Areas of study by faculty: Business and Economics

Knowledge and understanding of accounting is an essential requirement for successful management. The wide range of accounting units offered by the Department of Accounting caters for aspirants seeking success in the accounting profession; and others, majoring in related disciplines, seeking to be competent users of accounting reports. The area of study includes units which concentrate attention on the preparation and audit of financial reports for managers, owners and other interested parties. Validated and effective financial reports enable performance measurement and control of individuals within teams, corporations, non-government organisations, governments and other entities.

Availability

Accounting is offered in the Bachelor of Business Science at Monash South Africa as a major.

Outcomes

In addition to achieving the broad outcomes of their course broadly, students successfully completing this major will be able to:

• integrate, and critically apply, theoretical and technical accounting knowledge and skills to solve routine accounting problems.

This program provides doctoral (PhD) students with the opportunity to focus on developing knowledge and expertise in their chosen discipline, as well as developing professional skills that will support their career ambitions.

Each student's research will be supported by the development of a range of skills that will help them to become more efficient researchers, ultimately improving the quality of the research and developing generic/transferable skills of value to prospective employers.

Offered by the Department of Accounting, and the School of Business (Malaysia). This program is also applicable to students studying externally.

Actuaries identify, analyse and assess risk. They determine the likelihood of economic or property losses such as those that occur during natural disasters and calculate insurance premiums that allow individuals, business and governments to insure against these risks. Actuaries do this by applying the concepts of mathematics and statistics to real life scenarios.

This program provides doctoral (PhD) students with the opportunity to focus on developing knowledge and expertise in their chosen discipline, as well as developing professional skills that will support their career ambitions.

Each student's research will be supported by the development of a range of skills that will help them to become more efficient researchers, ultimately improving the quality of the research and developing generic/transferable skills of value to prospective employers.

This program is offered by the Department of Banking and Finance, and is also applicable to students studying externally.

An understanding of how people and organisations behave is important for career success. This major brings together expertise from economics, management, marketing and psychology to provide an in-depth, multidisciplinary approach to a study of the concepts that will provide the knowledge and skills to enable graduates to seek employment in a wide range of fields.

Availability

Behavioural commerce is listed in the Bachelor of Commerce at Clayton as a major.

Outcomes

In addition to achieving the broad outcomes of their course, students successfully completing this major will be able to:

• use psychology to help explain the behaviour of key stakeholders in the economy, including consumers, producers and managers in organisations such as firms, corporations and the public sector.

This program provides doctoral (PhD) students with the opportunity to focus on developing knowledge and expertise in their chosen discipline, as well as developing professional skills that will support their career ambitions.

Each student's research will be supported by the development of a range of skills that will help them to become more efficient researchers, ultimately improving the quality of the research and developing generic/transferable skills of value to prospective employers.

This program is also applicable to students studying externally.

Business management emphasises the practical application of management knowledge and concepts within organisations. The major develops students' management decision-making capacity to improve organisational performance. Business management particularly enhances students' knowledge of, and skills for, managing communication, organisational change, and business strategy. The business management major prepares students for managerial roles within organisations in the private, public and not-for-profit sectors.

Availability

Business management is listed in the Bachelor of Business at Caulfield as a major or minor.

Outcomes

In addition to achieving the broad outcomes of their course, students successfully completing this major will be able to:

• understand the importance, nature and consequences of business management decision-making in organisations.

Business management and strategy emphasises multi-disciplinary decision-making to resolve organisational challenges and achieve strategic goals. The major develops and critically examines management and strategic practices within organisations to generate solutions. Business management and strategy especially develops students' business problem-solving capacity for cross cultural, project and innovation management, as well as corporate governance and ethical business strategy. The major prepares students for managerial roles within organisations in the private, public and not-for-profit sectors.

Availability

Business management and strategy is listed in the Bachelor of Business at Peninsula as a major or minor.

Outcomes

In addition to achieving the broad outcomes of their course, students successfully completing this major will be able to:

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produce professional and persuasive solutions for current and future business management and strategic challenges

Business statistics involves the extraction of information from data. It comprises a set of tools for analysing data using economic theories or computer-based statistical models. Statistical and econometric analysis provides informed support for business and economic decision-making.

Availability

Business statistics is listed in the Bachelor of Business at Caulfield as a major or minor.

Outcomes

In addition to achieving the broad outcomes of their course, students successfully completing this major will be able to:

• forecasting techniques in a business environment.

