Undergraduate information
Economics
Microeconomics Macroeconomics Quantitative methods and econometrics
Contents Bachelor of Commerce major in Economics
3
Studying the economics major
4
Study options for Bachelor of Commerce economics majors
6
Studying economics as breadth 7 Economics in the Bachelor of Arts
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Careers in economics Contact us
10 Back cover
#1
in Australia
#33
in the world Times Higher Education World University Rankings 2014–2015
2
Bachelor of Commerce major in Economics Economics provides skills in problem solving for business and government. It examines ways to understand what happens in markets, the performance of national economies and approaches for analysing and interpreting data. Ultimately, economics facilitates better decision making about the myriad of problems you will confront in the commercial world or in government. IS THE ECONOMICS MAJOR FOR ME?
Generous scholarship opportunities
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.
The Faculty of Business and Economics offers a number of scholarships to domestic and international students commencing the Bachelor of Commerce. Additional scholarships and subject prizes are available to current students, so you have the opportunity to be rewarded for your hard work throughout your degree by one of Australia’s most generous scholarship programs.
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, plan scenarios and critique policy.
AM I A GOOD FIT?
Q QS World University Rankings by Subject 2015 W Times Higher Education World University Rankings 2015 E QS World University Rankings 2015
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.
WHY CHOOSE MELBOURNE? Ranked 2nd in the Asia-Pacific region for Economics and EconometricsQ Study at Australia’s best university.W Learn from internationally renowned academics, with some of the world’s brightest students.
Economics
Exciting student experience opportunities As part of your degree you can join a student club, volunteer in communities, travel overseas, and build your professional skills.
Ranked 13th in the world for graduate employabilityE Our graduates are known for their perceptive understanding of policy issues, skilful communication and strong leadership.
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 relationships, test theories and forecast economic outcomes.
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Studying the economics major Economics has been taught at the University of Melbourne since its establishment in 1855. Because economic factors influence all aspects of business, government and society, the study of economics remains an integral part of the Bachelor of Commerce.
The Bachelor of Commerce degree consists of 24 subjects, usually taken over three years of full-time study. The Bachelor of Commerce degree is very flexible and allows you to choose subjects across a range of disciplines. You must complete at least one major within the Bachelor of Commerce. 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. To major in economics in the Bachelor of Commerce you can follow either a conventional path or a mathematics path. The sample course plan displayed for the conventional path lists the compulsory subjects in the Bachelor of Commerce and subjects required for the economics major. In total, these comprise 10 of 24 subjects in the degree.
BACHELOR OF COMMERCE 24 subjects (usually 8 per year)
“Microeconomics has definitely been my favourite subject so far; I'm definitely looking forward to further economic study – there are a wide variety of economics-based electives in second and third year, like Sports Economics, Economic History, and Behavioural and Experimental Economics.” Michael Kerrison, major in Economics and Finance
Sample course plan – Bachelor of Commerce Q Major in Economics (conventional path)
Compulsory subjects 5 subjects to cover Business and Economics fundamentals
Introductory Microeconomics
Semester 2
Introductory Macroeconomics
Semester 1
Introductory Econometrics W
Intermediate Microeconomics
Semester 2
Organisational Behaviour
Intermediate Macroeconomics
Semester 1
Basic Microeconomics Econometrics or Econometrics
Semester 2
Macroeconomics
Year 1
Major and elective subjects 11-15 subjects to deepen your knowledge in economics and other business disciplines
Semester 1
Year 2
Breadth subjects 4-8 subjects from other disciplines
Quantitative Methods 1W
Year 3
Compulsory subjects
Economics subjects
Free elective subjects E
Q 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. W There is a choice of Level-2 subjects available to fulfil the quantitative requirement of the Bachelor of Commerce. Quantitative Methods 1 and Introductory Econometrics are not compulsory for students who take the mathematics path. E You need to complete a specified number of Business and Economics and breadth subjects at particular levels to meet Bachelor of Commerce degree requirements.
