Subjects studied at the School of Economics and Finance
The subjects offered by the School of Economics and Finance are Economics, Finance, Econometrics and Actuarial Science.
Economics is a social science. Like other social scientists, economists attempt to understand the forces that shape the behaviour of individuals, the formation of institutions and the structure of societies.
The factor that differentiates economics from the other social sciences is a focus on scarcity. If scarcity is present, and it almost always is, then economics plays a key role because it is fundamentally concerned with how to allocate those resources most efficiently. As the saying goes, there is no such thing as a free lunch!
Finance covers all aspects of high finance: investments, futures and capital assets. It's a total package designed to prepare you for work in small business, big corporations, or in the public sector institutions where financial policy gets made.
Econometrics provides an important set of tools for a career in Economics or Finance. A combination of Economics, Mathematics, and Statistics, it has many applications in the modern business world. You can no longer major in Econometrics for a degree at Victoria, but you will still find many Econometrics courses amongst our offerings.
Actuarial Science concerns the models and methods for undertaking risk analysis, which come primarily from economics, mathematics and statistics. Professional actuaries are traditionally involved in superannuation, insurance and banking but there is growing demand for actuarial skills across a diverse range of business disciplines such as management consultancy, investment, finance and stockbroking as well as in government, education, health and software development.
Students enrolling in this major, which is co-taught with the School of Mathematics and Statistics, may consider taking it alongside a second major in Economics, Finance, Mathematics or Statistics.