Have you ever thought about what it means by ‘the economy is bad’ and why can’t the government just print more money? Have you ever wondered why changes in the American Dollar rate affects the rest of the world? If you want to understand the economy of the world and have a basic understanding of supply and demand, a degree in Economics can be one of the courses you could consider pursuing.
Down below, we have provided a detailed guide including everything you need to know about studying Economics in Australia to help you decide if it is the right course for you.
What is Economics?
Economics is the study of scarcity, how people use resources and respond to incentives, and how people make decisions. It frequently discusses wealth and finance, although it is not only about money. Economics is a wide discipline that enables us to comprehend historical trends, analyse current headlines, and forecast future events.
Economics has two sub-areas under it; macroeconomics and microeconomics. Macroeconomics is the study of the economy as a whole, on a larger scale, whereas microeconomics is the study of individual decisions.
Why Should You Study Economics?
Students who take up economics not only gain a deeper understanding of the different markets, they also learn strong problem-solving skills and analytical skills in addition to the necessary business knowledge to succeed in the working world. Economics is a broad discipline that can be used in business and other different areas as well.
If you have the skills listed down below, it is more than enough reason to consider pursuing your studies in Economics.
- You find researching and analyzing data interesting
This is a major part of being an economics professional. Summarized results from various data can hold a lot of useful information. If you enjoy going through data and understanding them, Economics is the professional for you.
- You are detail-oriented
Having an eye for detail can make you a great economist, since you will be verifying and fact checking endless reports and data to look for economic trends or even patterns of production and consumption of goods.
- You are good with numbers
If numbers is one of your strong suits, you will have no problems studying a course in Economics, as you will be taking up many mathematical concepts including algebra, statistics and even calculus.
- You are curious about the economy and how it works
If you have always been keen on learning about how different economies, governments and businesses work, Economics will give you everything you need to know.
What Will You Study in a Degree in Economics?
In an Economics degree you are exposed to various subjects related to economics, the finance industry and the business world.
Listed below are the main subjects you will be covering in a Degree in Economics;
- Introduction to Macroeconomics
- Introduction to Microeconomics
- Quantitative Methods
- Econometrics
- Advanced micro & macro economics
- International Trade Policy
Most universities also offer work placements in various industries, so that students will get first-hand industry experience and will be ready for the working world when they graduate.
What are the Career Opportunities for an Economics Graduate?
With an economics degree, you will not be limited to one specific industry, rather it will open your doors to a vast variety of opportunities from different sectors, including government, businesses, research firms, financial institutions and many more.
Listed below are some of the most common careers that Economics graduates take up:
- Economist
- Data analyst
- Financial Risk analyst
- Economic Researcher
- Financial consultant
- Investment analyst
What are the General Entry Requirements for a Degree in Economics?
GCE A Levels | • Minimum 10 points in 3 subjects, where A*=6, A=5, B=4, C=3, D=2, E=1 |
International Baccalaureate Diploma Program (IBDP) | • 31 |
ATAR | • 86.85 |
UEC | • 16, aggregate of the best 5 subjects. (where A1 = 1, A2 = 2, B3 = 3, B4 = 4, B5 = 5, B6 = 6.) |
*The requirements may vary among universities, for inquiries on other entry requirements, contact Excel Education.
What are the English Language Requirements for International Students?
IELTS | Overall 6.5, with no individual band score less than 6.0 |
TOEFL IBT | Overall 79-93, writing 21 |
TOEFL (Paper Based Test) | 550 |
Pearson (PTE): | 58-64 |
*The requirements may vary among universities, for inquiries on other entry requirements, contact Excel Education.
Top 10 Universities to Study Economics Degree in Australia
The University of Melbourne
University of Melbourne is ranked 23rd in the world for Economics by QS World University Rankings by Subject. This university offers economics as a major under Bachelor of Commerce and Bachelor of Arts. Within the economics major you will be focusing on microeconomics, macroeconomics and econometrics.
Course Details
Program | Bachelor of Commerce (Economics) |
Intake | March | July |
Duration | 3 Years (Full time) |
Indicative Fees | Contact Excel Education |
Monash University
Monash University’s Bachelor of Economics will give you the necessary analytical skills needed to be successful as an economics professional. With this degree you have the choice to further your studies by choosing from the two streams offered; Economics and Economy Policy, and Mathematical Economics and Econometrics.
Course Details
Program | Bachelor of Economics |
Intake | February | July |
Duration | 3 Years (Full time) |
Indicative Fees | Contact Excel Education |
University of Sydney
University of Sydney’s Bachelor of Economics provides its students the choice to choose a major from the 4 core majors offered; Econometrics, Economics, Environmental, Agricultural and Resource Economics and Financial Economics. You will also have the option to choose a second major or minor in other areas offered with this program.
Course Details
Program | Bachelor of Economics |
Intake | February | July |
Duration | 3 Years (Full time) |
Indicative Fees | Contact Excel Education |
University of New South Wales (UNSW)
UNSW is ranked 50th in the world for Economics and Econometrics. UNSW’s Bachelor of Economics allows students to specialize in one area from the 3 economics specializations offered; Econometrics, Business Economics and Financial Economics. This program also offers students the flexibility to expand their knowledge by giving them the choice to major in a second specialization from the business majors offered.
Course Details
Program | Bachelor of Economics |
Intake | February | May | September |
Duration | 3 Years (Full time) |
Indicative Fees | Contact Excel Education |
University of Queensland
University of Queensland is the only institute in Queensland that offers a bachelor of Economics program and is ranked the 2nd in Australia for business and economics by Times Higher Education University Ranking 2021. This course offers 4 majors that you can specialize in which includes, Economics and Public Policy, Economics of Strategy and Behaviour, International Financial Econometrics, and Quantitative Analysis. This course also provides you with the opportunity to apply theoretical and conceptual knowledge to the workplace via a professional placement.
Course Details
Program | Bachelor of Economics |
Intake | February | July |
Duration | 3 Years (Full time) |
Indicative Fees | Contact Excel Education |
University of Technology Sydney (UTS)
UTS’s Bachelor of Economics provides students with training in Econometrics, macroeconomics and microeconomics, with a focus on practical policy. The course allows you to combine the knowledge you get from this course with options from majors across selected business disciplines.
Course Details
Program | Bachelor of Economics |
Intake | February | July | November |
Duration | 3 Years (Full time) |
Indicative Fees | Contact Excel Education |
University of Tasmania (UTAS)
With UTAS’s Bachelor of Economics you are offered a catalyst program, which is specifically made for high achieving students who want to make the best out of their university life. This program combines your degree with scholarships, extracurricular experiences, special events, and networking opportunities. This course also allows you to cross-skill by giving you the option to choose electives from other areas offered in the university.
Course Details
Program | Bachelor of Economics |
Intake | February | July |
Duration | 3 Years (Full time) |
Indicative Fees | Contact Excel Education |
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