Masters in Finance in Australia are offered as Master of Commerce (M.Com), Master of Finance (M.Fin) and Master of Business degrees. It deals with different facets of finance including practical and theoretical approaches. The duration of a full-time postgraduate degree in Australian universities offering masters in Finance, ranges from 1 to 1.5 years while a part-time program can be completed in two to three years.
Bachelor's degree in commerce, finance or related discipline is required for admission to most of the universities. Students having IELTS scores above 7.0 or TOEFL score above 90 are more likely to get admission to the university of their choice. The tuition fee of the popular Australian universities offering master’s in Finance ranges around 34,000-70,000 AUD. For Indian students planning to study Masters in Finance in Australia, this cost ranges around 19.33-39.81 lakhs INR. After graduation, an accounting and finance student can earn an average salary of 67,500 AUD (38.37 lakhs INR) per year.
Best Universities for Masters in Finance in Australia
According to the QS News World University Ranking of 2023, following are some of the prestigious universities of Australia offering a master in finance degree:
| University | Program Offered | Application Deadlines | Tuition Fee (AUD) |
|---|---|---|---|
| University of Sydney | Master of Commerce: Finance | Semester one: January 15, 2023 (applications closed) | Semester two: June 25, 2023 | 54,000 |
| University of New South Wales | Master of Finance | Rolling Basis | 48,700 |
| University of Queensland | Master of Commerce: Applied Finance | January 31, 2023 | 46,484 |
| Australian National University | Master of Finance | Rolling Basis | 46,680 |
| University of Adelaide | Master of Finance | Rolling Basis | 49,000 |
| University of Technology, Sydney | Master of Finance | November 30, 2022 (applications closed) | 70,056 |
| University of Wollongong | Master of Applied Finance | January 21, 2023 | 48,096 |
| Queensland University of Technology | Master of Business: Applied Finance | Rolling Basis | 34,000 |
| Curtin University | Master of Finance | February 12, 2023 | 31,519 |
| University of South Australia | Master of Finance | Rolling Basis | 37,700 |
Why Study Masters in Finance in Australia?
- The top universities for Masters in Finance in Australia like the Australian National University, University of New South Wales, and University of Sydney are among the top 50 universities in the world, as per the QS World Rankings 2023
- According to the QS World University Rankings by Subject 2023, 6 universities in Australia are ranked among the top 50 universities in the world for Accounts and Finance Studies.
- Masters in Finance in Australia is one of the popular streams among students due to the immense job opportunities and continuously increasing salaries of accounting and finance graduates.
- The average annual income of an accounting and finance graduate in Australia is 67,500 AUD (38.37 lakhs INR) per annum, depending upon the experience, skills and career profile chosen.
- Australia's unemployment rate as of October 2022 is 3.4%, indicating numerous job opportunities for graduates
Types of Master’s Degrees in Finance offered in Australia
Three major types of masters in Finance in Australia are generally offered, are Master of Commerce (M.Com), Master of Finance (M.Fin) and Master of Business. However, students opting for maters in Finance in Australia have the option of pursuing MA and MS degree too. All these degrees have different focuses revolving around various courses of finance.
Course structure of Master of Commerce in Finance, Master of Finance and Master of Business in Finance is explained as follows:
- M.Com/M.Fin: Both Master of Commerce with Finance specialization and Master of Finance deals with theoretical and applied aspects of finance. The difference between Master of Commerce and Master of Finance is that M.Com includes courses from commerce discipline too while M.Fin is completely dedicated to finance discipline only.
- Master of Business: This program deals with financial management. Some of the courses included in finance specialization of Master of Business are corporate finance, security analysis, portfolio management, and trading & risk management.
Applied finance, dealing with practical application of finance, is offered as a separate specialization by some of the universities of Australia. Equity Valuation and Analysis, Fixed Income Securities, Advanced Funds Management, Derivatives and Ethical Principles in Finance & Accounting are few of the courses taught in Master of Applied Finance.
Admission Procedure for Master in Finance in Australia
Most of the Australian universities offer masters in finance degrees via their business schools. Hence, the admission process applicable for management colleges in Australia will also apply to a master in finance admission.
