Admission and Unit Information - Bachelor of Business and Commerce (Applied Finance)

Qualification for this Major requires the successful completion of 80 credit points including all of the core Units listed below.

Core Units for this Major

Financial Institutions and Markets

The investment, financing and risk management decisions made by individuals, firms and governments are implemented by creating and trading financial instruments in financial markets, often with the involvement of a variety of institutions. Using the Australian financial system as an illustration, this unit introduces students to the theory and functions of financial institutions and markets. Students develop an understanding of the role and functions of bank and non-bank financial institutions and of markets in equities, debt, foreign exchange and derivatives.

Corporate Financial Management

This unit introduces the fundamental concepts of finance theory and the tools of financial decision making in the context of the Australian institutional environment. These concepts relate primarily to the time value of money, risk and return, capital budgeting and capital structure. The unit's purpose is to develop an understanding of the basic practices of financial management from the perspective of a firm (both large and small). Students examine the investment, financing and dividend decisions of corporations.

Economic Modelling

This unit builds on concepts explored in Introduction to Economic Methods. The unit broadens the application of the stochastic linear model in econometrics, exploring its use in the estimation of economic models and in the testing of economic hypotheses associated with these models. The emphasis is on learning by doing in small group workshops.

International Finance

The study of international finance from the vantage point of a multinational enterprise provides students with a global insight into international trade for both manufactured and financial products. The unit recognises the increasing importance of global integration of money and capital markets - a trend that is creating expanded opportunities for both investors and organisations that need to raise capital. The recognition and management of risks associated with international operations are explored including cost of capital and financial structure, international financial markets crisis, international financial management, international monetary system, international diversification, foreign exchange risk management including the use of futures and options, foreign investment analysis, determination of exchange rates, balance of payments analysis, international debt crisis and country risk analysis.

Derivatives

This unit provides an introduction to trading and the theory of pricing of options, futures and other derivative products currently used in the domestic and international financial markets.

Globalisation and Sustainability

This Unit introduces students to critical debates about the role of global and national institutions of power in determining economic, environmental, social and cultural outcomes. Students will be introduced to opposing and controversial theoretical perspectives on globalisation and sustainability and issues relating to Aboriginal and Torres Strait Islander peoples to improve policy and practice in the future. In the process students will be encouraged to consider problems relating to ethics, rights, justice and democracy in society. This unit can also be taken by students who have studied social science and humanities.

Investment Management

This unit describes the theory and practice of investment decision-making. The general objective of the unit is to introduce students to the tools of financial investment by providing a conceptual framework within which the key financial decision of investment can be analysed. The objectives of this unit are to provide an overview of the theory of investing by describing investor indifference curves and optimal portfolios. Evaluating asset allocation, security selection and security analysis within an active portfolio management framework, measuring portfolio performance and security selection decisions.

Bank Management

The subject of Bank Management is approached from an operational perspective. The objectives of this unit are: (a) to provide students with an understanding of modern banking, (b) to identify the main types of risk confronted by banks, (c) to apply relevant techniques to measure and manage those risks and (d) to provide students with an understanding of international bank management.

Honours Studies

Students in the Applied Finance major who are considering applying for entry into the Bachelor of Economics honours year in economics and/or finance are advised to include the following units in their undergraduate degree:

Industry Economics and Markets

The first part of this unit develops an understanding of the relationships between industry structure, the conduct of firms, and market performance. Alternative theories of the firm and strategic market behaviour are considered. The unit then examines the characteristics and operation of particular markets, including public goods and utilities, human resources, and natural and environmental resources. The analysis developed in the unit is used to provide insights into applied policy areas such as competition policy, regulation of public enterprises, microeconomic reform and industry policy.

