We require a minimum of WAM 70+ in seven “relevant” units: ECC2000 Intermediate Microeconomics, ECC2010 Intermediate Macroeconomics, ETC2410 Introductory Econometrics, and four ECC3XXX units.
The requirements to have completed ECC2000, ECC2010, and ETC2410 are very strict, while the requirements for WAM70+ and four ECC3XXX units are not as strict.
You may be considered if you do not meet the WAM 70 requirement, but you may not get admitted if we have a large number of good applicants. In general, you need to have completed at least three ECC3XXX units. We may consider non-ECC level 3 units (e.g., ETC3410 or a finance unit) as equivalent in some cases and use them in the calculation of the WAM. Having strong performance in mathematically rigorous units (e.g., in the math department) and a strong research statement will help your case when your WAM is at the lower end.
If you are a Monash Caulfield (B.Bus) student or a non-G8 university student, we usually require a much higher WAM (80+) in the relevant (equivalent) units and also evidence that you have strong mathematics preparation (e.g., strong performance in a math unit or mathematically rigorous economics/econometrics/statistics unit).
The deadline for application is usually Nov 30 (make sure you check the university website in October each year). Use B3701 code to apply online at: https://www.monash.edu/admissions/apply/online. You must lodge an application by the Nov 30 deadline to be considered. If you have completed any study abroad or student exchange program, please include in the application the relevant academic transcript from these institutions. For non-Monash students, if you only submit a partial academic transcript by the Nov 30 deadline, make sure you submit a certified copy of your full academic transcript as soon as your results are released.
When applying, you must also submit a 500-word research/candidate statement. At the top of the research statement, make sure you state that you are applying for the economics specialisation (or joint Economics and Econometrics specialisation).
The compulsory research/candidate statement provides you an opportunity to demonstrate why you have the motivation and academic skills to complete the demanding honours program. A typical statement may include:
A paragraph outlining why your undergraduate studies (unit selection, marks, and mathematics preparation) have sufficiently prepared you for the honours program and how the program will help you achieve your goals.
A few (1-3) paragraphs outlining one or two potential research questions that you will pursue for your honours research project. You may state the precisely research question(s) or broad areas of research, the motivation for investigating the question(s), and potential methodology that you may use to answer the question. You may cite the relevant papers that you have read in the area to motivate the research question/methodology.
Note that almost all students change their proposed research question after they have spoken with potential supervisors. The purpose of the research/candidate statement is to provide us with additional information to help assess your motivation, academic skills, and “research readiness.”
We typically make decisions in December right after semester 2 results become available. We aim to inform you about the outcome before the Christmas break (or shortly after). The honours course coordinator will usually send out an informal email to students admitted into the program to get an indication of their intention to accept the offer.
The scholarship offers (those controlled by the Department of Economics) are also made during this time and the honour course coordinator will also send out an informal email to scholarship winners to get an indication of their intention to accept the offer. Scholarship offers are made with a window for acceptance. If a winner does not respond the email or accept the offers by the deadline, we roll the offer to the next best candidate.
Admitted applicants decide to accept or not before the end of January (check email/letter for the deadline). Once you accept the offer (online), you will then enrol units online. Once you send an email to the coordinator about your intention to accept the offer, the coordinator will send you an information about unit selection.
There are three compulsory units: ECC4650 Microeconomics, ECC4660 Macroeconomics, and ECC4860 Honours Research Project. ECC4650 and ECC4660 must be taken in semester 1, while the research project is a full year unit.
We expect you to take ETC3410 Applied Econometrics in semester 1 if you have not completed it (or its equivalent) in your undergraduate studies. Thus, if you have not completed ETC3410 in undergraduate studies, you take ECC4650, ECC4660, ECC4860, and ETC3410 in semester 1. If you have done ETC3410 in your undergraduate studies, then you can choose either ECC4830, ECC5470, or some other ETC4XXX/ETC3XXX units in semester 1. In semester 2, you do the research project unit (ECC4860) plus three other electives (see the handbook list).
Honours economics is a lot harder than economics at the undergraduate level because of the mathematics requirements. We expect a high level of math competency. If you are rusty with calculus (especially differentiation) and linear algebra (matrix algebra), you are expected to review the relevant mathematics during the summer break. Ideally, you should also be competent at solving optimisation problems. A good starting point is the textbook “Fundamental Methods of Mathematical Economics” by Alpha Chiang.
We found that past students who showed up for the first time in week one of semester one often struggled throughout the whole year. You need to be available on campus during the orientation week (ideally before) so you can adjust to the challenging environment and start the research matching process. The research paper coordinator usually sends students an email during early February to provide information about how to start the research project and identify potential supervisors. We usually run a few workshops during the orientation week to familiarise students with the research and course requirements.