Relevance of VCE Methods in B.Comm?

[Alex_94]

Just wondering how relevant the VCE Methods course is to the Commerce course at Monash.

I scored fairly poorly in Methods and managed to scrape a 26 SS which meets the 25 pre-requisite, but I'm edgy as to if it will disadvantage me heavily at Uni.

Can anyone doing B.Comm shed some light on how much mathematical ability is required?

Perhaps even someone who was in a similar situation to me?

Thanks a lot!

[alondouek]

Based on the 2013 Handbook entry, skill in Methods is necessary for ease of completion of the Bachelor of Commerce at Monash. This includes, but is not limited to the following Areas of Study:

• Business Modelling: http://monash.edu/pubs/handbooks/aos/business-modelling/index.html
• Financial and Insurance Mathematics: http://monash.edu/pubs/handbooks/aos/financial-and-insurance-mathematics/index.html
• Economics: http://monash.edu/pubs/handbooks/aos/economics/ug-bus-economics.html

The full Handbook entry is found here, including all Areas of Study.

In short, yes, mathematical skills are needed, but it's also stuff that you'll be taught in actual units during the course.

Best of luck!

[sluu001]

It will be relevant to the statistics subject required to be completed by all b.comm students (quant. Methods 1), as well as introductory micro/macro-economics. The most commonly employed topics will include differentiation and probability (ie. normal distributions and binomial probability).

If you wish to complete an econ major - then calculus and probability becomes a major component of 2nd yr/3rd yr econ subjects. This is because econometrics is the study of the distribution of economic data; which requires the use of probability to estimate (ie. ols regression using a normal distribution curve). Also, microeconomics at university level is predominately the study of the marginal costs vs benefits of consumer choice and govt policies - which means that most economists have a hard-on for calculus.

If you wish to complete a finance major, then probability and statistics become a major part of your study. As asset pricing and financial modelling employs a lot from these 2 topics.

Having said this, dont be too freaked out when you start your b.comm course. Universities dont expect students to remember a lot from high school, so 1st yr is all about easing you back into education. I hadnt touched methods for 5 yrs before I went back to do my b.comm and I didnt find it very difficult. In fact, i believe that theats is fairly simple - its the concepts behind the maths that can be challenging.

[TrueTears]

Just wondering how relevant the VCE Methods course is to the Commerce course at Monash.

I scored fairly poorly in Methods and managed to scrape a 26 SS which meets the 25 pre-requisite, but I'm edgy as to if it will disadvantage me heavily at Uni.

Can anyone doing B.Comm shed some light on how much mathematical ability is required?

Perhaps even someone who was in a similar situation to me?

Thanks a lot!

All depends on your major, although first year compulsory units may require a tiny bit of methods but not much, if you decide to major in say marketing or management or business law etc you most likely won't be needing too much maths (maybe a bit of statistics but not much). If you decide to major in the mathsy majors finance, econometrics, actuarial studies, insurance finance etc, you would need much more than just methods.

[Mirage Master]

All depends on your major, although first year compulsory units may require a tiny bit of methods but not much, if you decide to major in say marketing or management or business law etc you most likely won't be needing too much maths (maybe a bit of statistics but not much). If you decide to major in the mathsy majors finance, econometrics, actuarial studies, insurance finance etc, you would need much more than just methods.

You don't need to be like a maths prodigy to do get through a finance major right ?

[TrueTears]

no haha esp not in undergrad, you just need to know your stuff, but post-grad yeah you need to be quite a comprehensive mathematician to get through it

[excal]

You just need to have mathematical thinking to get through it (especially econometrics!).

I think with any university unit you do, you need to work out what gaps you need to cover when you get there (and there will always be some background knowledge you need to cover / revise); as long as you're willing to work to fill them in as needed you'll do just fine.

Independent learning, yes?

[Alex_94]

Thanks everyone!

-most economists have a hard-on for calculus.

haha!

So basically the only relevant areas would be revolving around stats, probability and calculus?

I can't imagine topics such as circular functions being remotely relevant. But I can't seem to think of other areas that may be.

I'd always thought that the 25 in Methods was to weed out the extreme "mathematically challenged", if you will.
Maths had never been a weak point up until year 12, so I'm hoping I shouldn't be TOO disadvantaged at Uni.

[alondouek]

You'll be fine! Just work hard, do all the work you're set and plenty of practice exams. Always meet up with your teacher outside class to discuss any issues you have.

Source: Thought I was going to get <20 in Methods

[TrueTears]

Thanks everyone!haha!

So basically the only relevant areas would be revolving around stats, probability and calculus?

I can't imagine topics such as circular functions being remotely relevant. But I can't seem to think of other areas that may be.

I'd always thought that the 25 in Methods was to weed out the extreme "mathematically challenged", if you will.
Maths had never been a weak point up until year 12, so I'm hoping I shouldn't be TOO disadvantaged at Uni.

You'd be surprised how many branches of maths are relevant in economics/finance lol maybe not at the undergrad level but further down the track, I've read academic papers which uses abstract geometry to price financial assets (which is insane to even think about), number theory/real analysis is also useful in financial derivatives. So really if you ever pursue to the postgrad level, you will need to be a mathematician.

but yeh in the short term, revise your stats, calculus, probability, algebra and you should be sufficient for undergrad

[Planck's constant]

I must reluctantly admit that if you can sum a geometric series, you can just about get by in Finance

But this not the real issue.
Forget about the relevance of Maths to Commerce and think about the relevance of Maths to LIFE in general.
Can a person be truly happy and complete without Maths?
Never !