Econometrics specialisation

Objectives for a major in econometrics or business statistics
Subjects taught by the department

Objectives for a major in econometrics or business statistics

On completion of a major in econometrics or business statistics, 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

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

Handbook Contents | Faculty Handbooks | Monash University