Master of Statistics (Business)
Royal Melbourne Institute of Technology
About
This masters program puts into context statistical concepts for the business world.
The degree is offered jointly by specialists from all six schools in RMIT Business and specialist statisticians from the School of Mathematical and Geospatial Sciences.There has been a big increase in finance jobs needing skills in data analysis, computers, financial modelling, forecasting etc.
There is a gap in employees’ experience and currently this is bridged by on-the –job training within organisations or by calling in consultants to complete specialist work.
This gap exists not just in the Finance industry but across the spectrum of the Business disciplines.The main objective of the program is to produce graduates with a good working knowledge of Statistics and equipped with software tools they can readily apply in a rapidly changing business environment.
They will be made aware of how the discipline can be used to model economic and industrial phenomena.
They will also become familiar with methods for the acquisition and analysis of data using contemporary statistical software and computer related technologies.
Structure
Stage A of Program
Complete All Two (2) Courses from:
| Course Title | Credit Points | Course Code | Campus |
|---|---|---|---|
| Statistical Methods | 12 | MATH1324 | City Campus |
| Decision Analysis | 12 | MATH1293 | City Campus |
Complete Two (2) Courses from:
| Course Title | Credit Points | Course Code | Campus |
|---|---|---|---|
| Accounting for Management Decisions | 12 | ACCT2127 | City Campus |
| Risk Management | 12 | ACCT1118 | City Campus |
| Corporate Finance | 12 | BAFI1059 | City Campus |
| Financial Decision Making | 12 | BAFI1100 | City Campus |
| Financial Econometrics | 12 | ECON1195 | City Campus |
| Econometric Techniques | 12 | ECON1238 | City Campus |
| Economic Analysis for Business | 12 | ECON1113 | City Campus |
| Business Solutions Using Spreadsheet Models | 12 | ISYS2043 | City Campus |
| The Global Network | 12 | ISYS1186 | City Campus |
| Business Law | 12 | LAW2474 | City Campus |
| Legal Aspects of Company Finance | 12 | LAW2467 | City Campus |
| Marketing Management | 12 | MKTG1100 | City Campus |
| Consumer Behaviour | 12 | MKTG1101 | City Campus |
Stage B of Program
Complete Two (2) Courses from:
| Course Title | Credit Points | Course Code | Campus |
|---|---|---|---|
| Game Theory and its Applications | 12 | MATH1320 | City Campus |
| Methods and Models of Operations Research | 12 | MATH1326 | City Campus |
| Statistics for Quality and Productivity in Industry | 12 | MATH1316 | City Campus |
| Probability and Optimization Model in Finance | 12 | ECON1166 | City Campus |
| Forecasting | 12 | MATH1307 | City Campus |
| Regression Models in Econometrics | 12 | ECON1167 | City Campus |
Complete Two (2) Courses from:
| Course Title | Credit Points | Course Code | Campus |
|---|---|---|---|
| Accounting for Management Decisions | 12 | ACCT2127 | City Campus |
| Risk Management | 12 | ACCT1118 | City Campus |
| Corporate Finance | 12 | BAFI1059 | City Campus |
| Financial Decision Making | 12 | BAFI1100 | City Campus |
| Financial Econometrics | 12 | ECON1195 | City Campus |
| Econometric Techniques | 12 | ECON1238 | City Campus |
| Economic Analysis for Business | 12 | ECON1113 | City Campus |
| Business Solutions Using Spreadsheet Models | 12 | ISYS2043 | City Campus |
| The Global Network | 12 | ISYS1186 | City Campus |
| Business Law | 12 | LAW2474 | City Campus |
| Legal Aspects of Company Finance | 12 | LAW2467 | City Campus |
| Marketing Management | 12 | MKTG1100 | City Campus |
| Consumer Behaviour | 12 | MKTG1101 | City Campus |
Stage C of Program
Complete All Three (3) Courses from:
| Course Title | Credit Points | Course Code | Campus |
|---|---|---|---|
| Consulting and Applied Statistics | 12 | MATH2192 | City Campus |
| Consulting Practice | 12 | MATH2191 | City Campus |
| Minor Thesis | 24 | MATH1332 | City Campus |
Entry requirements
Entry to the program requires the successful completion of a bachelor degree with a component in a numerate discipline. For example, graduates of business, or diverse areas such as psychology and applied biology, who have studied statistics in contextualised courses may be eligible to meet the entrance requirements. An applicant without the necessary formal background but who has substantial knowledge of business or industrial practices through their work experiences may also be admitted.
International students must achieve one of the following English language requirements prior to entry into program:
- IELTS (Academic) – 6.5+ (no band less than 6.0)
- TOEFL Paper based – 580+ (TWE 4.5+)
- TOEFL Computer based – 237+ (TWE 4.5+)
- TOEFL Internet based (BT) – Overall score 92, minimum 20
- REW – English for Academic Purposes Advanced 2
Learning outcomes
The program has a student-focused approach encouraging high skill levels in the use of contemporary statistical software accompanied by an in depth understanding of the statistical processes involved and how these processes impact in a variety of business environments. The fact that this is a joint program provides a two-tiered learning of Statistics in a business environment which defines the graduates from this program as particularly knowledgeable, creative and critical in the sense of how they interpret and analyse their data. These graduates would also be equipped with the ability to apply knowledge acquired to solve a wide range of problems arising out of the business world.
The following are the key capabilities developed in the program which make the graduates relevant to current industry and business requirements:
Institution
