Econometrics and Business Statistics Study Area Guide

ECONOMETRICS AND BUSINESS STATISTICS Data analysis to support economic policy, economic investment and business innovation

monash.edu/business

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 ECONOMETRICS AND BUSINESS STATISTICS TAKE YOU? ECONOMETRICS AND BUSINESS STATISTICS

An econometrician or statistician looks for patterns in data to interpret what they mean and then helps companies or governments to make decisions. For example, they might: > Review economic data to predict whether the Reserve Bank of Australia should raise interest rates > Help energy companies forecast how much electricity Australia needs in 10 or 20 years so power stations can be built to meet demand > Analyse data for international organisations to advise them on issues such as gender or income inequality > Compare past weather patterns with current weather conditions to produce weather forecasts and plan for bad weather events such as floods or storms > Forecast volatility in the stock market > Work with Google or other providers to develop open-source software, which companies can use across their products > Develop statistical models to help insurance companies set their premiums > Work with organisations such as Tennis Australia to help determine player behaviour and serve speed using statistics and data analysis > Study patterns in ageing to help set superannuation policy > Provide statistical data to help governments and organisations find solutions to global challenges such as climate change or healthcare Our econometrics and business statistics graduates are well regarded in the workplace and they have proven to be highly employable. People with quantitative (mathematics) skills are in high demand and we are beginning to see the potential growth of jobs in these fields.

Gain employment in: > Banking, Finance and IT start-up companies > Consulting > Manufacturing > Marketing and Retailing > Superannuation and Insurance

> Treasury > Industry Commissions > Australian Bureau of Statistics > Bureau of Agricultural and Resource Economics

Work with a range of other professionals in areas including: > Actuarial Analysis > Asset Allocation > Commodity Forecasting > Economic Modelling > Economic Trends > Evaluation of Management Systems > Logistics > Market Research > New Product Design > Policy Analysis

> Policy Evaluation > Quality Control > Quantitative Business Analysis > Research into Industry Development > Risk Analysis > Statistical Analysis > Survey Design

WHY STUDY ECONOMETRICS AND BUSINESS STATISTICS AT MONASH BUSINESS SCHOOL? Monash Business School achieved five stars (well above world standard) for both Econometrics and Statistics in the Excellence in Research for Australia (ERA) Report, 2015-2018.

We are the largest business school in Australia and a member of the Group of Eight.

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, decisionmaking and analytics. This includes forecasting, econometric and statistical analysis, and statistical reporting.

WAYS TO STUDY ECONOMETRICS AND BUSINESS STATISTICS At Monash Business School, you can study Econometrics as part of 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.

“I enjoy using data analytics to extract value from data and using it to improve decision-making. The highlight of my study has been leveraging data strategically to help businesses and their people to operate successfully.

The teachers are engaging and knowledgeable and the course provides opportunities to network and gain experience. During placements, I’ve been inspired and motivated by the hands-on experience and mentoring from industry professionals.

When I graduate, I hope my study will offer a pathway to an exciting and lucrative career. I’m interested in creating and improving technology.”

CAITLIN HEFFERNAN Bachelor of Business/Information Technology majoring in Business statistics

Bachelor of Business – Business Analytics and Statistics major

Bachelor of Commerce – Business Analytics major

Caulfield campus

Choose a Business Analytics 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.

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 Caulfield campus

Clayton campus

Bachelor of Commerce – Econometrics major Clayton campus Econometrics involves using mathematics and statistics to interpret data, analyse information, develop economic and business forecasts and construct econometric models.

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.

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 – Actuarial Studies major

Bachelor of Commerce – Mathematical Foundations of Econometrics major

Clayton campus 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.

Clayton campus 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 Clayton campus 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.

Bachelor of Economics – Mathematical Economics and Econometrics stream

Summer and winter research scholarship programs

Clayton campus

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.

Work on current research

A Bachelor of Economics will give you analytical skills. Learn how to think critically, solve problems logically and make informed decisions in a commercial context. Use data to make better decisions, study the impact of individual economic choices and explore the way local, national and global economies function.

Choose the Mathematical Economics and Econometrics stream to uncover the numbers behind economic theories.

You’ll learn how to analyse and interpret econometric and mathematical data and apply your findings in a range of contexts, including financial investment, production, taxes and government expenditure, and policy settings.

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. For more information about double degrees, visit monash.edu/study

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.

THE HIGHLIGHTS Work integrated learning Put your study into 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.

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 3-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 degree to carve out a niche, build leadership skills, change career direction, or develop the specialist skills for a senior industry role.

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 > Graduate Diploma of Economic Analytics > Master of Actuarial Studies > Master of Applied Economics and Econometrics > Master of Business Analytics > Master of Global Business > Doctor of Philosophy – Econometrics and Business Statistics

Find out more To learn more about Business Analytics at Monash Business School visit: monash.edu/business/future-students Stay connected with Monash Business School:

The information in this brochure was correct at the time of publication (June 2021). 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.

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