Handbook 1996 : Faculty of Economics and Commerce
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Economics has been taught at the University of Melbourne since 1885 when one of the University's first four professors, W E Hearn, was appointed to teach Political Economy as a component of the Bachelor of Arts degree. A separate Faculty of Commerce was established in 1924. In 1944 it was renamed the Faculty of Economics and Commerce.
Today the Faculty is a leading centre of teaching and research in economics and commerce. Four departments-Accounting and Finance, Economics, Economic History, and Management and Industrial Relations-conduct undergraduate and postgraduate teaching and research. A Centre for Actuarial Studies was established in 1992.
Also within the Faculty is the Institute of Applied Economic and Social Research (IAESR). The IAESR has a staff of full-time research workers investigating Australian economic, financial, industrial and social problems.
The Bachelor of Commerce (BCom) course aims at developing powers of critical analysis that can be applied in many fields, and provides professional training for a wide variety of careers.
The 300 points required for the pass degree include four compulsory subjects and many optional subjects which can be chosen according to students' interests and career objectives.
The BCom(Hons) degree allows students to specialise in an area they have chosen during their work for the pass degree. The honours degree provides the basis to continue to master's and PhD candidature.
The Faculty offers graduate courses through coursework and research training. Postgraduate courses offer advanced studies at various levels in specialised areas. A separate postgraduate course guide is available.
The general objectives of the Faculty of Economics and Commerce are to:
The BCom pass degree consists of 24 semester subjects or the equivalent, taken full time over three years or part time over six years. Each semester subject taught by the Faculty of Economics and Commerce has a value of 12.5 points.
The 300 points (minimum) required for the BCom must include four compulsory subjects totalling 50 points:
Either 316-130 Quantitative Methods 1 (or an approved equivalent) and 316-206 Quantitative Methods 2
or 316-129 Business Statistics and 316-205 Introductory Econometrics
Students may obtain exemption from one or both of the quantitative/statistical subjects if they have passed approved statistical subjects taught in the Faculty of Science. (Further details available from the Faculty Office.)
Students should note that while 316-202 Intermediate Microeconomics is no longer a compulsory subject, it is a prerequisite for 306-203 Business Finance, normally taken in second year, and for third year Accounting.
Students must gain between 87.5 and 125 points at 100-level, and at least 75 points drawn from 300-level subjects, of which 50 points, in each case, must be Commerce points.
Students may take up to 110 points from approved subjects taught by other faculties. For example, students with a mathematical inclination are encouraged to take a first year subject taught by the Department of Mathematics, including 618-151 Mathematics for Economics.
Undergraduates transferring from other institutions may, with the approval of the Faculty on admission to the BCom course, be given credit for up to 150 points for subjects passed by the candidate at that other institution which in the opinion of the Faculty are the equivalent of subjects taught in the BCom course. Students who have undertaken studies at other institutions must complete, or have gained credit, for the four compulsory subjects, and must complete at least 50 level-3 points within the Faculty in order to be eligible to graduate.
Graduates admitted to the BCom course will receive credit for a maximum of 100 points. A diplomate with a three-year qualification may receive credit for up to 100 points as approved by the Executive Officer (Undergraduate Studies).
Students must pass prerequisite subjects before they will be permitted to proceed.
The Faculty favours flexible courses of study which will suit students' career interests. Course plans in this section are recommended but not mandatory. They are intended as guides to students seeking to specialise. Many variations or combinations of subjects are possible.
First-year students receive individual assistance in planning their courses when they enrol in February. In September each year, continuing undergraduate students plan their courses for the following year. Course plans can, however, be changed when students re-enrol in December and January. Proposed study plans must meet the requirements for the BCom degree.
Students are welcome at any time during the year to consult academic staff, administrative officers in the Faculty Office and course advisers in departments.
From 1995 the Faculty of Arts will offer a Diploma in Modern Languages to students undertaking courses in faculties other than Arts. See page 8 for further details.
Note: All Commerce subjects are worth 12.5 points.
Actuarial Studies
The following course examples may help students plan their programs of study within the structure of the BCom.
They are examples only, and are not prescriptive.
Optional subjects may include subjects from other faculties.
An asterisk (*) marks designated compulsory subjects.
