Thinking to Study Finance and Accounting in Australia? But first, answer me- are you a money lover? Is money, business, and management something that interests you? (don’t be ashamed, we all like money, right?)
Having an interest in Finance and Accounting might make a good career choice for you if you study one. Explore what studying in this field can offer you in Australia.
In addition, Australia has many more courses to offer, like Engineering, MBA, Medicine, Nursing, and many more. If you want to know about these courses, read them on our blog. You can even watch it on our YouTube channel available freely.
Study Finance and Accounting in Australia – what is it all about?
The world of accounting and finance revolves around money. The importance of accounting lies in providing updates on the company’s financial health. Reports provide information about progress and threatening problems for the company. It is common to group them together as the same field of study, but there are differences between the two areas of expertise.
Finance focuses only on the management of monetary funds of a business, including assets and liabilities, and planning for future growth. On the other hand, accounting analyzes a wide range of information for various aspects of a company.
Accounting and Finance: Major fields
It has only two major fields, although universities offer a wide range of courses, such as a Bachelor of Accounting with Law, a Bachelor of Accounting and Entrepreneurship, a Bachelor of Finance and Management, a Bachelor of Finance and Marketing program, etc.
It pertains to the preparation, evaluation, and management of financial records in businesses. The degrees in this field prepare students for specialized careers that typically involve analyzing and utilizing financial information to evaluate the financial position of businesses.
The topic of accounting can be further divided into specialized topics such as auditing, taxation, assessment, international accounting, forensic accounting, and management accounting.
A finance career typically involves managing current and future figures within a business, making it slightly more lucrative than an accounting career. Further studies in finance include corporate finance, financial evaluation, behavioral finance, capital markets, investment management, and many others that can help you become more specialized in this area.
What skills are needed to Study Finance and Accounting in Australia
Students studying Accounting and Finance will develop many essential skills that are applicable to jobs related to the degree. There are some skills that will help you to stand out in an extremely competitive field:
Ability to work with numbers.
The accounting and finance field relies heavily on numerical skills since it deals with money and figures.
Accounting involves a lot of mathematical operations like addition, subtraction, multiplication, and division most of the time, as well as a lot of accounting equations in different forms needed to prepare a balance sheet and the double-entry accounting system.
An analytical approach to solving problems.
An accountant solves problems by managing cash flow, collecting debts, and improving business records. A finance professional analyzes which markets and products are profitable and which products to sell to succeed.
Communication skills: Oral and written.
The accounting and finance industry is fast-paced, and clear communication is essential for productivity. Communicating effectively, both orally and in writing, is crucial to avoiding miscommunication at work and increasing productivity.
A list of the top ten universities to Study Finance and Accounting in Australia
The Top 10 Universities to study accounting are listed below, including some of the more affordable and high-quality programs.
|1.||The University of New South Wales (UNSW Sydney)||11|
|2.||The University of Melbourne||14|
|3.||The University of Sydney||20|
|4.||The Australian National University (ANU)||23|
|6.||The University of Queensland (UQ)||39|
|8.||The University of Adelaide||51-100|
|9.||The University of Western Australia (UWA)||51-100|
|10.||University of Technology Sydney (UTS)||51-100|
What are the best places to study accounting in Australia? (Undergraduate/Graduate Studies)
This list of Accounting-related degrees continues our “Affordable Universities” series for different Bachelor’s degrees. There are a number of Bachelor’s degrees in accounting, including minors in accounting and related areas of study, as well as Bachelor’s programs that lead to careers as accountants, auditors, or some of the alternate careers.
