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 GRADUATE STUDIES -ClaytonPart 5

CONTENTS

  1. Master of Commerce - MCom
  2. Master of Economics - MEc

Master of Commerce - MCom

Course code: 0827

General

This course is designed for graduates of either the Bachelor of Commerce honours program or of the Graduate Diploma in Commerce who have majored in accounting and finance or econometrics. The course has been designed to extend the disciplinary competence of candidates and provide them with research training. It involves a combination of both coursework and supervised research.

Course objectives

On completion of the course students should:

+ be familiar with current developments in accounting, finance and related fields as represented by recent contributions to leading journals;

+ be able to undertake independent research, and effectively communicate their research results both orally and in writing;

+ have had the opportunity to develop the skills, knowledge and motivation necessary for doctoral level studies;

+ have the capacity for independent critical evaluation of current research and policy issues in their area of specialisation;

+ have developed specialised skills and knowledge in one of the specialisations available in the Master of Commerce.

Entrance requirements

Students wishing to enrol in the Master of Commerce should normally have completed the Bachelor of Commerce honours degree in the departments of Accounting and Finance or Econometrics, at second class honours or better, or the Graduate Diploma in Commerce in the Department of Accounting and Finance, or their equivalent.

Duration

Normally eighteen months full-time or three part-time years.

Course structure

The course is available by coursework and minor thesis or by major thesis plus one subject. The coursework and minor thesis option entails four subjects plus a 25,000-word essay. The research component is 67 per cent of the work required for the degree. The major thesis must be approximately 50,000 words long. It constitutes 92 per cent of the workload, the remainder made up by one subject. All students are required to attend and pass a graduate seminar.

Department of Accounting and Finance

Students may undertake either the coursework and minor thesis option or the major thesis and one subject option.

Coursework and minor thesis option

1 Two level-five subjects taught by the Department of Accounting and Finance.

2 Two subjects chosen from:

+ other level-five or level-four subjects taught by the department

+ AAF5000 Reading subject

+ with approval of the head of the Department of Accounting and Finance, graduate subjects in the departments of Economics and Econometrics (Clayton).

3 Graduate seminar

+ AAF5110 Accounting and finance graduate seminar

Major thesis option

1 One subject from:

+ a level-five subject offered by the department;

+ AAF5000 Reading subject

2 Graduate seminar

+ AAF5110 Accounting and finance graduate seminar

Department of Econometrics (Clayton)

Students may undertake the options of a major thesis and one subject or a minor thesis and four subjects.

Coursework and minor thesis option

1 Two subjects

+ ECM5400 Special topics in econometrics I

+ ECM5410 Special topics in econometrics II

2 Two subjects selected from:

+ other level-five or four subjects taught by the department

+ graduate subjects taught by the departments of Accounting and Finance and Economics

3 Graduate seminar

+ ECM5470 Econometrics graduate seminar

Major thesis option

1 One level-five subject

+ In special circumstances, the head of the department may approve a special subject based on a level-four subject taught by the department.

2 Graduate seminar

+ ECM5470 Econometrics graduate seminar

Master of Economics - MEc

Course code: 0027

The degree of Master of Economics (MEc) is available in the departments of Accounting and Finance, Econometrics (Clayton) and Economics. In addition, there are courses offered jointly by some departments. The regulations provide for three types of Master of Economics courses, which are (i) by coursework and research paper; (ii) by coursework and minor thesis; and (iii) by major thesis. The departments in which the three types of degrees are available are set out below.

+ Coursework and research paper: economics; jointly by economics and accounting and finance; jointly by economics and econometrics, (excepting in each case, majors in economic history).

+ Coursework and minor thesis: accounting and finance; econometrics; economics.

+ Major thesis: accounting and finance; econometrics and economics (including the economic history specialisation).

All candidates who intend to enrol for the degree of Doctor of Philosophy in the Department of Economics should select the degree of Master of Economics by coursework and research paper or coursework and minor thesis; those within the departments of Accounting and Finance, Econometrics (Clayton) and with an economic history specialisation within Economics should select the degree of Master of Economics by coursework and minor thesis; other candidates may take any of the three courses offered.