Accounting 1A 12.5 points Accounting 1B 12.5 Introduction to Business Law 12.5 Introductory Macroeconomics* 12.5 Introductory Microeconomics* 12.5 Quantitative Methods 1* or Business Statistics* 12.5 Two additional Level 1 subjects 25.0 Total 100.0
Intermediate Managerial Accounting 12.5 points Intermediate Financial Accounting 12.5 Business Computing 12.5 Corporate Law 12.5 Intermediate Microeconomics 12.5 Quantitative Methods 2 or Introductory Econometrics 12.5 Business Finance 12.5 One optional subject 12.5 Total 100.0
Financial Accounting 12.5 points Auditing 12.5 Managerial Accounting 12.5 Corporate Finance 12.5 Taxation Law 12.5 Investments** 12.5 Public Finance** 12.5 Money and Banking** 12.5 Total 100.0
** Optional subject. Many optional subjects are available, these are examples only.
Note: For specific information about professional requirements, refer to 'Membership of Professional Bodies' below.
Introductory Microeconomics* 12.5 points Introductory Macroeconomics* 12.5 Quantitative Methods 1* or Business Statistics* 12.5 Accounting 1A 12.5 Accounting 1B 12.5 Three Level 1 semester subjects (including 37.5 subjects from Mathematics or Mathematical Sciences if desired) Total 100.0
Intermediate Financial Accounting 12.5 points Business Finance 12.5 Intermediate Macroeconomics 12.5 Intermediate Microeconomics* 12.5 Quantitative Methods 2* or Introductory 12.5 Econometrics* Three additional Economics and Commerce subjects 37.5 Total 100.0
Corporate Finance 12.5 points Money and Banking 12.5 Economics of Financial Markets 12.5 Management of Financial Institutions 12.5 International Finance 12.5 Personal Financial Management 12.5 Investments 12.5 One additional Economics and Commerce subject (see 12.5 note below) Total 100.0
Note: This subject can be chosen from Accounting (such as Financial Accounting), Economics (such as International Economics, Public Finance, Basic Econometrics, Econometrics and Time Series Analysis and Forecasting) and Economic History. Students should pay careful attention to the Level 1 and Level 2 prerequisites for these subjects.
Students taking the Actuarial stream within the Commerce course are recommended to take the following subjects.
Actuarial Studies 1 12.5 points Introductory Macroeconomics 12.5 Introductory Microeconomics 12.5 Accounting 1A 12.5 Accounting 1B 12.5 Scientific Programming and Simulation 12.5 Mathematics 1A 12.5 Mathematics 1B 12.5 Total 100.0
Statistical Methods 16.5 points Theory of Statistics 16.5 Intermediate Microeconomics 12.5 Intermediate Macroeconomics 12.5 Mathematics in the Financial World 12.5 Three additional Level 2 Commerce subjects 37.5 Total 100.0
Actuarial Principles 12.5 points Life Insurance Mathematics 12.5 Actuarial Statistics 12.5 Risk Theory 12.5 Four additional subjects 50.0 Total 100.0
Introductory Macroeconomics 12.5 points Introductory Microeconomics* 12.5 One Level 1 Mathematics subject 12.5 Quantitative Methods 1* or Business Statistics* 12.5 Two Level 1 Economics and Commerce subjects 25.0 Two Level 1 Commerce, Arts or Science subjects 25.0 Total 100.0
Intermediate Microeconomics* 12.5 points Intermediate Macroeconomics+ 12.5 Quantitative Methods 2* or Introductory 12.5 Econometrics* Three additional Level 2 Commerce subjects 37.5 Two Level 2 or Level 3 Commerce, Arts or Science 25.0 subjects Total 100.0
Microeconomics+ 12.5 points Macroeconomics+ 12.5 International Economics+ 12.5 Basic Econometrics+ or Econometrics+ 12.5 Two Level 3 Economics subjects 25.0 Two additional Level 3 Commerce, Arts or Science 25.0 subjects Total 100.0
+ Compulsory subjects for students who intend to proceed to honours in Economics and a career as a professional economist.
Note: Students intending to proceed to honours in Economics and to a career as a professional economist must take 316-301, 316-313, and either 316-316 or 316-317 in their third year.
Students who complete this program successfully at the required standard may proceed to honours in Economics.
Introductory Macroeconomics* 12.5 points Introductory Microeconomics* 12.5 Mathematics for Economics 12.5 Business Statistics* 12.5 Scientific Programming and Simulation 12.5 Plus three Level 1 semester subjects 37.5 Total 100.0
Intermediate Microeconomics 12.5 points Intermediate Macroeconomics+ 12.5 Introductory Econometrics* 12.5 Mathematical Economics 12.5 Plus four other Level 2 subjects 50.0 Total 100.0
Econometrics+ 12.5 points
Econometric Modelling 12.5
Time Series Analysis and Forecasting 12.5
Microeconomics+ 12.5
Macroeconomics+ 12.5
Plus two of:
Economics of Financial Markets
International Economics+
volution of Labour Markets
Money and Banking 25.0
One additional Level 3 subject 12.5
Total 100.0
+ Compulsory subjects for students who intend to proceed to honours in Economics.
