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Business and Economics

Business and Economics
The Business and Economics
discipline is one of the most popular program choices for international
students coming to Australia.

Specialisations
The Business
and Economics discipline is one of the most popular program choices for
international students coming to Australia.The main
difference between the two areas is that Economics investigates the science of
an economy, production distribution and the supply and demand of goods, whilst
Business primarily deals with the management aspects of the economy.
Specializations include:

Accounting;

Human
Resource Management;

Administration;

Information Systems;

Advertising;

International Management/Business;

Agribusiness;

Logistics;

Arts Management;

Marketing/Public Relations;

Banking and Finance;

Micro and Macro Economics;

Development Economics;

Organizational Behavior;

Ecological and Environmental Economics;

Procurement;

Electronic Commerce/Business;

Property Studies;

Event/Leisure Management;

Professional Economics;

Commerce;

Public Policy;

Health Economics;

Real Estate and Development;

Hospitality and Tourism;

Social Planning and Development;

Taxation.

Certificate
Diploma
Advanced
Diploma
Bachelor
Degree
Graduate
Certificate
Postgraduate
Diploma
Masters
by research/coursework
Professional
Doctorates

Qualifications
Business and
Economics programs are offered at the following qualification levels:

TAFE and
private colleges typically offer vocational Business and Economics training
through Certificates, Diplomas and Advanced Diplomas. Universities offer more
specialised Bachelors Degrees, Graduate Certificates, Postgraduate Diplomas,
Masters, Professional Doctorates and PhDs.However, some TAFEs and colleges offer Bachelor
Programs and some universities Diploma and Advanced Diploma programs. Pathways
are available for students wishing to link their programs and reduce the amount
of time of their total study.Entry
requirements into Business and Economics programs vary depending on the
qualification level. The qualification level depends on:

The
student’s academic history to date;
The
student’s career goal.

​For example, a
student wanting to become a pastry chef would look at VET programs offered at
TAFE and private colleges. A student with aspirations of becoming a hotel
executive would look at university level programs.

University Programs

Entry
requirements into university level programs are higher than VET programs.
Examples of business degrees include:

LEVEL
QUALIFICATION

Undergraduate
Bachelor
of Applied Science; Bachelor of Business; Bachelor of Commerce; Bachelor of Economics; Bachelor of Hotel Management.

Postgraduate
Graduate
Certificate of Finance; Graduate Certificate of Event Management; Postgraduate Diploma of Human Resource Management; Masters of Business Administration; Masters of Financial Management; Masters of Business; Masters of Commerce; Masters of Economics; Professional Doctorate in Business; Masters of Philosophy; PhD.

Undergraduate
Admission into
an undergraduate Business program is generally based on completion of Australian
grade 12 or equivalent. In addition, some courses require prerequisite
subjects.Typically
Commerce, Accounting, Banking, Finance and Economic streams have higher entry
requirements than Business, Marketing and Human Resource Management streams.
Similarly, the latter streams generally have higher requirements than
Hospitality, Tourism and Event Management disciplines. For example (at
University of Queensland):

Examples of typical entry
requirements are:

Bachelor
of Commerce – entry requirements at Australian universities range from an
A Level entry requirement of 10 points (in at least two subjects) plus
completion of advanced Mathematics at high school to an A Level result
equal to 5 points (in at least two subjects) and no prerequisite subjects.

Bachelor
of Hotel Management – entry requirements at range from an A Level entry
requirement of 4 points (in at least two subjects) to 9 points (in at
least two subjects).

Postgraduate

Coursework postgraduate Business and Economics programs typically require completion of an Australian Bachelor Degree (or equivalent) or have extensive work experience.

Entry requirements into postgraduate Business programs depend on whether they are:

A conversion program (for students without an undergraduate degree in the field);

An advanced postgraduate degree (for students with a relevant undergraduate degree).

Examples of entry requirements include:

Masters of Business
– typically include a specialization and requires students to have completed an undergraduate degree equivalent to an Australian Bachelor Degree in any field.