Course objectives

On completion of the Master of Economics degree students should:

+ be familiar with current analytical developments in economics and related fields as represented by recent contributions to leading journals;

+ be able to function as professional economists in business, government or academia;

+ be able to undertake independent research, and effectively communicate their research results both orally and in writing;

+ have had the opportunity to develop the skills, knowledge and motivation necessary for doctoral level studies;

+ have the capacity for independent critical evaluation of current economic research and policy issues;

+ have developed specialised skills and knowledge in one of the specialisations available - economic theory, econometrics, economic history, finance, public policy, labour studies, international trade and development and health economics.

Entrance requirements

An applicant for admission to candidature for the degree of Master of Economics shall (i) have qualified for the degree of Bachelor of Economics with honours; or (ii) have qualified at honours standard or the equivalent for a degree (a) at this university other than the degree of BEc, or (b) for a degree in another university; or (c) for a degree in an equivalent institution; provided that in the opinion of the faculty board the degree concerned is a suitable preparation for the candidate's proposed field of study.

Pass graduates will be admitted to the preliminary year Master of Economics course in the Department of Accounting and Finance only if their undergraduate work is considered to be the equivalent of at least third class honours standard. Applicants for other departments are required to undertake the Graduate Diploma in Economics in the relevant specialisations.

Honours graduates and Graduate Diploma in Economics holders will be admitted to the Master of Economics course only if their honours degree or graduate diploma is considered to be the equivalent of at least second class honours standard in the relevant specialisations. For the degree by coursework and research paper in the Department of Economics, or jointly with the departments of Economics and Econometrics (Clayton), at least second class honours division A is required.

Duration

Normally eighteen months of full-time study or three years on a part-time basis. Candidates who enter the preliminary year with the Department of Accounting and Finance will take a further year full-time or two years part-time.

Course approval

The selection of subjects and, when appropriate, thesis topics, must be approved by the head of the department and the dean of the faculty or the dean's nominee. In special circumstances a candidate may be permitted to select one subject offered by another department, such as the Departments of History, Mathematics, Politics etc. Such a subject should be directly relevant to the candidate's course of study.

Preliminary year

The masters preliminary year is available through the Department of Accounting and Finance only. For studies in the departments of Economics and Econometrics, refer to the section on the Graduate Diploma in Economics.

Course structure

The requirements for each of the departments of Accounting and Finance, Econometrics (Clayton) and Economics for the Master of Economics course are set out in the following section.

Coursework and research paper option

This option is available in the Department of Economics and jointly with the departments of Economics and Econometrics (Clayton). Candidates are required to select six subjects. At least three of these subjects must be level-five subjects. Part-time candidates should take three subjects in each of the first two years of their program. The research component is worth 51 per cent of the course. The research paper is approximately 10,000 words in length.

Coursework and minor thesis option

Candidates are required to select four subjects, as set out in the section on each of the departments. Students are required to include in the four subjects at least two level-five subjects from the department in which they wish to enrol. In addition, candidates are required to write a minor thesis on a topic of their own selection. The thesis, of approximately 25,000 words, constitutes 67 per cent of the course and the topic must be related to the department in which the student is specialising. A member of the department will be appointed as supervisor. In some instances, students may have more than one supervisor appointed, and the second supervisor may be from another department.

Part-time candidates who wish to take the Master of Economics by coursework and minor thesis should have their thesis topic approved during the first year. They may then enrol in the first year for three subjects, completing most of the minor thesis, as well as a fourth subject, in second year. Alternatively, they may enrol for two subjects in each of the two part-time years and work on the minor thesis concurrently. A candidate would be eligible for the latter alternative if, when entering the second year of the course, the background coursework necessary for the thesis had been completed. The student would be expected to attend a graduate seminar and present a paper on the thesis during the first of the two years.

