Part 3 Faculty of Economics and Commerce
Courses
Departments
Faculty Schedules
Schedule 1 - List of Faculty Units
Schedule 2 - Bachelor of Economics elective units for the second major
Schedule 3 - Bachelor of Commerce majors
Typical full-time course patterns
The Faculty of Economics and Commerce
Dean: Professor T.J. Brailsford MEc PhD Monash CPA AIBF(Snr) FAIM
Introduction
The objective of the Faculty of Economics and Commerce is to advance knowledge through high quality teaching and research in the closely related areas of accounting, actuarial studies, business development, business information systems, econometrics, economic history, economics, finance, management, marketing and statistics. It endeavours to do this through the provision of a range of undergraduate and graduate courses, and through its research, publications and contributions to the associated professions, commerce, industry and government.
The undergraduate program comprises the Bachelor of Actuarial Studies, Bachelor of Commerce and Bachelor of Economics degree courses, which are offered at both pass and honours levels. These degrees may be taken as a single degree course or as part of a combined course with another degree. A wide choice of combined degree courses is available. The Actuarial Studies degree may be combined with the Commerce and Economics degrees. The Commerce and Economics degrees are offered as a combined course with each other, and each may also be taken in combination with degrees in Arts, Asian Studies, Engineering, Information Technology, Law and Science. The Bachelor of Economics may also be combined with Science (Forestry).
The Bachelor of Actuarial Studies is a specialist degree combining studies in the areas of economics, finance, mathematics and statistics. The Bachelor of Commerce degree focuses on accounting, business information systems and finance. The Bachelor of Economics degree focuses on economics as the major discipline. The Commerce and Economics degrees allow for substantial student choice and diversity. Beyond the minimum degree requirements, students have an opportunity to pursue a wide range of elective units and optional majors.
The Faculty aims to educate its students for a wide range of careers including work as professional economists, bankers, financial managers, administrators, accountants, econometricians, management consult- ants, statisticians, fund managers, stock brokers, treasurers and information systems professionals in the public and private sectors of the economy. Through its teaching programs, it seeks to develop in its students the ability to recognise and solve problems, and to make policy recommendations and management decisions. The Faculty expects that its graduates will become competent professionals in their fields of employment once adequate experience has been obtained.
The accounting program in the Bachelor of Commerce degree is designed to meet the educational requirements for entry to the accounting and associated professions. The finance major can be taken with other specialist units to meet the educational requirements of the Australian Institute of Banking and Finance. The business information systems units are designed to satisfy the entry requirements of the Australian Computer Society.
Subject Areas
Accounting is concerned with measurement, reporting and evaluation of financial information, including computerised information, which assists in the management of resources in business entities and government organisations. The course aims to develop the theory and practice of financial measurement for both business and public entities.
Actuarial studies combines studies in economics, finance, mathematics and statistics, to develop techniques and skills to assess, evaluate and manage future financial risk and thereby address a wide range of practical problems in long-term financial planning and management.
Business information systems is concerned with the study of business information and its production, flows and usage within organisations. It encompasses both manual activities and those involving any form of automation, particularly computing and telecommunications.
Business development borrows from many disciplines to analyse the principal issues and considerations in the development of modern business.
Econometrics is concerned with economic measurement and interpretation. The program aims to develop proper methods of measuring economic relationships using economic data.
Economic history involves a study of change over time in the performance and structure of an economy. The program aims to analyse economic problems in a long-run time and institutional framework in a range of economies from underdeveloped countries through to advanced developed countries and for both free market and command systems.
Economics aims to provide students with an appreciation of economic systems and an understanding of various economic issues such as unemployment, inflation, resource allocation, economic growth, income distribution and international trade. Economics is the science of rational decision-making about economic choices and behaviour, and the effective use of scarce resources. The discipline involves a wide range of technical and analytical skills in addition to institutional and factual knowledge.
Finance is concerned with the study of financial instruments, institutions, markets and systems. It involves the study of financial decision-making under uncertainty which has many applications such as in the fields of accounting, banking, financial consulting and planning, funds management, merchant banking, stock broking and treasury.
