Qin Commercial banking, Australia
Giulia Mastroianni Management consulting, Australia
11
www.bcom.unimelb.edu.au
University Information Course Search web site: http://coursesearch.unimelb.edu.au Call the University Information Centre: 1800 801 662 13MELB@unimelb.edu.au www.bcom.unimelb.edu.au
Information Centre Gate 3, Swanston St The University of Melbourne Victoria 3010, Australia + 61 3 8344 6543 + 61 3 9349 1291 13MELB@unimelb.edu.au
Economics Undergraduate Information brochure Authorised by: Provost Published by: The Faculty of Business and Economics Photography: Joe Vittorio CRICOS Provider code: 00116K Intellectual Property: For further information refer to www.unimelb.edu.au/Statutes Copyright: Copyright University of Melbourne 2014. Copyright in this publication is owned by the University and no part of it may be reproduced without the permission of the University.
Disclaimer: The information in this publication was correct at the time of printing. The University of Melbourne reserves the right to make changes as appropriate. As details may change, you are encouraged to visit the University’s website or contact the University of Melbourne Information Centre to obtain the latest information. Statement on Privacy Policy: When dealing with personal or health information about individuals, the University of Melbourne is obliged to comply with the Information Privacy Act 2000 and the Health Records Act 2001. For further information refer to www.unimelb.edu.au/unisec/privacy/