Macroeconomic Theory

Macroeconomic Theory aims to provide alternative theoretical explanations of the working of the macroeconomy. The unit will be based on the analytical narratives of macroeconomic developments taught in Australian Macroeconomy. Starting from the basic IS-LM model, it derives the aggregate demand (AD) curve and examines the components of commodity and money markets. It also analyses the labour market and derives the aggregate supply (AS) curve of an economy. Using the AD-AS model, it examines the interdependent nature of macroeconomic problems (e.g. inflation, unemployment), and the effectiveness of fiscal and monetary policies within a closed economy context. The basic model is then extended to analyse open economy issues (e.g., exchange rates and balance of payments, external shocks and international interdependence). Whenever appropriate, alternative approaches to macroeconomics are evaluated.

Macroeconomic Issues

Macroeconomic Issues provides tools to assess competing explanations, predictions and policy recommendations regarding the macroeconomy. Building on the concepts, measures and simple theories from 200549 The Australian Macroeconomy, this unit develops a comprehensive model for identifying and quantifying the sources and mechanisms of macroeconomic change. A systematic modelling approach reveals whether differences are rooted in assumptions or empirical claims. We focus on Australia, but consider controversies relating to the USA, Asia and Europe, given their impact on global conditions and the lessons they offer for Australia. Topics include productivity and growth, the determinants of unemployment and inflation, the role of exchange rates in adjustment, and monetary and fiscal policy design.

Microeconomic Theory and Applications

The aim of this unit is to extend students’ knowledge of microeconomic theory developed in Principles of Economics. After a more formal presentation, the rather idealistic assumptions used in the context of the perfectly competitive markets will be relaxed in order to model typical situations encountered in the business world. The theory of choice will be extended to situations where individuals face uncertainty regarding the outcome of their own actions. In terms of market structure, we will investigate the consequences in terms of price, quantity and consumer’s surplus, of monopoly, oligopoly or duopoly markets. As some of these market structures imply that the individuals’ decisions might strongly affect or be affected by a limited number of other decision makers, an introduction to Game Theory will be presented. Finally, our concerns for investigating more realistic economic situations will lead us to make a brief incursion into markets characterised by asymmetric information, the presence of public goods or the existence of externalities.

Choose one of

Applied Econometrics

This unit builds on the econometric methods of Economic Modelling. The focus is on the linear model in econometrics in its application to economic and financial time series. The emphasis is on learning by doing in small group workshops.

Time Series and Forecasting

This unit is an introduction to the statistical theory and practice of Time Series Analysis. A time series is an ordered sequence of observations through time. The unit is designed to provide students with the basic techniques in time series analysis: model identification, parameter estimation, diagnostic checking and prediction of future values. Emphasis in this unit is on practice, the applications of time series analysis in economics, finance, engineering and scientific research. Statistical computing packages are used.

Further information regarding honours level studies in economics and finance can be obtained from the honours coordinator for the School of Business.

Qualification for the award of Bachelor of Business and Commerce with a major in Applied Finance requires the successful completion of 240 credit points as per the recommended sequence below.

Full-time

Year 1

Autumn session

Accounting Information for Managers

This unit provides exposure to financial and management accounting information from a user of accounting information viewpoint. The unit aims to provide breadth of awareness and knowledge in relevant fields of accounting essential to decision making for managers.

Business Academic Skills

This is a foundation unit that addresses academic essay writing skills relevant to business and economic issues. The unit is designed to develop basic student proficiencies such as information collection, analysis and evaluation, and logical reasoning skills. Through the analysis of ethical issues, this unit teaches students to research; reference using the College of Business and Law's Harvard style; analyse data; develop an argument; and write an academic essay.

Principles of Economics

This unit is an introduction to economic concepts and contemporary economic issues. It introduces students to basic concepts such as markets and their operation, the behaviour of firms, the efficiency and potential failings of markets, the role of government, key macroeconomic variables and problems such as recessions and unemployment. It illuminates concepts via application to contemporary economic issues and debates over different theoretical perspectives. This unit also exposes students to recent developments and policy controversies in economics.

Choose one of

Introduction to Economic Methods

Introduction to Economic Methods will cover basic concepts in Mathematics and Statistics to help their understanding of subjects like accounting, management, marketing, finance, and economics. In addition, the analytical techniques, concepts and models that will be discussed in this unit will play a foundation role in a Business degree. Topics include: Differential calculus and its application in business and economics; collection, analysis and interpretation of data using simple descriptive and inferential statistical methods; probability distributions, point and interval estimation, hypothesis testing, and an introduction to regression analysis.

