Due to its internationally renowned universities, variety of educational opportunities, and reduced cost of living, Australia is quickly becoming a sought-after study destination. Many master's degree programmes in fields ranging from management to engineering are available in the nation. You can get the necessary information and skill set needed to investigate a variety of opportunities in the business world internationally by studying in Australia. It might be difficult to pick the best academic programme for a masters in finance in Australia. Here is a blog post outlining the main requirements for obtaining a master's in finance in Australia, the qualifications you must meet, and the best universities you may enroll in.
A bachelor's degree in accounting, finance, or a related discipline is required for admission to the best colleges for a Masters in Finance in Australia. Moreover, students are more likely to get admitted into their top choice of institution if they have an IELTS score of 6.0 or higher or a TOEFL score of 82 or higher. Candidates may also need to have a minimum of three years of work experience, according to several colleges. The cost of an Master's in Finance in Australia ranges from 33,000 to 70,000 Australian dollars, or around 18 lakh to 40 lakh Indian rupees for students from India. The top universities that offer an Master in Finance in Australia require applicants to hold a bachelor's degree in accounting, finance, or a closely related field. Also, students who have an IELTS score of 6.0 or higher or a TOEFL score of 82 or higher are more likely to get admitted into the university of their choice. According to certain universities, candidates may additionally need to have a minimum of three years of work experience. For students from India, the price of a Master in Finance in Australia ranges from 33,000 to 70,000 Australian dollars, or around 18 lahks to 40 lakh Indian rupees. To learn more about the academic structure, the many types of MS degrees given by the best-ranked colleges, the most popular MS courses, postgraduate scholarships available, entrance requirements, and opportunities for international students, read the article below.
Why Pursue a Master in Finance in Australia?
Every year, Australia welcomes thousands of international students. It would help if you pursue your Master's in Finance in Australia for the following reasons:
- Australia's banking and finance sector is well-established and comprises the following areas: taxes, the securities market, money management, and financial planning.
- The programmes teach the most recent curriculum and were created in conjunction with experts in the Australian financial sector.
- Victoria University, The Australian National University, The University of Sydney, The University of Melbourne, La Trobe University, and other top institutions offer master's in finance in Australia.
- Australia's banking industry is expanding quickly, which expands job opportunities for graduates seeking financing.
- If you pursue an Master in finance in Australia, you will have the opportunity to discover how the global financial market functions.
- The average annual wage for a worker in the financial industry in Australia with medium experience is AU$ 93,000, which is significantly more than the compensation of an individual with a comparable profile in India.
- According to the QS World University Rankings 2023, Australia is home to some of the best universities for an Master in Finance, including University of South Australia, Western University Sydney, and University of Newcastle.
- With a predicted rise of 6.3% or 33,200 jobs from November 2021 to November 2026, the Financial and Insurance Services business in Australia is likely to experience considerable expansion in employment possibilities. Financial Investment Advisers and Managers continue to be the industry's greatest employer among all other vocations.
- Entry-level incomes for graduates with an Master in Finance in Australia are competitive, averaging approximately 70,000 AUD (40 lakhs INR) annually. Graduates may anticipate even greater earnings as they gain experience, with some making up to 150,000 AUD (85 lakhs INR) annually.
Courses Offered for Master in Finance in Australia
Master of Business (MBA), Master of Finance (M.Fin), and Master of Commerce are the three main master's degrees in Finance that are typically provided in Australia. However, Australian students majoring in Finance also have the option of earning an MA or MS degree. Each of these degrees has a unique concentration centered on distinct financial courses. Some Australian institutions offer applied Finance as a separate specialization, which deals with the practical application of Finance. Some of the courses offered in the Master of Applied Finance program include Equity Valuation and Analysis, Fixed Income Securities, Advanced Funds Management, Derivatives, and Ethical Principles in Finance & Accounting. Australia offers a variety of Masters in Finance programs, designed to equip students with a strong foundation in financial theory and practical skills. The courses are structured to help students develop expertise in areas such as financial analysis, investment management, risk management, and corporate finance. Here's an overview of some of the courses and the scope of a Masters in Finance in Australia:
- Master of Finance: This is a specialized program that focuses on finance theory and practical applications. The course covers topics such as financial modelling, risk management, investment analysis, and corporate finance. The course is designed for students who want to pursue a career in finance or progress to a Ph.D. in finance.