Masters of Accounting or Financial Management – are generally advanced degrees and require students to have completed a Bachelor Degree in Commerce, Accounting, Banking or Finance.

Masters of Business Administration – are designed for executives who have work experience post-graduation. Entry requirements range from 10 years work experience with no academic qualifications to an Australian Bachelor Degree or equivalent plus at least two years work experience post-graduation.

Postgraduate Business and Economics research programs usually require students to have completed a Bachelor Degree with Honours I or II. Some universities accept postgraduate qualifying programs and others require completion of the Graduate Management Admissions Test (GMAT).

Pathways

There is a wide range of pathway options available to students not meeting entry requirements in their desired program. For example, many institutions that offer Bachelor Degrees will give credit for prior Diploma studies. This reduces the amount of time a student takes to complete their Bachelor Degree.

Not all universities in Australia recognise all qualifications, so care should be taken to ensure that pathway options are available between institutions. For example, a Thai student who wishes to complete a Bachelor Degree, and has only completed Mathayom Suksa 5. This student could enrol in a Certificate program, upgrade with credit to a Diploma program and then, depending on their grades, upgrade with credit to a Bachelor Degree.

Professional Associations
Many business
programs include internships, practical assignments and placements that provide
students with practical experience. For example, many Certificates are
traineeship based and combine workplace experience and theory.Some
vocational and university programs also require placements in the workforce.
For example, a student completing a program in Hotel Management may be required
to complete a 10 week internship on which they are assessed in an international
hotel.Other programs
require students to complete assignments based on working in businesses, such
as designing and publishing a brochure for an event.On graduation
from a Business or Economic program students may be eligible for membership to
an international professional association below. Full membership to some of
these associations requires a person to complete further study. For example a
Bachelor of Commerce graduate may complete further courses to become a CPA or
Chartered Accountant.By becoming a
fully accredited accountant, they will increase their earning capacity.

Accounting

CPA Australia Institute
of Public Accountants (IPA) The Tax
Institute The
Institute of Chartered Accountants (ICAA) Association
of Chartered Certified Accountants (ACCA) International Federation of Accountants (IFAC)

Actuarial
Studies
Institute of
Actuaries of Australia American
Academy of Actuaries Canadian
Institute of Actuaries (CIA) Institute of
Actuaries – UK International Actuarial Association (IAA)

Banking
and Finance
Financial
Services Institute of Australasia (FINSIA) Financial
Executives International of Australia (FEI) Association for Financial Professionals (AFP)

Business
and Management
Business
Council of Australia (BCA) Institute
of Management Consultants (IMC) –
Australia International Association of Business
Communicators (IABC)

Commerce
Australian
Chamber of Commerce and Industry (ACCI) International Chamber of Commerce (ICC)

Economics
International
Economics and Finance Society (IEFS) Economics Society of Australia (ECOSOC)

Tourism
Australian
Hotels Association (AHA) Australian
Institute of Travel and Tourism (AITT) Ecotourism
Australia World
Tourism Organisation (WTO) World Travel and Tourism Council (WTTC)

Marketing
and Public Relations
Australian
Marketing Institute Public Relations Institute of
Australia (PRIA) International Public Relations
Associations (IPRA)

Career Opportunities
Career Opportunities

Actuarial
Studies;

Real
Estate Agent;

Banking;

Marketing Manager;

International Economist;

Sales Assistant;

Risk Management;

Specialist Manager;

Valuation;

Travel Agent;

Financial Modelling/Administration and Planning;
Accountant;

Chef;
Auditor;

Bar Attendant;
Bookkeeper;

Beauty Therapist;
Human Resource Manager;

General Manager;
Marketing, Public Relations and Advertising Professional;

General Clerk;
Communication Manager and Speech Writer;

Hotel Manager;
Business Owner;

Administration Clerk;
Project Manager;

Management Consultant;
Restaurant and Catering Manager;

Quality Assurance Manager;
Production Manager;

Political Economy or Economics is a study of mankind in the ordinary business of life.
” Business Life

– Alfred Marshall –