Australian Business in the Global Economy 12.5 points The Asian Economies 12.5 Introductory Macroeconomics* 12.5 Introductory Microeconomics* 12.5 Quantitative Methods 1* 12.5 And three subjects chosen from: Accounting 1A, Accounting 1B, History 1C, History 1D or History 1E; Australian Politics or Politics and Society; Introduction to Business Law; Management 37.5 Total 100.0
Four or more of the following:
The Consumer Age 12.5 points
The Japanese Business System 12.5
International Business Strategy 12.5
Evolution of Labour Markets 12.5
Business and Development in South East Asia 12.5
The Japanese Business System 12.5
Chinese Business and Economy 12.5
Business Development and Strategy 12.5
Economic Policy Debates: Past and Present 12.5
The Great Economists 12.5
Economic Problems in Historical Perspective 12.5
Plus other subjects to make up 100 points in each
year (including compulsory second-year subjects).
Total 100.0
In addition to the above up to two of the following can be
included as part of a specialisation in Economic History:
Microeconomics 12.5
Macroeconomics 12.5
Basic Econometrics or Econometrics 12.5
Economic Development of East Asia 12.5
Chinese Economy 12.5
Pre-Revolutionary Russian History 12.5
Soviet History: From the Revolution to Gorbachev 12.5
Introductory Macroeconomics* 12.5 points Introductory Microeconomics* 12.5 Quantitative Methods 1 or 316-129 Business 12.5 Statistics* Australian Business in the Global Economy 12.5 The Asian Economies 12.5 Plus three other semester subjects, two of which 37.5 must be at Level 1 Total 100.0
Intermediate Macroeconomics 12.5 points Intermediate Microeconomics 12.5 Quantitative Methods 2* or Introductory 12.5 Econometrics* The Japanese Business System 12.5 Business and Development in South East Asia 12.5 Plus two of: The Rise of Modern Japan State and Society in China 1644-1990 Japanese Politics Chinese Politics and Society or any other Level 2 37.5 Economics subjects Total 100.0
Economic Development 12.5 points International Economics 12.5 Microeconomics 12.5 Economic Development of East Asia 12.5 Chinese Economy 12.5 Chinese Business and Economy 12.5 Two subjects in Economics or Economic History, one 25.0 of which must be a Level 3 subject Total 100.0
Management 12.5 points Introductory Macroeconomics* 12.5 Introductory Microeconomics* 12.5 Quantitative Methods 1 or Business Statistics* 12.5 Plus four Level 1 Economics and Commerce, Arts or 50.0 Science subjects Total 100.0
Intermediate Microeconomics 12.5 points
Intermediate Macroeconomics 12.5
Quantitative Methods 2* or Introductory 12.5
Econometrics*
Five additional subjects which may include:
Organisational Behaviour 12.5
Managing Company Operations 12.5
Human Resource Management 12.5
Other Level 2 Economics and Commerce or Arts 25.0
subjects
Total 100.0
Eight subjects which may include: International Management 12.5 points Organisational Analysis 12.5 Labour Economics 12.5 Industrial Relations 12.5 Comparative Industrial Relations 12.5 Industrial Relations Policy 12.5 Labour Law (see note below) 12.5 Law and Labour Relations in East Asia and the 12.5 Pacific Rim Marketing 1 12.5 Marketing 2 12.5 Total 100.0
Note: Students who intend to take Labour Law in their third year must have previously passed the appropriate first and second-year Business Law subjects.