- Master of Applied Finance: This course is designed to provide students with a strong foundation in finance theory and practical skills. The course covers topics such as investment management, financial analysis, and financial risk management. The course is ideal for students who want to specialize in a particular area of finance or pursue a career in finance.
- Master of Financial Planning: This course is designed for students who want to specialize in financial planning. The course covers topics such as retirement planning, investment planning, risk management, and tax planning. The course is ideal for students who want to become financial planners or work in the financial services industry.
Top Universities for MS in Finance in Australia
The area of Finance and its specialized sections provide a wide variety of master's degrees, ranging from an MA to an MS. Here are the best institutions in Australia where you can pursue a master's in Finance, along with the most popular postgraduate finance programs and their concentrations:
|University of Tasmania||1.5 years||Master of Finance|
Master of Financial Mathematics
Master of Advanced Finance
|Swinburne University of Technology||18 Months||Master of Finance and Banking|
|University of Sydney||-||Master of Commerce – Finance|
|University of Adelaide||2 years||Master of Management (Finance)|
|RMIT University||1 year||Master of Finance|
|Monash University||1 year||Master of Banking and Finance|
|University of Adelaide||1 year||Master of Applied Finance|
|University of Queensland||1 year||Master of International Economics and Finance|
|University of New South Wales||1 year|
Master of Financial Analysis
Master of Business Administration- Finance
|La Trobe University||2 years||Master of Accounting and Financial Management|
|Victoria University||2 years||Master of Business – Finance|
According to the three most widely respected rankings on a worldwide scale, the top 5 institutions in Australia for master's programs are:
- University of Melbourne: This institution is Australia's CEO factory. Their MBA program is ranked number one in Australia and number 27 in the entire globe. They own the oldest academic library on the continent, with 3.6 million items in their collections.
- Australian National University: This university boasts stellar alums and students' most effective retention rate. Students can participate in advanced PG classes where Students can do research from the previous six months.
- University of Sydney: The University of Sydney is one of eight significant Australian research universities. Seven Australian Prime Ministers, two Australian governors-general, nine state governors, four chief justices, and 24 judges of the High Court of Australia have all received their education there.
- University of Queensland: This university, ranked among the top 100 in the world, is also a member of Group 8 institutions. Outstanding educators are an added benefit.
- UNSW Sydney: The University of New South Wales is a public research institution that consistently receives a significant proportion of the state's top 500 applicants.
Admission Requirements for Master in Finance in Australia
- A bachelor's degree
- The necessary IELTS, TOEFL, and PTE scores
- The necessary work experience or professional certifications are needed for the professional development master programs, which are courses to help you hone your professional abilities.
- You could be requested a GRE or GMAT score in some subjects, such as business management.
- You would require testimonials from your past employers or instructors.
- There could be an interview for degrees that focus on research (through Skype)
- A resume or cover letter
Scholarships for MS in Finance in Australia
There are several scholarships available for international students pursuing a Master in Finance (MS in Finance) in Australia. Here are a few options to consider:
- Australia Awards: This is a scholarship program funded by the Australian government. It is available to students from eligible countries who want to study a master's degree in Australia. The scholarship covers tuition fees, travel expenses, and a living allowance. To be eligible, you must meet the eligibility criteria for your home country and have at least two years of work experience.
- Endeavour Postgraduate Scholarship Awards: This is another scholarship program funded by the Australian government. It is available to students from eligible countries who want to pursue a postgraduate degree in Australia. The scholarship covers tuition fees, travel expenses, and a monthly living allowance. To be eligible, you must meet the eligibility criteria for your home country and be proficient in English.
- The University of Melbourne Graduate Research Scholarships: This scholarship is available to international students who want to pursue a research-based graduate degree, including a Master of Finance, at the University of Melbourne. The scholarship covers tuition fees and a living allowance. To be eligible, you must meet the academic requirements for your chosen course and demonstrate a high level of academic achievement.