Management incorporates a range of disciplines to analyse the principal issues and considerations relevant to management. The program of study includes corporate strategy, management accounting, marketing, organisational behaviour and strategic management.
Marketing is an interdisciplinary subject, combining aspects of economics/commerce, psychology/sociology and statistical analysis in the assessment of market behaviour and the development of appropriate business responses. The program introduces practical aspects of both marketing and marketing research, with an emphasis on the development of the theoretical foundations upon which analysis should be based.
Statistics is concerned with a wide variety of data measurement and inferential problems across the range of natural and social sciences. The program aims to develop a coherent body of theory and practice applicable to various problem areas.
Other Activities
The honours and graduate programs in each discipline cover advanced theoretical and applied topics. They are designed to equip graduates with research abilities as well as higher-level professional expertise. The graduate work of the Faculty also involves the supervision of PhD candidates and the training of research workers and future academic staff.
Research within the Faculty is concerned with the advancement of knowledge in its disciplines, in both theoretical and applied areas, and covers a wide range of topics. Faculty members regularly contribute to leading academic and professional journals, and publish books, monographs and working papers. Members of Faculty also provide specialist advice to business, the Federal Government and its instrumentalities, and play an active role in appropriate professional bodies.
The Centre for Applied Economics in the Faculty of Economics and Commerce is a focus for the examination and promotion of policy-related research in economics and associated disciplines. The Centre produces the journal Agenda.
GENERAL INFORMATION
Admission and restrictions on entry
Applicants for admission to a course leading to the degree of Bachelor of Actuarial Studies, Bachelor of Commerce or Bachelor of Economics (including associated combined degrees), must satisfy the general requirements for admission to the University. They must also meet the competitive entry requirement for the particular course, and satisfy the relevant mathematics prerequisite for admission.
There is a quota on entry to the Faculty of Economics and Commerce. The Faculty ranks applicants for each course in order of academic merit and places are offered to the most highly qualified. Students enrolling in the Faculty for the first time are required to have their choice of units approved at an interview with a Faculty Adviser. Details of the days set aside for course approval and registration of enrolment are included with the offer of admission.
Candidates for the courses leading to the degrees of Bachelor of Commerce and Bachelor of Economics must have completed at least Advanced Mathematics in the ACT, 2-unit Mathematics in NSW, or other State equivalent. Candidates for the Bachelor of Actuarial Studies degree must have achieved at least 160 in ACT Advanced Mathematics Extended Major Minor or at least 36 in the 3-unit component of NSW 3-unit Mathematics, or other State equivalent.
Further details concerning admission are given in the General Information section of the Handbook.
Status
Students who have successfully completed relevant studies at a recognised institution of higher education within the last ten years may apply for status. As a guide, graduates may apply to be granted up to 48 credit points of status and non-graduates may apply for up to 96 credit points of status in individual units. Applications for status should be made on the relevant form obtainable from the Faculty Office and must include outlines of the units studied and evidence of the results obtained. Applications are considered on a case-by-case basis and restrictions apply. Inquiries concerning status should be directed to the Subdean or the Faculty Secretary.
An ANU student who leaves Canberra to reside elsewhere may, under certain conditions, still complete an ANU degree by way of cross-institutional study. Inquiries on this matter should also be directed to the Subdean or the Faculty Secretary.
Arrangement of courses
The pass degrees consist of units generally to the value of 144 credit points in specified sequences. Full-time students normally take units with a value of 48 credit points in each year. Usually, a semester unit in the Faculty has a value of 6 credit points. The standard pattern of enrolment in Faculty units is four units each semester. A major consists of a sequence of six units. For a full explanation of the changes to course structures, credit points and course legislation, please see the General Information section at the front of this Handbook.
Enrolment/re-enrolment
A student must enrol/re-enrol in the manner and by the time prescribed by the Director, Student Administration and Support Services. Failure to do so may lead to the imposition of conditions or fees, or cancellation of enrolment. It is a student’s responsibility to ensure that she/he is correctly enrolled by the relevant census date. A student may not attempt an examination in, nor receive a result in a unit for which she/he is not properly enrolled.