Introductory Microeconomics 12.5 points Introductory Macroeconomics 12.5 Quantitative Methods 1* or Business Statistics* 12.5 The Asian Economies 12.5 Management 12.5 Australian Business in the Global Economy 12.5 Two optional subjects 25.0 Total 100.0
Quantitative Methods 2* or Introductory 12.5 points
Econometrics*
International Business Strategy 12.5
Organisational Behaviour 12.5
Five additional subjects which may include:
The Japanese Business System # 12.5
Evolution of Labour Markets # 12.5
The Consumer Age # 12.5
Business and Development in South East Asia # 12.5
Chinese Business and Economy # 12.5
Managing Company Operations 12.5
Human Resource Management 12.5
# these subjects may be taken either as Level 2 or
Level 3 subjects
Total 100.0
Business Development and Strategy 12.5 points Marketing 1 12.5 Six additional subjects which may include any of those marked # in the subjects listed for second year above, and any of the following: Marketing 2 12.5 International Management 12.5 Organisational Analysis 12.5 Industrial Relations 12.5 Comparative Industrial Relations 12.5 Industrial Relations Policy 12.5 Other optional subjects 25.0 Total 100.0
Introduction to Business Law 12.5 points Introductory Macroeconomics* 12.5 Introductory Microeconomics* 12.5 Quantitative Methods 1 or Business Statistics* 12.5 Four other semester subjects, including at least 50.0 two Level 1 subjects Total 100.0
Corporate Law 12.5 points Quantitative Methods 2 or Introductory Econometrics 12.5 Six other semester subjects 75.0 Total 100.0
Up to eight semester subjects (100 points) including two or more of the following:
Banking and Finance Law 12.5 points Taxation Law 12.5 Labour Law 12.5 Law and Labour Relations in East Asia and the 12.5 Pacific Rim Law of Insolvency 12.5 Comparative Business Law-Malaysia 12.5 Optional subjects 25.0 Total 100.0
A minimum of 500 points is required for the award of two degrees. The normal requirements for the BCom pass degree apply, except that combined course students in Arts/Commerce, Science/Commerce and Engineering (Civil)/Commerce will be required to complete a minimum of 200 points drawn from subjects taught by departments in the Faculty of Economics and Commerce.
At present there are approved courses that combine the Bachelor of Commerce with the Bachelor of Laws, the Bachelor of Arts, the Bachelor of Science or the Bachelor of Engineering (Civil Engineering). Other double degree combinations are also possible.
Students taking a combined BCom/BSc course must complete a minimum of 500 points, at least 240 of which are Science points, including:
These subjects must be chosen from Science subjects taught within the Departments or Schools of Agriculture and Forestry, Genetics, Anatomy, Mathematical Sciences, Biochemistry, Microbiology, Biology, Pathology, Botany, Pharmacology, Chemistry, Physics, Computer Science, Physiology, Civil Engineering, Psychology, Earth Sciences, Surveying, Electrical and Electronic Engineering and Zoology.
Students must also take at least 200 Commerce points, including:
These subjects must be chosen from subjects taught by departments in the Faculty of Economics and Commerce or subjects with a 732 prefix taught by the Faculty of Law. In addition, students may take studies in languages, Law subjects with a 732 prefix, and other approved Arts subjects up to a maximum of 60 points, which will count towards the BCom component of the combined course.
Note: Mathematics subjects count towards the Science points.
For the combined BCom/BA degree students must complete a minimum of 500 points of which at least 200 must be Commerce points. The course plan must include:
Most Arts subjects must be chosen from areas of study taught within departments of the Faculty of Arts: Anthropology, Archaeology, Cinema Studies, Classical Studies, Criminology, English, English Language Studies, Environmental Studies, Fine Arts, Geography, History, History and Philosophy of Science, Languages (Chinese, Japanese, Indonesian, Latin, Modern and Ancient Greek, French, German, Swedish, Italian, Hebrew, Arabic, Russian), Linguistics, Philosophy, Planning and Design, Political Science, Psychology, Sociology.
Some subjects may be chosen from non-Arts departments: Computer Science, Korean (beginners only), Legal Studies (first-year only), Mathematics, Music, Spanish, Science (first-year), Statistics.
The BCom/LLB courses can be combined over five years of full-time study. Students already enrolled in the Commerce course may apply for entry to the combined course and should consult the General Manager (Law) for complete details. As well as the prescribed Law subjects, students must pass at least 200 points of approved Economics and Commerce subjects. Two non-Commerce Level 1 subjects (25 points) may be taken in the first year of the course, to count as two Economics and Commerce subjects. (Students who take a foreign language worth 37.5 points in first year may count the language as equivalent to three Economics and Commerce subjects). The approved order of subjects is as follows.
Note: Combined Commerce/Law students do not take any of the Commercial Law subjects taught within the Faculty of Economics and Commerce. Students are eligible for admission to the degree of Bachelor of Commerce on completion of the first four years of the combined course.
Note: Permission may be granted to replace two Level 3 Economics subjects with Property, provided two Level 3 Economics subjects are then taken in fourth year.
