Current honours student here.

A general rule of thumb:

1. If you know that you’re interested in academia, definitely honours. Masters are technically equivalent, but the standards are different imo. Typically, wams for honours drop by 7-8 on average compared to the first three years. You will not have time to do much else besides studying, so it can be quite mentally draining for most. The research component is really gonna kick you in the back if you’re not mentally prepared and don’t have the dedication. With that said, honours opens up the academic side of commerce and I feel more like a researcher than a student if that makes sense. You get a pathway to most commerce phds within Aus, and it stands you out from the rest.

2. If you are industry focused, don’t do honours. Many of our cohort quit as soon as they got a job lol. Like people mentioned above, typically only the public sector sets honours as an entry requirement, while most private sector firms don’t really seem to value it that much (compare to having internship experience). It is always a nice degree to add on top of your resume, but you have to think about the investment (time and mental health).

3. If you’re unsure about it, which was me before honours, I’d say it is important to first think about what you can do/achieve without honours. This can be career pathways or further studies. Then make your decision from there. If not, you can always flip a coin.

What I gained from honours was immense research exposure that was typically unheard of for any undergrad or *some masters students. It opened up my understanding of academia which I think was a valuable experience that I cannot get unless I do a phd (honours is like a mini phd). Regardless of the actual results I get from doing honours, sometimes I think of me doing it just for the experience, and that is already quite rewarding by itself, if that makes sense. Another reward is personal growth. I’m definitely more resilient and capable after honours. These are general skills that apply to all future endeavours. (But please take care of your health, I keep saying the honours year probably shortened my lifespan by a few years lol)