In order to make the best possible decisions under uncertain conditions, business and government policy makers need to quantify the consequences of all possible options available to them. Econometricians use empirical evidence to predict the set of possible outcomes and determine the risks involved in each possible course of action, to help policy makers in this decision making process. They also use data to evaluate the effectiveness of existing social and economic policies. This major includes not only the techniques for analysing and interpreting data, but also their scientific foundations. You will acquire the ability to modify existing techniques to suit new situations, and develop new methods when needed. Consequently, you need to have an interest in and an aptitude for mathematics to undertake this major. Econometricians are highly valued members of decision-making teams in commercial and public sectors.
Econometrics is listed in the Bachelor of Commerce at Clayton as a major or minor.
In addition to achieving the broad outcomes of their course, students successfully completing this major will be able to:
- use their comprehensive understanding of econometric models and methodologies to inform economic decisions made in a variety of settings, and to implement such analyses in practice, and to construct new conceptual frameworks when required.
Major requirements (48 points)
No more than 12 points at level 1 may be credited to a major and at least 18 points must be credited to the major at level 3.
- The following three units (18 points):
- Five units (30 points) from the following, with at least two units (12 points) at level 3:
- ETC1010 Data modelling and computing
- ETC2440 Mathematics for economics and business*
- ETC2500 Marketing research analysis or ECC2000 Intermediate microeconomics or ECC2010 Intermediate macroeconomics
- ETC2520 Probability and statistical inference for economics and business
- ETC3250 Business analytics
- ETC3400 Principles of econometrics**
- ETC3450 Time series analysis for business and economics
- ETC3460 Financial econometrics
- ETC3550 Applied forecasting for business and economics
- ETX2250 Data visualisation and analytics
- MKC3500 Survey data analysis
Minor requirements (24 points)
- any four units (24 points) from the major with the prefix ETC or ETX offered at the Clayton campus, with at least two units (12 points) at level 2 or 3
Successful completion of the minor or major can be counted towards meeting the requirements for the following single degree:
- B2001 Bachelor of Commerce
Students in this course can complete the minor using 24 points of their free electives.*
Students in other single bachelor's degrees may be eligible to complete the minor or major by using 24 or 48 points of their free electives.
Successful completion of the minor or major can be counted towards meeting the requirements for the Bachelor of Commerce component in the following double degrees:
- B2006 Bachelor of Commerce and Bachelor of Global Studies
- B2008 Bachelor of Commerce and Bachelor of Computer Science
- B2020 Bachelor of Commerce and Bachelor of Arts
- B2021 Bachelor of Commerce and Bachelor of Biomedical Science
- B2022 Bachelor of Commerce and Bachelor of Music
- B2023 Bachelor of Commerce and Bachelor of Science
- B2025 Bachelor of Commerce and Bachelor of Information Technology
- B2030 Bachelor of Commerce and Bachelor of Actuarial Science
- B2032 Bachelor of Commerce and Bachelor of Economics
- B2043 Bachelor of Commerce and Bachelor of Finance
- E3005 Bachelor of Engineering (Honours) and Bachelor of Commerce
- L3005 Bachelor of Laws (Honours) and Bachelor of Commerce