MONASH UNIVERSITY FACULTY HANDBOOKS

Business & Economics Handbook 1996

Published by Monash University
Clayton, Victoria 3168, Australia

Caution Copyright © Monash University 1996
ISBN 1320-6222

Authorised by Academic Registrar, April 1996

OUTLINE OF UNDERGRADUATE STUDIES -ClaytonPart 1

CONTENTS

  1. Accounting and finance specialisation
  2. Econometrics specialisation
  3. Economics specialisation
  4. Business management specialisation

The Clayton campus of the Faculty of Business and Economics offers six undergraduate degrees at pass and honours level as well as a variety of combined degrees. The Bachelor of Accounting is a specialist degree, based on a cooperative education scheme with scholarships sponsored by industry. It is available only to school leavers who are citizens or permanent residents of Australia. The generalist Bachelor of Commerce offers the choice of a wide range of subjects related to commerce and management. It allows specialisations in the areas of accounting and finance, quantitative studies, management studies and economics, as well as some opportunity to include subjects such as computing, a language, mathematics, or psychology, from outside the faculty. The three specialised Bachelor of Commerce degrees (specialising in accounting and finance, or business statistics, or strategic management) are similar to the generalist Bachelor of Commerce except that they allow greater specialisation in the selected major field of study and have less compulsory first year subjects. The Bachelor of Economics, restructured in 1992, now allows for greater emphasis on social science and less on business orientation than is possible in the Bachelor of Commerce. Students may pursue a major study in economics, quantitative studies, economic history and accounting and finance. It also has the flexibility to allow students to take up to half of their course from subjects offered by other faculties.

Since all other faculties are based on the Clayton campus a wide range of combined degrees are offered with the faculties of Arts, Computing and Information Technology, Engineering, and Law. In addition to this the combined Bachelor of Commerce/Bachelor of Economics degree is designed to allow a substantial number of subjects from any other faculty, or a range of faculties to be included.

The faculty requires entrants to these courses for 1996 to have successfully completed two units of mathematics, chosen from units 3 and 4 of Mathematical Methods, Specialist Mathematics, or an equivalent.

An area of study involves a number of subjects taught in a cumulative fashion with the group of subjects jointly seeking to meet the specific objectives and characteristics of each course. To ensure cohesion, depth and breadth in their program of studies, students must include in their course a major specialisation and supporting studies, chosen from the subjects taught by the departments of Accounting and Finance, Economics, Econometrics (ECM prefixes) and Business Management (MGC prefixes). It is possible to undertake the same major sequence of study in more than one of these degrees, however the combination of major subject area and other permitted studies varies considerably between each degree. The Bachelor of Commerce and Bachelor of Economics degrees, where students may choose a discipline major, provide students with considerable flexibility in their choice of subjects. Subjects often have prerequisites and corequisites and some subject combinations are forbidden. These are specified in the charts at the end of this chapter.

This section has been arranged so that the subject offerings and details of discipline specialisations from particular departments are discussed first. The degree structures themselves are then covered.

Responsibility for subject choice

Students are advised that, while the faculty will endeavour to give every possible assistance and advice concerning subject choice, the onus is on the student to ensure that the subjects selected meet the course regulations and requirements. This is not the faculty's responsibility and the faculty does not take any responsibility for error in subject selection.

Subject numbers

Subjects taught by the Faculty of Business and Economics on the Clayton campus have three alphabetical characters to indicate the department responsible for the subject followed by a four-digit number. The first digit indicates the year level at which the subject is available and the remaining digits the subject number.

Identifying letters

AAF - Accounting and Finance

ECM - Econometrics

ECO - Economics

MGC - Management

A complete list of the subjects available in the undergraduate degree programs is set out later.

Accounting and finance specialisation

Objectives for a major in accounting and finance

On completion of a major sequence in accounting and finance in the Bachelor of Accounting, Bachelor of Commerce or Bachelor of Economics, students should have acquired technical skills and knowledge of the concepts underlying accounting, including: financial accounting, management accounting and auditing; finance; and commercial law, including business law, company law and income tax law. They should have developed critical and analytical skills to assist them in solving accounting and finance related problems which may arise in their future professional careers. They also should have had the opportunity to develop the skills, knowledge and motivation necessary for further professional or postgraduate studies. Provided the appropriate subjects have been chosen, students should be able to satisfy the membership requirements of the Australian Society of Certified Practising Accountants, the Institute of Chartered Accountants in Australia, the Australian Institute of Bankers and the Institute of Corporate Managers.

