General
The Graduate Diploma in Economic Studies is aimed at graduates of disciplines other than economics and commerce, graduates who have taken only the equivalent of first-year economics or economics/commerce graduates of more than ten years standing. Specialisations in economics, econometrics and economic history are available. Students who achieve a high standard will be able to progress to graduate work.
Course objectives
On completion of the course students should:
* have supplemented their undergraduate qualifications with a substantial knowledge of the economic principles, the quantitative methods, and the logical processes necessary for analysing the forces that govern the behaviour of households, business enterprises, governments and the economy as a whole;
* have an understanding of the issues underlying major economic policy decisions and an ability to apprise the implications of those decisions for their own organisations;
* have developed an ability to apply their theoretical training effectively to the solution of practical problems in the wide range of decision-making environments and the wide range of careers that are open to graduates in business, the public sector, and the professions;
* be able to communicate effectively in their areas of expertise, both orally and in writing;
* have had the opportunity to develop the skills, knowledge and motivation necessary for postgraduate study;
* have developed specialised skills and knowledge in one or more of the areas of specialisation available - economics, econometrics, or economic history.
Entrance requirements
Admission to the course is open to candidates with a good first degree. It is preferred that applicants have successfully completed Year 12 mathematics or equivalent. For the econometrics specialisation it may be necessary for students without a tertiary background in statistics to undertake the first-level statistics subject prior to entry to the course.
Duration
Normally one year full-time, or equivalent part-time. Initially the course may need to be taken over three semesters due to the sequential nature of some subjects.
Credit for work previously undertaken
Substitutions rather than course credits are the rule. Students who have passed subjects with content and standard similar to those of the four core subjects within the economics and economic history specialisations are expected to substitute other subjects; for example, for a person with a mathematics/statistics background it may be appropriate to substitute a higher-level econometrics subject for ECM4440 or ECM4451/2 or both. It is assumed that students who have already passed subjects of a content and standard similar to that of the other four subjects would not normally wish to enrol in the diploma, but if there should be such students, a similar substitution rule will apply. Substitution is only available for subjects completed within the previous ten years.
Course structure
The course consists of eight semester-length subjects.
Economics specialisation
1 Four core subjects:
* ECO4610 Microeconomics
* ECO4620 Macroeconomics
* ECM4440 Economic statistics
* ECM4451/2 Business and economic statistics (sequence as appropriate)
Due to the sequential nature of ECM4440 and ECM4451/2, students will not be able to take all the first four subjects in the first semester of their course. Together with the background required for the other subjects, this implies that a student with no prior economics or statistics may need to take more than two semesters to complete the course.
2 At least two of the following:
* ECO3010 Current issues in economic policy
* ECO3660 Monetary economics
* ECO3680 Economic growth
* ECO3690 International economics
* ECO3710 Labour economics
* ECO3810 Public finance
3 Not more than two other third or second-year subjects taught by the departments of Economics or Econometrics (Clayton) and available in the Bachelor of Economics degree, of which not more than one may be from outside the Department of Economics or from second year.
Economic history specialisation
1 As for the economics specialisation
2 At least three of the following:
* ECO2500/ECO3500 Imperialism and development in Asia
* ECO2510/ECO3510 Australian economic history
* ECO2520/ECO3520 Rise of capitalism
* ECO2530/ECO3530 Economic history of Victoria
* ECO2540/ECO3540 American business history
* ECO2550/ECO3550 Business in Asia
* ECO2560/ECO3560 European economic history since 1945
* ECO3570 The international economy since 1945
only one of which may be a second-year subject.
3 Not more than one other second or third-year subject taught by the Department of Economics or Econometrics (Clayton) and available in the Bachelor of Economics degree.
Econometrics specialisation
1 Four subjects from the following, at least one being selected from those starred:
* ECM2400 Econometrics*
* ECM2420 Survey methods and managerial statistics
* ECM2450 Applied forecasting for business and economics
* ECM2480 Decision models for managers
* ECM3400 Econometric theory*
* ECM3410 Applied econometrics
* ECM3430 Applied econometric modelling
* ECM3450 Time series analysis for business and economics
* ECM3460 Financial econometrics
* ECM3480 Decision analysis for managers
2 At least two subjects from:
* Second or third-year subjects taught by the Department of Economics (other than ECO2020 (Microeconomics) and ECO2030 (Macroeconomics))
* ECO4610 Microeconomics
* ECO4620 Macroeconomics
Students whose qualifying degree is in economics may, with the permission of the head of the Department of Econometrics, substitute other subjects for the two economics subjects.
3 Two subjects from the preceding lists or from second and third-year subjects available in the Bachelor of Economics degree.
Progression to Graduate Diploma in Economics
Students who achieve an average of 65 marks in the Graduate Diploma in Economic Studies may be invited to progress to the Graduate Diploma in Economics.