Interpreting the decisions of people, companies and governmentsEconomics

business.monash.edu

I chose my major straight away – I was sure that economics was right for me. I knew I was interested in understanding international affairs and I thought economics would give me the skills to analyse and understand different world events. I have always had a passion for international development, so economics offered me a tangible way of exploring relevant topics like disparity of wealth and uneven development. Stephanie KellyBachelor of Commerce/Bachelor of Arts. Majors: Economics and International Studies

Studying economics helps you develop logical and rigorous ways to think through problems and make informed decisions about the various economic issues we face every day. Economics helps you understand the costs and benefits of decisions made by individuals, organisations and governments — which are essential if you want to pursue a career in business. Most importantly, studying economics will give you a competitive edge in your business career by enabling you to imagine and think about the big picture.

Economics opens a world of opportunity

Studying economics at Monash Business SchoolMonash Business School is a great place to study economics — we are a world leader in research and teaching across a range of economic disciplines. We are ranked No.1 in Asia Pacific for experimental economics, cognitive and behavioural economics and health economics (RePEc). We’re also ranked 6th in the world for economics (RePEc) and were among the top 100 universities for business and economics according to the Academic Ranking of World Universities.

A qualification in economics from Monash Business School will be a huge plus in your career — whether you choose to work in accounting, finance, management, marketing or any other business area. It is a qualification recognised by employers across the globe and one that offers you a challenging and rewarding career.

Careers in economicsProfessional economists are employed as policy makers and researchers in the private and public sectors, and in international organisations. Graduates who specialise in economics often work in: banks and financial services firms; public opinion and marketing agencies; research units of private firms; government; academia; international organisations and welfare organisations.

Economics graduates are also suited for leadership positions in business and industrial organisations. It is also possible to combine economics with law and work in law firms or in the field of government regulation.

Many economics graduates join government agencies such as Treasury, the Reserve Bank, the Department of Foreign Affairs and Trade, the Australian Competition and Consumer Commission or the Productivity Commission. Others, who combine economics with majors in accounting, are employed in large accounting firms specialising in taxation or industry-specific issues.

High-profile Monash graduates who have degrees in economics include:— Gary Banks, Dean and CEO,

Australia and New Zealand School of Government (ANZSOG) and former Chairman of the Productivity Commission

— Terry McCrann, Associate Editor of Business at the Herald Sun Newspaper

— Simon Crean, Member of Parliament and former Leader of the Opposition

— Rhonda Galbally, former CEO, Victorian Health Promotion Foundation

— Margaret Jackson, Chairperson, Qantas Airways

— Ian MacFarlane, former Governor of the Reserve Bank of Australia

— Ross Oakley, former CEO of the Australian Football League

— Helen Silver, Chief General Manager Worker’s Compensation, Allianz, and former Secretary of the Department of Premier and Cabinet.

Monash Business School offers five different options if you’re interested in studying economics:

Bachelor of Economics (stream in Economics and Economic Policy)

Bachelor of Economics (stream in Mathematical Economics and Econometrics)

Bachelor of Business (major in Economics and Business Strategy)

Bachelor of Commerce (major in Economics)

Bachelor of Business Administration (stream in Finance and Economics)

Why study economics?Economics is the science of decision making. It is the key to unlocking how the world works. From the consumption of goods and services to changes in employment rates or impacts on living standards, economics is at the heart of how our society operates.

Our degrees and majors

If you want to pursue a career in economics you can choose to study our specialist Bachelor of Economics degree, or major in economics through our two comprehensive courses.

Bachelor of EconomicsIn this specialist degree you will have genuine depth of study across the field of economics. You will learn how to use economic theories and analytical tools to figure out how the economy is operating, and identify and communicate the impacts of government policies in both domestic and international environments. As part of this degree you will choose from two streams: Economics and economic policy or Mathematical economics and econometrics.

Location: Clayton campus

Economics and business strategy This major focuses on core economic principles and tools and how they apply to business environments. You’ll learn how to apply economic thinking and analysis in business-strategy and management contexts, and be able to apply economic principles to an organisation’s strategic development.

Offered in: Bachelor of Business

Location: Caulfield campus

EconomicsA major in Economics gives you knowledge of economic tools and analysis and teaches you how to apply both in business and policy environments. You’ll learn how individuals, households, firms and governments interact, and how economies work. You will explore a range of different issues such as labour, health care, poverty, financial investments, production, taxes and government expenditures, and learn how to assess and implement policy change.

