Major study areas for Bachelor of Economics

ACTUARIAL STUDIES

Actuaries identify, analyse and assess risk. They determine the likelihood of economic or property losses such as those that occur during natural disasters and calculate insurance premiums that allow individuals, business and governments to insure against these risks. Actuaries do this by applying the concepts of mathematics and statistics to real life scenarios.

ECONOMICS

Economists analyse the production, distribution, and consumption of goods and services. They focus on how individuals, households, firms and governments interact and how economies work. Microeconomics examines the behaviour of buyers and sellers in the economy while macroeconomics analyses the entire economy and issues affecting it, including unemployment, inflation, economic growth, and monetary and fiscal policy.

ECONOMETRICS AND BUSINESS STATISTICS

Careers in the business world that use quantitative skills include the financial sector (stockbrokers, the insurance industry, finance companies, banks - e.g. developing models for investment opportunities), the manufacturing sector (e.g. providing quality control), and market research. Opportunities in the public sector include economic modelling, policy evaluation, and research into industry development.

FINANCIAL AND INSURANCE MATHEMATICS

Experts in the area of financial and insurance mathematics apply mathematical and statistical techniques to the understanding of financial markets. Like actuaries they determine the likelihood of specific outcomes and develop strategies that allow businesses and governments to either pursue new business opportunities or insure against risks.

PHILOSOPHY AND POLITICS

Philosophy and politics complements study in commerce and economics. To understand fully the challenges of modern society requires complementary disciplinary study and analysis. Philosophy helps in reasoning logically and in considering the ethical implications of decisions and policies. Politics assists in understanding how government and institutions affect decision-making and public policy.