EdMIUMMasters in Finance in Australia are Master of Commerce (M.Com), Master of Finance (M.Fin) and Master of Business degrees. It deals with different facets of finance. The duration of a full-time postgraduate degree in finance, in Australia, ranges from 1 to 1.5 years while a part-time program can be completed in 2 to 3 years. Bachelor’s degree in business, finance, or a related subject is needed to get into most of the universities.
In this article, let us look at:
- Why Study Masters in Finance in Australia
- Top Universities
- Types of Master’s Degrees in Finance offered in Australia
- Admission Procedure
- Cost of Studying
- International Scholarships for Masters in Finance in Australia
- Scope
1. Why Study Masters in Finance in Australia
- Nearly 400,000 students study postgraduate management and commerce programs at Australian universities.
- Finance is one of the popular streams among students due to the immense job opportunities and continuously increasing salaries of accounting and finance graduates.
- According to salaryexplorer.com, the salary of accounting and finance employees has increased in Australia from 81,000 AUD per annum in 2019 to 93,500 AUD per annum in 2021.
2. Top Universities
| University | QS News Ranking 2022 | Program Offered | Total Program Fee (in USD) |
| University of Sydney | 38 | Master of Commerce: Finance | 67,661 |
| University of New South Wales | 43 | Master of Finance | 34,956 |
| University of Queensland | NA | Master of Commerce: Applied Finance | 61,132 |
| Australian National University | NA | Master of Finance | 66,114 |
| University of Adelaide | 108 | Master of Finance | 60,757 |
| University of Technology, Sydney | 133 | Master of Finance | 42,575 |
| University of Wollongong | 193 | Master of Applied Finance | 32,510 |
| Queensland University of Technology | 213 | Master of Business: Applied Finance | 47,915 |
| Curtin University | 194 | Master of Commerce: Applied Finance | 47,500 |
| University of South Australia | 326 | Master of Finance | 42,530 |
3. Types of Master’s Degrees in Finance offered in Australia
Three major types of a masters degrees in finance, offered in Australia, are Master of Commerce (M.Com), Master of Finance (M.Fin) and Master of Business. 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.
4. Admission Procedure
Application Deadlines for Master in Finance in Australia:
| University | Application Deadlines |
| University of Sydney | February 11 |
| University of New South Wales (UNSW) | November 30 |
| University of Queensland | November 30 |
| Australian National University | March 31 |
| University of Adelaide | December 1 |
| University of Technology Sydney | Autumn: January 15,Spring: May 31,Summer: October 15 |
| University of Wolongong | Autumn: January 17,Spring: June 27 |
| Queensland University of Technology | December 19 |
| Curtin University | February 13 |
| University of South Australia | November 15 |
Admission Requirements
Undergraduate Degree: Bachelors in business, commerce or equivalent discipline is required to get admission to the master of 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: It is also possible to use GRE scores as a substitution when required.
Work Experience: Although not a 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
| 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 |
5. Cost of Studying
Pre-arrival Cost:
| Type of Expense | Cost (in USD) |
| Application Fee | 100 (approx) |
| Visa Fee | 426 |
| IELTS Registration | 215 – 240 |
| TOEFL (iBT) Registration | 160 – 250 |
| GRE Registration | 205 |
Post-arrival Cost:
Although Curtin University has the lowest annual tuition fee (27,600 AUD) for a master in finance program among top Australian universities, the University of Technology Sydney (UTS) has the highest return on investment (ROI). It’s financed graduates are able to earn an average annual amount of 117,000 USD while paying just 28,376 USD per annum tuition fee.
Cost of Living in Australia
- Accommodation (one-bedroom apartment): 5,013 USD
- Meal: 4,655 USD
- Power and Gas: 716 USD
- Phone and Internet: 537 USD
- Transport: 1,432 USD
- Entertainment: 1,432 USD
6. International Scholarships for Masters in Finance in Australia
| University | Scholarships | Amount in USD (per annum) |
| University of Sydney | Business Dean’s Scholarship for Academic Excellence; Business School’s International Scholarship; Westbrook and Jessie Anstice International Travel Scholarship | 3,460-13,842 |
| University of New South Wales (UNSW) | Joseph Barling Fellowship; AMP Capital Infrastructure Scholarship | 10,381-20,762 |
| University of Queensland | Thomas A Plein Endowed Scholarship; India Global Leaders Scholarship | 3,000-13,842 |
| Australian National University (ANU) | ANU College of Business & Economics Community Engagement Award;ANU College of Business & Economics Honours Scholarship | 692-10,381 |
| University of Adelaide | Global Citizens Scholarship; Global Academic Excellence Scholarship | Tuition fee waiver upto 50% |
| University of Technology Sydney | International Postgraduate Coursework Full Tuition Scholarship; Postgraduate Academic Excellence Scholarship | Tuition fee waiver |
| University of Wollongong | Postgraduate Academic Excellence Scholarship; Faculty of Business Country Bursary | Tuition fee waiver upto 30% |
| Queensland University of Technology | Triple Crown Scholarship | Tuition fee waiver of 25% for two semesters |
| Curtin University | Savvy Fintech Scholarship; Young Blogger Scholarship Award | 1,384-3,460 |
| University of South Australia | UniSA Business School Student Mobility Scholarships; | 1,730-3,460 |
7. Scope
After completion of a master in finance from Australia, students can look for jobs in one of the sectors:
- Banks and Insurance Companies
- Corporate Management
- Brokerage Firms
- Financial Planning for Individuals and Organizations
- International Financial Management
- Investment Services
Following are the highest paying accounting and finance jobs in Australia:
| Jobs | Average Annual Salary (in USD) |
| Finance Manager | 134,353 |
| Finance Executive | 109,580 |
| Inventory Accountant | 101,740 |
| Financial Operation Manager | 98.085 |
| Financial Reporting Manager | 76,435 |
| Internal Control Advisor | 67,290 |
| Account Executive | 62,590 |
| Chartered Accountant | 53,550 |
| Accounting Technician | 41,421 |
| Financial Assistance | 38,731 |
Conclusion
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.