Admission Requirements
Undergraduate Degree: Bachelors in business, commerce or equivalent discipline is required to get admission to the masters in Finance in Australia. Some universities such as University of Sydney accepts students from all disciplines.
Following are the minimum grades required at the undergraduate level for admission in the universities of Canada:
| University | Minimum UG Grades Required |
|---|---|
| University of Sydney | 65% |
| UNSW | 65% |
| University of Queensland | 4.50 GPA on a 7 point scale |
| Australian National University | 5.0 GPA on a 7 point scale |
| University of Wollongong | 50% |
| Queensland University of Technology | 4.0 GPA on a 7 point scale |
- GRE Score: A GRE score is required by very few universities for master in finance admission. In some cases, students not having minimum eligibility grades in the bachelor's degree can submit GRE score as a substitute.
- Work Experience: Although not a compulsory requirement for admission in most of the universities, relevant work experience in the field of finance gives students an edge in the admission process of masters in finance in Australia.
- Reference Letters: Two or more reference letters from an employer or professors of an undergraduate degree can help in establishing the credibility of students.
English Proficiency Requirement for International Students
International students coming from a country where English is not the first language are required to demonstrate proficiency in English by submitting IELTS or TOEFL test scores. Minimum score required for admission to masters in Finance in Australian universities are mentioned below:
| University | Minimum IELTS Score Required | Minimum TOEFL (iBT) Score Required |
|---|---|---|
| University of Sydney | 7.0 | 96 |
| University of New South Wales | 7.0 | 94 |
| University of Adelaide | 6.5 | 79 |
| University of Technology Sydney | 6.5 | 79 |
| University of Wollongong | 6.5 | 86 |
| Queensland University of Technology | 6.5 | 79 |
| Curtin University | 6.5 | 79 |
| University of South Australia | 6.5 | 79 |
Cost of Studying Masters in Finance in Australia
The total cost of education for students wishing to study abroad in Australia is given below. To ensure a smooth experience, it is always preferable to be aware of the costs involved and optimize the budget beforehand.
Masters in Finance in Australia: Tuition Fees
The tuition fees for admission to the top universities for Masters in Finance in Australia is as follows:
| University | Tuition Fee (in AUD) | Tuition Fee (INR) |
|---|---|---|
| University of Sydney | 54,000 | 30.70 lakhs |
| University of New South Wales | 48,700 | 27.68 lakhs |
| University of Queensland | 46,484 | 26.42 lakhs |
| Australian National University | 46,680 | 26.53 lakhs |
| University of Adelaide | 49,000 | 27.85 lakhs |
| University of Technology, Sydney | 70,056 | 39.83 lakhs |
| University of Wollongong | 48,096 | 27.34 lakhs |
| Queensland University of Technology | 34,000 | 19.33 lakhs |
| Curtin University | 31,519 | 17.92 lakhs |
| University of South Australia | 37,700 | 21.43 lakhs |
Cost of Living in Australia
The estimated monthly cost of living in Australia is 2,326 AUD (1.28 lakhs INR). The breakdown of the associated costs is provided in the table below:
| Expense Type | Average Cost (AUD) | Cost Equivalent (INR) |
|---|---|---|
| Accommodation | 1,495 | 82,010 |
| Food | 312 | 17,115 |
| Travel | 150 | 8,228 |
| Internet | 76 | 4,169 |
| Utilities | 207 | 11,354 |
| Miscellaneous | 86 | 4,717 |
International Scholarships for Masters in Finance in Australia
Scholarships for international students in Australia are offered by respective universities, government, third-party agencies, etc. Both need-based and merit-based scholarships are offered to international students. As masters in Finance in Australia comes under the administration of management colleges of Australia, students are eligible for awards offered by them. Some of the scholarships available for international students enrolled in a master in finance in Australia are tabulated below:
| Scholarships | Criteria | Amount (AUD) |
|---|---|---|
| UTS Vice-Chancellor’s International Postgraduate Coursework Scholarship | Enrolled in any postgraduate (coursework) degree at University of Technology Sydney, minimum overall aggregate of 90% | Full tuition fees coverage |
| Sydney International Student Award | Enrolled in University of Sydney, Personal Statement | 20% off tuition fees |
| International Student Award | Enrolled in University of New South Wales, Academic merit | 15% off tuition fees |
| International High Achievers Scholarship | Enrolled in University of Queensland, Academic excellence | 10,000 |
| Postgraduate Academic Excellence International Scholarship | Enrolled in University of Technology Sydney, Academic merit | 25-35% off tuition fees |
| International Scientia Coursework Scholarship | Enrolled in any undergraduate/postgraduate degree at the University of New South Wales, Academic merit, Leadership Skills, Involvement in extracurricular activities like volunteer/social work | 20,000 towards tuition fees per year |
| Australia’s Global University Award | Enrolled in any undergraduate/postgraduate degree at the University of New South Wales, Academic merit | 10,000 |
| 2023 Global Curtin Scholarships – Merit Scholarship | Enrolled in the Curtin University, academic merit | 25% reduction in the first-year tuition fee |
Scope of Master of Finance in Australia
After completion of masters in Finance in Australia, students can look for jobs in sectors like Banks and Insurance Companies, Corporate Management, Brokerage Firms, Investment Services and International Financial Management. The average annual income of an accounting and finance graduate in Australia is 67,500 AUD (38.37 lakhs INR) per annum, depending upon the experience, skills and career profile chosen.
