Econometrics and Business Statistics Study Area Flyer 22

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Why study Econometrics and Business Statistics? Use data to understand how people make choices and how the choices of businesses and governments impact individuals like you. Quantify the impact of government economic policies on businesses as well as local, national and global economies. What is Econometrics and Business Statistics? Econometrics and business statistics are two complementary fields of study that are about one thing – using mathematics to make decisions. In our era of big data, econometricians and statisticians are becoming increasingly important as we try to make sense of all the data around us and use it to make decisions about our lives. Econometrics can be used to answer questions about our economy, and business statistics focuses on understanding domestic and global business data.

Where will it take you? Whether we realise it or not, econometrics touches every aspect of our daily lives. Graduates who specialise in econometrics and business statistics will be highly qualified to carve out a career across an unlimited number of industry sectors.

Gain employment in:

Work in areas of:

• Australian Bureau of Statistics (ABS)

• Actuarial analysis

• Australian Energy Market Operator (AEMO)

• Commodity forecasting

• Banking, finance and information technology start-up companies • Bureau of Agricultural and Resource Economics • Consulting • Industry commissions • Manufacturing • Marketing and retailing

• Asset allocation • Economic modelling • Economic trends • Evaluation of management systems • Logistics • Market research • New product design • Policy analysis • Policy evaluation • Quality control

• Reserve Bank of Australia (RBA)

• Quantitative business analysis

• Superannuation and insurance

• Research into industry development

• Treasury

• Risk analysis • Statistical analysis • Survey design


WAYS TO STUDY ECONOMETRICS AND BUSINESS STATISTICS At Monash Business School, you can study econometrics in several ways. Take a Bachelor of Business majoring in business analytics and statistics or financial econometrics, or a Bachelor of Commerce majoring in actuarial studies, business analytics, econometrics or mathematical foundations of econometrics. Econometrics can also be studied within a Bachelor of Actuarial Science, or as part of a Bachelor of Economics, where you choose the mathematical economics and econometrics stream.

Bachelor of Business – business analytics and statistics major


A Bachelor of Business will give you broad business skills. It covers accounting, marketing, business law, management, economics, business statistics and finance. Learn what makes markets, brands and organisations function effectively. Choose a business analytics and statistics major to develop skills to understand domestic and global data, including big data. You will learn to use data analytics, computing tools and statistical models to make optimal decisions in business and related fields.

Bachelor of Business – financial econometrics major


Choose a financial econometrics major to acquire the skills to develop data-driven solutions for a number of real-world problems in finance. These include how best to invest in a well-diversified portfolio, how to price financial assets such as stocks, bonds and derivatives, and how to quantify the risk in financial and investment decisions.

Bachelor of Commerce – actuarial studies major


A Bachelor of Commerce will give you analytical and conceptual skills. It covers commercial leadership, innovation and policy development. Learn to think conceptually, use data, solve problems and make informed decisions. Choose an actuarial studies major to learn how to use data, analytics, econometrics and statistics to identify opportunities and manage risk. Actuarial studies is about understanding and managing risk by applying mathematics and statistics to real life scenarios to determine the likelihood of certain events, and ensure businesses and governments have enough resources to protect themselves when these events occur.

Bachelor of Commerce – business analytics major


Choose a a mathematical foundations of econometrics major to develop mathematical, statistical and computing skills and learn to analyse complex data in a commercial context. Business analytics combines maths and computing to help governments, companies and individuals to make sense of data. In data-rich environments, these quantitative skills and methods ensure companies make the best decisions to reach their goals.

Bachelor of Commerce – econometrics major


Econometrics involves using mathematics and statistics to interpret data, analyse information, develop economic and business forecasts and construct econometric models. Choose an econometrics major to harness the power of statistics, mathematics and economics and make informed decisions. Using a broad mix of statistical modelling techniques, data analysis skills and economic theory, econometrics can answer important questions that affect our everyday lives.

Bachelor of Commerce – mathematical foundations of econometrics major


Choose a mathematical foundations of econometrics major to acquire a rigorous training in the mathematical and statistical foundations of econometrics. This training will equip you with a deep understanding of the econometric methods that drive economic decisions, and enable you to influence the way in which statistical analysis affects the economy and society.

