Program Overview

Economics Program Overview

Economics is a dynamic and influential social science that examines how individuals, businesses, and governments make decisions in the context of scarcity. At its core, economics helps us understand how societies allocate resources, respond to incentives, and manage trade-offs – insights that are fundamental to navigating both everyday choices and complex global issues. A key strength of economics is its ability to explain how markets function – how prices are set, goods and services are exchanged, and value is created. This understanding is vital not only for business and finance but also for shaping effective public policy and managing economic systems. Harnessing mathematical and statistical methods, economics provides a structured way to analyse real-world problems. It enables us to identify patterns in human behaviour and provides a powerful framework to help design solutions to major challenges such as financial crises, inequality, poverty, sustainable economic development, and climate change.

Program Structure and Details

The Economics program is designed for both recent graduates and professionals seeking training in economic theory and applications for career progression or a career change. It accommodates individuals with or without prior economics education - candidates for the Master of Economics who have completed a qualification in a relevant discipline may be eligible for a reduction in course requirements.

Program Levels and Flexibility

The structured program comprises a graduate certificate, graduate diploma, and master’s, allowing students the flexibility to enter or exit at any of these levels, subject to meeting the relevant criteria. The program does not include a research component and thus does not provide a pathway to higher degree by research (e.g., PhD) studies. Students interested in such a pathway should consider the Economic Analysis program.

Units of Study

Students complete units of study in the following categories, as appropriate to their level of study:

• Foundation: in-depth introduction to microeconomics, macroeconomics, econometrics, and quantitative methods – appropriate for those with little or no background in the discipline.
• Core: advanced study in microeconomics, macroeconomics, and econometrics, as well as communication in an economic context.
• Selective: choice of study in a broad range of economic applications, including at least one specialisation (Econometrics, Economics, Financial Economics).
• Capstone: application of the knowledge and skills acquired throughout the course to a particular economic topic or problem.

Mathematics Assumed Knowledge

Mathematics is an essential tool in the study of economics. Students admitted to a course in the Economics program are assumed to be proficient in algebraic manipulation and graphical representation of data, but some prior knowledge of calculus is recommended.

Admission Criteria and Course Requirements

Please refer to the course resolutions for admission criteria and course requirements. The units of study available in the program are listed in the unit of study table.

Degree Planning

The degree plan below is intended as a guide only but indicates the recommended sequence of units of study for a full-time student.

Master of Economics

Year | Semester | Units of study
---|---|---
1 | 1 | ECON5001 | ECON5002 | ECMT5001 | ECON5005
2 | ECON6001 | ECON6002 | ECMT6002 | ECON5004
2 | 1 | Selective | Selective | Selective | Selective
2 | ECON703x^ | Selective | Selective | Selective

^ students select one of ECON7031, ECON7032, ECON7033, or ECON7034 according to their preferred choice of topic.

Reduced Volume of Learning (RVL)

Candidates who have completed a qualification in a relevant discipline may be eligible for a reduction in the requirements of the Master of Economics in accordance with the table below.

Level of prior learning | Full-time duration | Credit points to complete
---|---|---
AQF Level 7 (e.g., a bachelor's degree with a major in Economics) | 1.5 years | 72
Relevant professional experience equivalent to a Graduate Certificate | 1.5 years | 72
AQF Level 8 (e.g., honours degree in Economics) | 1 year | 48

AQF: Australian Qualifications Framework

Career Outcomes and Skills

Studying economics equips students with highly transferable skills in critical thinking, data analysis, and problem solving. These capabilities are increasingly sought after across a wide range of careers in the public, private, and not-for-profit sectors, including in government, finance, consulting, policymaking, international development, and research. The School of Economics has a long and proud tradition of excellence in economics education and research. Graduates of courses in the postgraduate Economics program are well prepared to make meaningful contributions in a world where sound economic thinking is more important than ever.