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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. Three departments – Accounting and Finance, Economics, and Management – conduct undergraduate and postgraduate teaching and research. The Centre for Actuarial Studies was established in 1992.
Also within the Faculty is the Melbourne Institute of Applied Economic and Social Research (MIAESR). The MIAESR has a staff of full-time research workers investigating Australian economic, financial, industrial and social problems.
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