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Masters in Accounting in Australia: Complete Guide for International Students

Komal Yadav Komal Yadav
Study Abroad Expert

Masters in accounting in Australia is offered by a number of universities as Masters of Accounting, Masters in Business Accounting, Masters of Management in Accounting and Masters of Professional Accounting. The duration of this program is upto 1.5 to 2 years in Australian universities. It helps the students to enhance and utilize their accounting and critical thinking skills in the business sector. 

  • Bachelor's degree in accounting, commerce or related field is required to apply for masters in accounting in Australia.
  • Program fees of Australian universities offering masters in accounting ranges between 63,000 AUD to 96,000 AUD
  • The median salary of an accountant in Australia is 58,000 AUD.

Why Study Masters in Accounting in Australia?

  • According to Job Outlook of Australia, the growth of the accounting sector has been the highest in the last two years. 
  • Job Outlook had estimated that the number of accountants will rise up to 207,200 by 2023 including 84,000 new job opening.
Accountant Workforce in Australia
  • Masters in Accounting from Australia makes the students eligible for becoming the members of the professional accounting bodies such as CPA Australia and the Association of Chartered Certified Accountants (ACCA).
  • There are 6 universities in Australia offering masters in accounting that are included in the top 100 list of THE Global Rankings 2020.
  • The pay-scale increment with the number of years of experience of accountants in Australia can be seen from the table below:
Experience yearsAverage Annual Salary (in AUD)
<147,000
1-454,000
5-967,000
10-1977,000
20+82,000

Top Universities offering Masters of Accounting in Australia

The table below mentions some of the top universities offering masters of accounting in Australia according to THE World University ranking for accounting. 

UniversityTHE Global rankingProgram offeredProgram fees in AUDDuration
University of Melbourne38Masters of Management (Accounting)91,6482 years
University of Queensland55Masters of Commerce (Accounting)88,5442 years
Australian National University63Masters of Accounting95,7602 years
University of New South Wales (UNSW)63Masters of Commerce (Accounting)74,5801.7 years
Queensland University of Technology (QUT)85Masters of business (Accounting)66,2002 years
Griffith University101-125Masters of Accounting63,0002 years
Monash University101-125Masters of Accounting91,6002 years
Macquarie University151-175Masters of Accounting76,0002 years
University of Adelaide201-250Masters of Accounting84,0002 years

Apart from the above mentioned institutions, some other universities offering Masters of Professional Accounting in Australia are University of Sydney, University of Technology Sydney, University of South Australia, University of Newcastle and University of Western Australia

Masters of Accounting in Australia: Curriculum

Students opting for masters in accounting will study the subjects given below:

  • Accounting concepts and methods.
  • Principles of finance and marketing.
  • Accounting systems and processes.
  • Economic principles.
  • Income taxation.
  • Auditing and assurance services, etc.

The degree is granted after the successful completion of project work or internship as instructed by the institute. The students will also learn about ethics and governance, politics, global economy, financial reporting, financial risk management, etc during the course work. The course is more theoretical but also includes the practice of report writing, analysis, calculations, etc.

Admission Process for Masters in Accounting in Australia

International students are required to have a bachelors in accounting, commerce or related discipline and proof of English proficiency to apply for masters in accounting in Australia. 

Where to Apply: Students are required to apply via the official website of the university for masters in accounting admissions.

Intake Month: The admissions are usually offered in February, July or November in most universities of Australia. 

Admission Requirements for Masters in Accounting in Australia

Following documents are needed while applying for masters of accounting in Australia:

  • Transcripts and other academic records of previous education
  • Proof of English language proficiency by submitting IELTS, TOEFL or PTE test scores
  • Letter of reference.
  • Statement of purpose stating why the candidate is suitable for the course.
  • Updated CV

Eligibility Requirements for Masters in Accounting Admission

Holding a bachelor’s degree in accounting, commerce or equivalent is mandatory for admissions in masters of accounting in Australia. Moreover, international students must also submit proof of English proficiency as the curriculum of Australian universities is taught in English. 

