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Master of Commerce (Finance) (MC-COMFIN)

Masters (Coursework)Year: 2019 Delivered: On Campus (Parkville)

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Overview

Award titleMaster of Commerce (Finance)
Year & campus2019 — Parkville
CRICOS code092762G
Fees informationSubject EFTSL, level, discipline and census date
Study level & typeGraduate Coursework
AQF level 9
Credit points200 credit points
Duration24 months full time

The Master of Commerce (Finance) represents Years 1 & 2 of the new 5-year Doctoral Program in Finance and is only available to students pursuing the doctoral program.

Entry requirements

1. The Selection Committee will evaluate the applicant's ability to pursue the course successfully using the following criteria:

  • A four-year undergraduate degree in finance or a quantitative discipline, or equivalent, with at least H2A (75%) average;
  • Successful completion of university level subjects in Calculus and Linear Algebra;
  • The applicant’s submitted statement of intent in seeking entry; and
  • The applicant’s performance on either the GMAT or the GRE. An applicant who has written the GMAT exam must achieve a minimum score of 45 on the Quantitative section, 28 on the Verbal section and 4.5 on the Analytical Writing section. An applicant who has written the GRE exam must achieve a minimum score of 156 on the Quantitative section, 151 on the Verbal section and 4 on the Analytical Writing section, or equivalent scores under the scale used on the GRE exam prior to August 2011.

2. The Selection Committee may conduct interviews and tests and may call for referee reports or employer references to elucidate any of the matters referred to above.

Core participation requirements

The Faculty of Business and Economics welcomes applications from students with disabilities. It is University and Faculty policy to take all reasonable steps to minimise the impact of disability upon academic study, and reasonable adjustments will be made to enhance a student’s participation in the Faculty’s programs.

The BCom and Masters degrees of the Faculty of Business and Economics equip graduates with the knowledge and technical skills necessary to understand and participate in the modern business world. The degrees include the following academic requirements for study:

(1) The ability to explain and evaluate concepts, theories, institutional arrangements and operations of modern mixed economies;
(2) The ability to critically evaluate the economy, commerce and business in the broader social and political context;
(3) The ability to explain and apply concepts across a range of commerce and business disciplines in solving business and policy problems; and
(4) The ability to contribute positively to the development of organisations and society in relation to business, government and the commercial professions.

All students of the Faculty’s courses must possess intellectual, ethical, and emotional capabilities required to participate in the full curriculum and to achieve the levels of competence required by the Faculty. Candidates for the BCom degree and for FBE Masters degrees must have abilities and skills in communication; in conceptual, integrative, and quantitative dimensions; and in behavioural and social dimensions.

I. Communication: The student must be able to communicate effectively and efficiently in oral and/or written form. A student must have the ability to clearly and independently communicate knowledge and application of a discipline, principles or practices during assessment tasks, and in some discipline streams.

II. Intellectual‐Conceptual, Integrative and Quantitative Abilities: The student is expected to have the ability to develop problem‐solving skills and demonstrate the ability to establish study plans and priorities. These abilities include measurement, calculation, reasoning, analysis, and synthesis. Problem solving requires all of these intellectual abilities. Students should also have the ability to comprehend complex disciplinary and cross disciplinary information related to the BCom and Masters degrees.

III. Behavioural and Social Attributes: A student must possess behavioural and social attributes that enable them to participate in a complex learning environment and the emotional health required for full utilisation of his/her intellectual abilities. Students are required to take responsibility for their own participation and learning. They also contribute to the learning of other students in collaborative learning environments, demonstrating interpersonal skills and an understanding of the needs of other students. Assessment may include the outcomes of tasks completed in collaboration with other students. Integrity, concern for others, interpersonal skills, interest, and motivation are all personal qualities that are deemed necessary for students enrolled in FBE courses.

Intended learning outcomes

1. Learning Goal

Graduates of this degree will undergo rigorous training in and gain a thorough knowledge of finance and related quantitative disciplines, and be able to carry out high quality research in these fields.

Learning objectives to achieve this goal

On successful completion of this degree students will be able to:

  • Demonstrate an advanced understanding of the fundamental principles of finance;
  • Knowledgably describe and critically evaluate the primary financial theories including foundations of finance, investments, and derivatives;
  • Knowledgably describe the results of the applied research devoted to testing the primary financial theories;
  • Critically comment on the results of the applied research in each field; and
  • Develop cognitive, technical and creative skills to generate and evaluate advanced finance research questions.

2. Learning Goal

Graduates of this degree have a solid understanding of financial research methodologies required to conduct research within the scope of current financial knowledge.

Learning objectives to achieve this goal

On successful completion of this degree students will be able to:

  • Knowledgably describe the sampling methods, statistical estimators and statistical tests used in applied financial research;
  • Determine an appropriate statistical methodology for a financial research problem;
  • Competently use at least one statistical packaged used in contemporary financial research; and
  • Statistically analyse financial data to determine the answer to a financial research problem.

3. Learning Goal

Graduates of this degree will have demonstrable research skills sufficient to carry out independent and sustained research in finance.

Learning objectives to achieve this goal

On successful completion of this degree students will be able to:

  • Apply the necessary analytical skills and techniques to critically assess a range of issues in finance, including: A) Develop the research questions necessary to test a financial theory or answer a financial problem; B) Determine an appropriate methodology for answering the research questions; C) Determine the data needed to conduct the research and manage this financial information effectively; and D) Determine the feasibility of a research project;
  • Conduct the applied research using the methodology and data they have assessed as being appropriate, including: A) Managing financial information effectively; and B) Applying quantitative rigor in the assessment and analysis of financial research issues; and
  • Communicate the results of their research in scholarly fashion.