Note that the degree requirements have changed for 1999. Re-enrolling students should be aware that transitional arrangements are in operation for 1999. A detailed information guide is available from the Faculty Office.
Cancellation or variation of enrolment
A student who wishes to cancel or vary his/her enrolment in a unit or course must inform the Director, Student Administration and Support Services by completing a variation form obtainable from the Faculty Office. Variations are normally conducted at prescribed times in the Enrolment Centre, Melville Hall. Students wishing to vary their enrolment should discuss the proposed changes with a Subdean or the Faculty Secretary.
Leave of absence (suspension of course)
A student who wishes to temporarily suspend studies may apply for leave of absence by completing a suspension request form obtainable from the Faculty Office. The application should include the reason(s) for the request. The application must be lodged no later than the start of the period for which leave is sought. Approval in not automatic and is not normally granted for more than two semesters on an occasion, nor more than four semesters in total. Periods of leave count towards maximum time.
Examinations
The Faculty may refuse to admit to an examination in a unit a student who has been repeatedly absent from classes or who has not submitted prescribed work in the unit.
Academic progress
Students are informed that their academic progress in courses, including combined courses, will be periodically reviewed, and that unsatisfactory progress may lead to their exclusion from a unit, a course of study, or the Faculty.
The degree with honours
The course for the degree of bachelor with honours is a four-year course for full-time students. During the first three years students take the pass course and may take additional honours work in the more important units. Admission to the honours year depends on the achievement of a sufficiently high standard, especially in the more important units, during the first three years of the course and is at the discretion of the head of the relevant department and the Faculty. Students enrolled in the Faculty of Economics and Commerce are not formally enrolled in the course for the degree with honours until the fourth honours year. Students hoping to undertake the honours year should consult the Subdean early in their course for advice on unit selection and preparation for the honours year.
Graduate Study
The Faculty offers a range of postgraduate programs at certificate, diploma, master and doctor of philosophy level. Details are contained in the Graduate School Handbook and various information brochures produced by the Faculty and affiliated Graduate Programs in Commerce, Economics and Statistics. Further information may be obtained from the Faculty Office.
Professional Accreditation
The Bachelor of Commerce is recognised by various professional bodies. Students undertaking appropriate units are recognised for professional accreditation and/or exemptions from the following bodies:
A detailed brochure outlining the professional accreditation requirements is available from the Faculty Office.
Units from the Australian National Internships Program
The Australian National Internships Program (see Chapter 4 of this Handbook), which is a part of the Asia-Pacific
School of Economics and Management, offers three Internships units which
are available to later-year students in a number of degrees. Students
apply separately to the Program for selection and admission to these units,
but should also enrol in them in the normal way on re-enrolment forms.
At the time of application to the Program, students should consult the
appropriate Faculty Office to determine precisely how the unit will fit
within their degree course requirements.
COURSES
Bachelor of Actuarial Studies
The degree of Bachelor of Actuarial Studies is offered through the Department of Statistics and Econometrics in conjunction with the Centre for Actuarial Studies at the University of Melbourne. Ten of the thirty-two units in the four-year honours degree are professional actuarial units which may be accepted by the Institute of Actuaries of Australia to give exemption from some subjects of the examinations for Fellowship of the Institute. Although a three-year degree leading to the Bachelor of Actuarial Studies is available, maximum possible exemptions from subjects examined by the Institute can only be obtained by completing the four-year degree leading to the Bachelor of Actuarial Studies (with Honours). Entry to the professional actuarial studies units is normally restricted to students specifically admitted to the degree program. The course, while heavily prescribed, includes an elective component, some of which may be taken from other faculties. Seven units are provided externally to the Faculty by the Centre for Actuarial Studies, University of Melbourne and are taught by videoconferencing. Interested students are encouraged to seek further information from the Faculty Office or the Department of Statistics and Econometrics.
