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• HonoursEconomics

Revision 42 as of 2012-05-28 05:57:58

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.

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?

1. 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).
2. 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.

3. 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?

1. 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?

1. Honours units are taught at a higher level, and so will give you a more advanced set of Economics tools;

2. 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;

3. 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.

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:

  • US PhDs .. what's to know? (PDF)

What do I need to have done to get into Honours?

Monash Clayton B.Com or B.Ec Student? In simple terms, you will need to have completed

1. 70+ average in ECC2000 Intermediate Micro AND ECC2010 Intermediate Macro;

2. 70+ average in at least four ECC3xxx level units (not including econometrics units at the third year level);

3. A pass (or much better, preferably) in ETC/ECC2410 Introductory Econometrics

Monash B.Bus Student?

• Since the B.Bus has a lower entry score, and lower Maths requirements than the B.Com, in general the 'bar' is a little higher for articulation from B.Bus to Clayton Honours in Economics. Specifically, instead of a 70+ average in the relevant units at Clayton, B.Bus students will need to demonstrate an 80+ average in the relevant units:

  1. Econ Unit Equivalence:

     • ECF2731 Managerial Economics --> Intermediate Micro

     • ECF2331 Monetary theory and policy --> Intermediate Macro

     • Relevant 3rd year Econ units: ECF310 Consumer Economics, ECF3121 Economics of International Trade + Clayton ECC3xxx units (or further ECF3xxx units as they are developed/offered).
  2. ETC/ECC 2410 Introductory Econometrics equivalence. There are three options:
     • Option 1: get 70+ in ETF2100
     • Option 2: get 70+ in ETF3200
     • Option 3: take ETC2410 as a one-off Clayton unit as part of your course

Non-Monash Clayton student?

• Essentially, you need to line up equilvalence with the criteria laid out above for the Monash Clayton (B.Com, B.Ec) students.
  • That could mean doing one or two extra units;
  • That could mean doing the Grad. Dip in Economics;
  • That could mean emailing the Honours Coordinator with your completed and current unit details and confirming your equivalence (e.g. if you are from Melbourne Uni things line up pretty easily).
  • .. in any case, if you are a non-Monash Clayton person, best to contact the Honours Coordinator.

• Honours Coordinator: simon.angus@monash.edu

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')

Can I take non-Economics Electives as part of my Honours year?

• It depends.
• We need to keep in mind two principles:
  1. Your honours year units must be of a sufficiently high standard that a person reading your transcript (e.g. prospective employer, PhD program coordinator) doesn't think it looks in any way 'watered down';
  2. Sometimes, for a compelling reason to do with your research project and/or prospective employment, a non-Econ unit seems appropriate for you to take.
• In which case, it is very rare, but yes, in consultation with the Honours Coordinator, you may get permission to undertake a non-Econ unit as one of your honours electives

Some Practicalities, or FAQ

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?

• Please speak about this with the Honours coordinator
• Also, take note of 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.

Are there Scholarships available for Honours?

1. Yes.

2. Check out the application process and available scholarships here: http://www.buseco.monash.edu.au/student/scholarships/honours.html

3. NB: For Honours students in 2010 ..

   • 2009 applications open 1 August and close 31 October 2009.

4. Also check the University Wide Scholarships offered here: http://www.adm.monash.edu/scholarships/applicants/honours-scholarships.html

I'm a Berwick/Caulfield student, can I still get into Honours?

• Perhaps.

• You'll need to discuss your situation with the Honours coordinator. Send him an email. simon.angus@monash.edu

I'm having trouble fitting in the required units, are there any options?

• If you have completed 8 units at Monash, and have a credit (or better) average in your previous year, you can over-load

• See the forms here: http://www.buseco.monash.edu.au/student/forms/requestoverload130110.pdf

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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