This course provides professional education for those wishing to become actuary, economic or finance professionals. It has a strong emphasis on developing analytical skills and offers a solid grounding and professional competence in the aspects of commerce required for careers in the corporate sector, government and the professions. There are four specialisations in the course:
- Actuarial science
- Economics and economic policy
- Mathematical economics and econometrics.
The course allows you to focus your studies from the start, blending a conceptual theoretical framework with practical applications and covers broad discipline material through to more specialised discipline requirements. You will graduate with one of three awards.
Actuarial Science will prepare you for a career as an actuary. To provide professional actuarial advice in Australia and in most other developed countries, you must become a fellow of the local actuarial profession. This involves developing basic technical skills, learning how to apply these skills in a general setting, developing deep specialist knowledge and completing a professional course following two years' relevant work experience. Students will have the opportunity to gain industry-based experience as part of this specialisation. Graduates will be able to seek employment in international finance and business fields dealing with life, general or health insurance, superannuation, risk management and financial consulting. Many actuaries and actuarial graduates work on investment operations for asset managers, brokers and banks. There are a range of government-related jobs in regulatory control, workers' compensation, education and others. Some actuaries work with large companies on long-term strategic planning.
Economics is the science of allocating scarce resources to maximise people's welfare. Economists study both the microeconomic decisions of individuals, business and government, and the macroeconomic behaviour of the economy as a whole. Two specialisations provide a professional education in economics: economics and economics policy, and mathematical economics and econometrics. Both specialisations are designed to encourage logical thought and detailed analysis of economic issues that can be adapted to a range of careers.
The finance specialisation offers you the opportunity to complete a professional, highly focussed qualification in finance. It is quantitatively oriented and provides both depth and breadth in finance. You will learn about and apply theory and concepts in finance to enable you to critically evaluate and make decisions regarding capital investment, mergers and acquisitions, foreign exchange, valuation of financial securities and firms, money market dealing, financial forecasting, bonds and stocks and gain a comprehensive exposure to options, future and other derivatives. With this qualification you can aspire to a large number of roles in finance, including group finance director, commodities trader, derivatives trader, investment banker, project finance analyst, trade finance specialist, stockbroker, chief financial officer, mergers and acquisitions specialist, commercial banker, credit analyst, risk manager, corporate finance analyst, finance director, investment advisor, derivative or commodities trader, investment banker or corporate treasurer.
Some specific or additional units may be required for professional recognition. Refer to the Faculty professional recognition pageFaculty professional recognition page (https://business.monash.edu/the-school/partnerships-and-advisory-boards/professional-recognition) for more information regarding accreditation for each of these specialisations.
The Bachelor of Commerce Specialist course can be taken in combination with each the following courses:
- Bachelor of Arts
- Bachelor of Commerce
- Bachelor of Computer Science
- Bachelor of Engineering (Honours)
- Bachelor of Information Technology
- Bachelor of Science.
Completing a double degree course will allow you to graduate with two awards; your specialist commerce degree (the Bachelor of Actuarial Science, Bachelor of Finance or Bachelor of Economics) and the degree awarded by the partner course. The requirements for the award of each of the specialist degrees are the same whether the award is earned through a single or double degree course. Students should refer to the course entry for the partner course and the course mapcourse map (http://www.monash.edu.au/pubs/2017handbooks/maps/) for the double degree.
- Actuarial science
- Economics and economic policy
- Mathematical economics and econometrics
These course outcomes are aligned with the Australian Qualifications Framework level 7 and Monash Graduate AttributesAustralian Qualifications Framework level 7 and Monash Graduate Attributes (http://www.monash.edu.au/pubs/handbooks/alignmentofoutcomes.html).
Upon successful completion of this course it is expected that you will be able to:
- be critical and creative scholars who:
- produce innovative solutions to problems
- apply research skills to business challenges
- communicate effectively and perceptively
- be responsible and effective global citizens who:
- engage in an internationalised world
- exhibit cross cultural competence
- demonstrate ethical values
- demonstrate broad knowledge and technical skills in the area of their specialisation and be able to provide discipline based solutions relevant to the business, professional and public policy communities that we serve, in particular:
- actuarial science graduates will:
- be able to identify, analyse and quantify risk and opportunity using mathematical, econometric and financial analyses in a wide range of business settings
- economics graduates in the economic and economic policy specialisation will:
- have an extensive knowledge of both economic theories and additional fields of specialisation, including mathematical modelling and/or econometrics, with an emphasis on applying core economic theories and analytical tools to economic policy outcomes
- economics graduates in the mathematical economics and econometric specialisation will:
- have acquired the ability to formulate testable economic propositions in diverse and complex economic settings and to evaluate the empirical validity of such propositions
- finance graduates will:
- be to able to analyse and interpret financial data, demonstrate the use of fundamental financial models and empirical techniques and formulate and present investment and financing decisions and justifications thereof, to comply with the Australian Business Dean's Council endorsed Finance Learning Standards of knowledge, application, judgement, communication and teamwork and reflection
- construct conceptual frameworks and use these to analyse complex issues in the corporate sector, government and the professions.
