Study Accounting and Finance in Australia

Do you love money? (don’t be ashamed, we all love money don’t we?) Are you interested in the concepts of money, business and management?

If you are, then you should consider studying an Accounting and Finance course to turn your interest into your career. Read on to find out more about studying Accounting and Finance in Australia and what it can offer you.

What is Accounting and Finance about?

Accounting and Finance is all about money, money and money. There are often grouped as the same category of study but there is a difference between both expertise.

Accounting deals with a range of information analysis for many different aspects of a business whereas Finance is concerned only with the monetary funds of said business including the management of assets and liabilities and the planning of future growth.

What are the major fields in Accounting and Finance?

There are only two major fields in Accounting and Finance although there are universities which offer different types of programme like Bachelor of Accounting with Law, Bachelor of Accounting and Entrepreneurship, Bachelor of Finance and Management, Bachelor of Finance and Marketing, etc.

Accounting

Accounting is all about the financial records in a business, including the preparation, evaluation and management of the records. An accounting degree will provide a foundation for specialized accounting careers which typically involve analyzing and utilizing financial information to evaluate a business’ financial position.

Accounting can be further categorized into specialized topics like auditing, tax, assessment, international accounting, forensic accounting and management accounting.

Finance

Finance careers typically focus on the management of current and future figures of a business, making careers in finance having potential to be slightly more lucrative than accounting.To be more specialized in this sector, finance can be studied further in corporate finance, financial evaluation, behavioral finance, capital markets, investment management and many more.

What are the important skills I need in this field?

Many important skills will be developed throughout the study in Accounting and Finance and the skills developed are useful to be applied in jobs related to the degree. Although Accounting and Finance is a competitive field, there are some important skills which will help you to stand out among other competitors:

Numerical skills

As Accounting and Finance is all about money and figures, numerical skills are one of the most essential skills needed in this field.

An accountant will deal with mathematical operations like addition, subtraction, multiplication and division most of the time and there will also be a lot of accounting equations in different forms which are needed in the double-entry system of accounting and the preparation of balance sheet.

Problem solving

Accountants solve problems by helping a business with cash flow, debtors and improving their record keeping whereas a finance professional will have to analyze which market and products are profitable and what should a company sell to compete with its competitors.

Oral and written communication skills

Accounting and Finance is a fast-paced industry and clear communication is the key to being productive in the workplace. It is important that one has effective oral and written communication skills to avoid any miscommunication and increase productivity in the workplace.

What are the entry requirements and qualifications?

The entry requirements for different types of qualification are different, we have listed the general entry requirements for universities in Australia according to the types of qualification:

Qualification	Requirements
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: 52 STPM/ 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 mus be more than 42) CAE: 52 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)

How long will I be studying in this programme?

The duration of studying Accounting and Finance are different for different study levels and are listed in the table below:

Study Levels	Duration
Foundation	1 year
Diploma	6 months - 1 year
Bachelor’s Degree	3 years
Master’s Degree	1 - 2 years
PhD	3 - 4 years

How much does it cost to study Account and Finance?

There are many universities in Australia that offer an Accounting and Finance course and the prices may vary according to the types of programme and ypes of institution. We have listed the estimated tuition fees but do check with the universities to know more about the cost of the programmes.

Programme	Estimated Fees
Foundation	RM 74,892 - RM 104,500
Diploma	RM 15,042 - RM 87,558
Bachelor’s Degree	RM 114,950 - RM 294,500
Master’s Degree	RM 91,073 - RM 195,700
PhD	RM 85,309 - RM 191,824

What are the job opportunities?

A degree in accountancy and finance may bring you job opportunities in related fields including jobs directly related to your degree and other jobs where your degree would be useful. Some of the jobs are: