Masters abroad: preps and steps

Master Of Professional Accounting In Australia: Top Universities, Tuition Fees & More

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Kashyap Matani
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Handling money matters effectively is crucial for every business regardless of size, age and nature. Professionals that can efficiently handle inflow and outflow of funds are the lifeblood of the organisation. The first step to becoming a successful accounting professional is to receive an education in professional accounting from recognised institutions and tutors that can impart practical knowledge.

Australia has some of the top-ranked universities in the world that offer Masters in accounting and finance in Australia. It is a dream country for accounting students. In this blog, we will discuss everything you need to know to prepare and apply for Master of professional accounting in Australia.

Table Of Contents

Why Study Master Of Professional Accounting In Australia?

Let us begin our discussion on preparing to pursue MS in Accounting masters degree in Australia by checking on the reasons to study in Australia as an international student.

Practical Knowledge

Accounting as a subject requires the student to have theoretical knowledge and the ability to apply it practically. Tutors, mentors, internships, and the right network facilitates the student to practice the theories. Accounting masters degree in Australia at the best universities will provide you with a platform to create a stronghold in accounting and finance.

Premium Quality Of Education

Australia is home to accredited and recognised universities in the world. When you pursue education in these dream universities, you can be sure to receive a high-quality education. Since your accounting degree from Australia is based on international accounting standards, you can explore career opportunities in any part of the world.

Australian Education System

Job Opportunities

Australia has several internationally well-known accounting firms. After completing your MS in Professional Accounting in Australia, you can get secure high-paying jobs at any of these firms. 

Job Opportunities in Australia

5 Top Universities In Australia For Masters In Professional Accounting

Australia is amongst the top three countries in the world for its high education standards. In the Top 100 universities worldwide list, six universities from Australia. Getting into one of these prestigious universities is a dream of many international students. As an international student, getting into one of the top universities in Australia for a Master's in Professional Accounting will open up new pathways for you.

These are the top 5 universities:

  1. The University of Queensland
  2. Australian National University
  3. The University of Western Australia
  4. The University of Sydney
  5. Monash University

1.  The University of Queensland

The University of Queensland has won the highest number of national teaching awards in Australia. It is ranked as one of the top universities in the world and is the dream university of many international students. When you enrol here for MS in accounting in Australia, you will interact with some of the best minds in finance.

Type

Public

QS World University Rankings 2023

50

Course Duration

Two semesters

Course Offered

Masters in Professional Accounting

Average Tuition Fee

33,000 AUD/year

Location

Brisbane

2.  Australian National University

The Australian National University boasts of having the highest number of Nobel laureates in its alumni in Australia. This is why it is a dream university for international students worldwide. Some of the Master of Accounting staff are also Nobel laureates.

Type

Public

QS World University Rankings 2023

30

Course Duration

Two years

Course Offered

Master of Accounting

Average Tuition Fee

39,000 AUD/year

Location

Canberra

3.  The University of Western Australia

The University of Western Australia is ranked first for graduate employability in Australia. It is also ranked in the Top 100 universities list in the world. The quality of education in Professional Accounting is top-notch, and you will have networking opportunities. 

Type

Public

QS World University Rankings 2023

90

Course Duration

Two years

Course Offered

Master of Professional Accounting

Average Tuition Fee

28,380 AUD/year

Location

Perth

4.  The University of Sydney

The University of Sydney has been consistently ranked as one of the top 50 universities in the world. It is one of the most preferred study destinations as it is one of the oldest universities in Australia. It offers high-quality education, student experience, research and graduate employability.

Type

Public

QS World University Rankings 2023

41

Course Duration

Two years

Course Offered

Master of Professional Accounting

Average Tuition Fee

 14,630 AUD/year

Location

Sydney

5.  Monash University

Aspiring accounting professionals pursue a Master of professional accounting in Melbourne at Monash University. The duration of the course is based on your undergraduate degree in accounting. It can be one year, 1.5 years or two years and is decided by the University at the time of approving your student application. 

Type

Public

QS World University Rankings 2023

57

Course Duration

1-2 years

Course Offered

Master of Accounting

Average Tuition Fee

 37,050 AUD/year

Location

Melbourne

 

Also Read

How to choose the right university abroad?

How to pick a university from multiple admits?

Course Curriculum For MS in Accounting In Australia

Master of Professional Accounting in Australia subjects will vary from one University to another. But the course curriculum of all the universities will cover corporate financial accounting, principles of auditing, taxation, commercial and company law, data analysis and decision making.

Universities in Australia offer the following post-graduate degrees in Accounting:

  1. Masters of Accounting
  2. Masters of Management in Accounting
  3. Master in Business Accounting
  4. Masters of Professional Accounting

Eligibility Criteria For Master Of Professional Accounting In Australia

To pursue a master of professional accounting in Australia, Indian students must meet specific eligibility criteria. Let's discuss them in detail.

  • Undergraduate degree
  • English Language Test
  • Passport and Student visa
  • Certified Public Accountant (CPA) Exam

Undergraduate Degree

The first eligibility requirement is an undergraduate degree in accounting or any relevant degree from a recognised university. The student must have a minimum of 50% marks overall.

English Language Test

When you apply for MS in Accounting in Australia, you must pass the English Language Test. Commonly accepted exams are IELTS with a minimum overall score of 6.5, PTE with a minimum overall score of 64 and TOEFL with a minimum overall score of 82. The results are valid for two years.