The course develops through the four themes of foundation commerce knowledge, specialist discipline knowledge, capstone experience, and elective study.
Part A. Foundation commerce knowledge
These units will provide you with a comprehensive study of economics and econometrics disciplines and the impact they have on multi-discipline decision-making in organisations. The units consider the impact on the business, professional and public policy communities.
Part B. Specialist discipline knowledge
These units will develop your capacity as a critical and creative professional who is able to apply your knowledge of a specialised area to provide discipline based solutions to commerce. Units contained within the discipline specialisation may meet the requirements for professional accreditation bodies.
Part C. Capstone experience
The capstone unit is designed to consolidate the knowledge and skills acquired throughout the study of your specialisation.
Part D. Elective study
This will enable you to further develop your knowledge of your specialisation, or commerce more broadly, or to select any units from across the University in which you are eligible to enrol including to complete a major or minor from another course.
For students in a double degree courses, these elective units are used in fulfilling part of the requirements of the other course.
The course comprises 144 points, of which 96 points must be focussed on commerce study and 48 points are used to provide additional depth or breadth.
The course develops through three themes: Part A. Foundation commerce knowledge (24 points), B. Specialist discipline knowledge and Part C. Capstone experience (72 points), and Part D. Elective study (48 points).
Elective study may be at any level but in choosing your units, note that no more than 10 units (60 points) at level 1 can be credited to your commerce specialist degree and a minimum 36 points must at level 3, of which at least 24 points of level 3 units must be from those offered by the Faculty of Business and Economics at the Clayton campus.
The course progression mapcourse progression map (http://www.monash.edu.au/pubs/2017handbooks/maps/map-b2004.pdf) will assist you to plan to meet the course requirements, and guidance on unit enrolment for each semester of study.
Units are 6 points unless otherwise specified.
Part A. Foundation commerce knowledge (24 points)
All students complete:
- ECC1000 Principles of microeconomics
- ECC1100 Principles of macroeconomics
- ETC1000 Business and economic statistics
- ETC2410 Introductory econometrics
Part B. Specialist discipline knowledge and Part C. Capstone experience (72 points)
Students complete the specialist discipline knowledge and capstone experience requirements for one of the following specialisations:
Part D. Elective study (48 points)
These are free elective units and may be used to develop further depth and breadth in commerce or could be units chosen from other business areas or study or from across the University (including to complete a major or minor from another course), so long as you have the prerequisites and there are no restrictions on admission to the units. The units may be at any level, however, no more than 10 units (60 points) are to be completed at level 1 in the course.
Enrolment in Faculty of Business and Economics units at campuses other than your campus of enrolment is subject to there being spare capacity after students from that campus have enrolled. You should also be aware of travel and timetabling limitations.
Free electives can be identified using the browse unitsbrowse units (http://www.monash.edu.au/pubs/handbooks/units/search) tool and indexes of unitsindexes of units (http://www.monash.edu.au/pubs/handbooks/units/) in the current edition of the Handbook. MajorsMajors (http://www.monash.edu.au/pubs/handbooks/aos/index-bydomain_type-major.html) and minorsminors (http://www.monash.edu.au/pubs/handbooks/aos/index-bydomain_type-minor.html) can also be identified using the Handbook indexes. The level of the unit is indicated by the first number in the unit code; undergraduate units are those that commence with the numbers 1-3. You may need permission from the owning faculty to enrol in some units taught by other faculties.
For students in double degree courses, some units required for the other degree can also be credited as electives towards the commerce specialist degree.
Progression to further studies
Students successfully completing any of the specialisations in the Bachelor of Commerce Specialist may proceed to a one year honours program leading to B3701 Bachelor of Commerce (Honours). Applicants must have completed a bachelor degree, with a specialisation in the related discipline and have achieved a distinction grade average (70 per cent) or above in 24 points of studies in relevant discipline units at level 3. In addition, some fields require particular units to be taken for admission to honours.