NOTE: This course has had one or more changes made to it since publication on 1 October 2017. For details of changes, please consult the Handbook change registerHandbook change register (http://www.monash.edu.au/pubs/2018handbooks/2018-change-register.html).
The focus of this course is business practice. It is designed to provide graduates with high-level skills in business and in a specialised field of business. As a graduate you will be qualified to pursue a career in a wide variety of business occupations after choosing to focus on one of the following specialisations:
- Banking and finance
- International business
The course allows you to focus your studies from the start, blending a conceptual theoretical framework with practical applications and covers basic discipline material through to more specialised discipline requirements.
Accounting will prepare you for a career in accounting or related fields in the public or private sectors with excellent conceptual knowledge and technical skills in financial accounting, management accounting, corporate finance, taxation, auditing and financial analysis.
Banking and finance will give you the skills to manage money in institutional settings, such as banks or investment houses. You will learn about key banking and finance concepts, and how to assess the financial needs of companies and individuals and match them to suitable financial products. You will be qualified to work in banking and finance environments, in roles such as portfolio manager, business banker, funds manager or loan adviser.
International business provides you with an inter-disciplinary understanding of issues affecting contemporary international firms, their strategy, corporate policies and operations. International business develops your knowledge and skills for the international economic, financial, political, legal, managerial and strategic environment of business. An accounting stream is also available within the international business specialisation.
Marketing will provide you with the analytic, creative and strategic skills to be a specialist marketer. You will gain comprehensive marketing knowledge, and be able to use this to make marketing decisions that drive value in business.
The Bachelor of Business Specialist at the Caulfield campus can be taken in combination with the following courses:
- Bachelor of Arts
- Bachelor of Business
- Bachelor of Information Technology
The Bachelor of Business Specialist at the Melbourne City location can be taken in combination with the following courses:
Completing a double degree course will allow you to graduate with two degrees, your specialist business degree (Bachelor of Accounting, Bachelor of Banking and Finance, Bachelor of International Business or Bachelor of Marketing) and the degree awarded by the partner course. The requirements for the award of the each of the business specialist degrees is the same whether the award is earned through a single or double degree course. Students should refer to the course entry for the partner course in their double degree, for the requirements of the other degree and the course mapcourse map (http://www.monash.edu.au/pubs/2018handbooks/maps/) for the double degree.
Accounting involves the systematic recording, reporting, and analysis of financial transactions. It plays a pivotal role in the financial monitoring and control in every organisation - private or public, small or large. The accounting process affords managers the skills to assess their financial performance, and report crucial financial information to the users including to executives, shareholders and other stakeholders. This specialisation will equip you with the skills required to be an accountant in the modern world by focusing on a high level of technical and generic skills. These include accounting and reporting for internal and external users, and the development of communication, critical thinking and analytical skills to prepare you to meet the challenges of a rapidly changing competitive business environment.
Banking and finance
Banking and finance is the system that includes the circulation of money, the granting of credit, the making of investments, the acquisition of financing and the provision of banking facilities. The focus of the specialisation is on institutions and on developing broad skills in finance. You will learn and apply theory and concepts in finance to enable you to critically evaluate and make decisions regarding capital markets, the functions of financial intermediaries, commercial banking, lending, international finance, valuation of financial securities and firms, money market dealing, financial forecasting, options, futures, derivatives, bonds and stocks.
International business is the study of international firms; their strategy, corporate policies and operations. Almost all firms compete in international markets or compete against international competitors. This specialisation offers a practical business education course designed to prepare graduates for leadership roles in contemporary businesses. It will provide you with the ability to understand the issues affecting contemporary international businesses and to provide both practical and theoretical knowledge and skills in international business related areas. You will also have the option to include a professional accounting sequence.
Marketing is the process of creating, communicating, delivering and exchanging offerings that have value for customers. This specialisation is designed for the person whose passion is to think and act as a professional marketer and possess the know-how for making successful marketing decisions. Marketing studies are combined with a general business education to ensure that you have a broad perspective of business from which to enter and progress in your marketing career. Students awarded the marketing degree will be able to use their extensive marketing knowledge and skills - analytic, creative, and strategic - to drive value for their business.
These course outcomes are aligned with the Australian Qualifications Framework level 7 and Monash Graduate AttributesAustralian Qualifications Framework level 7 and Monash Graduate Attributes (http://www.monash.edu.au/pubs/handbooks/alignmentofoutcomes.html).
Upon successful completion of this course it is expected that students will:
- be critical and creative scholars who:
- produce innovative solutions to problems
- apply research skills to business challenges
- communicate effectively and perceptively
- be responsible and effective global citizens who:
- engage in an internationalised world
- exhibit cross cultural competence
- demonstrate ethical values
- demonstrate broad knowledge and technical skills in their specialisation and provide discipline based solutions relevant to the business, professional and public policy communities that we serve. In particular:
- Accounting graduates will:
- exercise judgement under supervision to solve routine accounting problems in straightforward contexts using social, ethical, economic, regulatory and global perspectives
- integrate theoretical and technical accounting knowledge which includes a selection of auditing, finance, economics, quantitative methods, and information systems
- critically apply theoretical and technical accounting knowledge and skills to solve routine accounting problems;
- justify and communicate accounting advice and ideas in straightforward collaborative contexts involving both accountants and non-accountants
- reflect on performance feedback to identify and action learning opportunities and self-improvements
- Banking and finance graduates will:
- explain technical and theoretical banking and finance concepts
- comply with the Australian Business Dean's Council endorsed Finance Learning Standards of knowledge, application, judgement, communication and teamwork
- reflect, formulate and present banking and finance proposals.