Business, ethics and society investigates and activates the role of business as ethical and social leaders. The specialisation equips students with an understanding of the theoretical foundations and practical issues of internal and external ethical and societal forces that businesses face, respond to and activate. Business, ethics and society especially develops students' critical engagement and leadership capabilities to manage diversity, inclusiveness, and work and life. These capacities are developed within a strong context of ethics and corporate responsibility, and the domestic and international environments in that organisations operate. The specialisation prepares students for active managerial roles within organisations in the private, public and not-for-profit sectors.

Commercialisation is the process or cycle of introducing a new product or production method into the market. The commercialisation process or cycle can be applied in many different contexts, including: art, design, and architecture; arts and humanities; business and economics; education; engineering; information technology; law; medicine, nursing and health sciences; pharmacy and pharmaceutical sciences; and science and technology. The specialisation provides a comprehensive business-focused setting to help students develop the necessary business and entrepreneurial acumen and commercialisation knowledge to succeed. Commercialisation especially develops students' new venture finance, patenting, innovation, and wealth pathways skills and knowledge. The specialisation prepares students, particularly facilitated by the commercialisation project, for commercialisation and entrepreneurial roles within organisations in the private, public and not-for-profit sectors.

Diplomacy and trade provides formal academic study across a range of disciplines relevant to the needs of organisations operating in the global environment. It provides high-level training in the fields of diplomacy, economics, law and contemporary politics. The s specialisation is aimed at recent graduates who hope to work in the public and private sectors, and those who presently work in these sectors, and wish to increase their understanding of the international environment. It is designed for graduates to work in the government sector, implementing and providing policy advice on foreign affairs, trade, and business-related issues. In the private domain, the course is designed for individuals who are operating, or looking to work, in an international capacity in both the corporate or not-for-profit sector.

This program provides doctoral (PhD) students with the opportunity to focus on developing knowledge and expertise in their chosen discipline, as well as developing professional skills that will support their career ambitions.

Each student's research will be supported by the development of a range of skills that will help them to become more efficient researchers, ultimately improving the quality of the research and developing generic/transferable skills of value to prospective employers.

This program is also applicable to students studying externally.

Economics provides an advanced knowledge of the theories explaining and analysing the production, distribution, and consumption of goods and services and focuses on how individuals, households, firms and governments interact and how economies work. Microeconomics examines the behaviour of buyers and sellers in the economy, while macroeconomics analyses the entire economy and issues affecting it, including unemployment, inflation, economic growth, and monetary and fiscal policy.

Availability

Economics is offered in the Bachelor of Business Science at Monash South Africa as a major.

Outcomes

In addition to achieving the broad outcomes of their course broadly, students successfully completing this major will be able to:

• have an in-depth knowledge of economic theories, analytical tools, and modelling techniques to a range of contexts.

Economics considers how to allocate scarce resources to maximise people's welfare. Microeconomics examines decisions of individuals, business and government, and the structure of industries and markets. Macroeconomics examines behaviour of the economy as a whole, such as economic growth, inflation and unemployment. Understanding these drivers allows managers to set business and government strategy.

Availability

Economics and business strategy is listed in the Bachelor of Business at Caulfield as a major or minor.

Outcomes

In addition to achieving the broad outcomes of their course, students successfully completing this major will be able to:

• demonstrate an understanding of core economic theories; and be able to apply economic analysis and the economic way of thinking to assist decisions in specific business strategy contexts.

The specialisation in economics and economic policy provides an advanced knowledge of the theories explaining and analysing the production, distribution, and consumption of goods and services and focuses on how individuals, households, firms and governments interact and how economies work, with an emphasis on economic policy. Microeconomics examines the behaviour of buyers and sellers in the economy, from the microeconomic policy perspective; while macroeconomics analyses the entire economy and issues affecting it, including unemployment, inflation, economic growth, and monetary and fiscal policy, helping to predict economic fundamentals and provide macroeconomic policy advice.

This program provides doctoral (PhD) students with the opportunity to focus on developing knowledge and expertise in their chosen discipline, as well as developing professional skills that will support their career ambitions.

Each student's research will be supported by the development of a range of skills that will help them to become more efficient researchers, ultimately improving the quality of the research and developing generic/transferable skills of value to prospective employers.

This program is also applicable to students studying externally.

If you are interested in how the economy and the financial world impact each other, a major in finance and economics will give you the answers. Professionals with skills in these two related areas are an asset to businesses, as they understand the foundations of accounting systems, financial markets and investments, as well as monetary policy, economics and business modelling.

