Students who commenced study in 2016 should refer to this course entry for direction on the requirements; to check which units are currently available for enrolment, refer to the unit indexes in the the current edition of the Handbook. If you have any queries contact the managing faculty for your course.
This course entry applies to students commencing this course in 2016 and should be read in conjunction with information provided in the 'Faculty information' section of this Handbook by the Faculty of Business and Economics.
Unit codes that are not linked to their entry in the Handbook are not available for study in the current year.
Admission and fees
3 years FT, 6 years PT
Students have a maximum of eight years to complete this course including any periods of intermission.
Mode and location
Bachelor of Actuarial Science
Bachelor of Economics
Bachelor of Finance
The award conferred depends on the specialisation completed.
This course provides professional education for those wishing to become actuary, economic or finance professionals. It has a strong emphasis on developing analytical skills and offers a solid grounding and professional competence in the aspects of commerce required for careers in the corporate sector, government and the professions. There are four specialisations in the course:
The course allows to you focus your studies from the start, blending a conceptual theoretical framework with practical applications and covers broad discipline material through to more specialised discipline requirements. You will graduate with one of three awards.
Actuarial Science: Actuarial Science will prepare you for a career as an actuary. To provide professional actuarial advice in Australia and in most other developed countries, you must become a fellow of the local actuarial profession. This involves developing basic technical skills, learning how to apply these skills in a general setting, developing deep specialist knowledge and completing a professional course following two years' relevant work experience. Students will have the opportunity to gain industry-based experience as part of this specialisation.
Graduates will be able to seek employment in international finance and business fields dealing with life, general or health insurance, superannuation, risk management and financial consulting. Many actuaries and actuarial graduates work on investment operations for asset managers, brokers and banks. There is a range of government-related jobs in regulatory control, workers' compensation, education and others. Some actuaries work with large companies on long-term strategic planning.
Economics: Economics is the science of allocating scarce resources to maximise people's welfare. Economists study both the microeconomic decisions of individuals, business and government, and the macroeconomic behaviour of the economy as a whole. Two specialisations provide a professional education in economics: economics and economics policy, and mathematical economics and econometrics. Both specialisations are designed to encourage logical thought and detailed analysis of economic issues that can be adapted to a range of careers.
Finance: The finance specialisation offers you the opportunity to complete a professional, highly focussed qualification in finance. It is quantitatively oriented and provides both depth and breadth in finance. You will learn and apply theory and concepts in finance to enable you to critically evaluate and make decisions regarding capital investment, mergers and acquisitions, foreign exchange, valuation of financial securities and firms, money market dealing, financial forecasting, bonds and stocks and gain a comprehensive exposure to options, future and other derivatives.
With this qualification you can aspire to a large number of roles in finance, including group finance director, commodities trader, derivatives trader, investment banker, project finance analyst, trade finance specialist, stockbroker, chief financial officer, mergers and acquisitions specialist, commercial banker, credit analyst, risk manager, corporate finance analyst, finance director, investment advisor, derivative or commodities trader, investment banker or corporate treasurer.
Some specific or additional units may be required for professional recognition. Refer to the Faculty professional recognition pageFaculty professional recognition page (http://www.buseco.monash.edu.au/future-students/undergraduate/afteryougraduate/professional-recognition.html) for more information regarding accreditation for each of these specialisations.
The Bachelor of Commerce Specialist course can be taken in combination with each the following courses:
Completing a double degree course will allow you to graduate with two degrees, your specialist commerce degree (the Bachelor of Actuarial Science, Bachelor of Finance or Bachelor of Economics) and the degree awarded by the partner course. The requirements for the award of each of the specialist degrees are the same whether the award is earned through a single or double degree course. Students should refer to the course entry for the partner course and the course mapcourse map (http://www.monash.edu.au/pubs/2016handbooks/maps/) for the double degree.
These course outcomes are aligned with the Australian Qualifications Framework level 7, the Bologna Cycle 1 and Monash Graduate AttributesAustralian Qualifications Framework level 7, the Bologna Cycle 1 and Monash Graduate Attributes (http://www.monash.edu.au/pubs/handbooks/alignmentofoutcomes.html).
Upon successful completion of this course it is expected that you will be able to:
The course develops through the four themes of foundation commerce knowledge, specialist discipline knowledge, capstone experience, and in addition includes elective study.
These units will provide you with a comprehensive study of economics and econometrics disciplines and the impact they have on multi-discipline decision-making in organisations. The units consider the impact on the business, professional and public policy communities.
These units will develop your capacity as a critical and creative professional who is able to apply your knowledge of a specialised area to provide discipline based solutions to commerce. Units contained within the discipline specialisation may meet the requirements for professional accreditation bodies.
The capstone unit is designed to consolidate the knowledge and skills acquired throughout the study of your specialisation.
This will enable you to further develop your knowledge of your specialisation, or commerce more broadly, or to select any units from across the University in which you are eligible to enrol including to complete a major or minor from another course.
For students in a double degree courses, these elective units are used in fulfilling part of the requirements of the other course.
The course comprises 144 points, of which 96 points must be focussed on commerce study and 48 points are used to provide additional depth or breadth.
The course develops through three themes: A. Foundation commerce knowledge, B. Specialist discipline knowledge, C. Capstone experience, and in addition includes D. Elective study.
Elective study may be at any level but in choosing your units, note that no more than 10 units (60 points) at level 1 can be credited to your commerce specialist degree and a minimum 36 points must at level 3, of which at least 24 points of level 3 units must be from those offered by the Faculty of Business and Economics at the Clayton campus.
The course progression mapcourse progression map (http://www.monash.edu.au/pubs/2016handbooks/maps/map-b2004.pdf) will assist you to plan to meet the course requirements, and guidance on unit enrolment for each semester of study.
Units are six points unless otherwise specified.
All students complete:
Students complete the requirements for one of the following specialisations:
Elective units may be chosen from the Faculty of Business and Economics or across the University so long as you have the prerequisites and there are no restrictions on admission to the units. The units may be at any level, however, no more than 10 units (60 points) are to be completed at level 1 in the course. Enrolment in Faculty of Business and Economics units at campuses other than your campus of enrolment is subject to there being spare capacity after students from that campus have enrolled. You should also be aware of travel and timetabling limitations.
For students in double degree courses, some units required for the other degree can also be credited as electives towards the commerce specialist degree.
Students successfully completing any of the specialisations in the Bachelor of Commerce Specialist may proceed to a one year honours program leading to B3701 Bachelor of Commerce (Honours). Applicants must have completed a bachelor degree, with a specialisation in the related discipline and have achieved a distinction grade average (70 per cent) or above in 24 points of studies in relevant discipline units at level 3. In addition, some fields require particular units to be taken for admission to honours.