Bachelor of Actuarial Studies with honours
Students may proceed to the fourth honours year in Actuarial Studies. Entry to the honours year program is subject to a grade of credit or above in the professional actuarial subjects described in the unit listings and requires the approval of Faculty. Other conditions may also apply. Students who are interested in the honours program should seek further advice from the Actuarial Studies Convenor in the Department of Statistics and Econometrics.
Bachelor of Commerce
The Bachelor of Commerce offers significant flexibility and diversity in student choice. Students can complete specialist sequences in a wide variety of business-related fields in addition to studies from elsewhere in the University. Students are required to complete 144 credit points where one semester length unit is typically worth 6 credit points. Hence, students generally take 24 semester units. Within the degree structure, there are three basic elements.
First, students complete a set of core units comprising one-third of the degree. These core units provide the foundations of the degree and subsequent studies build upon this knowledge. Core units are generally taken during the first year of study and cover financial accounting, commercial law, economics, information systems, management accounting and quantitative methods and techniques.
The second element involves one major in the student’s chosen area of specialisation. A major consists of a sequence of related units taken over three years of the degree that build upon the core units. The major can be taken from accounting, business information systems or finance.
The third element involves elective units to complete the remaining points in the degree. For most students, the elective component represents around one-third of their degree. Some students opt to undertake one or more of the elective majors in a business-related area leading to a double major in the degree. The elective majors include:
Alternatively, students may choose to take units outside of the Faculty’s offerings such as a language, arts or science-related unit.
Bachelor of Commerce with honours
Students who achieve very good results in their first three years of the degree are invited to join the Honours Program. The Honours Program is an intensive two-semester course taken in a fourth year leading to the award Bachelor of Commerce (Honours). The course extends the undergraduate material and focuses on highly complex, analytical and practical problems. Students undertake a program of advanced coursework and a research thesis. Classes in the Honours Program are small due to its high standard of entry. Students have the opportunity to compete for a range of scholarships, prizes and internships. Students from other universities are also able to join the Honours Program after completing the pass degree requirements in their own institutions.
Students who intend to proceed to the degree of Bachelor of Commerce with Honours should consult the Commerce Honours Coordinator in the Department of Commerce for advice.
Bachelor of Economics
The Bachelor of Economics degree offers students rigorous training in the analytic tools of economics and the opportunity to apply these to a wide variety of economic issues. It is an intellectually challenging degree that develops powers of logical analysis. It offers insight into the ways in which businesses are structured and compete, and also into the ways in which households and individuals make decisions and interact.
The Economics degree at the ANU is widely regarded as one of the very best in Australia and its graduates are much in demand from government and business employers.
The three-year degree is built around two majors that run through all years in the degree. The core economics major consists of an annual unit in economic principles in the first year and semester length microeconomics and macroeconomics units in the later years.
The second major consists of two semester units in quantitative methods in the first year, a unit in econometrics normally taken at second year, a unit in international economics normally taken in the final year and two elective units drawn from a list of optional semester units. These units provide a wide variety of applications of economic analysis.
The two majors aim to give students an appreciation of the operation of the economic system and an understanding of a variety of issues of economic policy importance. Examples include problems of unemployment and inflation, the debate on microeconomic reform and privatisation of public enterprises. The core units emphasise an analytical approach to the discipline. An emphasis is placed on a solid theoretical background that assists in producing graduates who possess the capacity for clear analysis of issues from a range of economic perspectives.
The degree requires students to complete 144 credit points of units typically taken over three years of equivalent full-time study. Generally, a semester length unit carries a value of six credit points and, therefore, the degree requires completion of 24 such units based on a pattern of four units per full-time semester.
The degree consists of four components:
Bachelor of Economics with honours
Alongside the units in the economics major, an honours stream is offered commencing in second semester of first year. This stream is designed for (but not exclusive to) students whose performance in economics is at credit level or better. It aims to provide students with a deeper understanding of economic analysis and to impart greater confidence and capacity in addressing economic issues. Participation in the honours stream is important for students who may wish to work as professional economists or who want to go on to further study of economics at the fourth year or at graduate level. The honours stream involves an additional lecture and tutorial per week, plus an additional examination each semester. Students are able to enter, or leave, the honours stream at any stage during the major.