The BCom and BE courses degrees may be combined over five years of full-time study. Selection for the course takes place at the end of first year Engineering. Students must pass a total of 16 Economics and Commerce subjects (200 points), including:
Commencing in 1996, a five year full-time combined Engineering/Commerce course will be available at first year level. Students must pass a total of 16 Economics and Commerce subjects (200 points), including:
A minimum of 500 points, the balance being in Engineering, must be completed to qualify for both degrees.
The BCom may be combined with either the BAgrSc or the BForSc over five years of full-time study. Students must pass a total of 16 Economics and Commerce subjects (200 points) including:
A minimum of 500 points, the balance being in Agriculture and Forestry, must be completed to qualify for both degrees.
Students may also wish to take a double degree (the BCom with another pass degree) which is not an approved combined degree course in the University. This requires passes or credits for at least 300 points approved by the Faculty of Economics and Commerce. At least 200 of these points must be from economics and commerce subjects, including all the compulsory subjects and a total of four Level 3 subjects (50 points).
Students who have reached the required standard must make a formal application to the General Manager for admission to fourth-year honours. Those who seek entry to fourth-year honours must ascertain from the head of the relevant department whether any additional work or special subjects will be required at third-year level. If planning to change specialisation, students should consult the head of the appropriate department for advice on any required additional work.
Eligibility to enter the honours degree is based on achievement of an average mark of H2B in at least four subjects at 300-level in the intended area of specialisation (including subjects nominated by the department as relevant to the discipline). In addition, students must obtain a mark of H2B or better in three of the four subjects.
Intending honours students should lodge a formal application, on the form obtainable from the Faculty Office, with the General Manager no later than one week after the publication of third-year results.
The Accounting and Finance honours program has been developed with four major specialisations:
In the honours year (fourth year), students may undertake an approved program of study in any one of the above specialisations or, alternatively, may undertake a combination of specialisations, constituting a general honours program. Each of the honours specialisations has a compulsory core subject (see below), which will have prerequisites at the third-year (and perhaps second-year) level. It is also recommended that 316-352 Quantitative Business Analysis is completed prior to fourth-year honours study.
Students are required to complete eight units in fourth-year honours. The Research Essay counts for three units. Compulsory subjects for all honours year students in Accounting and Finance are:
The remaining four units should be chosen to include at least one of the following core subjects and three other subjects which complement the specialisation. The remaining subjects can be chosen from any subjects taught within the Faculty or subjects chosen from another Faculty as approved by the head of the department. No more than two Level 3 subjects can be included in the program of study.
The core subjects for the respective honours specialisations are:
By the end of their third year, candidates must have completed the requirements for the pass degree. In addition, they must have achieved a grade of H2B or better in at least three relevant subjects at 300-level, and have an average mark of at least H2B in at least four subjects at 300-level. (A list of relevant subjects is available from the Centre for Actuarial Studies.) Candidates must have a grade of H2B or better in at least one of the following subjects:
In their fourth year, candidates must complete the following subjects:
Candidates must complete at least one other 400-level subject taught by the Faculty of Economics and Commerce. Two additional subjects must be taken at 300 or 400-level, chosen from within or outside the Faculty of Economics and Commerce. However, by the end of four years a candidate must have completed at least two of the following subjects:
Two additional approved subjects with a 316 prefix from the full list of Level 3 Economics subjects.
Four approved Level 2 or Level 3 subjects from the course for the pass degree (may include further Economics subjects; combined Law/Commerce students may take an approved Law subject in place of two of these subjects).
International Economics, Macroeconomics, Microeconomics, and either 316-316 Basic Econometrics or 316-317 Econometrics must all be taken during either the third or fourth year.
Students are strongly advised to give early consideration to a topic for their fourth-year research essay. They should obtain approval for it from an adviser by the start of fourth year.
By the end of the third year, candidates must have completed four third-year subjects in Economic History (normally including 326-309 Research Methods in the Social Sciences). A Level 3 subject taught by another department in the Faculty can be substituted for an Economic History subject. Combined Law/Commerce students may limit their Law studies to one subject approved by the Faculty of Law.
Combined Law/Commerce students may take an approved Law subject in place of two of these subjects.
Students intending to undertake honours in Accounting/Economics must take eight subjects which include the following:
Students intending to undertake honours in Economic History/Economics must have taken 316-313 Microeconomics and are expected to take at least one of the following Level 3 Economics subjects:
In the event that the student is enrolled in the Research Essay in Economics and has not previously taken Basic Econometrics or Econometrics, then one of these subjects must be taken in fourth year.
Students must have taken at least two Level 3 subjects in Economic History.