Generic skills

On successful completion of this degree students should have enhanced their skills in:

  • Applying financial theory and methods to knowledgably discuss the importance of a wide range of financial issues;
  • Financial problem solving through the application of the necessary analytical skills and techniques;
  • Assessing the importance and relevance of theoretical or empirical research in finance; and
  • Communicating financial ideas and research in a clear and concise manner.

Graduate attributes

Graduates of this degree will be:

  • Knowledgeable in a broad range of financial fields, and be able to carry out research in these fields;
  • Familiar with financial research methodologies required to conduct research within the scope of current financial knowledge;
  • Able to demonstrate research skills sufficient to carry out independent and sustained research in finance;
  • Adept at applying financial theory and methods to knowledgably discuss the importance of a wide range of financial issues;
  • Financial problem solvers as evidenced through the application of the necessary analytical skills and techniques;
  • Competent in assessing the importance and relevance of theoretical or empirical research in finance; and
  • Proficient at communicating financial ideas and research in a clear and concise manner.

Course structure

The Master of Commerce (Finance) consists of 16 subjects comprising 8 compulsory Finance subjects, 2 Economics subjects, 2 Econometrics subjects, 1 Mathematics subject and either 3 or 4 constrained choice electives as described below.

Subject options

Year One

All students must complete the following subjects:

Compulsory Finance Subjects

Code Name Study period Credit Points
FNCE90002 Foundations of Finance
Semester 2
12.5
FNCE90005 Advanced Derivative Securities
Semester 2
12.5
FNCE90007 Studies in Empirical Finance
Semester 1
12.5
FNCE90009 Research Report (Finance)
Semester 1
12.5

One Economics subject chosen from the following:

Code Name Study period Credit Points
ECON90063 Advanced Microeconomics
Semester 1
12.5
ECON90002 Microeconomics
Semester 1
12.5
ECON90062 Behavioural Economics:Accounting&Finance
Semester 2
12.5
ECON30024 Economics of Financial Markets
Semester 1
12.5
ECON90022 Game Theory
Semester 2
12.5
ECON30022 Experimental Economics
Semester 2
12.5

One Econometrics subject chosen from the following:

Code Name Study period Credit Points
ECOM90002 Econometrics 2
Semester 1
Semester 2
12.5
ECOM90013 Econometrics 3
Semester 1
12.5

One Mathematics subject chosen from the following:

Code Name Study period Credit Points
ECON90053 Mathematics for Economists
Semester 1
Semester 2
12.5
MAST20026 Real Analysis
Semester 1
Semester 2
12.5
MAST90057 Elements of Probability
Semester 1
12.5
MAST90058 Elements of Statistics
Semester 2
12.5
MAST90059 Stochastic Calculus with Applications
Semester 1
12.5
MAST30001 Stochastic Modelling
Semester 2
12.5
MAST90027 Practice of Statistics & Data Science Not available in 2019 12.5
MAST90051 Mathematics of Risk Not available in 2019 12.5

One additional elective chosen from the Year One Economics, Econometrics or Mathematics elective lists.

Year Two

All students must complete the following subjects:

Compulsory Finance Subjects

Code Name Study period Credit Points
FNCE90076 Empirical Corporate Finance
Semester 2
12.5
FNCE90077 Empirical Investments
Semester 1
12.5
FNCE90041 Finance Theory - Investments
Semester 2
12.5
FNCE90042 Finance Theory - Corporate Finance
Semester 2
12.5

One Economics subject chosen from the following:

Code Name Study period Credit Points
ECON90063 Advanced Microeconomics
Semester 1
12.5
ECON90002 Microeconomics
Semester 1
12.5
ECON90012 Microeconomics II
Semester 2
12.5
ECON90062 Behavioural Economics:Accounting&Finance
Semester 2
12.5
ECON30024 Economics of Financial Markets
Semester 1
12.5
ECON90022 Game Theory
Semester 2
12.5
ECON30022 Experimental Economics
Semester 2
12.5

One Econometrics subject chosen from the following:

Code Name Study period Credit Points
ECOM90013 Econometrics 3
Semester 1
12.5
ECOM90005 Advanced Econometric Techniques
Semester 1
12.5
ECOM90003 Applied Microeconometric Modelling
Semester 2
12.5
ECOM90014 Advanced Econometric Techniques 2
Semester 2
12.5
ECOM90011 Financial Econometrics
Semester 2
12.5

Plus either

  • two 12.5 point electives from the Year 1 or Year 2 Economics, Econometrics or Mathematics elective subjects listed above, or
  • one 12.5 point elective from the Year 1 or Year 2 Economics, Econometrics or Mathematics elective subjects listed above plus both 6.25 point electives listed below

Code Name Study period Credit Points
FNCE90043 Special Topics in Finance A
March
6.25
FNCE90044 Special Topics in Finance B
May
6.25

Progression from Year 1 to Year 2 of the MCom (Finance) requires:

  • An average of no less than 75 overall in the subjects taken during Year 1.

Progression from Year 2 of the MCom (Finance) to the Doctor of Philosophy (DR-PHILBE) in Finance requires that the student meet both hurdles below:

  • An average of no less than 75 overall in the subjects taken in Year 2
  • An average of no less than 75 for the compulsory Finance subjects taken in years 1 and 2.
Last updated: 3 April 2019