After the standard three-year program, students can undertake the Honours Year in a fourth year of study. Entry to the Honours Year is by invitation extended to high achieving students. Students who have attained a similar level of performance at another university are also eligible to enter the fourth honours year. Honours programs are offered in Applied Economics, Commerce, Econometrics, Economics, Economics/ Econometrics, Economic History, Public Economics, and Statistics.
Requirements for entry into the honours program in each area are determined by the departments concerned and vary according to the particular area chosen. Further information is contained under the entries for each department. Interested students should obtain advice from the Economics Honours Convenor in the Department of Economics.
Combined Courses
The Faculty offers the following combined degree courses: Bachelor of Actuarial Studies/Bachelor of Commerce, Bachelor of Actuarial Studies/Bachelor of Economics and Bachelor of Commerce/Bachelor of Economics. Combined degree courses are also available in either Commerce or Economics with Arts, Asian Studies, Engineering, Information Technology, Law and Science, and also in Economics and Science (Forestry).
Students enrolling in combined courses must submit details of their proposed enrolment to both faculties before the commencement of the first teaching period of the year of first enrolment. Depending on the combination, full-time students must spend a minimum of four or five years to complete a combined course at pass level. Part-time students require a minimum of seven to nine years and part-time study is often inadvisable.
With approval, honours courses may be pursued in one or both faculties. With the exception of Law and Engineering, students will require one extra year in each faculty to complete the honours course of that faculty. Some departments require that certain units, in addition to an appropriate major, be completed before the candidate is admitted to the honours year. Students should be aware that they might be required to complete an additional unit(s) to qualify for admission to the honours year.
Details of combined courses are contained in the Combined Courses section of this Handbook.
THE DEPARTMENTS
R.A. Heaney, BComm(Hons) N’cle, MEc ANU, PhD UQ, MACS CPA
Reader and Head
of Department
The Department of Commerce supports studies in the primary areas of accounting, finance and business information systems. Accounting is concerned with measuring and reporting the financial performance of business and public sector organisations, and making decisions on resource use by investors, managers, creditors and administrators. The area of business information systems is concerned with commercial and administrative applications of information technology. Finance is concerned with financial institutions, markets and instruments; the valuation and use of risky securities; the allocation of scarce wealth in a portfolio context; and the operation and financing of modern businesses. Particular units are also provided by the Department in the areas of corporate strategy, business ethics, commercial and taxation law, marketing, management and organisational behaviour.
The Department offers a variety of units that may be taken in various combinations as part of the degrees of Bachelor of Actuarial Studies, Bachelor of Commerce and Bachelor of Economics. The units taught in the Department prepare students for careers in a wide range of commercial fields. These include professional accounting, management accounting, taxation, corporate administration, financial accounting and reporting, auditing, banking, management consulting, merchant banking, public sector accounting and financial management, stock broking, treasury, and business and management information systems. Second and third-year commerce units have various prerequisites. Students are advised to take particular care in choosing first-year options, and should consult with the Subdean or Faculty Secretary at the commencement of their course if assistance is required.
A student wishing to undertake the honours year must seek approval to enrol in Commerce IV(H). Notification of approval occurs after requirements for the pass degree are satisfied. In deciding whether to accept a student into the honours program, the Head of Department takes account of the student’s academic record. Honours students are also encouraged to attend a series of seminars held in second semester of their final year as preparation for the honours year.
Professional qualifications as an accountant in Australia are usually sought through membership of either the Australian Society of Certified Practising Accountants or the Institute of Chartered Accountants in Australia. Units offered by the Department of Commerce enable students to satisfy the educational requirements of both professional bodies. The business information systems major is accredited for entry to the Australian Computer Society. The Institute of Corporate Managers, Secretaries and Administrators, the Professional Association for Company Secretaries and Corporate Managers, and the Australian Institute of Banking and Finance also accredit units for entry at Senior Associate level. Specific units also lead to exemptions for entry to the Financial Planners Association.
