Careers in Econometrics & Business Statistics – Making Maths Your Business!

The discipline of Econometrics and Business Statistics provides an ideal way of combining mathematical ability with a desire for a career in the business world. The Bachelor of Commerce and Bachelor of Economics degrees on the Monash Clayton campus, and the Bachelor of Business degrees on the Monash Caulfield campus, offer an extensive range of practical units in this discipline, unmatched anywhere in Australia. A smaller range of subjects is available at the Berwick, Gippsland and Peninsula campuses.

What is Econometrics?

Econometrics and Business Statistics are concerned with extracting the best possible information out of data in order to aid the decision maker. Statistics are used by managers to monitor aspects of a company's operations - identifying defective areas, looking for productivity improvements, identifying market trends etc. In a competitive business environment which is rich with data, management needs to be able to make quick, informed decisions. Statistics is an important tool in decision support which can give an organisation a competitive edge.

Career opportunities in Business Statistics/Econometrics

A reading of the employment pages of any major suburban newspaper reveals that quantitative skills are in high demand in both the corporate world and the public sector.

Monash Econometrics graduates are very highly regarded and have proven to be highly employable. In the business world Monash graduates are found in:

• the financial sector (stockbrokers, insurance and finance companies, banks);
• consulting firms (evaluating management systems, exploring economic trends);
• marketing and retailing (market research, logistics, quantitative business analysis);
• the manufacturing sector (providing quality control, designing new products),
• and many other areas.

Business Statistics and Econometrics also provides ideal preparation for a career in the public sector. Policy makers need hard evidence on which to base their decisions; data must be collected, analysed, and presented in a convincing way.

State and Federal Government departments, and public corporations such as Telstra and the Reserve Bank of Australia regularly seek graduates with quantitative skills. Recent Monash graduates have established careers in areas such as:

• Treasury (economic modelling, policy evaluation);
• the Industry Commission (research into particular industry development);
• the Australian Bureau of Statistics (survey design and statistical analysis); and
• the Bureau of Agricultural and Resource Economics.

Accreditation Opportunities

Institute of Actuaries in Australia

The Department is planning an expansion of offerings in the Actuarial Studies stream. Currently, two specialized second year units are on offer as part of either the Bachelor of Commerce or the Bachelor of Economics degree at Clayton. In 2009, the offerings will be expanded to include two third-year units. By including the available actuarial units in their degree, students may either broaden their quantitative skill base, or begin their journey towards professional accreditation as an Actuary. A full suite of accredited subjects is planned for 2010. More information will be made available in due course.

Accreditation as a Statistician

Depending on their subject choice, students majoring in econometrics and business statistics at Monash University have been accepted for accreditation as a Graduate Statistician (GStat), under the auspices of the Statistical Society of Australia.

More information...

Where are they now? / Courses & units