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Note: this is a resource for students thinking of doing Honours in the Dept. of Economics. You should also look at the (more formal) Handbook page here for lots of actual details of the Honours year.
Contents
Thinking of Doing Honours in Economics?
That's great!
Hopefully, you'll find the resources on this page helpful for you. If you have any questions, please just email the Honours Coordinator (Simon Angus).
If you still need convincing, try reading here:
Dismal Science Faces a Dilemma (''The Australian'', Wed March 25, 2009): 'According to HSBC chief economist John Edwards: "Economics honours graduates are very employable but not enough of them are being turned out." '
Why do Honours?
Honours is a special year that is well worth considering. Honours not only gives you a leg-up in applying for Economist jobs in the market-place, but also enables you to undertake further research study in a MPhil/PhD in the future. Infact, it is considered the standard launching place for beginning a successful academic career.
Do I need to be an 'academic-type' to do honours?
- No -- there are (broadly speaking) two types of students who do honours -- those wishing to go onto a Graduate Program with a public or private firm and those wishing to undertake a PhD program (see diagram below).
- Whilst honours has a research component to it, and this is a significant part of your study during the year, the skills you gain doing the research component are extremely helpful for both academic and non-academic work in the future.
To see what I mean, look below, where a spectrum of student type is represented, all who are suitable for the honours year. Those more to the left of the spectrum will likely want to go to a Graduate Program, they:
- Prefer to be more directed by others in the work that they do; or
- Enjoy project completion and working to tight deadlines; or
- Like work that is closely related to current national policy, or problems in the private sector.
Whilst those on the right of the spectrum will likely want to go into a PhD program, they:
- Prefer to work on what interests them, generating their own projects; or
- Enjoy sharing their passions with others, have patience, and get enjoyment from watching others grasp complex concepts; or
Are naturally curious about the world -- are often thinking, 'why does that happen?', or 'how does that work?'; or
- Don't mind work to be a bit open ended and prefer to spend time to get things really understood rather than working to tight deadlines and perhaps having to compromise on the overall outcomes of the project.
Do employers really care whether I've done Honours?
Yes. In a recent (2009) seminar where representatives from public and private Economics groups were represented, students were given the explicit advice that having Honours was a real advantage since it signaled to prospective employers that you have a very strong Economics background. Indeed, students heard that the Productivity Commission only employs students with an Honours qualification (or above).
How does Honours differ to undergraduate study?
Honours units are taught at a higher level, and so will give you a more advanced set of Economics tools;
Honours gives you the opportunity to undertake a 12 credit point research project -- you will work with one of the Department's academics, and experience first-hand what academic research is like;
Honours requires you to communicate your research in written form, and in a presentation. This is an excellent opportunity to develop your communication skills, especially in technical areas. Such skills are highly sought after both in the workplace, and as preparatory experience for entry in to a MPhil/PhD program.
Are there Scholarships available for Honours?
- Yes.
Check out the application process and available scholarships here: http://www.buseco.monash.edu.au/student/scholarships/honours.html
- NB: For Honours students in 2010 ..
2009 applications open 1 August and close 31 October 2009.
Also check the University Wide Scholarships offered here: http://www.adm.monash.edu/scholarships/applicants/honours-scholarships.html
OK, suppose I want to do a PhD -- here or overseas and what should I do to prepare now?
- This is a big question, that should be addressed by lots of consultation
Speak to the PhD Coordinator and see the resource page for PhDs at Monash here
- For o/s PhD study, here's a really helpful piece written by Dr Steph Miller on studying in the US to get your consultation/thinking started:
Some Practicalities
When do I apply?
- Suppose you want to do honours in year X, then in about October X-1, applications details will go up (via a link on this page) and generally open until end of November X-1. Marks from your S2 units in X-1, along with your other marks will be attached to your application by the Faculty Honours coordinator. Note that if you are studying at a non-Monash university, then you will need to attach your verified marks for everything you have at the time of submission, and the ones outstanding should be submitted as soon as you have them.
- Example: I want to do honours in 2025. So I apply in the Oct-Nov 2024 round.
One more thing: The Honours coordinator maintains a 'prospective honours students X' list for each year, so it is a good idea to email him or her to indicate your interest, then you'll be in the loop when it comes to notifications about honours applications.
Can I do Honours part-time?
- No. Sorry, it is not Department of Economics Policy
- See the other options below for 'Honours-like' courses of study.
Can I start Honours mid-year?
- No. Sorry .. since we require students to take Macro and Micro in 1st session, it would be impractical to have students coming in in second session.
- See the other options below for 'Honours-like' courses of study.
Can I defer my honours?
- No. Sorry - the faculty doesn't allow Honours deferals.
- That just means that you need to apply afresh with the same papers (perhaps with an updated research proposal) prior to the year you want to sit Honours
Do I really need to have a 70%+ average in those 6+ units?
- Yes.
- The bar is there for a good reason -- the honours units are at a higher level and will require a certain aptitude for students to both be 'happy' doing them, and to obtain the marks that will give them a good outcome for their Honours year (e.g. Honours, Class 1).
- If you enter with lower marks than our 70%+ bar, then it is likely that you will be disappointed
- Hence, the average as it stands.
- If you are uncertain, or think that you have enough good marks but perhaps not the golden average, then speak to the Honours Coordinator and discuss your situation.
- As ever, the best policy for you is to do as well as you can at the two Intermediate units, and four ECC3xxx level units, then you will have no problems.
What if I have taken the pre-req. for my cohort (e.g. Introductory Econometrics), but I failed it? Do I need to resit it?
- Yes.
- You need to have a successful completion (pass) in the pre-req. like any normal pre-req. sequence.
What do I need to have done to get into Honours?
In simple terms, you will need to have completed
Intermediate Micro;
Intermediate Macro;
At least four ECC3xxx level units; and
- The Econometrics pre-requisite for your cohort (see below).
Plus, the 70%+ average in the two Intermediate Micro and Macro units, plus your ECC3xxx units (see comment on this above).
Case |
What you need to do |
I'm not sure what you mean .. I think I'm the 'simple' option. (pre-2007 students: The pre-req for Intro Econometrics was changed in 2008 to be ETC1000 (with a new syllabus). If you completed ETC1000 prior to 2008 then you will have a few gaps in your background before taking the Honours Introductory Econometrics unit, in which case, pre-reading material will be available to you to make up these gaps in your own time.) |
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But I've already done Intro Econometrics! |
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But I've already done (both) Intro and Applied Econometrics! |
What does the Honours Year actually look like?
For more information, see the Hanbook page here:
http://www.monash.edu.au/pubs/handbooks/courses/0024.html (see 'Honours Specialisation')
Is Honours the only option I have?
No.
There are a variety of paths that you could take with Bachelor's degree under your belt. Which option you choose is up to you, but as you'll see below, there are some differences like when you can start (e.g. session 1 only, or if there is a mid-year (s2) intake), how long the period of study is, and what pre-requisites you'll need to have done prior to being accepted into the program.
You can find out more about the other (Non-Honours) options mentioned above here:
Post-Graduate Diploma in Economics and Commerce: http://www.monash.edu.au/pubs/handbooks/courses/0171.html
Masters of Business Economics: http://www.monash.edu.au/pubs/handbooks/courses/3842.html
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