Professor S. Dowrick, BA Cambridge, PhD Warwick FASSA
Head of Department
The Department has a proud history as one of the leading Australian departments for both teaching and research in economics. It provides the backbone of economics teaching at all levels in the ANU and, in cooperation with economists located in the Institute of Advanced Studies, it is a focus for the highest level of economic research activity and training available in Australia.
More than forty semester units are taught each year to over 1,200 students, the majority of whom are enrolled as undergraduates in combined degree courses. Combined degree courses are available with Actuarial Studies, Commerce, Arts, Asian Studies, Engineering, Information Technology, Law, Science and Science (Forestry). The undergraduate economics units are distinctive within Australia for the high degree of analytical content, the integrated nature of the units moving from first to third year, and the high level of input from lectures and tutorials.
In addition to teaching in the Bachelor of Economics pass degree, the Department offers an undergraduate Honours program that provides higher level teaching in each of the first three years as well as an intensive full-time fourth year course. The Department also provides the core of the ANU’s large and well renowned Graduate Program in Economics.
H.M. Boot, BSc(Econ) London, PhD Hull
Senior Lecturer and Head of Department
Introduction
The units provided by the Department of Economic History are concerned with the functioning and performance of economies over time. The courses cover a variety of geographical areas including Australia, Asia, and Europe and a range of different periods, although most end very close to the present imparting a greater relevance to understanding current economic problems and events. Economic analysis is placed in the real world of events, institutions, and people, which condition the nature of economic change. Thus, a broad perspective is taken of economic questions, which also draws on social and political circumstances where appropriate. A mathematical background is not required and courses emphasise the usefulness of basic economic tools and concepts. Economic history units may be studied as part of the degrees of the Faculty of Economics and Commerce. They may also studied in degrees offered by other faculties, particularly an Arts or Asian Studies degree
The Department of Economic History is one of only two independent departments of economic history in Australian universities and has a strong research and teaching record. It teaches more undergraduates about the economy of the Asia-Pacific region than any other area of the ANU. It is the only department in the Faculty that insists on essay writing in all its units, and where the development of extended verbal presentation of argument forms an important part of tutorial work. These exercises help to develop skills that are highly valued by employers. The discipline of economic history plays an important role in the education of economists and in the development of economic understanding. It broadens the offerings and variety of approaches to economics available in the Faculty; emphasises the importance of real rather than theoretical time in economic processes, and highlights constraints on policy development and achieving economic change. It provides the most readily available laboratory for economists to work in and for students to appreciate the complexity of economic change. Units offered by the Department are designed to meet a wide range of student interests and needs, and the inclusion of one or more into an Economics, Commerce, Arts or Asian Studies degree will help enhance its value as a training for your chosen profession.
The Department offers the following list of units: For completion as part of the first year of a degree: Australian Economy; Business and Economy in the Asia Pacific Region; Understanding Economic Behaviour: Microeconomics for Social Scientists (not available to students within the Faculty of Economics and Commerce); Understanding Economic Policy: Macroeconomics for Social Scientists (not available to students in the Faculty of Economics and Commerce). For completion in the later years of a degree: Asian Giants; Australian Economic History; Consumers and Consumption in the Modern Economy; Development of Capital Markets; Development of Modern Business; Development, Poverty and Famine; Economic Development of Europe, 1750-1914; Emerging South East Asia: The Economic Rise of Australia’s Neighbours; History of Economic Thought; International Economy Since the Second World War, and Poverty, Public Policy and Development. All later year units are available at pass and honours level.
Students completing an economics degree are required to complete at least six credit points (one semester unit) in economic history. A major in economic history for Bachelor of Economics degree students typically comprises the two first year units, Business and Economy in the Asia-Pacific Region and Australian Economy, together with any four of the later year units listed above. Alternatively, it may comprise of any six units offered by the Department. First and later year units may also be combined with other units in the Faculty to form a major.
