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Why Study Economics?
Economics is the study of reasoned choice in the context of scarce resources and competing interests. We all make economic decisions every day of our lives and economics can help to improve our decision making. Economics offers us a way of thinking about the world that enables us to make the best use of our limited resources.
What Can You Do With an Economics Degree?
- Professional Economist
- Financial Services
- Teaching
- Government Departments
- Consultancy
- Postgraduate Studies
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What is an Honours Degree in Economics?
An honours degree in economics – BEc(Hons) - is an additional (fourth) year in economics. It is recognised as more demanding than a BEc. It provides students with more advanced quantitative and statistical skills that are often sought by both employers and programmes of graduate study. An honours degree in economics is a signal to employers that you have risen to the challenges of a rigorous year by a programme involving a major research component. With an honour’s degree in hand, you are signalling to future employees that you can undertake demanding research projects.
Why Do Honours in Economics?
An Honours degree in Economics extends your understanding of economics, and also permits you to undertake more specialised study in an area that is of particular interest to you. The Honours year will considerably enhance and broaden your career opportunities. Your chances of career advancement will be relatively greater in comparison to those who undertake an ordinary degree. If you are considering a career in an institution such as the Reserve Bank, Commonwealth or State Departments or authorities, an international agency, or any other large public institution then the honours degree is something you ought to consider. If you have the potential for high-level attainment in the private sector you should consider doing honours in economics because it improves your skills for the cut and thrust of the market. Moreover, if you hope to continue to a higher degree such as a Masters or a PhD, the additional mathematical and statistical training, will give you a solid foundation for graduate education in economics. An honours degree will also develop your self-esteem and provide you with communication skills to share your views with confidence.
In addition, your remuneration package will be higher with an honours degree than with the ordinary three year degree.
Why Should I Complete my Honours at UTAS?
In contrast to many of the larger universities, classes at UTas are small and informal with frequent contact between staff and students. Honours students are also encouraged to attend the weekly seminars held at the School of Economics and Finance which greatly benefit students.
Entry Requirements
Economics
The Honours program in Economics is open to all suitably qualified students who have successfully completed their undergraduate degree in either Economics or, a combined degree which includes Economics with an average of 65 or higher in four economics units at the 3rd year level, including BEA300 Microeconomic Theory and Policy and BEA320 Macroeconomic Theory and Policy. Students are also expected to have passed BEA342, Econometrics. Entry to Honours Economics is competitive and based on academic merit.
Finance
For students wishing to undertake Honours in Economics in the finance area, the entry requirement is an undergraduate degree with a major in finance (or equivalent approved qualification) with an average of 65 or higher at the 3rd year level finance units. The units are:
Students must have passed BEA342 Econometrics.
Workload
For a straight economics programme involves four units – microeconomics, macroeconomics, econometrics and development economics - and a thesis. For the finance area the four units are – microeconomics, econometrics, finance and Microeconomics for Finance – and a thesis.
These units allow you to study economics in greater depth so that you will be well prepared to read the literature in the journals. The thesis is a report on a research project chosen by you and is written under the guidance of a supervisor. You will acquire an in depth knowledge of a particular area of economics as well as first hand experience with general research methods. Your thesis will indicate your ability to define a specific problem, apply the relevant statistical techniques and communicate your results. It is a valuable component of your application to professional positions and post-graduate programmes.
Scholarships
Scholarships are available to those with exceptional academic achievement in their undergraduate courses who wish to study at honours level. Check the UTas scholarships website for scholarships offered to honours students.
http://www.scholarships.utas.edu.au/
Future Prospects
Our graduates' quantitative skills and policy analysis skills are highly valued by the both the public and private sector employers. Graduates from our honours programme have found employment in a number of careers in both the public and private sectors. A number have been employed in the Commonwealth Treasury, Reserve Bank of Australia (RBA), Australian Bureau of Statistics (ABS), Australian Bureau of Agriculture and Resource Economics (ABARE), Productivity Commission, Australia Consumer and Credit Commission (ACCC), Tasmanian Development and Resources, the Commonwealth Bank and others have gone on to successful postgraduate study at UTas and other universities such as Sydney, Oxford and Cambridge, North Western University (USA), University of Alberta (Canada), Simon Fraser University (Canada).
Dr Arusha Cooray
Honours Coordinator, 2007
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