|University of New South Wales (UNSW Sydney)||NSW||$39,360|
|Australian National University||CAN||$39,024|
|University of Sydney||NSW||$38,500|
|University of Melbourne||VIC||$36,832|
|University of Queensland||QLD||$36,336|
|University of Western Australia||WA||$36,000|
|University of Adelaide||SA||$35,500|
|University of Technology Sydney||NSW||$31,560|
|University of Canberra||CAN||$30,450|
|Curtin University||NSW, WA||$30,000|
|University of Wollongong||NSW||$28,716|
|University of South Australia||SA||$28,400|
|Queensland University of Technology||WA, QLD||$27,867|
|Edith Cowan University||WA||$27,700|
|University of Tasmania||TAS||$27,600|
|University of South Queensland||QLD||$27,040|
|James Cook University||QLD||$27,500|
|La Trobe University||NSW||$27,000|
|Swinburne University of Technology||VIC||$26,900|
|University of Newcastle||NSW||$26,600|
|University of Western Sydney||NSW||$25,480|
|University of New England||NSW||$25,000|
|The University of North Dame||WA||$24,714|
|Federation University Australia||VIC||$24,700|
|Australian Catholic University||QLD, VIC, NSW||$24,512|
|Central Queensland University (CQU)||QLD||$23,760|
|Charles Sturt University||NSW||$22,800|
|University of Sunshine Coast||QLD||$22,400|
|Southern Cross University||VIC||$20,560|
|Charles Darwin University||DAR||$20,440|
|Kaplan Business School||SA, QLD, NSW, VIC||$15,600|
Entry requirements and qualifications for Studying Finance and Accounting in Australia
According to the type of qualification, it is necessary to meet different entry requirements for universities in Australia. Here are the general entry requirements for universities in Australia:
|Foundation||IELTS Academic: 5.0 – 6.5 |
TOEFL PB: 500 – 550
TOEFL IBT: 45 – 80 (*writing not less than 18)
PTE Academic: 42 – 54 (*writing not less than 42)
CAE: 41 – 52
SPM: aggregate of 30-35 or less across 5 academic subjects
|Diploma||IELTS Academic: 5.5 – 6.0|
TOEFL PBT: 527 – 550
TOEFL IB: 46 – 68 (*writing not less than 22)
PTE Academic: 54 (each section must be more than 46)
CAE: 52STPM/ A-level: 2 passes
UEC: aggregate of 30 or less across 6 subjects
|Bachelor’s Degree||IELTS Academic: 6.0 – 6.5|
TOEFL PBT: 550
TOEFL IB: 60 – 75 (*writing not less than 20)
PTE Academic: 50 (each section must be more than 42)
Matrikulasi: CGPA 2.0 and above
STPM: CGPA 3.0 and above
UEC: aggregate score of 20 or less across five subjects (excluding English, Chinese and Malay)
Courses Available in this field:
Bachelor in these degrees can lead to a wide variety of careers. The majority of graduates in this field become accountants or auditors (internal or external), but there are other opportunities as well. There are several types of accountants: public, management/corporate, government, chartered accountants (in private or public practice), forensic, and CPAs (Chartered Professional Accountants). However, furthermore, courses are listed below:
- Diploma of Accounting
- Master of Professional Accounting
- Bachelor of Accounting
- Certificate IV in Accounting
- Associate Degree of Accounting
- Graduate Diploma in Accounting
- Advance Diploma of Accounting
- Graduate Certificate in Accounting
Duration of the study program
The study durations vary depending on the study level and are as follows:
|Diploma||6 months – 1 year|
|Bachelor’s Degree||3 years|
|Master’s Degree||1 – 2 years|
|PhD||3 – 4 years|
Job Opportunities after Study of Finance and Accounting in Australia
With a degree in accountancy and finance, you may be able to find jobs in related fields, including those directly related to your degree and others where your degree would be useful. Here are a few examples:
- Chartered accountant
- Investment banker
- Chartered certified accountant
- Forensic accountant
- Business development manager
- Chartered management accountant
- Tax adviser
- Mortgage adviser
- Data analyst
Salary of Accountants in Australia after Study of Finance and Accounting in Australia
A combination of experience, personal skills, and qualifications primarily determine salaries for Accountants.
Furthermore, a company’s industry and size can also influence the remuneration.
The finance function continues to evolve in times of uncertainty as technology continues to automate many aspects of the accounting process. Therefore, a candidate’s familiarity with the latest software and data management techniques will help determine an appropriate Accountant’s salary.
Accountants’ salaries in Australia: How to negotiate
According to the Robert Half Salary Guide, salaries are broken down by percentile. As a result, you can see how different skills, experience, and qualifications contribute to the salary of an Accountant in Sydney, Melbourne, Brisbane, or Perth and how they relate to related positions.
Now let me tell you about different percentiles:
25th percentile Accountant?
In this percentile, accountants are typically less experienced and may have recently graduated with a bachelor’s degree in business, economics, or commerce. Under the supervision of a department head, accountants in this salary percentile may be tasked with reconciling accounts, maintaining fixed assets, and contributing to regular reports. There are work opportunities within smaller, less complex organizations or departments of larger organizations where a broader team undertakes the tasks.
50th percentile Accountant
The candidates in this Accountant salary percentile will have acquired some experience and a good understanding of accounting basics. The role will likely be of average complexity, involving general ledger reconciliations, the preparation of month-end reports, assisting in the preparation of statutory financial reports, and supervising less experienced finance department members. This salary percentile may be ideal for accountants who have recently qualified as Chartered Accountants (CAs) or Certified Public Accountants (CPAs).
75th percentile Accountant
An accountant in this percentile is expected to have more than average experience backed by strong forecasting and budgeting skills. He should also have the ability to explain complex accounting concepts to management. In order to fit this Accountant salary range, you must have either the CA or CPA certification, as the role is complex, often involving collaboration with external auditors and meeting statutory requirements. The functions are streamlined through an awareness of how technology is evolving. Employers may also compete for qualified accounting talent within this salary band in industries with a reasonable level of competition.
Therefore, if you are interested in becoming an accountant and a member of a professional accreditation body such as the CPA, an undergraduate degree in accounting might be a good choice. Nevertheless, some graduates choose to earn a master’s degree as well.
Chartered accountants and the Association of Chartered Certified Accountants (ACCA) can also earn additional optional certifications. Depending on the field, some careers besides accountant or auditor require additional training and/or certification (academic and/or professional).