Statistics for Business

Statistics for Business introduces the basic concepts and techniques of statistics that are particularly relevant to problem solving in business. It also provides a sound base for more advanced study in statistics and forecasting in subsequent sessions. Topics include: presentation of data; descriptive statistics; the role of uncertainty in business decision making; hypothesis testing; and basic forecasting.

Spring session

Introduction to Business Law

This is an introductory law unit designed to introduce the fundamentals of law in a commercial context. The unit introduces students to the basic principles of law and the legal system as well as examining some of the major areas of law that impact on commercial dealings. This unit examines the structure of the legal system, the way law is made and the main areas of law relevant to starting and running a business including contracts, torts and consumer protection.

Marketing Principles

Marketing Principles is an introductory marketing course that delivers an overview of the marketing process and how it works within the field of business. This unit examines how organisations use marketing decisions to satisfy customer needs and deliver value. Areas of study include market segmentation and positioning; market planning; product decisions and new product development; branding; customer decision processes, channels of distribution; promotion and advertising; pricing strategies; and customer information management. The unit provides a foundation for those students in the marketing major; however it also provides a broad overview for those who seek a general understanding of the topic.

Management Dynamics

The unit provides an opportunity for students to engage with the fundamental issues and theories of management as well as understand that management itself is dynamic and evolving. Students will be introduced to how work and management systems are organised and managed, and how these impact upon individuals, other organisations or society as a whole. The unit covers both the theory and the practice of management and employment relations and is an essential unit for business students in order that they achieve a broad initial understanding of management and employment relations.

Corporate Financial Management

This unit introduces the fundamental concepts of finance theory and the tools of financial decision making in the context of the Australian institutional environment. These concepts relate primarily to the time value of money, risk and return, capital budgeting and capital structure. The unit's purpose is to develop an understanding of the basic practices of financial management from the perspective of a firm (both large and small). Students examine the investment, financing and dividend decisions of corporations.

Year 2

Autumn session

Financial Institutions and Markets

The investment, financing and risk management decisions made by individuals, firms and governments are implemented by creating and trading financial instruments in financial markets, often with the involvement of a variety of institutions. Using the Australian financial system as an illustration, this unit introduces students to the theory and functions of financial institutions and markets. Students develop an understanding of the role and functions of bank and non-bank financial institutions and of markets in equities, debt, foreign exchange and derivatives.

International Finance

The study of international finance from the vantage point of a multinational enterprise provides students with a global insight into international trade for both manufactured and financial products. The unit recognises the increasing importance of global integration of money and capital markets - a trend that is creating expanded opportunities for both investors and organisations that need to raise capital. The recognition and management of risks associated with international operations are explored including cost of capital and financial structure, international financial markets crisis, international financial management, international monetary system, international diversification, foreign exchange risk management including the use of futures and options, foreign investment analysis, determination of exchange rates, balance of payments analysis, international debt crisis and country risk analysis.

And two electives

Spring session

Investment Management

This unit describes the theory and practice of investment decision-making. The general objective of the unit is to introduce students to the tools of financial investment by providing a conceptual framework within which the key financial decision of investment can be analysed. The objectives of this unit are to provide an overview of the theory of investing by describing investor indifference curves and optimal portfolios. Evaluating asset allocation, security selection and security analysis within an active portfolio management framework, measuring portfolio performance and security selection decisions.

Economic Modelling

This unit builds on concepts explored in Introduction to Economic Methods. The unit broadens the application of the stochastic linear model in econometrics, exploring its use in the estimation of economic models and in the testing of economic hypotheses associated with these models. The emphasis is on learning by doing in small group workshops.

And two electives

Year 3

Autumn session

Bank Management

The subject of Bank Management is approached from an operational perspective. The objectives of this unit are: (a) to provide students with an understanding of modern banking, (b) to identify the main types of risk confronted by banks, (c) to apply relevant techniques to measure and manage those risks and (d) to provide students with an understanding of international bank management.