Offered in: Bachelor of Commerce

Location: Clayton campus

Finance and economics (stream)This stream explores the interrelated disciplines of finance and economics, and will give you the high-level skills required to manage, organise and invest money. You will learn how to develop financial policies and products, and gain knowledge that will enable you to solve complex financial problems using economic models and techniques. Your studies will include asset and risk management, capital markets, stock portfolio, international finance, and forecasting and budgeting.

Offered in: Bachelor of Business Administration

Location: Berwick campus

Related majors

Economics is a diverse field with many branches and areas. If you’re interested in economics, you may also want to consider our related majors.

Behavioural commerceFor enterprises to be successful, companies and executives need to understand the motivations and mindsets of their consumers and competitors. A major in Behavioural Commerce gives you the skills and knowledge to use psychology to explain the behaviour of people and organisations in business environments. You will develop a strong understanding of commercial behaviour and decision-making processes, and how these affect the economy, corporations and the public sector.

Offered in: Bachelor of Commerce

Location: Clayton campus

SustainabilityActing sustainability and ethically is an important part of the ethos of many contemporary organisations. This major gives you the skills to deal with the complex economic, environmental and sustainability issues being addressed by corporations, government and the media. You’ll learn how to implement strategies and tools to improve business practices, and help organisations operate in a more sustainable way.

Offered in: Bachelor of Commerce

Location: Clayton campus

A world of opportunity

Economics as a double degree

Undertaking an elective in industry-based learning is a great way to put your studies into practice and learn valuable skills to assist in making you work-ready at the end of your studies.

There are a number of opportunities for economics students to take part in internship units and several firms that take on Monash students. Some of our students have interned at the Australian Competition and Consumer Commission, the Department of Treasury and Finance and the Reserve Bank of Australia, as well as at major consulting companies and banks in the private sector.

You can find out more about our internship programs at business.monash.edu

If you’re interested in a double degree in businessAt Monash Business School you can pair your Bachelor of Economics degree as a double degree with commerce, giving you the opportunity to explore a second or even third commerce discipline. Popular combinations include matching your economics degree with a commerce major in:

— Finance

— Marketing

— Management Studies

— Sustainability

There are nine majors to choose from, so any combination is possible.

If you’re interested in a double degree in another disciplineYou can also choose to pair a degree or major in economics as part of a double degree with another faculty in the university, such as Arts, IT, Education, Engineering, Law or Science.

Internships and industry-based learning

Economics gives you the tools and knowledge to understand the behaviours and decisions of people and governments. This broad discipline covers areas including experimental, health, behavioural and environmental economics.

Economics is a versatile degree, with skills that are relevant to every industry imaginable – which is why studying a degree or major in economics is a good complement to any double degree. Monash University has one of the largest double degree programs in the country, which means we have plenty of combinations that will benefit your economic studies.

For more information visit our website business.monash.edu

“When I enrolled at Monash Business School I knew I wanted to study Economics and Finance. Economics teaches you to understand how people make decisions and how the world around us works. I am really interested in the data and econometric side of economics, and I know that my economic training will give me the means to properly interpret my results and link them to the wider world.”

“Initially, I enrolled in a business degree with a major in business law and a minor in economics, but after realising I could study a second major, I decided to focus more units towards economics. The two are a great match, and mix my love for the challenges of legal frameworks with the theory and realities of how our economy works.”

“When I first started I had no idea what I wanted to major in, I just knew I wanted to study business. In my first semester I discovered microeconomics and I knew I had found my passion. I’m thoroughly enjoying learning the microeconomic theory that impacts the economics behind individual firms and markets, and the clear link of the theoretical application to real-life situations. I’m hoping to turn my passion into a career in business strategy and development.”

Sonia Sadrani

Course: Bachelor of Business

James Maine

Course: Bachelor of Commerce/ Bachelor of Economics

Jozh Ternola

Course: Bachelor of Business

What our students say...

The information in this brochure was correct at time of publication (August 2015). Monash University reserves the right to alter this information should the need arise. You should always check with the relevant Faculty office and Monash website when considering a course. CRICOS Provider: Monash University 00008C