Passport and Student visa

Have your valid passport and student visa for Australia. It is best to apply for a student visa at least three months before your intended travel date.

Australia study visa requirements

Certified Public Accountant (CPA) Exam

As a professional accounting student in Australia, you must clear the Certified Public Accountant exam. This is mandatory to practice public accountancy. If you intend to pursue your career in financial analysis, management accounting, treasury management, financial reporting and accounting, you will have to pass the CPA exam.

The CPA test has four parts –

  1. Auditing and Attestation (AUD)
  2. Business Environment and Concepts (BEC)
  3. Financial Accounting and Reporting (FAR)
  4. Regulation (REG)

It is a multiple-choice examination, and you will have to score a minimum of 75 marks to pass. You can take the test in any of the designated CPA centres in the world.

Entrance exams to study in Australia

Documents To Be Submitted Accounting Master Degree Australia

To pursue a Master of professional accounting in Australia, a set of documents must be submitted to the University. Listed below are the commonly required documents by all the universities in Australia.

  1. Latest resume
  2. Transcripts of all educational qualifications
  3. Scorecards of entrance exams and language tests
  4. Statement of Purpose
  5. Letter of Recommendation
  6. Proof of funds
  7. Documents of work experience (if applicable)

Admission Process For MPA Course In Australia

To apply for MPA Course In Australia, it is crucial to follow these steps – 

  1. Choose the top universities offering a Master's in professional accounting in Australia.
  2. Check the official website of the University to see the latest requirements to apply for the course.
  3. Submit the completed application form and pay the application fee.
  4. As per the requirements mentioned to apply for the course, submit all the documents to the University by e-mail.
  5. Attend and pass the interview for student application held by the University. 
  6. Apply for your student visa 3 months before the joining date.

Australia Student Visa Process

Cost Of Studying Master In Professional Accounting In Australia

As an international student, you will have two types of cost to study MS in Accounting in Australia.

  1. Tuition fee
  2. Cost of living

Tuition Fee

Master in Professional Accounting in Australia fee is pocket-friendly since most universities are Public. The average Master in Professional Accounting in Australia fee is 42,000 AUD per annum. Based on the University you choose, the degree and the course duration for your application, it could be between 40,000 AUD – 98,000 AUD per annum.

Cost of studying in Australia

Cost of Living

The average cost of living for an international student in Australia is AUD 21,000 per annum. This includes rent for stay, food and basic travel requirements. Shared rental and hostels are easy on the pocket when compared to homestays and guesthouses. 

Living cost in Australia

Scholarships For MS In Accounting In Australia

Most of the universities in Australia offer scholarships. Even the cheapest Master of professional accounting in Australia course is eligible for scholarships. We’ve listed the widely offered and opted scholarships for international students below.

Scholarship Name

Scholarship Details

Melbourne Graduate Scholarship

Waiver in tuition fees up to 50%

Scholarship for specific Asian countries

 AUD 10,000

Global Citizens Scholarship

Waiver in tuition fees up to 30%

Scholarship for Excellence

AUD 10,000 per annum

Global Academic Excellence Scholarship

Waiver in tuition fees up to 50%

Career Opportunities After Masters In Accounting And Finance In Australia

You can choose from a wide array of career paths after your postgraduation in accounting. Here’s your answer to why studying a master of professional accounting in Australia –

Job Title

Average Annual Salary

Accountant

AUD 61,000

Financial Controller

AUD 117,000

Tax Accountant

AUD 51,000

Finance Manager

AUD 106,000

Chief Financial Officer

AUD 155,000

Overview of Jobs in Australia

Wrapping up

The Universities in Australia give you a strong groundwork with premium quality education, practicing the concepts and networking opportunities. This prepares you to kick-start your career on the right foot. You can make an informed decision with the above-mentioned information or reach out to our Yocket counsellors for further questions or guidance. 

Frequently Asked Questions About MS In Accounting In Australia

Ques: What is the difference between MS in Accounting and MS in Professional Accounting?

Ans: When you choose Masters in Accounting, you will get to learn the subjects and concepts theoretically. When you pursue MS in Professional Accounting and complete it, you will be qualified to appear for CPA exams.

Ques: Is GMAT required to apply for a master's in accounting in Australia?

Ans: GMAT does not fall under the general application criteria in the universities in Australia. But if you do not fulfil the academic requirements listed by the University or do not fulfil the GPA. The University might ask you to take the GMAT and submit the scorecard after meeting the minimum specified score.

Ques: How much does it cost to study Master's in accounting in Australia?

Ans: On average, it costs 40,000 AUD per year to study Masters in accounting in Australia. The overall cost of the course ranges between 42,000 AUD – 98,000 AUD depending on the duration of the course and the University.

Ques: Is Australia good to build a career in financial accounting?

Ans:  Yes, Australia is an excellent choice to build your career in financial accounting. Finance is one of the major business sectors in Australia and there are plenty of accounting firms. There are job opportunities at different levels and you can start and grow your career here.

Ques: Is Australia a good place to study postgraduation in Accounting and Finance?

Ans: Australia has some of the best universities in the world. Also, it has a multitude of firms in the financial sector. It has attractive job opportunities after completing your Masters in Accounting.

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