By the end of the third year, candidates must have completed the requirements for the pass degree with a specialisation in Management and Industrial Relations.
The remaining two subjects must be chosen from any other subjects taught by the Faculty as approved by the Head of Department. No more than two Level 3 subjects can be included in the program of study.
Students intending to take honours in Management and Accounting must have taken both 306-301 Financial Accounting and 306-302 Managerial Accounting, together with at least two of the following Management subjects:
plus additional accounting subjects to complete associate sequence requirements
Entry into the Honours year will be based on student performance in any two subjects from the approved third year subjects listed by the Department of Management and any two subjects from the approved third year subjects listed by the Department of Accounting and Finance.
Either 306-467 Accounting and Finance Research Essay
Or 327-403 Management and Industrial Relations Research Essay
Students taking the Accounting and Finance Research Essay must also take:
Students taking the Management and Industrial Relations Essay must also take:
GROUP A
GROUP B
Graduates with a BCom pass degree or its equivalent may apply for enrolment in a postgraduate diploma in economics, economic history, finance, or a graduate diploma in industrial relations.
It is expected that diploma students will perform at honours level during their courses. Successful completion of a diploma course at the required standard qualifies candidates for admission to the MCom degree course.
The DipEcon advanced course of study normally takes one year full time or two years part time, entailing two or four consecutive semesters in economics and related disciplines. It provides introductory training for students seeking to do an MCom degree by coursework or by thesis.
Admission is open to graduates in economics and to others with approved tertiary qualifications. Those without an adequate economics background will be required to undertake preliminary work. The course assumes ability to cope with work of honours degree standard.
An advanced course in economic history and related disciplines, the DipEconHist normally takes one year full time or two years part time (two or four consecutive semesters). It provides introductory training for students seeking to do an MCom degree by coursework or by thesis.
The course is open to graduates who have a major sequence or its equivalent in economic history and to other persons with tertiary qualifications of sufficient standard.
Applicants without an adequate economic history background will be required to undertake preliminary work. The course assumes ability to cope with work of honours degree standard.
The DipFin advanced course normally takes one year full-time or two years part-time (two or four consecutive semesters) and provides a basic understanding of modern finance and financial economics. It provides introductory training for students seeking to do an MCom degree by coursework or by thesis.
Admission is open to graduates with an economics or finance background or equivalent. Applicants without the appropriate background are required to undertake preliminary work.
Preliminary work normally involves satisfactory completion of the undergraduate subjects Business Finance 1, Accounting Concepts, Microeconomics and Macroeconomics. An applicant may be required to complete other preliminary work.
The DipIndRels course, normally one year full-time or two years part-time (two or four consecutive semesters), offers advanced studies in industrial relations and related disciplines. It provides introductory training for students seeking to do the MCom by coursework or by thesis.
Admission is open to graduates from any discipline and applicants should normally have relevant work experience. Candidates who have not previously studied industrial relations will usually enrol as part-time students in order to sequence their studies appropriately.
The graduate diploma is designed for students who have not undertaken an undergraduate actuarial program but who decide to pursue a career in actuarial science. To obtain entry to the program, students must have completed a degree from a recognised university, have a good academic record, and have an appropriate background (e.g. in statistics or applied mathematics). The course requires one year of full-time or two years of part-time study.
The MCom degree by coursework is a one year, full-time (two year, part-time) program specialising in economics, finance or industrial relations.
The course consists of six coursework subjects plus production of an article for publication or a research report, which counts as a double subject.
Candidates for an MCom degree by thesis pursue original research on an approved topic for at least one year full-time, or two years part-time.
Each candidate has a supervisor appointed by the Faculty. Candidates present the results of their research in a thesis of about 50,000 words or (on the recommendation of their supervisor) a series of papers.
The MCom degree by thesis should be completed within two years for full-time candidates and four years for part-time candidates.
Admission to the MCom degree course (whether by thesis or coursework) is open to students with a first or second-class BCom(Hons) degree or its equivalent.
Studies for a PhD may be pursued in any department of the Faculty, including the Faculty's Institute of Applied Economic and Social Research (IAESR) or its Impact Project. Intending applicants should approach the relevant head of department for further details and seek advice from the University's Office for Research. Applications may be lodged at any time.
The DCom degree may be taken by a graduate of the University of Melbourne, or any other tertiary educational institution, of not less than seven years standing after first qualifying for a degree. The candidate must satisfy the Faculty of adequate training and experience in a discipline recognised by the Faculty.
Candidates submit for examination published or unpublished original work which in subject, scope and character is deemed appropriate by the Faculty.