- International business graduates will:
- use international business knowledge to enhance opportunities and to resolve challenges confronting international organisations
- Marketing graduates will:
- have the acumen to use their in-depth marketing knowledge to drive business performance
- comply with the Australian Business Dean's Council endorsed Marketing Learning Standards of social responsibility, analysis, knowledge, judgement and communication
- demonstrate a well-developed understanding of multi-disciplinary decision making in organisations via application of knowledge from core business discipline areas.
The course develops through the themes of foundation business knowledge, specialist discipline knowledge, capstone experience, and in addition includes elective study.
Part A. Foundation business knowledge
This will provide you with a study of accounting, economics and econometrics disciplines and the impact they have on decision making in organisations.
Part B. Specialist discipline knowledge
These studies will develop your capacity as a critical and creative professional who is able to apply your knowledge of your specialisation to provide discipline-based solutions for business. Units contained within the discipline specialisation may meet the requirements for professional accreditation bodies.
Part C. Capstone experience
The capstone unit will consolidate your knowledge and skills acquired through the study of your specialisation and provide experience in multi-disciplinary processes and decision making.
Part D. Elective study
If you are studying one of the Caulfield-based specialisations of accounting, banking and finance or marketing, these are free electives and will enable you to further your knowledge of your specialisation, or business more broadly, or to select units from across the University in which you are eligible to enrol. For students in a double degree course, some units required for the other degree can also be credited as electives towards the business specialist degrees.
If you are taking the city-based specialisation - international business - you will use these units to deepen your knowledge of international business or to add a professional accounting stream to your studies.
The course comprises 144 points, of which 96 points must be focussed on business study and 48 points are used to provide additional depth or breadth.
The course develops through three themes: Part A. Foundation business knowledge (18 points), Part B. Specialist discipline knowledge and Part C. Capstone experience (78 points), and Part D. Elective study (48 points).
Elective study may be at any level but in choosing your units, note that no more than 10 units (60 points) at level 1 can be credited to your business specialist course and a minimum 36 points must be at level 3, of which at least 24 points of level 3 units must be from those offered by the Faculty of Business and Economics at the Caulfield campus or the City campus depending on the specialisation you are undertaking.
The course progression mapscourse progression maps (http://www.monash.edu.au/pubs/2018handbooks/maps/map-b2003.pdf) will assist you to plan to meet the course requirements, and guidance on unit enrolment for each semester of study.
Units are 6 points unless otherwise stated.
Part A. Foundation business knowledge (18 points)
The following two units (12 points):
One unit (6 points) from the following:*
- ACF1100 Introduction to financial accounting
- ACF1200 Accounting for managers
Part B. Specialist discipline knowledge and Part C. Capstone experience (78 points)
Students complete the specialist discipline knowledge and capstone experience requirements for one of the following specialisations:
Part D. Elective study (48 points)
Accounting, banking and finance, and marketing specialisations
These are free elective units and may be used to develop further depth and breadth in business or could be units chosen from across the University (including to complete a major or minor from another course), so long as you have the prerequisites and there are no restrictions on admission to the units. The units may be at any level, however, no more than 10 units (60 points) are to be completed at level 1 in the Bachelor of Business Specialist course and a minimum of 36 points must be completed at level 3.
Free electives can be identified using the browse unitsbrowse units (http://www.monash.edu.au/pubs/handbooks/units/search) tool and indexes of unitsindexes of units (http://www.monash.edu.au/pubs/handbooks/units/) in the current edition of the Handbook. MajorsMajors (http://www.monash.edu.au/pubs/handbooks/aos/index-bydomain_type-major.html) and minorsminors (http://www.monash.edu.au/pubs/handbooks/aos/index-bydomain_type-minor.html) can also be identified using the Handbook indexes. The level of the unit is indicated by the first number in the unit code; undergraduate units are those that commence with the numbers 1-3. You may need permission from the owning faculty to enrol in some units taught by other faculties.
For students in double degree courses, some units required for the other degree are credited as electives towards the business specialist course.
International business specialisation
These units may be used to further strengthen your knowledge of international business or to add a professional accounting stream as follows:
International business stream students complete:
- BFF1001 Foundations of finance
- BFF2341 International financial management
- BTX3110 International trade law
- ECF2331 Macroeconomic and monetary policy
- ECF2721 Trade finance and foreign exchange
- ETX2250 Data visualisation and analytics
- MGF1100 Managerial communication
- MKF2111 Buyer behaviour or BTF2000 Australian corporations law
Professional accounting stream students complete:
Students successfully completing any of the specialisations in the Bachelor of Business Specialist may proceed to a one year honours program leading to B3701 Bachelor of Commerce (Honours). Applicants must have completed a bachelor degree, with a specialisation in the related discipline and have achieved a distinction grade average (70 per cent) or above in 24 points of studies in relevant discipline units at level 3. In addition, some fields require particular level 3 units to be completed for admission to honours.