Subjects taught by the department

The Department of Accounting and Finance offers one first-year subject sequence, seven second-year subjects, eight third-year subjects and a fourth-year honours program. In addition, it offers the first year subjects AAF1110 and AAF1140 for Bachelor of Accounting students only.

First-year subjects

+ AAF1021/AAF1022 Accounting

+ AAF1031/AAF1032 Accounting

There is a quota on these subjects for students enrolled for degrees in other faculties. Students will be allocated to one of two sequences, either AAF1021 or AAF1022, depending on their prior knowledge of accounting. Although the subject content for both sequences is identical, the method and approach may vary significantly. All students will sit for a common final examination.

Second-year subjects

Students may select one or more of the following subjects. Where prerequisites exist, they are specified in the outline of the subject concerned. Prospective honours students in accounting and finance should include at least four subjects except for students enrolled for BCom/LLB and BEc/LLB who should consult the head of the department.

+ AAF2110 Business law

+ AAF2120 Financial accounting

+ AAF2130 Management accounting

+ AAF2140 Business finance

+ AAF2160 Computers and accounting

+ AAF2170 Capital markets and financial institutions

+ AAF2180 Finance law

Third-year subjects

Students may select one or more of the following subjects. Where prerequisites exist, they are specified in the outline of the subject concerned. Prospective honours students in accounting and finance should include at least four subjects except for students enrolled for BCom/LLB and BEc/LLB who should consult the head of the department.

+ AAF3110 Company law

+ AAF3120 Advanced accounting

+ AAF3130 Management accounting

+ AAF3140 Business finance

+ AAF3150 Income tax law

+ AAF3160 Auditing and systems

+ AAF3170 Management of financial intermediaries

+ AAF3240 International finance

Fourth-year (Honours) subjects

+ AAF4020 Accounting and finance honours

+ AAF4040 Accounting and finance/econometrics honours

Professional accreditation

Students who wish to obtain professional accounting qualifications should include the following subjects in their degree:

+ AAF1021/2 and AAF1031/2 Accounting

+ AAF2110 Business law (or AAF1110 for BAcc students)

+ AAF2120 Financial accounting

+ AAF2130 Management accounting

+ AAF2140 Business finance (or AAF1140 for BAcc students)

+ AAF3110 Company law

+ AAF3120 Advanced accounting

+ AAF3130 Management accounting or

+ AAF3140 Business finance

+ AAF3150 Income tax law

+ AAF3160 Auditing and systems

These are the subjects required to obtain maximum exemptions for admission to the Australian Society of Certified Practising Accountants. The Institute of Chartered Accountants in Australia requires the same subjects, except that neither of AAF3130 and AAF3140 is required.

BCom/LLB and BEc/LLB students will normally take the law subjects LAW2100, LAW5106, and LAW5213 instead of AAF2110, AAF3110 and AAF3150 to obtain professional accreditation.

Students who wish to obtain professional qualifications in banking (ie exemptions for senior associate of the Australian Institute of Bankers) should include the following subjects in their degree:

+ AAF2140 Business finance

+ AAF2180 Finance law

+ AAF3170 Management of financial intermediaries

+ MGC1020 Introduction to management

+ MGC2200 Principles of marketing

To obtain maximum exemptions for senior associate of the Australian Institute of Bankers, students are also required to complete one additional subject in the area of credit and lending decisions. A suitable subject, FIN3841, is taught on the Caulfield campus and can be counted towards the degree.

Econometrics specialisation

Objectives for a major in econometrics

On completion of a major in econometrics, students should have developed a quantitative and statistical way of thinking about business and economics problems. Over a three year sequence students should have progressed from a general understanding to a thorough understanding of one or more of economic theory, applied econometrics, forecasting, business statistics and management science. They should have acquired a detailed knowledge of the theoretical foundations of their chosen areas, the current methods of application, and a working knowledge of supporting computer software packages. Students should have developed critical and analytical abilities to successfully apply quantitative techniques as well as logical problem solving skills. They should have acquired skills in extracting, analysing, interpreting and reporting quantitative information to aid decision making. Potential honours students will have been provided with the background required to proceed with studies at fourth year level.

Subjects taught by the department

The Department of Econometrics offers two first-year subjects, ECM1020 and ECM1031/2 both of which are compulsory for undergraduate students enrolled in the Bachelor of Accounting, Bachelor of Commerce or Bachelor of Economics, seven second-year subjects, and eight third-year subjects and a fourth-year honours program.