Major thesis option

Candidates are required to write a thesis on a topic of their own selection. The thesis constitutes 92 per cent of the workload and the topic must be related to the department in which the student is specialising. A member of that department will be appointed as supervisor. In some instances, students may have more than one supervisor, and the second supervisor may be from another department. In addition, candidates will be required to attempt one level-five subject from the department responsible for the supervision of their thesis. Candidates will be required to select a subject related to the topic of their thesis.

Graduate seminar

All candidates are required to attend the graduate seminars organised by the department in which they are enrolled. They will be expected to attend and participate regularly in the seminar series. Students are required to present at least one seminar. Although the graduate seminar is an unweighted subject, students should enrol in the graduate seminar in each department in the same way as other subjects although it does not count as one of the subjects towards the degree. Students must receive a pass in the seminar unit to satisfy the requirements for the degree.

Department of Accounting and Finance

Students may be accepted into the preliminary year after attaining more than a pass standard in at least three of the following third-year subjects, or their equivalents:

+ AAF3110 Company law

+ AAF3120 Advanced accounting

+ AAF3130 Management accounting

+ AAF3140 Business finance

+ AAF3150 Income tax law

+ AAF3160 Auditing and systems.

Preliminary year

1 Three subjects from the following:

+ AAF4100 Research methods in accounting and finance

+ AAF4120 Financial accounting theory

+ AAF4130 Management accounting

+ AAF4140 Corporate financial theory

+ AAF4150 Advanced taxation

+ AAF4160 Issues in auditing

+ AAF4170 Analysis of financial statements

+ AAF4180 Securities regulation

+ one approved level-four graduate subject taught by the departments of Econometrics (Clayton) or Economics.

It is strongly recommended that students with only an elementary background in statistics include AAF4100 (Research methods in accounting and finance) if they intend to do AAF4130, AAF4140 or AAF4170.

In special circumstances, the head of the department may approve as one of the three core subjects a special subject. (This is based on a level-three undergraduate subject taught by the Department of Accounting and Finance not previously taken.)

2 Three subjects selected from the above subjects or from any of the subjects taught by the departments of Econometrics (Clayton) or Economics.

3 Policy seminar

+ AAF4860 Economics and commerce issues seminar

Assessment

Assessment of progress is based on the year's work as a whole. Thus at the end of their first year for full-time students and at the end of their second year for part-time students, that is after the completion of six subjects and presentation of the seminar paper, their performance will be reviewed and if it does not reach second-class honours standard they will not be permitted to continue. In the case of part-time students, this decision may be taken after only three subjects have been completed.

Second year

Coursework and minor thesis

1 Two subjects from the following:

+ AAF5120 Advanced financial accounting theory

+ AAF5130 Analysis for management decisions

+ AAF5140 Advanced corporate financial theory

2 Two subjects selected from the preceding level-five graduate subjects, special subjects taught by the department, and AAF5000 (Reading subject) or from level-four graduate subjects taught by the department or from the graduate subjects taught by the departments of Econometrics (Clayton) and Economics.

3 Graduate seminar

+ AAF5110 Accounting graduate seminar

Major thesis

1 One level-five graduate subject taught by the department. The subject to be taken should be related to the thesis topic and in special circumstances, the head of the department may approve as the level-five subject a special subject based on a level-four graduate subject or an AAF5000 (Reading subject) taught by the department.

2 Graduate seminar

+ AAF5110 Accounting and finance graduate seminar.

Department of Econometrics (Clayton)

Coursework and minor thesis option

1 Two subjects

+ ECM5400 Special topics in econometrics I

+ ECM5410 Special topics in econometrics II

2 Two subjects selected from:

+ special subjects or special reading subjects taught by the department

+ from the level-four graduate subjects taught by the department

+ from the graduate subjects taught by the Department of Accounting and Finance and the Department of Economics.

3 Graduate seminar

+ ECM5470 Econometrics graduate seminar

Major thesis

1 One level-five graduate subject taught by the department.

+ In special circumstances, the head of the department may approve a special subject based on a level-four graduate subject taught by the department or an ECM5000 (Reading subject) as the subject to be taken. The subject must be related to the thesis topic.