- Monash University International Tuition Scholarships: This scholarship is available to international students who want to pursue a graduate degree, including a Master of Finance, at Monash University. The scholarship covers up to 25% of your tuition fees. To be eligible, you must have a high level of academic achievement and meet the eligibility requirements for your chosen course.
- The University of Sydney Business School Dean's Scholarship: This scholarship is available to international students who want to pursue a graduate degree in finance at the University of Sydney Business School. The scholarship covers up to 50% of your tuition fees. To be eligible, you must demonstrate academic excellence and have a strong commitment to your field of study.
It's important to note that scholarship availability and eligibility criteria may change over time. You should always check the official scholarship websites for the most up-to-date information.
The Scope of MS in Finance in Australia
Numerous Australian colleges offer a few master's degrees in Finance to match the need in the employment sector. Students can search for employment in industries including banks and insurance companies, corporate management, brokerage firms, investment services, and international financial management after earning a master's degree in Finance in Australia. Therefore, in a period of rapid growth and strong demand, it is preferable to get a master's degree in Finance that will enable you to advance your career and earn more money. Depending on experience, talents, and the professional path selected, an accounting and finance graduate in Australia can expect to earn an average of 58,000 USD annually. The following are the responsibilities and tasks of high-paying finance-related professions in Australia:
- Financial Manager: A finance manager is responsible for managing financial data, keeping an eye on accounts, researching market trends, determining how to increase profitability, and creating financial projections.
- Finance Executive: This managerial position includes duties like examining the budgets of all departments within an organization, assessing financial reports, and forecasting financial risks.
- Inventory Accountant: As the name implies, an inventory accountant oversees the clients' financial inventories. It entails documenting the employer's transactions.
- Financial Operations Manager: This person oversees a department's financial operations.
- Manager of Financial Reporting: A financial reporting manager is responsible for ensuring the accuracy and conformity of all financial reports submitted by employers.
Since the master's in Finance can be earned in one to one and a half years and is accepted worldwide, students opt to study there. You can also apply for a temporary Australian visa, such as the Skilled Graduate Temporary Visa, or you can do so immediately if you want to start working in Australia after finishing your studies.
Obtaining a Master of Science (MS) in Finance in Australia can be a highly rewarding and valuable experience for those looking to further their education and career in the finance industry. Australia has a well-established reputation for providing high-quality education and its universities offer excellent MS programs in Finance. Some of the benefits of pursuing an MS in Finance in Australia include exposure to a diverse student body and faculty, a robust curriculum that covers a wide range of topics in finance, access to cutting-edge research and technology, and ample opportunities for internships and networking. Additionally, graduates of MS in Finance programs in Australia can expect to have a strong foundation in both theoretical and practical aspects of finance, which can prepare them for a range of roles in the finance industry, including investment banking, asset management, corporate finance, and more. However, it is important to note that pursuing an MS in Finance in Australia can be a significant financial investment, and applicants should carefully consider their personal and professional goals before making a decision. It is also important to research and choose a reputable institution with a strong track record of producing successful graduates and providing valuable resources and support. Overall, an MS in Finance from an Australian university can be an excellent choice for those looking to enhance their knowledge, skills, and career opportunities in the finance industry.
Frequently Asked Questions (FAQs)
Is Australia good for a master’s in Finance?
Australia is growing and emerging as a famous study centre due to its globally recognized institutions, education diversity, and lower living expenses. Studying finance in Australia provides them with a deep-embedded insight into corporate financial markets, finance ethics, regulations, theories, and financial analytics, amongst others.
What are the job prospects for a master’s in finance in Australia?
After securing a master’s in finance in Australia, students are eligible for positions like Financial Advisor, Budget Analyst, Banker, Personal Financial Advisor, Loan Officer, Financial Manager, Financial Analyst, etc.
What is it like working in finance in Australia?
The finance sector in Australia is huge, engaging, and quite challenging. If you have skills with numbers and figuring out what’s the story revolving around them, you’re probably an ideal candidate to pursue a Master’s in Finance in Australia. Working in finance requires one to be sharp, analytical, and logical.