First-year subjects

+ ECM1020 Business and economic statistics

+ ECM1031 Business and economic statistics

or

+ ECM1032 Business and economic statistics

There is a quota on these subjects for students enrolled for degrees in other faculties.

Second-year subjects

+ ECM2400 Econometrics

+ ECM2410 Practical econometrics

+ ECM2420 Survey methods and managerial statistics

+ ECM2430 Actuarial statistics

+ ECM2450 Applied forecasting for business and economics

+ ECM2480 Decision models for managers

+ ECM2490 Business simulation

The subject ECM2400 provides the foundation for third-year subjects in econometrics, and students who plan to take a major in econometrics are strongly advised to take it. In addition, such students would find passes in first-year mathematics helpful. Students should refer to the details of the third-year subjects to ascertain the specific prerequisites.

Students who have not obtained a division I pass in ECM1031 and who wish to proceed to work in economic statistics at the third-year level should take ECM2410. ECM2400 and ECM2410 cover the same material but from different perspectives. ECM2400 places more emphasis on the statistical theory which underlies econometrics while ECM2410 takes a much more applied approach.

All the subjects listed above have as a prerequisite a division I pass in ECM1031/2. Further prerequisites and restrictions are prescribed in the outline of individual subjects.

Third-year subjects

+ ECM3400 Econometric theory

+ ECM3410 Applied econometrics

+ ECM3430 Applied econometric modelling

+ ECM3440 Practical econometrics

+ ECM3450 Time series analysis for business and economics

+ ECM3460 Financial econometrics

+ ECM3470 Econometrics (pre-honours)

+ ECM3480 Decision analysis for managers

Students may select one or more of the third-year subjects taught by the Department of Econometrics other than ECM3470 for a pass degree.

Fourth-year (Honours) subjects

+ ECM4020 Econometrics honours

Economics specialisation

Objectives for a major in economics

On completion of a major in economics in the Bachelor of Economics or Bachelor of Commerce, students should progress from a general understanding of the economic way of thinking and simple analysis of economic problems in the first year, through the acquisition of more technical economic analytical tools in the second-year core subjects, to being able to apply these concepts and tools to more sophisticated and informed analysis of economic problems and policies in a range of economic specialisations in second and third-year subjects. They should have acquired understanding of the institutional and social settings and constraints within which economic decisions are made and economic policy formulated. Those who take economic history subjects should have added an historical perspective. On completion of third year, students should be able to address a wide range of economic problems with the ability to conceptualise and analyse them, and with an understanding of how various parts of the economy fit together and interact. They should have acquired and developed processes of logical thought which can be applied widely, and not just to those matters which are usually termed `economic', and be able to communicate the results to others. Students not only should be able to undertake economic analysis for employers in business and government and also to conceptualise and analyse problems in any area requiring the management of scarce resources, they should have acquired modes of thought and skills which provide a basis for a range of occupations both at the time of graduation and through their lives.

Objectives for a minor in economics

The study of second and third-year subjects in economics can significantly add to the analytical skills and career prospects of students choosing to major in accounting and finance, management, or quantitative studies. Second-year and third-year elective subjects further develop the ideas gained in the compulsory first-year economics subjects, and they illustrate the applicability of economics to better understanding a wide range of business issues.

Subjects taught by the department

The Department of Economics offers two-year and three-year sequences in economics and a fourth-year honours program. For Bachelor of Economics, Bachelor of Commerce and Bachelor of Accounting students, ECO1000 and ECO1010 are compulsory. ECO2000 and ECO2010 are also compulsory for Bachelor of Economics students and these core subjects should be taken by all students wishing to take a major sequence in economics. Such students should also take at least four other subjects from the Department of Economics, of which at least two should be third-year subjects.

Students wishing to pursue a major sequence in economic history should take the first-year economic history subjects ECO1510 and ECO1520 and at least four other economic history subjects, at least two being third year. Second and third-year economic history subjects are ECO2500/3500, ECO2510/3510, ECO2520/3520, ECO2530/3530, ECO2540/3540, ECO2550/3550, ECO2560/3560 and ECO3570.

Students of the faculty may also pursue minor sequences in economics, including economic history, by taking three second or third-year subjects from the department. Or, students may select individual subjects (provided the appropriate prerequisites are satisfied) to complement specialisations in other areas.