Capstone Engaged Learning Unit:

Economics and Finance Engagement Project

This unit will provide students with exposure to problems with which economists and finance professionals are confronted in their daily work. They will learn about and examine the multi-dimensional nature of the issues addressed by economists and finance professionals in real-life. Students will need to consider the nature of the problems, propose solutions, as well as address how realistic the solutions they are proposing are. They will learn how to systematically reflect on their contribution to the industry or community setting with which they engage.

And two electives

Spring session

Globalisation and Sustainability

This Unit introduces students to critical debates about the role of global and national institutions of power in determining economic, environmental, social and cultural outcomes. Students will be introduced to opposing and controversial theoretical perspectives on globalisation and sustainability and issues relating to Aboriginal and Torres Strait Islander peoples to improve policy and practice in the future. In the process students will be encouraged to consider problems relating to ethics, rights, justice and democracy in society. This unit can also be taken by students who have studied social science and humanities.

Derivatives

This unit provides an introduction to trading and the theory of pricing of options, futures and other derivative products currently used in the domestic and international financial markets.

And two electives

Part-time

Year 1

Autumn session

Business Academic Skills

This is a foundation unit that addresses academic essay writing skills relevant to business and economic issues. The unit is designed to develop basic student proficiencies such as information collection, analysis and evaluation, and logical reasoning skills. Through the analysis of ethical issues, this unit teaches students to research; reference using the College of Business and Law's Harvard style; analyse data; develop an argument; and write an academic essay.

Principles of Economics

This unit is an introduction to economic concepts and contemporary economic issues. It introduces students to basic concepts such as markets and their operation, the behaviour of firms, the efficiency and potential failings of markets, the role of government, key macroeconomic variables and problems such as recessions and unemployment. It illuminates concepts via application to contemporary economic issues and debates over different theoretical perspectives. This unit also exposes students to recent developments and policy controversies in economics.

Spring session

Accounting Information for Managers

This unit provides exposure to financial and management accounting information from a user of accounting information viewpoint. The unit aims to provide breadth of awareness and knowledge in relevant fields of accounting essential to decision making for managers.

Marketing Principles

Marketing Principles is an introductory marketing course that delivers an overview of the marketing process and how it works within the field of business. This unit examines how organisations use marketing decisions to satisfy customer needs and deliver value. Areas of study include market segmentation and positioning; market planning; product decisions and new product development; branding; customer decision processes, channels of distribution; promotion and advertising; pricing strategies; and customer information management. The unit provides a foundation for those students in the marketing major; however it also provides a broad overview for those who seek a general understanding of the topic.

Year 2

Autumn session

Management Dynamics

The unit provides an opportunity for students to engage with the fundamental issues and theories of management as well as understand that management itself is dynamic and evolving. Students will be introduced to how work and management systems are organised and managed, and how these impact upon individuals, other organisations or society as a whole. The unit covers both the theory and the practice of management and employment relations and is an essential unit for business students in order that they achieve a broad initial understanding of management and employment relations.

Choose one of

Introduction to Economic Methods

Introduction to Economic Methods will cover basic concepts in Mathematics and Statistics to help their understanding of subjects like accounting, management, marketing, finance, and economics. In addition, the analytical techniques, concepts and models that will be discussed in this unit will play a foundation role in a Business degree. Topics include: Differential calculus and its application in business and economics; collection, analysis and interpretation of data using simple descriptive and inferential statistical methods; probability distributions, point and interval estimation, hypothesis testing, and an introduction to regression analysis.

Statistics for Business

Statistics for Business introduces the basic concepts and techniques of statistics that are particularly relevant to problem solving in business. It also provides a sound base for more advanced study in statistics and forecasting in subsequent sessions. Topics include: presentation of data; descriptive statistics; the role of uncertainty in business decision making; hypothesis testing; and basic forecasting.