A major in economic history for Bachelor of Commerce students may be obtained by undertaking the business development major in the Commerce degree. This major comprises units in economic history and commerce, and introduces students to issues in accounting, finance, business and financial history.
Students from outside the Faculty of Economics and Commerce may complete any of the first year units offered in the Department. Those who wish to complete later year units offered by the Department must have completed, or in some cases be undertaking, Understanding Economic Behaviour: Microeconomics for Social Scientists (UEB) and Understanding Economic Policy: Macroeconomics for Social Scientists (UEP) or alternatively Economics I. UEB and UEP provide a non-mathematical introduction to economics and are specifically designed to emphasise the usefulness of economics in such disciplines as history, political science and sociology. A major in economic history for Bachelor of Arts and Bachelor of Asian Studies students may be obtained by combining UEB and UEP (or alternatively Economics I) with four later year semester units. Business and Economy in the Asia-Pacific Region and Australian Economy may also comprise a major with four later year points if UEB and UEP are also completed as part of the degree. UEB and UEP may be incorporated in a number of field programs in the Faculty of Arts.
Completion of the honours degree in economic history requires students to finish the pass degree and then the fourth year honours program in economic history. Entry to the fourth honours year requires the approval of Faculty and interested students should discuss the matter with the Head of Department. A suitable preparation and standard of performance in the pass degree are the normal bases for admission.
T. J. O’Neill, BSc Adel., MS, PhD Stanford
Reader and Head of Department
The units offered by the Department seek to give an understanding of the methods and philosophy of modern statistical and econometric data analysis. Both statistics and econometrics use real world data to formulate models about the underlying mechanisms and to assess the adequacy of those models. Econometrics is specifically concerned with economic and financial data.
The Department offers courses in econometrics and statistics for degrees in Arts, Commerce, Economics, Engineering and Science, and is responsible for the actuarial studies program. Postgraduate coursework in applied statistics, business statistics and econometrics is offered at graduate certificate, graduate diploma and master degree level. Research students are supervised at bachelor honours, master and Doctor of Philosophy level.
Teaching and research activities of the Department of Statistics and Econometrics cover mathematical statistics, econometrics, probability theory, operations research, and social and business statistics. Courses of both a theoretical and an applied nature are provided to students in a wide variety of disciplines. The Department is also associated with the Faculty of Science and maintains close links in some of its teaching and research activities with that faculty.
Introductory Units
The Department offers two sequences of introductory units for the first year of a degree. Quantitative Methods for Business and Economics 1 and 2 are prescribed for most students in the Faculty of Economics and Commerce. Students in the Faculty of Science normally choose the units Statistical Techniques 1 and 2. Other students may take either sequence depending on their circumstances. Both sequences will give the student grounding in the more common statistical procedures.
Core Later Year Units
There is a core sequence of three units in later years in both statistics and econometrics. The statistics sequence is the units Regression Modelling, Generalised Linear Models and Design of Experiments and Surveys. The econometrics sequence is Econometric Methods, Econometric Modelling and Dynamic Econometrics. Both sequences introduce many of the important topics in the modern discipline. Two third year units, Managerial Decision Analysis, and Business and Economic Forecasting, form the core of the business statistics units.
Other Later Year Units
In second year, the unit Introductory Mathematical Statistics comprises basic distribution theory and inference. In third year, Graphical Data Analysis discusses the use of graphics in the presentation of the inferential analysis of data. Statistical Inference is a more advanced exposition of the mathematical techniques underlying statistical and econometric inference. Stochastic Modelling describes stochastic processes in both continuous and discrete time.
Statistics and Econometrics Majors
A Statistics or an Econometrics Major contains the respective core sequence. An additional third year unit from the department’s offerings is required to complete a major. A suitable unit for the more mathematical student contemplating honours or graduate study is Statistical Inference. Other students can choose from the remaining third year offerings.
Business Statistics Major
A Business Statistics Major will include specified units offered by the Departments of Statistics and Econometrics, and Commerce. It will include two of the third year units; Business and Economic Forecasting, Design of Experiments and Surveys, Generalised Linear Models, Graphical Data Analysis, Managerial Decision Analysis, and Statistical Inference.