2 Policy seminar

+ ECM5470 Econometrics graduate seminar

The attention of students is drawn to the Master of Economics by coursework offered jointly with the Department of Economics. Details are set out in the Department of Economics section.

Subjects

Level four subjects

+ See the course structure for the Graduate Diploma in Economics.

Level five

+ ECM5000 Special reading subject I

+ ECM5010 Special reading subject II

+ ECM5400 Special topics in econometrics I

+ ECM5410 Special topics in econometrics II

Department of Economics

Economic history

Students proceeding by major thesis will be required to take ECO5500 (Reading subject). The subject must be related to the thesis topic.

Economics

All students entering the graduate program within the Department of Economics (except economic history) are required to pass, or to have passed, the undergraduate subject ECM2410 or ECM3440 (Practical econometrics), or equivalent subjects, or an examination set by the department at an equivalent level in quantitative economic analysis. Students are not permitted to take ECM3440 (Practical econometrics) as a special subject.

Normally students select one of the following seven areas of specialisation: public policy; economic theory; labour studies; international trade and development; health economics; quantitative economics - a joint course offered by the departments of Economics and Econometrics (Clayton); Economics/Accounting and Finance - a joint course offered by the departments of Accounting and Finance and Economics.

Level-four subjects may be taken with increased content and are described as special subjects.

Coursework and research paper option

1 Three level-five subjects selected from those subjects within the relevant area of specialisation. (Other groupings of subjects may be approved by a departmental committee but must form a coherent package. Subjects taken in the Graduate Diploma in Economics or in fourth-year honours may be counted towards satisfying the requirements of the specialisation).

2 Two other subjects selected from the area of specialisation.

3 One other subject chosen from the graduate subjects offered by the departments of Economics, Accounting and Finance or Econometrics (Clayton).

4 Graduate seminar

+ ECO5800 Economics graduate seminar

Coursework and minor thesis option

1 Two level-five subjects selected from those subjects within the relevant area of specialisation. (Other groupings of subjects may be approved by a departmental committee but must form a coherent package. Subjects taken in the Graduate Diploma in Economics or in fourth-year honours may be counted towards satisfying the requirements of the specialisation.)

2 Two other subjects selected from the area of specialisation.

3 Graduate seminar

+ ECO5800 Economics graduate seminar

Major thesis option

1 One level-five subject selected from the student's area of specialisation.

2 Graduate seminar

+ ECO5800 Economics graduate seminar

Subjects within areas of specialisation

A Public policy

Students specialising in public policy must take at least one of ECO5650 and ECO5660.

+ ECM4430 Quantitative economic policy

+ ECO4700 Restrictive trade practices

+ ECO4710 Post-Keynesian economics

+ ECO4720 Law and economics

+ ECO4780 Applied urban analysis

+ ECO4810 Aspects of tax policy

+ ECO4820 Contemporary economic systems

+ ECO4870 Health economics

+ ECO5650 Price theory

+ ECO5660 Monetary theory

+ ECO5790 Benefit-cost analysis

+ ECO5810 Public goods and public welfare

+ ECO5830 Welfare economics

+ ECO5840 International trade policy

+ ECO5860 Economics of transport and location

B Economic theory

Students specialising in economic theory must take ECO5650 and ECO5660.

+ ECM4400 Econometric theory

+ ECM4410 Applied econometrics

+ ECO4800 History of economic doctrine

+ ECO4840 Industrial organisation

+ ECO4850 Mathematical economic theory

+ ECO5650 Price theory

+ ECO5660 Monetary theory

+ ECO5680 Capital and growth

+ ECO5810 Public goods and public welfare

+ ECO5820 Hedging and uncertainty

+ ECO5830 Welfare economics

+ ECO5860 Economics of transport and location

C Labour studies

Students specialising in labour studies must take ECO5720.

+ ECO4710 Post-Keynesian economics

+ ECO5650 Price theory

+ ECO5660 Monetary theory

+ ECO5680 Capital and growth

+ ECO5720 Labour theory

D International trade and development

Students specialising in international trade and development must take ECO5670.

