Masters in Accounting in Australia: Top Colleges, Fees, Eligibility, Scholarships, and Salaries

Highlights

• Top Universities- The top universities for MSc in accounting in Australia for Indian students are Deakins University, Australian National University, and University of Melbourne. The University of Melbourne accommodates the highest number of Indian students.
• Eligibility Criteria - You need a GMAT score of 600-630 and an IELTS score of 6.5 minimum. Additionally, you will also need to submit an SOP and LOP and a minimum of two years of work experience if needed.
• Job Outcomes - As an Indian student, you can work as an accountant, Business Analyst, Auditor, or Finance Manager in Australia.
• Salary - The average annual salary of an Indian accountant graduate is 95,000. As a fresher, you can earn around 80,000 AUD.
• Recruiters - The top employers for masters in accounting are KPMG Australia, PWC Australia, Deloitte Australia, EY Australia, Whiz Consulting Pvt. Ltd.

Masters in Accounting in Australia is a 1.5 - 2-year program that teaches you how to handle financial accounting, management accounting, taxation, auditing, and professional ethics. The top 5 universities in Australia for masters in accounting are -

• Deakin University
• Australian National University
• University of Western Australia
• University of Melbourne
• The University of Adelaide

Being an Indian student, you will need a bachelor's degree in finance or any other relevant field for 2 years. You must spend around 30,000 AUD to 65,000 AUD to pursue this course. The Institute of Chartered Accountants of India (ICAI), and Certified Practising Accountant (CPA) Australia have signed a Mutual Recognition Agreement (MRA). This agreement would recognize the qualifications in accounts and give memberships to eligible Indian CAs by allowing them to appear for one or more papers. As an Indian student, you will earn an average salary of 95,000 AUD per year or 48.72 AUD per hour. Entry-level positions start at 80,000 AUD per year. However, if you are experienced, you can earn up to 120,000 AUD per year.

Top Universities offering Masters in Accounting

Some of the top Australian universities offer master's in accounting programs to Indian students. Here are a few of those universities.

Note: 1AUD = 55.83 INR, as of 20th June, 2024

Reasons for Pursuing Master in Accounting in Australia

Some of the reasons why Indian students choose Australia to pursue MSc in accounting are discussed below -

• The demand for accounting currently stands at 84,000, and projections indicate a continual surge over the next five years, with an anticipated annual growth of more than 17,000 new jobs. By 2026, Australia will require 338,362 accountants.
• Eight Australian universities rank among the top 100 globally, and a considerable portion of them maintain a 100% acceptance rate.
• Currently, there are 203,600 students employed as accountants in Australia, with a median weekly earnings of 1,841AUD. The annual employment growth for accountants in 2024 is 1200 job openings in Australia.
• Indian Students have the flexibility to engage in part-time work for up to 20 hours per week and up to 40 hours during holiday seasons. You can also apply for Australian PR for accountants while studying.
• An Indian CA can complete CPA/CFA in the USA, ACCA in UK, and Chartered Accountancy in Australia to work outside the country.

Admissions for Masters in Accounting in Australia

The admission process for master's in accounting in Australia is similar to other postgraduate degree admissions. The below-mentioned section talks about all the requirements for Indian students to be eligible for admission to master of accounting programs in Australia.

Eligibility Criteria

Students must fulfill the following eligibility criteria to qualify for admission to master in accounting programs in Australia.

• Academic Degree- Undergraduate degree from a recognized university. You need a minimum of 4.0 GPA out of 7.
• Indian students must have an average GMAT score between 600–630.
• English Proficiency Test Score - IELTS score of 6.5 or higher.
• Statement of Purpose/Essay- A 1-2 page SOP highlighting why you wish to pursue the course.
• Letters of Recommendation- From your previous employers/institutions.
• Experience- Professional work experience (if applicable)

Admission Requirements

The table below showcases all the university-specific admission requirements for masters in accounting in Australia.

Cost of studying Master in Accounting in Australia

Students who are planning to pursue their higher education in a country like Australia must know the cost of studying there. The total cost of studying in Australia comprises the tuition fees and the cost of living in the country.