Honours units
Students are able to take a degree with honours in Statistics or Econometrics in the Faculties of Economics and Commerce, Arts and Science. Attainment of a satisfactory level in second and third year units is required before admission to the honours year.
DEGREE REQUIREMENTS
Note that the degree requirements have changed for 1999. Re-enrolling students should be aware that transitional arrangements are in operation for 1999. A detailed information guide is available from the Faculty Office.
Bachelor of Actuarial Studies (BActS)
(Course code 3401)
The Bachelor of Actuarial Studies degree requires completion of 144 credit points including:
1. 108 credit points taken from units listed in Schedule 1
2. Not more than 48 credit points at 1000 level
3. The compulsory units:
(a) Economics 1 [(P) or (H)]
(b) Microeconomics 2 [(P) or (H)]
(c) Macroeconomics 2 [(P) or (H)]
(d) Financial Accounting Fundamentals
(e) Accounting and Financial Management
(f) Mathematics AA1
(g) Mathematics AA2
(h) the professional units consisting of:
(i) the following units:
4. In the combined degree course Bachelor of Actuarial Studies/Bachelor of Economics, Econometric Methods cannot be taken in satisfying the requirements of paragraph 3(i).
Bachelor of Commerce (BComm)
(Course code 3400)
The Bachelor of Commerce degree requires completion of 144 credit points including:
1. At least 96 credit points taken from units listed in Schedule 1
2. Not more than 60 credit points at 1000-level with not more than 12 of these points from units not listed in Schedule 1
3. The following compulsory units, unless already taken as part of a major under paragraph 4:
(a) Financial Accounting Fundamentals
(b) Accounting and Financial Management
(c) Introduction to Commercial Law
(d) Business Information Systems
(e) Quantitative Methods for Business and Economics 1
(f) Quantitative Methods for Business and Economics 2
(g) Economics 1 [(P) or (H)]
4. One major taken from Schedule 3
5. In the combined degree course Bachelor of Commerce/Bachelor of Laws, an exemption is given from the requirement in paragraph 3(c) and in its place a unit(s) from Schedule 1 to the value of six credit points must be substituted.
6. In the combined degree course Bachelor of Commerce/Bachelor of Information Technology:
(a) The following units from Schedule 1 cannot be included in satisfying the requirements of paragraph 1:
(i) Econometric Methods
(ii) Information Systems Analysis
(iii) Information Systems Management
(iv) Information Systems Project
(v) Regression Modelling
(b) The major in Business Information Systems cannot be taken in satisfying the requirements of paragraph 4.
7. In the combined degree course Bachelor of Commerce/Bachelor of Engineering, the major in Business Information Systems cannot be taken in satisfying the requirements of paragraph 4.
Bachelor of Economics (BEc)
(Course code 3200)
The Bachelor of Economics degree requires completion of 144 credit points including:
1. At least 96 credit points taken from units listed in Schedule 1
2. Not more than 48 credit points at 1000-level
3. The compulsory major in economics comprising:
(a) Economics 1 [(P) or (H)]
(b) Microeconomics 2 [(P) or (H)]
(c) Macroeconomics 2 [(P) or (H)]
(d) Microeconomics 3
(e) Macroeconomics 3
4. The second compulsory major comprising:
(a) Quantitative Methods for Business and Economics 1
(b) Quantitative Methods for Business and Economics 2
(c) Econometric Methods
(d) International Economics
(e) Units from Schedule 2 to a total value of at least 12 credit points
5. An approved unit in the subject of Economic History from Schedule 1 of a value of at least 6 credit points.
6. In the combined degree course Bachelor of Economics/Bachelor of Information Technology, the following units from Schedule 1 cannot be taken in satisfying the requirements of paragraph 1:
(i) Business Information Systems
(ii) Information Systems Analysis
(iii) Information Systems Management
(iv) Information Systems Project
(v) Introduction to Commercial Law