The fortunes of a business can quickly turn around if it does not pay proper attention to the laws that regulate its organisation and activities. The law provides the framework for all aspects of business from the internal management of business organisations to their relationships with clients, consumers and the public. The units in this specialisation provide students with an understanding of the legal framework within which business operates and the fundamental laws that regulate business activities and transactions, with particular emphasis on how legal and social responsibility considerations should impact business decision-making.

Management emphasises the development of conceptual frameworks and their application to complex management issues in a broad range of organisations, professions, and institutional contexts. Management will enhance your capacity to understand and interpret the assumptions behind and practical implications of different schools of thought in management theory, organisational behaviour, and strategic management. A management major will prepare you for professional and managerial roles within a range of occupations and industries.

Availability

Management is offered in the Bachelor of Business Science at Monash South Africa as a major.

Outcomes

In addition to achieving the broad outcomes of their course broadly, students successfully completing this major will be able to:

• construct conceptual management frameworks and use these to analyse and influence the resolution of complex issues in business, government and the professions.

This program provides doctoral (PhD) students with the opportunity to focus on developing knowledge and expertise in their chosen discipline, as well as developing professional skills that will support their career ambitions.

Each student's research will be supported by the development of a range of skills that will help them to become more efficient researchers, ultimately improving the quality of the research and developing generic/transferable skills of value to prospective employers.

This program is also applicable to students studying externally.

Management studies emphasises the development of conceptual frameworks and their application to complex management issues in a broad range of organisations, professions, and institutional contexts. Management studies will enhance your capacity to understand and interpret the assumptions behind and practical implications of different schools of thought in management theory, organisational behaviour, and strategic management. A management studies major will prepare you for professional and managerial roles within a range of occupations and industries.

Availability

Management studies is listed in the Bachelor of Commerce at Clayton as a major or minor.

Outcomes

In addition to achieving the broad outcomes of their course, students successfully completing this major will be able to:

• construct conceptual management frameworks and use these to analyse and influence the resolution of complex issues in business, government and the professions.

Managing human capital is the recognition of people as valuable contributors, and the systems and operations for investing in people to enhance their contributions. The specialisation equips students with an understanding of the theoretical foundations and practical issues of managing and developing people within an international context. Managing human capital develops students' strategic and operational people management knowledge and skills, particularly for diverse, inclusive, and productive workplaces. This specialisation prepares students for careers in human resource management, industrial relations, consulting, public sector management, and general people management roles.

Marketing is the process of creating, communicating, delivering and exchanging offerings that have value for customers. The major in marketing will provide you with valuable insight and background into the principal activities of marketing for use in any part of an organisation. By focusing on a particular area of marketing you will equip yourself with the skills and knowledge that will allow you to find your niche within the broadest possible spectrum of roles.

Availability

Marketing is offered in the Bachelor of Business Science at Monash South Africa as a major.

Outcomes

In addition to achieving the broad outcomes of their course broadly, students successfully completing this major will be able to:

• demonstrate knowledge and skills that contribute to marketing decisions and be capable of responding to marketing challengesert outcomes

An understanding of marketing and marketing communication is essential for businesses to respond to customers (and other stakeholders) in an increasingly dynamic business environment. Graduates with skills in marketing and communication are now in high demand by commercial and not-for-profit organisations. This major has a strong applied focus.

Availability

Marketing and communication is listed in the Bachelor of Business at Peninsula as a major or minor.

Outcomes

In addition to achieving the broad outcomes of their course, students successfully completing this major will be able to:

• draw upon marketing theory, practical experience, and teamwork skills, to contribute to contemporary marketing challenges and decision making in profit and not-for-profit contexts.

This program provides doctoral (PhD) students with the opportunity to focus on developing knowledge and expertise in their chosen discipline, as well as developing professional skills that will support their career ambitions.

Each student's research will be supported by the development of a range of skills that will help them to become more efficient researchers, ultimately improving the quality of the research and developing generic/transferable skills of value to prospective employers.

This program is offered by the Department of Marketing, and the School of Business (Malaysia), and is also applicable to students studying externally.

Identifying and satisfying customer needs profitably form the basis of marketing. It includes creating, communicating, delivering and exchanging goods and services that have value to customers and, often, building strong relationships between an organisation and its customers. It can include market research, product development and communication strategies as well as product delivery logistics.

By studying marketing you will not only grasp deep marketing theory, but also have the capacity to analyse and solve business challenges that require marketing input. You will also be able to formulate marketing outcomes to achieve broad organisational objectives. By understanding marketing's contribution to the firm you will be able to perform a variety of roles in any industry.

Availability

Marketing science is listed in the Bachelor of Commerce at Clayton as a major or minor.

