Master of Applied Economics and Econometrics - 2018

This course provides professional education for those wishing to become economic or econometric professionals. It has a strong emphasis on developing analytical skills and offers a solid grounding and professional competence in aspects of commerce required for careers in the corporate sector, government and the professions.

The course will enable you to build a high level of expertise in one of the following specialisations:

• Applied econometrics
• Applied economics and econometrics
• Business economics.

The course allows you to focus your studies from the start, blending a conceptual theoretical framework with practical applications and covers basic discipline material through to more specialised discipline requirements.

Applied econometrics provides students with coursework and research components, and equips them with the required skills in econometric techniques and research experience, to undertake major applied econometric projects. Students will engage in a comprehensive curriculum across applied econometrics, time series analysis, financial econometrics, macro-econometrics and micro-econometrics, and they will develop skills to design and implement applied econometric projects for the government and business sectors. Equally this program may be used to prepare high performing students for a subsequent PhD program.

Applied economics and econometrics provides students with advanced knowledge in microeconomics, macroeconomics and econometrics (theory, methods and applied). Through a core research element in applied economics, students will learn to use economic or related theory and econometric models for assessing economic and public policies. Students will have required knowledge and research experience to seek jobs in the private, public or institutional sector as economists.

Business economics provides students with an advanced theoretical understanding of economics and its application to government and business decision-making. It is designed for early career economists and recent economics graduates who want to develop their expertise in applied economic tools and to undertake independent research. It is ideal if you are looking to extend your knowledge of economic analysis in the global economy, and focuses on areas of business strategy, competition policy, economic policy, project evaluation, pricing and risk and regulation.

Specialisations

Applied econometrics

The specialisation in applied econometrics provides specialist knowledge, tools and skills to enable econometric and statistical analyses required in the business, economics and finance sectors.

Applied economics and econometrics

The specialisation in applied economics and econometrics provides specialist knowledge, tools and skills in economics and econometrics to address important economic policy questions.

Business economics

The specialisation in business economics provides an advanced knowledge of the theories explaining and analysing economic policies - focusing on how individuals, households, firms and governments interact and how economies work, with an emphasis on economic regulation and policy.

These course outcomes are aligned with the Australian Qualifications Framework level 9 and Monash Graduate AttributesAustralian Qualifications Framework level 9 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:

1. be critical and creative scholars who:
   • produce innovative solutions to problems
   • apply research skills to business challenges
   • communicate effectively and perceptively
2. be responsible and effective global citizens who:
   • engage in an internationalised world
   • exhibit cross cultural competence
   • demonstrate ethical values
3. 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:
   • Applied econometrics graduates demonstrate specialist knowledge of modern econometric techniques needed for empirical or methodological research to pursue a career in government or business, and develop the essential postgraduate skills to possibly pursue a higher-degree-research program.
   • Applied economics and econometrics graduates demonstrate specialist knowledge in subjects related to economics and econometrics in order to progress towards professional careers in private, public or institutional sector as economists or consultants.
   • Business economics graduates will have an extensive knowledge of both economic theories and their applications in the real world. Graduates will have the skills in mathematical modelling and/or econometrics, with an emphasis on applying core economic theories and analytical tools to economic policy outcomes.
4. have advanced knowledge to master's level in the specialisation.

This degree is accredited by relevant Australian professional bodies. Refer to the Monash Business School professional recognitionprofessional recognition (https://www.monash.edu/business/future-students/graduate-study-options/after-you-graduate/professional-recognition) page.

The course is structured in three parts. Part A. Advanced preparatory, Part B. Mastery knowledge and Part C. Application studies. All students complete Part B. Depending on prior qualifications, you may receive credit for Part A or Part C or a combination of the two.

Part A. Advanced preparatory

These studies will introduce you to economics and econometrics at advanced undergraduate and graduate level. They are intended for students whose previous qualification is not in a cognate field. Students admitted to the course, who have a recognised degree or a graduate certificate in a related discipline will receive credit for this part.

Part B. Mastery 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.

Part C. Application studies

This will enable you to further develop your knowledge of your specialisation, or more broadly, or alternatively to select any units from across the university in which you are eligible to enrol. Some students use these electives units to provide a research pathway towards a Doctor of Philosophy course.

The course comprises 96 points structured in three parts: Part A. Advanced preparatory (24 points), Part B. Mastery knowledge (48 points) and Part C. Application studies (24 points). If you are admitted at:

• entry level 1 you complete 96 points, comprising Part A, Part B and Part C
• entry level 2 you complete 72 points, comprising Part A and Part B
• entry level 3 you complete 48 points, comprising Part B.