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The second option for majoring in economics called the mathematics path is designed for students who have an aptitude for mathematics, who enjoy it and wish to study maths as part of the degree. Which ever 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. 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
Computational
Business and
Economics Development
Economics
of Financial Markets
Economics
of Food Markets
Economics
of the Law
Environmental Experimental History
Economics
Economics
International
Semester 1
Introductory Microeconomics
Calculus 1W
Semester 2
Introductory Macroeconomics
Linear Algebra
Semester 1
Probability for Statistics
Intermediate Microeconomics
Semester 2
Statistics
Organisational Behaviour
Semester 1
Microeconomics
Econometrics
Semester 2
Macroeconomics
Year 1
Trade Policy
Mathematical
Economics
and Banking
Organisations,
Economics
and Incentives Time
Sample course plan – Bachelor of Commerce Q Major in Economics (mathematics path)
of Economic Thought
Industrial
Money
Economics
Year 2
Series Analysis and Forecasting
HONOURS IN ECONOMICS If you intend to pursue graduate study in economics or 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 Bachelor of Commerce degree. It is an integrated program with small classes, close interaction with your supervisor and an emphasis on research and specialised subject areas.
Calculus 2
Intermediate Macroeconomics
Year 3
Compulsory subjects (including quantitative subjects counted as breadth) Economics Subjects Specified breadth subjects Free elective subjects E Q 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. W Students who have achieved a study score of at least 27 in VCE Specialist Mathematics Units 3 and 4 can omit Calculus 1. E You need to complete a specified number of Business and Economics and breadth subjects at particular levels to meet Bachelor of Commerce course requirements.
Our Honours graduates are extremely sought-after, and most arrange graduate study or future employment before they complete the degree. 5
Economics
Economic
Study options for Bachelor of Commerce economics majors The Bachelor of Commerce degree is extremely flexible and is designed to help you explore your interests. Choosing the economics major in the Bachelor of Commerce still keeps you open to other possibilities – what subjects you choose is up to you. Electives are available across the range of Bachelor 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 combinations - the choice depends on your interests and career goals. You can wait until your second year to decide which discipline you wish to double major in. A popular choice is Economics and Finance.
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. Keep in mind that some subject areas have study prerequisites, and completing particular breadth subjects can lead to graduate study. Breadth subjects are available in these study areas: Agriculture,
animal studies, food science and veterinary science
Architecture, Education,
building and planning
teaching and training
Engineering
and geomatics
Environment
and natural resources
Historical,
philosophical, political and social studies
Information Language,
technology and systems
literature and cultural
studies Law,
legal studies and criminology
Medicine,
dentistry, health and
welfare Music Performing
and visual arts, theatre, film and television
Sciences
and mathematics
“I really enjoyed studying economics in high school, as I find it a fascinating way of understanding how the world works. I knew I wanted to continue studying economics at university, but I also enjoy maths, literature and languages. The Bachelor of Commerce program at Melbourne allows me to continue studying these additional subjects as breadth components, so it was an obvious choice!” Sabina Lim, majors in Economics and Finance
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Studying economics as breadth Can I do economics subjects even if I’m not a Bachelor of 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.
Breadth studies in economics are available to students in the Bachelor of Arts, Bachelor of Biomedicine, Bachelor of Environments, Bachelor of Music and Bachelor of Science.
Introductory
Microeconomics
Introductory
Microeconomics
Introductory
Macroeconomics
Quantitative
Methods 1
Intermediate
Microeconomics
Introductory
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. 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.