| Job Roles | Average Salary (AUD) | Average Salary (INR) |
|---|---|---|
| Financial Analyst | 105,000 | 59.7 lakhs |
| Financial Manager | 125,000 | 71.06 lakhs |
| Financial Coordinator | 72,500 | 41.21 lakhs |
| Investment Banking Analyst | 98,700 | 56.11 lakhs |
| Portfolio Manager | 140,000 | 79.8 lakhs |
| Inventory Accountant | 60,000 | 34.11 lakhs |
| Financial Reporting Manager | 122,000 | 69.36 lakhs |
| Financial Assistant | 58,000 | 32.97 lakhs |
| Finance Executive | 125,000 | 71.06 lakhs |
Roles and responsibilities of high paying finance profile jobs in Australia are:
- Financial Manager: A finance manager has to manage financial reports, monitor accounts, analyze the market, find ways to improve profitability and prepare financial forecasts.
- Finance Executive: It is also a managerial role involving responsibilities like looking into the budget of all departments of an organization, analyzing financial reports and predicting financial risks.
- Inventory Accountant: As the name suggests, an inventory accountant is responsible for managing the financial inventory of its clients. It involves recording the transactions done by the employer.
- Financial Operations Manager: They oversee the financial activities of a particular department of the organization.
- Financial Reporting Manager: A financial reporting manager has to ensure that all the finance reports of employers are accurate and comply with industry standards.
Students prefer to study masters in finance in Australia since the degree can be completed within one to 1.5 years and is recognized everywhere else in the world. You can also apply for one of the temporary Australian visas such as Skilled Graduate Temporary Visa or immediately after completion of education to work in Australia.
Explore: Post-Study Work Visa in Australia
FAQs
Ques. Is Australia good for Masters in Finance?
Ans. The top universities for Masters in Finance in Australia like the Australian National University, University of New South Wales, and University of Sydney are among the top 50 universities in the world, as per the QS World Rankings 2023. The average annual income of an accounting and finance graduate in Australia is 67,500 AUD (38.37 lakhs INR) per annum, depending upon the experience, skills and career profile chosen.
Ques. What are the best universities in Australia for the master of finance program?
Ans. University of Sydney, University of New South Wales, University of Queensland, Australian National University and the University of Adelaide are some of the top universities offering a master of finance in Australia.
Ques. What eligibility is required to get admission to a master's in finance in Australia?
Ans. A bachelor's degree preferably in commerce, finance or related discipline is required to be eligible for admission in a master in finance from Australia. Reference letters and work experience may also be required in some cases.
Ques. What is the tuition fee of master of finance in Australia?
Ans. A master's degree in finance from top universities of Australia costs around 34,000-70,000 AUD (19.33-39.81 lakhs INR).
Ques. What are the job opportunities in Australia after studying for a master's in finance in Australia?
Ans. Students can get jobs in Banks and Insurance Companies, Corporate Management, Brokerage Firms, Financial Planning for Individuals and Organizations, International Financial Management and Investment Services. An average salary of 58,000 USD per annum can be earned after completion of a master of finance from Australia.
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