Note: If you are eligible for credit for prior studies you may elect not to receive the credit and complete one of the higher credit-point options.

The course progression mapcourse progression map (http://www.monash.edu.au/pubs/2018handbooks/maps/map-b6001.pdf) will assist you to plan to meet the course requirements, and guidance on unit enrolment for each semester of study.

Units are 6 credit points unless otherwise stated.

Part A. Advanced preparatory (24 points)

You must complete:

• ETF2700 Mathematics for business or ETC2440 Mathematics for economics and business
• ECF5927 Managerial economics or ECC5900 Microeconomics
• ECF5923 Macroeconomics and monetary policy or ECC5901 Macroeconomics

If you are specialising in applied econometrics or applied economics and econometrics you must complete:

• ETF2100 Introductory econometrics or ETC2410 Introductory econometrics

If you are specialising in business economics you must complete:

• ETF5900 Business statistics (if an introductory business statistics equivalent unit has not been previously completed) or ETF2100 Introductory econometrics

Part B. Mastery knowledge (48 points)

Applied econometrics

You must complete:

a. The following two units (18 points):

• ETF5320 Applied econometrics or ETC5341 Applied econometrics
• ETF5550 Research project (12 points)

b. Five of the following units (30 points):

• ETC5252 Probability and statistical inference for economics and business
• ETC5340 Principles of econometrics
• ETC5410 Bayesian time series econometrics*
• ETC5420 Microeconometrics*
• ETC5441 Applied econometrics 2*
• ETC5460 Financial econometrics 2*
• ETF5200 Applied time series econometrics*
• ETF5231 Business forecasting
• ETF5300 Applied financial econometrics
• ETF5330 Quantitative methods for financial markets or ETC5346 Financial econometrics
• ETF5500 High dimensional data analysis
• ETF5600 Quantitative models for business research

* If you are intending to progress to a PhD pathway you must complete at least three of the following units: ETF5200, ETC5410, ETC5420, ETC5460, ETC5441.

Applied economics and econometrics

You must complete:

a. The following five units (36 points):

• ECF5410 Applied microeconomics
• ECF5421 Applied macroeconomics
• ECF5060 Applied economics research project (12 points)
• ETF5320 Applied econometrics or ETC5341 Applied econometrics
• ETF5200 Applied time series econometrics

b. Two units from the following (12 points):

• ETF5231 Business forecasting
• ETF5600 Quantitative models for business research or ETC5420 Microeconometrics
• ETF5500 High dimensional data analysis
• ETC5252 Probability and statistical inference for economics and business
• ETC5340 Principles of econometrics
• ETF5330 Quantitative methods for financial markets or ETC5346 Financial econometrics
• ETF5922 Data visualisation and analytics

Business economics

You must complete:

a. The following six units (42 points):

• ECF5410 Applied microeconomics or ECC4650 Microeconomics**
• ECF5421 Applied macroeconomics or ECC4660 Macroeconomics**
• ECF5040 Industry economics or ECC4840 Industrial organisation**
• ECF5060 Applied economics research project (12 points)
• ECF5200 Game theory and business strategy
• one level 5 unit with the prefix ETC, ETF or ETX offered from the Caulfield or Clayton campus

** If you are intending to progress to a PhD pathway you must complete these units: ECC4650, ECC4660, ECC4840.

b. One unit from the following (6 points):

• ECC5470 Competition, regulation and policy
• ECC5475 Financial economics
• ECC5479 Project evaluation
• one level 5 unit with the prefix ETC, ETF or ETX offered from the Caulfield or Clayton campus

Part C. Application study (24 points)

You must complete:

• four units (24 points) at either level 4 or 5

Elective units may be chosen from the Faculty of Business and Economics or across the University so long as you have the prerequisites and there are no restrictions on admission to the units.

Units 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. The level of the unit is indicated by the first number in the unit code. You may need permission from the owning faculty to enrol in some units taught by other faculties.

If you are completed the business economics specialisation it is recommended you complete electives from the Department of EconomicsDepartment of Economics (http://www.monash.edu/pubs/handbooks/units/index-byou-department-of-economics.html), with permission of the course director.

Students may exit this course early and apply to graduate with one of the following awards, provided they have satisfied the requirements for that award during their enrolment in this master's course:

• Graduate Certificate in Business after successful completion of 24 credit points of study with a minimum of 18 credit points at level 4 or above.
• Graduate Diploma in Business after successful completion of 48 credit points of study with a minimum of 36 credit points at level 4 or above.

This degree may serve as a pathway to a higher degree by research. Students considering a research degree are advised to consult student services prior to making an application.