First-year subjects

+ ECO1000 Economics

+ ECO1010 Economics

+ ECO1510 Economic history: world economic leadership

+ ECO1520 Economic history: Japan and Australia

Second-year subjects

+ ECO2000 Intermediate microeconomics

+ ECO2010 Intermediate macroeconomics

+ ECO2300 Current issues in applied macroeconomics

+ ECO2360 Environmental economics

+ ECO2400 Current issues in applied microeconomics

+ ECO2500 Imperialism and development in Asia

+ ECO2510 Australian economic history

+ ECO2520 Rise of capitalism

+ ECO2530 Economic history of Victoria

+ ECO2540 American business history

+ ECO2550 Business in Asia

+ ECO2560 European economic history since 1945

+ ECO2720 Income distribution

+ ECO2790 Economics of education and training

+ ECO2810 Comparative economic systems

+ ECO2820 Capitalism: contrasting views

+ ECO2830 Industrial organisation in Australia

+ ECO2890 Economic development of east Asia

Students hoping to proceed to the Master of Economics within the Department of Economics (except in economic history) should note that a knowledge of econometric methods is required. Students should include one of ECM2410 or ECM3440 among their selected subjects.

Third-year subjects

+ ECO3500 Imperialism and development in Asia

+ ECO3510 Australian economic history

+ ECO3520 Rise of capitalism

+ ECO3530 Economic history of Victoria

+ ECO3540 American business history

+ ECO3550 Business in Asia

+ ECO3560 European economic history since 1945

+ ECO3570 The international economy since 1945

+ ECO3580 Economic history honours

+ ECO3650 Applied general equilibrium analysis

+ ECO3660 Monetary economics

+ ECO3670 Economics of developing countries

+ ECO3680 Economic growth

+ ECO3690 International economics

+ ECO3710 Labour economics

+ ECO3730 Industrial arbitration

+ ECO3760 Transport economics

+ ECO3770 Regional and urban studies

+ ECO3800 History of economic thought

+ ECO3810 Public finance

+ ECO3830 Competition and regulation

+ ECO3840 Mathematical economics

+ ECO3850 Economics honours

+ ECO3855 Topics in economics honours

Students hoping to proceed to the Master of Economics within the Department of Economics (except in economic history) should note that a knowledge of econometric methods is required. Students should include one of ECM2410 or ECM3440 among their selected subjects.

Fourth-year (Honours) subjects

+ ECO4020 Economics honours

+ ECO4040 Economics/econometrics honours

Business management specialisation

Objectives for a major in management

On completion of a major sequence of study in management students should have acquired intellectual skills to assist them in understanding the role of people in organisations, in understanding the structure of organisations and in managing the process of change. They should also have obtained functional skills in management disciplines and be able to select appropriate actions for existing and anticipated tasks in their future professions. As well as a broad conceptual view of management they should have obtained specialised knowledge, recognising that managers are required to have competencies in specialist and generalist areas. Students should have acquired modes of thinking and skills which provide the basis for a range of occupations, a capacity for independent thinking, and a basis for further learning and research. In terms of the personal development of students, the objective is to foster the development of a wide range of skills and strategies to enable graduates to achieve successful outcomes for themselves as individuals in society and in their chosen careers. They should have the knowledge and skills necessary to enter the professional workforce in both the private or public sector.

Subjects taught by the department

The Department of Business Management offers two first-year, eight second-year and twelve third-year subjects to undergraduate students and a fourth-year honours program.

First-year subjects

+ MGC1020 Introduction to management: managing organisations

+ MGC1030 Introduction to management: people and organisations

These two subjects form the foundation for students to build a speciality in management.

Second-year subjects

+ MGC2200 Marketing management 1

+ MGC2210 Marketing management 2

+ MGC2230 Organisational behaviour

+ MGC2240 Organisation and management

+ MGC2310 Public management

+ MGC2410 Industrial relations

+ MGC2420 Employee relations

+ MGC2430 Human resource management

Third-year subjects

+ MGC3100 Management ethics

+ MGC3110 Strategic management

+ MGC3120 International management

+ MGC3130 The management of change

+ MGC3220 International marketing

+ MGC3230 Services management and marketing

+ MGC3260 Comparative industrial relations

+ MGC3310 Public policy process

+ MGC3410 Employee relations practice: policy and skills

+ MGC3420 Human resource development

+ MGC3510 The management of technology

+ MGC3610 Overseas study in international and comparative management

Fourth-year (honours) subjects

+ MGC4000 Research design, measurement techniques and data collection strategies

+ MGC4020 Management honours

+ MGC4100 Data analysis for organisational and management research

+ MGC4220 Perspectives and paradigms in management theory

+ MGC4210 Theories of complex organisation

+ MGC4420 Honours thesis in management

| Business & Economics Handbook contents | Monash handbooks | Monash University