Outcomes

In addition to achieving the broad outcomes of their course, students successfully completing this major will be able to:

• analytically demonstrate the contribution of marketing to the formulation and implementation of effective business strategies.

The economic system is too complex to be analysed descriptively. Most economic decisions require strategic thinking, prediction of expected responses corresponding to each decision and the modelling of complex interactions among multiple economic agents. Mathematical modelling of economic interactions and the use of econometric techniques to evaluate the validity of these models using observed data, have transformed economics into a scientific discipline. This specialisation will be attractive to students with well-developed analytical abilities. Students will use mathematics to learn principles of economics, and to develop skills to formulate economic theories in a mathematical form that can be confronted by data. They will also learn econometric methods that enable them to estimate and test these models using empirical evidence and to quantify economic predictions.

A project is a collection of activities and resources undertaken to achieve planned objectives, which could be defined in terms of time, quality and cost or economic outcomes. Project management is the process of ensuring defined goals are achieved in relation to a project. This specialisation provides graduates with the knowledge, technology and processes employed in project management that allow them to pursue such professional roles in industry and government. This specialisation will provide graduates with an understanding and ability to apply the theories and concepts of project management, and will assist in a variety of roles in industry or government. Graduates will be able to analyse requirements for the management of given projects, identify the applicable methods and develop innovative project management strategies and processes.

Students will be provided with advanced quantitative skills required to carry out statistical analysis in business, economics and finance. They will also develop skills to report on the findings of their quantitative analysis.

Risk is defined by AS/NZS ISO 31000: 2009 as 'the effect of uncertainty on objectives'. The management of risk is an evolving discipline that builds on current knowledge in a diverse range of activities. The risk management specialisation focuses on operational and financial risk in today's commercial world. It provides extended skills in the strategic and process applications of risk management and prepares for the increasingly complex risk management issues faced in many areas of business and government. It prepares graduates for roles that are required to address business, insurance and financial risk. The range of units undertaken will greatly assist those seeking employment in managerial positions where risk management is an expanding field of practice.

This program provides doctoral (PhD) students with the opportunity to focus on developing knowledge and expertise in their chosen discipline, as well as developing professional skills that will support their career ambitions.

Each student's research will be supported by the development of a range of skills that will help them to become more efficient researchers, ultimately improving the quality of the research and developing generic/transferable skills of value to prospective employers.

This program is offered by the Centre for Health Economics, and the School of Business (Malaysia), and is also applicable to students studying externally.

Sport is an important part of modern society, from a cultural and economic perspective. The Sports management major develops students' awareness and knowledge of a range of business disciplines that directly impact the success of sporting codes, competitions, organisations, teams, individuals and facilities. Sports management, as a practice will be considered in the context of government, not-for-profit, and professional organisations within the sports industry. The major prepares students for a career in a range of sport-related associations and business organisations, and focuses on the application of knowledge of management, marketing, economic, financial and legal principles in a sporting context. Students will also consider some of the unique aspects of the sports industry that makes sport management such a challenging and rewarding career.

Availability

Sports management is listed in the Bachelor of Business at Peninsula as a major or minor.

Outcomes

In addition to achieving the broad outcomes of their course, students successfully completing this major will be able to:

• use problem solving and strategic approaches, and interdisciplinary sports management knowledge to enhance sports organisation opportunities and performance.

Supply chain management involves the coordination of people, organisations, technologies and processes to ensure optimal supply of products and services. This specialisation develops students' capacity to design and optimise supply chains, and to manage them to achieve strategic business outcomes. Supply chain management enhances students' skills and knowledge in innovation and improvement, business optimisation, services and operations management, and sustainable operations management. The specialisation prepares students for careers in supply chain management roles in the private, public and not-for-profit sectors.

Taxation is generally considered a fundamental aspect of every consumer or business transaction. It is the main source of funding for government expenditure. This major encompasses an in-depth understanding of the core Australian taxation laws, with a particular focus on its application on business transactions and business structures that affect individuals, business and investors.

Some specific or additional units may be required for professional recognition by the Tax Practitioners Board (TPB). Please refer to the faculty Professional recognitionProfessional recognition (http://www.buseco.monash.edu.au/about/professional-recognition.html) page for more information.

Availability

Taxation is listed in the Bachelor of Business at Caulfield as a major or minor.

Outcomes

In addition to achieving the broad outcomes of their course, students successfully completing this major will be able to:

• appreciate the legal and commercial impacts of taxation and related fields on business decisions with a particular focus on Australia's federal system using case law and statute.