Students should be aware of their rights and obligations while at the University. Essential information on matters such as enrolment, assessment, special consideration in the event of illness or other difficulties, etc, is contained in the Student Diary, issued to every student on enrolment.
Full-time students are expected to take four subjects each semester and the normal duration of the BCom pass degree is three years. With four subjects the total class hours for lectures and tutorials will amount to some twelve or thirteen hours per week. This may seem small in comparison with what is customary in secondary schools or in university courses involving laboratory work, but new students in particular should realise that they are also expected to do much private reading and prepare essays and other written work. They should therefore avoid accepting too many outside commitments, or seeking employment during the academic year. The atmosphere of a university is not one of a teacher instructing pupils, but one of self-education on the part of the students, aided by lecturers and tutors, from whom advice can readily be sought on any points of difficulty arising from their studies.
Students in full-time employment are limited in their own interests to two subjects per semester. To attempt more is to run the risk of failure. It follows that for part-time students the duration of the BCom pass degree is six years, but the maximum length of the course is limited to eight years. In arranging their courses and selecting their subjects, part-time students should pay close attention to the rules governing the order in which particular subjects can be taken. It is no longer possible to arrange timetables so that part-time students can always attend lectures at convenient times, and there will inevitably be occasions when they have to obtain leave of absence from their employer. If at all possible, students are urged to take at least one year of their course full-time.
Students will only be permitted to overload their course in a semester when the Faculty is reasonably confident that the overload will not result in failure or any substantially diminished performance in the course. Students will not be permitted to exceed a total of twenty-four subjects in the degree course. Permission to overload is not automatic and will only be given when there is good reason. Students who have failed two or more subjects in their first year will not be given permission to overload in their second year. Students who have failed one subject in their first year may be given permission to overload in their second year, provided they have passed all subjects in the previous semester (or two semesters in the case of a part-time student). Permission will then be granted only if it is thought that the student has the ability to pass all the subjects in the overloaded course. Third year students who require one or two additional subjects to compete the degree in the year in question will automatically be granted permission to overload.
Attendance at lectures and tutorials is compulsory for all students in the subjects taught by the Faculty. External enrolments therefore cannot be accepted and no correspondence tuition is available. Essays and other written work as set by the lecturers will be taken into account at the Annual Assessment and failure to submit the required work may involve exclusion from the examinations.
Students will be informed during the first two weeks of lectures of the assessment procedures for essays, class work, mid-semester tests, final examinations or other work required. The weightings of components of assessment in a subject, if not given in the Subjects section of this Handbook, will be posted on departmental noticeboards at the beginning of the semester.
Attention is drawn to Rules Made by Council Pursuant to Statute 12.2.10--Rules Relating to Assessment, which provide, inter alia, that a student must not during or in connection with the performance of any component of assessment:
No student is permitted to submit for assessment in a subject any essay or assignment which is substantially similar to work submitted for assessment by the student in any other subject.
Unless expressly stated otherwise, all examinations and tests will be in written form.
In exceptional circumstances the Council may suspend a subject or change its content. Any cancellation or change will be announced on departmental noticeboards before teaching begins. An optional subject may be suspended due to insufficient enrolments.
Undergraduate students seeking to discontinue or change any of the subjects for which they are enrolled must obtain a course change form from the Faculty Office.
There are no supplementary examinations in units taught by this Faculty, but the examiners may require candidates to present for further written or oral tests to be held before the publication of results in December. Candidates are warned that only very short notice of these tests can be given and it is important therefore that they can be reached at the address held by the University.
Students requiring extensions of time to complete components of assessment must lodge an application with the relevant departmental office. Application procedures are set out on departmental noticeboards.
Special Consideration may be granted for a variety of reasons. Applications must be lodged with the Faculty Office on the official form no later than three days after the relevant examination. Students are referred to the Student Diary for details.
Unsatisfactory Progress is defined as:
The following procedures operate:
The Committee will recommend to the Academic Board that a student be suspended from a course if:
unless there are extreme extenuating circumstances.
Students recommended for suspension by the Faculty to the Academic Board have the right to be heard by the Board, but if the Board confirms the recommendation, the student is then excluded from the course.
Students suspended from a course, or who discontinue from a course, may apply to be re-selected into the course in competition with other applicants during the selection period.
An undergraduate student seeking leave of absence must request permission from the General Manager in writing, specifying the proposed period of absence. Students who wish to discontinue their courses must notify the General Manager in writing.
