Masters in Accounting in Australia: Complete Guide for International Students

Masters in accounting in Australia is a 1.5 to 2 years program offered as Masters of Accounting, Masters in Business Accounting, Masters of Management in Accounting and Masters of Professional Accounting in Australian universities. Bachelor's degree in accounting, commerce, or related field is required to apply for masters in accounting in Australia. The program fees of Australian universities offering masters in accounting ranges between 63,000 AUD to 96,000 AUD. After pursuing masters in accounting in Australia, an accountant’s median salary in Australia is around 58,000 AUD/year. Accounting degrees are meant for the ones interested in numbers and can help in impacting business strategy and management with their number-crunching skills.

Why Study Masters in Accounting in Australia?

• According to the Job Outlook of Australia, the growth of the accounting sector has been the highest in the last two years. 
• Masters in Accounting from Australia make the students eligible for becoming the members of the professional accounting bodies such as CPA Australia and the Association of Chartered Certified Accountants (ACCA).
• There are 6 universities in Australia offering masters in accounting that are included in the top 100 list of THE Global Rankings 2022.
• Job Outlook had estimated that the number of accountants will rise up to 207,200 by 2023 including 84,000 new job opening.

Masters in Accounting in Australia: Top Universities

The table below mentions some of the top universities offering masters of accounting in Australia according to THE World University ranking for accounting. It is important for the applicant to choose from some of the best accounting colleges in Australia to ensure world-class education and high returns. The table given below will also familiarize you with the cost or expenses of pursuing the program (mainly tuition fee). 

Except for UNSW, the duration of pursuing masters in accounting is 2 years. At UNSW, it takes 1.7 years to complete the degree. 

Apart from the above-mentioned institutions, some other universities offering Masters of Professional Accounting in Australia are University of Sydney, University of Technology Sydney, University of South Australia, University of Newcastle and University of Western Australia. 

Masters of Accounting in Australia: Curriculum

Students opting for masters in accounting will study the subjects: Accounting concepts and methods, Principles of finance and marketing, Accounting systems and processes, Economic principles, Income taxation, and Auditing and assurance services, etc.

The degree is granted after the successful completion of project work or internship as instructed by the institute. The students will also learn about ethics and governance, politics, global economy, financial reporting, financial risk management, etc during the course work. The course is more theoretical but also includes the practice of report writing, analysis, calculations, etc.

Masters in Accounting in Australia: Admissions

International students are required to have a bachelors in accounting, commerce or related discipline and proof of English proficiency to apply for masters of accounting in Australia. 

Where to Apply: Students are required to apply via the official website of the university for masters in accounting admissions.

Intake Month: The admissions are usually offered in February, July or November in most universities of Australia. 

Masters in Accounting in Australia: Admission Requirements

Following documents are needed while applying for masters of accounting in Australia:

• Transcripts and other academic records of previous education
• Proof of English language proficiency by submitting IELTS, TOEFL or PTE test scores
• Letter of reference.
• Statement of purpose stating why the candidate is suitable for the course.
• Updated CV

Masters in Accounting in Australia: Eligibility

Holding a bachelor’s degree in accounting, commerce, or equivalent is mandatory for admissions in masters of accounting in Australia. Moreover, international students must also submit proof of English proficiency as the curriculum of Australian universities is taught in English. 

The table below mentions the minimum eligibility criteria of some universities along with the English proficiency test scores required for admissions: 

Though for many universities there is no minimum-specific requirement for pursuing masters in accounting, it is, however, suggested international students have a good grade in their bachelor's. For the students who wish to apply for scholarships available in Australia, it is highly recommended for them to have outstanding academic excellence, which is judged on the basis of the score obtained in previous degrees. 

Cost of Studying Masters of Accounting in Australia

When planning to study abroad, international students must be familiar with the expenses they may incur. The cost of studying abroad includes pre-arrival costs, tuition fees, and other expenses such as accommodation cost, transportation, books, and food, etc. Sections below detail these costs. 

Pre-arrival Cost

These expenses are incurred even before coming to study in Australia. These are basically the fees of various exams required to study in Australia, visa fees, application fees to universities applied to, etc. 

Tuition Fees for Masters in Accounting in Australia

Average annual tuition fees of universities offering masters of accounting in Australia range between 31,500 AUD to 47,880 AUD per year.

Cost of Living in Australia

Average cost of living in Autralia as an international student is estimated to be around 1,400 AUD to 2,500 AUD per month. This includes accommodation, food, and social activities expenses. Following are the general estimate of such expenses: 

Masters in Accounting in Australia with Scholarships

Despite the fact that Australia is one of the most expensive countries, it is still amongst the most preferable destination for students. This is because of the excellent quality of education and a large number of scholarship schemes offered by the government as well as the universities to help the students. These scholarships can be available by domestic as well as international students on the basis of merit or needs. Here are some of the scholarships available in Australia for international students: 

Government-funded Scholarships for International Students in Australia

• Australian Awards- This is a government-funded scholarship that covers all the student expenses such as accommodation, transportation, tuition fees, etc. The age of the student should be 18+ to be eligible for this scholarship. It is funded by the government of Australia.
• Destination Australian Program- This scholarship is for domestic as well as international students. The amount offered is up to 15,000 AUD and is given to more than 1000 students every year. 

University-specific Scholarships for International Students in Australia

Australian National University: 

International Graduate Scholarship: This is awarded to the international students enrolled in postgraduate courses at ANU College of Business and Economics. The scholarship is awarded on the basis of merit scores and offers a 50% reduction in the fees.

UNSW Sydney: UNSW International Scholarship is offered to international students who have secured admission in postgraduate courses in UNSW Sydney. The amount of scholarship is 5000 AUD per annum. 

Monash University: Commonwealth Indigenous Support Scholarship is a need-based scholarship that amounts up to 15,000 AUD. It is offered to international students enrolled in undergraduate or postgraduate courses at the university.

Griffith University:

• Griffith Remarkable Scholarship: This is awarded to students having exceptional academic records and are applying for an undergraduate or postgraduate course. The scholarship gives a 50% reduction in annual fees. 
• Global Study Awards: This scholarship aims towards encouraging students from overseas to study at Griffith University and explore the culture and values of Australia. The amount of scholarship varies and can be viewed on the official website. 

The University of Queensland:

• Alfred and Olivia Wynne Memorial Scholarship: This is awarded to domestic as well as international students who have recently enrolled in the College. The amount of scholarship is around 3000 AUD per year and given on the basis of merit and financial needs of students.
• Neil Brice Memorial Fund: The scholarship can be availed by students who are financially unstable and the amount of the scholarship is approximately 1000 AUD. Domestic and international students are eligible to apply for this scheme. 
• UQ Sports Scholarship Ambassador Program: This scholarship is awarded to students who are a part of a sports team at a national or international level. The amount of scholarship varies as per the needs of the athlete.

Job Prospects for Masters in Accounting in Australia

After completion of master's in accounting, you will be eligible to register as a professional accountant or chartered accountant in Australia. Accountants perform critical financial estimates for companies across a wide variety of sectors. 

The pay-scale increment with the number of years of experience of accountants in Australia can be seen from the table below:

The scope of accounting is increasing rapidly as none of the sectors in today’s era can cope without a financial accountant or manager. Most of the small scale enterprises are relying totally on the accountants for the optimum growth of their business. After the completion of the course, one becomes eligible for handling the financial department of any business. The attractive increase in the employment of accountants makes masters of accounting more desirable and beneficial in the long run. 

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