You are invited by the Department of Economics at the University of Melbourne to apply for enrolment in the largest and most successful honours program in Economics in Australia. The Department is one of Australia's leading centres of economics, highly regarded for its undergraduate and postgraduate programs, its strong commitment to excellence in teaching, and for the quality and quantity of its research output.

The structure of the program is perhaps the most flexible in Australia:

Past honours graduates occupy senior positions in government, industry and commerce. For students who have pursued graduate studies after their honours year, the Department has placed students in PhD programs both in Australia and in top institutions overseas.

The Department has over 30 academic staff with most members publishing regularly in journals with international reputations. As individuals and as members of teams, department staff are involved in many research programs in economics and related areas.

• The growth in economic knowledge over the last decade makes it virtually impossible to train a professional economist within the confines of a three-year undergraduate degree. A fourth, specialist year enables students to reach further towards the frontiers of the discipline.

• An honours degree is normally considered by employers as the minimum qualification required for a professional economist. This is particularly true for both State and Federal Governments, the Treasury, the Reserve Bank and many Public Enterprises. The private sector is increasingly requiring economic majors with at least an honours degree, and in some cases, firms only recruit students with honours degrees. Honours economics graduates find employment in both large and small private companies and in private consultancies.

• As the environment of financial markets is continually changing, financial institutions are more interested in students who exhibit an aptitude to learn, to adapt to changing situations and who show a breadth of knowledge. The major trading banks and merchant banks employ honours graduates in economics.

• Initial salary rates for honours graduates are higher than those for ordinary degree graduates, and job tasks tend to be more varied, interesting and research orientated.

• Career advancement is more rapid for honours graduates.

• Possession of a good honours degree assists in obtaining scholarships and other forms of financial support to undertake higher degrees.

The Department of Economics at Melbourne offers over 40 subjects from which honours students can choose. This list can be extended for students interested in doing either a combined honours degree with other areas such as finance, accounting, industrial relations, science, law or arts, or for students majoring in economics who want to pursue a minor sequence in another department.

Given the array of subjects offered at Melbourne, it is possible to specialise in a number of areas including: macroeconomics, microeconomics, finance, econometrics, labour economics, international trade, public policy, actuarial studies, industrial organisation.

At the University of Melbourne honours students undertake a tightly focused research essay which contributes one quarter towards the final honours grade. For some students this is the most rewarding aspect of the program as it enables students to undertake their own research in an area of economics in which they are interested. A high quality research essay also provides a strong signal to employers of the research capabilities of a prospective employee.

The honours degree opens up the possibility of proceeding to graduate studies. The University of Melbourne is very successful in placing students in PhD programs in North America and the UK.

In contrast to most of the other honours degrees offered at other universities throughout Australia, the honours degree at the University of Melbourne represents a completely separate degree to the undergraduate degree. Students moving to Melbourne from another university can be rewarded with two degrees after four years of study. The program has an excellent track record of attracting students from universities in Australia and overseas.

The Honours year is a fourth year of specialised study in economics and related areas. It is open to students wanting either to specialise in economics, or to undertake some combined program that complements economics. It is an integrated program with an emphasis on research, economic theory and its application to policy, and decision-making skills.

The honours year is normally taken on a full-time basis immediately after finishing the requirements for the three-year pass degree. Provision exists, however, for deferred entry for no more than 2 years and also for part-time enrolment in very special cases.

The course consists of six semester-length subjects (one of which is compulsory) in economics and related areas, as well as a research essay which is given the weight of two subjects.

Grades are awarded for individual subjects. In addition the degree is awarded (i.e. the whole year is graded) at a certain level which ranges from first class honours to third class honours.

For further information contact:

Honours coordinator,
Faculty of Economics and Commerce,
University of Melbourne,
Victoria, 3010
Australia

(03) 8344-5317 (Phone) (03) 9347-3986 (Fax)

Department Honours coordinator
(03) 8344 3417 (Phone) (03) 8344 6899 (Fax)
mshields@unimelb.edu.au

The contents of this document are published for information purposes only. While all reasonable efforts have been made to ensure that the information contained in it was correct at the time of compilation, the Department of Economics accepts no responsibility and no liability for the accuracy of its contents. The document should not be regarded as definitive and readers should refer to the appropriate Faculty of Economics and Commerce handbook. The document does not take precedence over any official publication of any institutions referred to therein.