While the cost of living is somewhat the same for every student, the tuition fee varies according to the university in Australia. On average, the tuition fee for pursuing a master's in accounting in Australia ranges between 60,000 AUD and 100,000 AUD (31.8 Lakhs to 53.1 Lakhs INR). The next section will talk about the tuition fees for different universities in Australia.

Tuition Fees

The graph below shows different universities and their tuition fees for pursuing masters in accounting in Australia.

Note: 1AUD = 55.83 INR, as of 20th June, 2024

Note: 1AUD = 55.83 INR, as of 20th June, 2024

Cost of living in Australia

This section demonstrates the average cost of living in Australia for an Indian student. Living expenses include accommodation, meals, transportation, health insurance, and personal expenses.

Note: 1AUD = 55.83 INR, as of 20th June, 2024

Scholarships in Australian Universities

Indian students who wish to pursue their education in Australia often face financial issues due to various living and tuition expenses. This is why Australian universities have scholarship programs designed to help students lead a smooth educational journey. The table below shows some of the top scholarship programs in Australia, offered by various universities.

Jobs and Placement Opportunities for Masters in Accounting in Australia

After completing the masters in accounting degree in Australia, students can apply for various job profiles. Some of the most common jobs after masters in Australia in the field of accounting include accountant, business analyst, auditor, finance manager, and taxation officer. The given table showcases the average masters in accounting in Australia salary for different jobs.

Note: 1AUD = 55.83 INR, as of 20th June, 2024

Accounting Certifications in Australia

There are three important accounting certifications in Australia:

• CA (chartered accountant)
• CPA (Certified Practicing Accountant)
• IPA (Institute of Public Accountant)

Eligibility Criteria

Indian students interested in becoming Chartered Accountants, IPA, and CPA in Australia pursue relevant undergraduate or postgraduate qualifications recognized by professional accounting bodies such as CPA Australia or Chartered Accountants Australia.

To become a Chartered Accountant, IPA and CPA in Australia, Indian students usually need to complete a series of academic and professional requirements, including:

• Obtaining a bachelor’s degree or equivalent qualification in accounting or a related field.
• Completing additional postgraduate studies or professional programs accredited by a Certified Practicing Accountant (CPA) Australia or CA ANZ.(New Zealand)
• Completing additional postgraduate studies or professional programs accredited by CPA and IPA Australia, which may include subjects covering accounting, auditing, taxation, finance, and business management.
• Gaining relevant work experience under the supervision of a qualified accountant or a CPA within an accredited training program.
• To become a member of the Institute of Public Accountants (IPA) in Australia, Indian students typically need to successfully pass any required examinations or assessments as specified by the IPA.

Australian PR for Accountancy

You can apply for Australia PR visas as a Chartered Accountant under the Subclass 189 Visa or Skilled Independent visa, Subclass 190 or Skilled Nominated visa, or even the provisional Subclass 489 visa.

There are two types of skills assessments you can apply for. The majority of people go for the full skilled migration assessment. If you are a new graduate and want to apply for the graduate work stream (subclass 485), the provisional assessment is enough.

How to get an Australia PR as an Indian Accountant?

Indian accountants interested in obtaining a Permanent Residency (PR) visa in Australia typically follow the General Skilled Migration (GSM) pathway. Below is the detailed process for applying for the visa -

• You should appear for language proficiency tests such as IELTS and CELIP TOEFL even before applying for skills assessment.
• Secure a positive skills assessment from official authorities that have the power to evaluate chartered accountants. CPA Australia, the Institute of Public Accountants in Australia, and The Institute of Chartered Accountants are Australia’s top three chartered accountant assessing bodies.
• After a positive skills assessment, you are required to submit an Expression of Interest (EOI) via your Skill Select account to the Australian Immigration Authority.
• Those who take the Migration Skills Assessment should qualify for Accounting, which is equivalent to an Australian Bachelor's degree.
• Once your EOI is accepted and approved, you will be sent an invitation to apply for permanent residency in Australia. This application should be submitted within 60 days of your ITA. This application should have all the supporting documents for your Australia PR processing.
• Along with this, get your police clearance certificates and your medical examination done by getting a medical clearance certificate.

Australian universities provide some of the best postgraduate courses, along with high-paying jobs in the accounting and finance industry. Indian students earn an average salary ranging between 60,000 AUD to 100,000 (31.8 Lakhs–56 Lakhs INR) AUD per annum.

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