Bachelor of Actuarial Science


A Bachelor of Actuarial Science will give you technical and analytical skills. It covers financial accounting, microeconomics, macroeconomics and economic statistics. Learn about the foundations of finance, corporate finance, debt markets and fixed incomes securities and apply mathematical concepts to real-life scenarios.


CA Caulfield Campus

PE Peninsula Campus

CL Clayton Campus


Diverse career opportunities Strong ties to industry and government Our Department of Econometrics and Business Statistics is the only dedicated department of this kind in Australia and boasts the largest concentration of econometricians and statisticians in the region. With strong ties to industry and government, our academics provide consulting advice on planning, decision-making and analytics. This includes forecasting, econometric and statistical analysis, and statistical reporting.

Work-integrated learning Put your study in practice Choose an industry-based learning elective to integrate studying and working in your field. In this practical unit, you will spend time on a placement with a leading firm. Previous students have had practical placements with KPMG, EY, the ‘Big 4’ Australian banks and Frontier Economics.

Double degree options Double degrees with Monash Business School A double degree with Monash Business School offers you a depth of knowledge by allowing you to study two disciplines from within the Business School. Combine a Bachelor of Commerce with a major in actuarial studies, business analytics, econometrics or mathematical foundations of econometrics with a Bachelor of Actuarial Science, Economics or Finance. A Bachelor of Economics (mathematical economics and econometrics stream) can be combined with a Bachelor of Commerce with a major in actuarial studies, business analytics, econometrics, or mathematical foundations of econometrics. A Bachelor of Business with a major in business analytics and statistics or financial econometrics can be combined with a Bachelor of Accounting, Banking and Finance, International Business, or Marketing. Conditions apply with the choice of majors in the Bachelor of Business and Bachelor of Commerce. Double degrees with other faculties A double degree with another faculty offers you a breadth of knowledge, as you study across disciplines and explore two interests. You can combine a Business or Commerce degree with a number of degrees, including Arts, Biomedical Science, Computer Science, Global Studies, Information Technology, Music, or Science.

Rankings and accreditation in Australia Monash Business School is very proud to have been awarded ‘triple accreditation’ by three global accrediting bodies. We are one of only 97 business schools in the world – and the only institution within Victoria – to have achieved this accreditation. We are the largest business school in Australia and Monash University is a member of the Group of Eight.


TOP 1%

OF BUSINESS SCHOOLS GLOBALLY Only 1% of business schools in the world have triple accreditation from AACSB, EQUIS and AMBA.


2022 QS World University Rankings by subject worldwide




2022 QS World University Rankings





Summer and winter scholarship programs Work on current research These programs give you the opportunity to work directly with our leading econometricians on their current research projects. If you are interested in a research career or furthering your studies through an Honours program, this is a great opportunity to get ahead over the holidays and gain valuable research experience.

Global data challenges Test your skills on real-life data issues Participate in a global business analytics challenge with other business school students. These events bring together data scientists and business analysts from across the globe to focus on data issues, such as poverty, climate change, gender equality, healthcare, technology, film reviews, airline records and international standard test scores.

Google Summer of Code Work with an experienced developer Participate in the annual Google Summer of Code project to use the latest open source software and develop new business analytics methods. Run during semester breaks, students work with an open source organisation on a three-month programming project.

Further study options Monash Business School is a launching pad for the leaders, innovators and CEOs of the future. Many of our most successful graduates have studied beyond their first degrees to carve out their niches, build leadership skills, change career directions or develop specialist skills for senior industry roles. While you might be eager to get out into the workforce, a year or two of postgraduate study can give you a significant competitive advantage when you ultimately set off to build a career. We offer: • Bachelor of Commerce (Honours) – Econometrics and Business Statistics • Graduate Certificate of Business • Graduate Diploma of Business • Master of Applied Economics and Econometrics • Master of Business Analytics • Master of Global Business • Doctor of Philosophy – Econometrics and Business Statistics


8 Click here to discover the options for undergraduate study in the field.

8 The Department of Econometrics

and Business Statistics is renowned for high quality research and teaching. Click here to find out more.


Stay connected with Monash Business School The information in this brochure was correct at the time of publication (August 2022). Monash University reserves the right to alter this information should the need arise. You should always check with the relevant faculty office when considering a course. CRICOS provider: Monash University 00008C Monash College 01857J