Spring session

Introduction to Business Law

This is an introductory law unit designed to introduce the fundamentals of law in a commercial context. The unit introduces students to the basic principles of law and the legal system as well as examining some of the major areas of law that impact on commercial dealings. This unit examines the structure of the legal system, the way law is made and the main areas of law relevant to starting and running a business including contracts, torts and consumer protection.

Corporate Financial Management

This unit introduces the fundamental concepts of finance theory and the tools of financial decision making in the context of the Australian institutional environment. These concepts relate primarily to the time value of money, risk and return, capital budgeting and capital structure. The unit's purpose is to develop an understanding of the basic practices of financial management from the perspective of a firm (both large and small). Students examine the investment, financing and dividend decisions of corporations.

Year 3

Autumn session

Financial Institutions and Markets

The investment, financing and risk management decisions made by individuals, firms and governments are implemented by creating and trading financial instruments in financial markets, often with the involvement of a variety of institutions. Using the Australian financial system as an illustration, this unit introduces students to the theory and functions of financial institutions and markets. Students develop an understanding of the role and functions of bank and non-bank financial institutions and of markets in equities, debt, foreign exchange and derivatives.

And one elective

Spring session

Economic Modelling

This unit builds on concepts explored in Introduction to Economic Methods. The unit broadens the application of the stochastic linear model in econometrics, exploring its use in the estimation of economic models and in the testing of economic hypotheses associated with these models. The emphasis is on learning by doing in small group workshops.

And one elective

Year 4

Autumn session

International Finance

The study of international finance from the vantage point of a multinational enterprise provides students with a global insight into international trade for both manufactured and financial products. The unit recognises the increasing importance of global integration of money and capital markets - a trend that is creating expanded opportunities for both investors and organisations that need to raise capital. The recognition and management of risks associated with international operations are explored including cost of capital and financial structure, international financial markets crisis, international financial management, international monetary system, international diversification, foreign exchange risk management including the use of futures and options, foreign investment analysis, determination of exchange rates, balance of payments analysis, international debt crisis and country risk analysis.

And one elective

Spring session

Investment Management

This unit describes the theory and practice of investment decision-making. The general objective of the unit is to introduce students to the tools of financial investment by providing a conceptual framework within which the key financial decision of investment can be analysed. The objectives of this unit are to provide an overview of the theory of investing by describing investor indifference curves and optimal portfolios. Evaluating asset allocation, security selection and security analysis within an active portfolio management framework, measuring portfolio performance and security selection decisions.

And one elective

Year 5

Autumn session

Bank Management

The subject of Bank Management is approached from an operational perspective. The objectives of this unit are: (a) to provide students with an understanding of modern banking, (b) to identify the main types of risk confronted by banks, (c) to apply relevant techniques to measure and manage those risks and (d) to provide students with an understanding of international bank management.

And one elective

Spring session

Derivatives

This unit provides an introduction to trading and the theory of pricing of options, futures and other derivative products currently used in the domestic and international financial markets.

And one elective

Year 6

Autumn session

Economics and Finance Engagement Project

This unit will provide students with exposure to problems with which economists and finance professionals are confronted in their daily work. They will learn about and examine the multi-dimensional nature of the issues addressed by economists and finance professionals in real-life. Students will need to consider the nature of the problems, propose solutions, as well as address how realistic the solutions they are proposing are. They will learn how to systematically reflect on their contribution to the industry or community setting with which they engage.

And one elective

Spring session

Globalisation and Sustainability

This Unit introduces students to critical debates about the role of global and national institutions of power in determining economic, environmental, social and cultural outcomes. Students will be introduced to opposing and controversial theoretical perspectives on globalisation and sustainability and issues relating to Aboriginal and Torres Strait Islander peoples to improve policy and practice in the future. In the process students will be encouraged to consider problems relating to ethics, rights, justice and democracy in society. This unit can also be taken by students who have studied social science and humanities.

And one elective

Major and Sub-major elective spaces

Elective units may be used toward obtaining an additional approved major (80 credit points) or sub-major (40 credit points).

UWS offers majors and sub-majors in a range of areas including Sustainability and Indigenous Studies.

Students can apply for an elective major or sub-major via MySR.