ECONOMETRICS & FINANCE For non-Bachelor of Commerce students who wish to explore future careers in consulting or investment banking. Finance
1
Quantitative Business
Finance
Introductory Two
Methods 1 Econometrics
of: Investments, Corporate Finance, Derivative Securities
Econometrics OR Quantitative Methods 2
A LONG-RUN ECONOMIC PERSPECTIVE Helps you develop an understanding of the economic present, using the lens of the past. Introductory
Microeconomics
Introductory
Macroeconomics
Australian
Economic History
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
Economics
Economy
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Economics in the Bachelor of Arts The Melbourne Bachelor of 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 Bachelor of Arts, you must complete at least one major. Students who undertake a major in economics in the Bachelor of Arts will complete nine economics subjects. The composition of the major requires six subjects be counted as breadth and three subjects counted towards an arts discipline. A minor in economics consists of six subjects, all breadth. 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. This sample course plan names compulsory subjects in the Bachelor of Arts, and the subjects required to complete the economics major. In total these comprise 10 of 24 subjects in the degree. Due to the structure of the economics major in the Bachelor of Arts you will not be able to undertake any other breadth subjects. However this still leaves you open to pursue study areas that are part of the Arts degree.
Sample course plan – Bachelor of Arts Q Major in Economics Semester 1 Year 1 Semester 2
Year 2
Arts Foundation subject At least one of: Aboriginalities, Identity, Language, Power, Reason, Representation
Major, minor and elective subjects 17 subjects in the Arts study areas of your choice including 3 economics subjects for a major in Economics.
Breadth subjects 6 economics subjects for a minor or major in Economics.
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Introductory Microeconomics Quantitative Methods 1
Introductory Macroeconomics Intermediate Microeconomics
Semester 1
BACHELOR OF ARTS 24 subjects (usually 8 per year)
Arts Foundation subject
Semester 2
Quantitative Methods 2W
Intermediate Macroeconomics
Semester 1
Basic Econometrics W
Microeconomics
Year 3 Semester 2
Compulsory subjects Arts subjects
Macroeconomics
Economics subjects, including those taken as breadth
Q 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. W Students can replace Quantitative Methods 2 with Introductory Econometrics, and Basic Econometrics with Econometrics.
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 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 Media
and Applied Linguistics
and Communications
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 English
Studies
Language Studies
Environmental European
Knowledge Law
Studies
Studies and Learning
and Justice
Social
Theory
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Economics
Philosophy
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: Accenture Alliance ANZ
Bank Malaysia
Your first job
Adviser Analyst Associate
Graduate Researcher
In 5-10 years
Consultant Economist Manager
Senior Adviser Senior Analyst
In 15-20 years
Chief Economist Chief Executive Officer Director
Head Partner
Banking Group
Australian
Bureau of Agricultural and Resource Economics and Sciences
Australian
Competition and Consumer Commission
Australian Bank
Beijing BHP
Treasury
Negara Malaysia Hejun Consulting, China
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 Goldman IBM
for Young Australians
Sachs
Australia
JBWere Judge
& Papaleo
L.E.K.
Consulting
Macquarie MEGA
Bank
Wealth Management, Hong
Kong Parliament Ping
of Victoria
An Bank, China
PricewaterhouseCoopers Reserve
Bank of Australia
Telstra The
Freight Consultants
Victorian
Department of Treasury and Finance
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Kathryn St John Judicial Law Clerk, Australian Commonwealth Law Courts, Melbourne
Sophia Zhu Analyst Consultant, Deloitte, Melbourne
Harrison Fenton Analyst, Goldman Sachs, Melbourne
Mark Chicu Senior Economist at Bates White Economics Consulting, Washington
Lindsay Smelt Economist, Department of Treasury & Finance, Melbourne
Giulia Mastroianni Senior Strategy Analyist, Bupa, Melbourne
Robert Tilleard MPhil candidate at Oxford University, UK
WHERE COULD THE ECONOMICS MAJOR TAKE YOU?
11
Economics
Anthony Goldbloom Founder & CEO, Kaggle, San Francisco
bcom.unimelb.edu.au
CONTACT US University of Melbourne Information Centre Gate 3, Swanston Street The University of Melbourne Victoria 3010 Australia
13 MELB (13 6352) +61 3 9035 5511 13MELB@unimelb.edu.au
Economics Undergraduate Information brochure
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