+ ECM4430 Quantitative economic policy

+ ECO4690 International economics and development

+ ECO4740 Agricultural economic development

+ ECO4820 Contemporary economic systems

+ ECO4840 Industrial organisation

+ ECO5650 Price theory or

+ ECO5660 Monetary theory

+ ECO5670 Aspects of trade and development

+ ECO5790 Benefit-cost analysis

+ ECO5840 International trade policy

E Health economics

Students specialising in health economics must take ECO4870 and ECO5870.

+ ECM4430 Quantitative economic policy

+ ECO4720 Law and economics

+ ECO4870 Health economics

+ ECO5650 Price theory

+ ECO5790 Benefit-cost analysis

+ ECO5720 Labour theory

+ ECO5810 Public goods and public welfare

+ ECO5830 Welfare economics

+ ECO5870 Aspects of applied health economics

F Quantitative economics

Requirements for the joint specialisation, quantitative economics, are outlined in the next section, `Economics and econometrics'.

G Economics/accounting and finance

Students wishing to undertake a joint course with the departments of Economics and Accounting and Finance, should select six subjects of which at least three must be level-five subjects:

1 At least one level-five accounting and finance subject.

2 At least four economics subjects (at most three approved level-four subjects and at least one level-five subject).

H Ungrouped subjects

+ ECO5000 (Reading subject). This is a subject not based on a lecture course. Its area must be within the selected area of specialisation.

+ Graduate subjects taught by the departments of Accounting and Finance and Econometrics (Clayton), not listed within specialisations.

Economics and Econometrics

Coursework and research paper option

Coursework students must select six subjects of which five must be subjects from the Department of Economics and the Department of Econometrics and at least three must be level-five subjects (other than ECO5000 or ECM5000).

1 Two to three subjects selected from the following (at least one must be chosen from those starred):

+ level four and five econometrics subjects

+ ECM5400 Special topics in econometrics I*

+ ECM5410 Special topics in econometrics II*

2 Two to three subjects chosen from one of the four areas of specialisation (public policy, economic theory, labour studies, international trade and development) from the Department of Economics. (Subjects taken in fourth-year honours may be counted toward satisfying the requirements of the specialisation.)

3 One subject chosen from:

+ ECO5000 Reading subject

+ ECM5000 Reading subject

+ a level-four or five subject taught by the departments of the faculty

+ a graduate subject from another faculty.

4 Graduate seminar chosen from:

+ ECM5470 Econometrics graduate seminar

or

+ ECO5800 Economics seminar

Coursework and minor thesis option

1 Two subjects from those listed (at least one chosen from those starred):

+ ECM5400 Special topics in econometrics I*

+ ECM5410 Special topics in econometrics II*

+ one subject from the Department of Econometrics (Clayton)

2 Two subjects from one of the four areas of specialisation in the Department of Economics. One of the economics subjects must be at level five. (Subjects taken in fourth-year honours may be counted toward satisfying the requirements of the specialisation)

3 Graduate seminar

+ ECM5470 Econometrics graduate seminar

or

+ ECO5800 Economics seminar

Level-four subjects have increased content and are described as special subjects.

Graduate subjects

Level five

+ ECO5000 Reading subject

+ ECO5650 Price theory

+ ECO5660 Monetary theory

+ ECO5670 Aspects of trade and development

+ ECO5680 Capital and growth

+ ECO5720 Labour theory

+ ECO5790 Benefit-cost analysis

+ ECO5810 Public goods and public welfare

+ ECO5820 Hedging and uncertainty

+ ECO5830 Welfare economics

+ ECO5840 International trade policy

+ ECO5860 Economics of transport and location

+ ECO5870 Aspects of applied health economics

Level four subjects

+ See the course structure for the Graduate Diploma in Economics.

Ungrouped subjects

+ ECO5000 or ECM5000 (Reading subject). This is a subject not based on a lecture course. Its area must be within the selected area of specialisation.

+ Graduate subjects taught by the departments of Accounting and Finance, Econometrics (Clayton), and Economics, not listed within specialisations.

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