The Faculty has an excellent undergraduate computer laboratory with 90 networked microcomputers running state-of-the-art commercial and statistical software.
The computer laboratory is located on the first floor of the Baldwin Spencer Building.
A separate computer laboratory caters for research students enrolled in the honours program and postgraduate courses.
The Department of Accounting and Finance's introductory Business Computing course includes practical use of computer application packages relevant to all Commerce students.
Other accounting courses also make use of computer application packages, but Accounting Information Systems and the corresponding fourth-year course deals with the more specialised aspects of business computing.
The Department of Economics uses computers extensively in its statistics, econometrics and advanced economics courses.
Australian Society of Certified Practising Accountants: Individuals who hold the Bachelor of Commerce degree with a three-year sequence in Accounting and Finance may apply for Associate membership of the Society.
Specific requirements of Associate membership are a core set of subjects and one of two 'Associate sequences'.
Core subjects include the compulsory subjects from the Commerce degree plus Accounting 1A and 1B, Intermediate Financial Accounting, Intermediate Managerial Accounting, Business Computing, Financial Accounting, Managerial Accounting, Business Finance and Introduction to Business Law.
Associate sequences are:
Persons who seek full CPA membership after graduation must complete further external studies specified by the Society. For more information, including details of admission requirements, contact the State Registrar of the CPA, Victorian Division, 170 Queen Street, Melbourne 3000.
Institute of Chartered Accountants in Australia: Those who hold the Bachelor of Commerce degree (including Accounting 1A and 1B, Intermediate Managerial Accounting, Intermediate Financial Accounting, Business Computing, Financial Accounting, Managerial Accounting, Business Finance 1, Auditing, Introduction to Business Law, Corporate Law and Taxation Law) may apply to participate in the Institute's Professional Year of Study.
The Institute requires Professional Year students other than holders of honours degrees to complete a minimum of 52 weeks service with a firm of chartered accountants in public practice before the commencement of the Professional Year. For further information on admission requirements, contact the State Director, ICAA, 490 Bourke Street, Melbourne 3000.
Institute of Chartered Secretaries and Administrators: Persons who have completed the Bachelor of Commerce degree, including the Accounting and Business Law sequences, may apply for exemption from eight of the 13 subjects of the Institute's examinations.
Australian Institute of Bankers: Persons who have completed the degree of Bachelor of Commerce and are employed in the banking and finance industry are eligible for affiliate membership of the Institute. Student membership is also available. Interested students should consult the Institute at State Bank Centre, 385 Bourke Street, Melbourne 3000.
Institute of Actuaries of Australia: The Bachelor of Commerce course allows students with strong mathematical backgrounds to undertake studies for the actuarial profession in their degrees.
Students who pass these courses at second-class honours standard or better may be exempted from up to eight of the 10 examinations for entry to the profession. For more information, contact the Actuarial Tuition Service, 447 Collins Street, Melbourne 3000.
General Manager, Faculty of Economics and Commerce, The University of Melbourne, Parkville, Victoria 3052.
Tel: +613 (03) 9344 5317.
The Faculty Office moved into new premises on the second floor of the Economics and Commerce Building in mid-1990 and increased the number of administrative staff in order to improve service to students. The telephone number is (03) 9344 5317. Appointments can be arranged at the General Enquiry Office.
The Executive Officer (Undergraduate Studies), the Executive Officer (Overseas Students) and the General Manager are available to provide advice to undergraduate students.
Front office staff can provide general advice or direct students to the appropriate source of information concerning changes to enrolment, change of address, course advice, careers advice, special consideration requests, enrolment records, overseas student matters, and general personal counselling with referral to other University services such as Student Counselling, Language Centre, and Study Skills.
The Faculty Office can also provide details of awards, prizes and exhibitions available in the Faculty. Further information on matters of general concern (such as fees, enrolment, assessment, special consideration, student membership cards, colleges and halls of residence, the Course and Careers Unit, financial assistance and University facilities) is provided in the Student Diary. The Student Administration Office in the Raymond Priestley Building is the only office able to provide official result statements.
The General Manager, the Manager (Graduate Studies), the Associate Dean (Graduate Studies), and relevant heads of departments can provide course advice for postgraduate students.
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Handbook 1996 : Faculty of Economics and Commerce
Status: Official 1996 Date created: Sep 27 1995 Last modified: Sep 27 1995 Authorised by: Academic Registrar Email enquiries: Course_Information@registrar.unimelb.edu.au
Maintained by: Faculty of Economics and Commerce
Copyright © University of Melbourne 1995,1996.