The table below mentions the minimum eligibility criteria of some universities along with the English proficiency test scores required for admissions: 

UniversityMinimum % Required in BachelorsEnglish Proficiency Requirements
University of MelbourneNo minimum score specifiedIELTS: 6.5;
TOEFL (PBT): 577;
TOEFL (iBT): 79;
PTE: 58-64
University of Queensland55%IELTS: 6.5;
TOEFL (iBT): 87;
TOEFL (PBT): 570;
PTE: 64
Australian National University60%IELTS: 6.5;
TOEFL (iBT): 85;
TOEFL (PBT): 565;
PTE: 61
UNSW UniversityNo minimum score specifiedIELTS: 7.0;
TOEFL (iBT): 94
University of Technology Sydney50%IELTS: 6.5;
TOEFL (iBT): 79;
PTE: 58
Griffith University50%IELTS: 6.5;
TOEFL (iBT): 79;
TOEFL (PBT): 575;
PTE: 58
Monash UniversityNo minimum score specifiedIELTS: 6.5;
TOEFL (iBT):79;
PTE: 58
Macquarie UniversityNo minimum score specifiedIELTS (academic): 6.5
University of AdelaideNo minimum score specifiedIELTS: 6.5;
TOEFL (iBT):79;
PTE: 58

Cost of Studying Masters of Accounting in Australia

Cost of studying abroad includes pre-arrival costs, tuition fees and other expenses such as accommodation cost, transportation, books, and food, etc. 

Pre-arrival Cost

These expenses are incurred even before coming to study in Australia

Type of ExpenseCost (in AUD)
Application fees125-300
Australian Student Visa Application Fees575
IELTS application fees340
TOEFL application fees300
Airfare200-750.
(OSHC) Health insurance2,149

Tuition Fees for Masters in Accounting in Australia

Average annual tuition fees of universities offering masters in accounting in Australia ranges between 31,500 AUD to 47,880 AUD per year.

Annual Tuition (AUD) by University in Australia

Cost of Living in Australia

Average cost of living for an international student in Australia is estimated to be around 1,400 AUD to 2,500 AUD per month. This includes accommodation, food, and social activities expenses. 

Following are the general estimate of such expenses: 

Type of ExpenseCost per month (in AUD)
AccommodationHomestay – 450- 1200
Students hall – 440-1100
Rent of apartment – 750-1700
Food500 – 1000
Transportation cost30 – 70
Internet70 – 120
Entertainment200
Books and Study Materials500 – 1000

Scholarships for Masters in Accounting in Australia

Despite the fact that Australia is one of the most expensive countries, it is still amongst the most preferable destination for students. This is because of the excellent quality of education and a large number of scholarship schemes offered by the government as well as the universities to help the students. These scholarships can be available by domestic as well as international students on the basis of merit or needs. 

Here are some of the scholarships available for international students in Australia

Government-funded Scholarships for International Students in Australia

  • Australian Awards- This is a government-funded scholarship that covers all the student expenses such as accommodation, transportation, tuition fees, etc. The age of the student should be 18+ to be eligible for this scholarship. It is funded by the government of Australia.
  • Destination Australian Program- This scholarship is for domestic as well as international students. The amount offered is up to 15,000 AUD and is given to more than 1000 students every year. 

University-specific Scholarships for International Students in Australia

Australian National University:

  • International Graduate Scholarship: This is awarded to the international students enrolled in postgraduate courses at ANU College of Business and Economics. The scholarship is awarded on the basis of merit scores and offers a 50% reduction in the fees.

UNSW Sydney:

  • UNSW International Scholarships: The scholarship is offered to international students who have secured admission in postgraduate courses in UNSW Sydney. The amount of scholarship is 5000 AUD per annum. 

Monash University:

  • Commonwealth Indigenous Support Scholarship: This is a need-based scholarship that amounts upto 15,000 AUD. It is offered to international students enrolled in undergraduate or postgraduate courses at the university.

Griffith University:

  • Griffith Remarkable Scholarship: This is awarded to students having exceptional academic records and are applying for an undergraduate or postgraduate course. The scholarship gives a 50% reduction in annual fees. 
  • Global Study Awards: This scholarship aims towards encouraging students from overseas to study at Griffith University and explore the culture and values of Australia. The amount of scholarship varies and can be viewed on the official website. 

The University of Queensland:

  • Alfred and Olivia Wynne Memorial Scholarship: This is awarded to domestic as well as international students who have recently enrolled into the College. The amount of scholarship is around 3000 AUD per year and given on the basis of merit and financial needs of students.
  • Neil Brice Memorial Fund: The scholarship can be availed by students who are financially unstable and the amount of the scholarship is approximately 1000 AUD. Domestic and international students are eligible to apply for this scheme. 
  • UQ Sports Scholarship Ambassador Program: This scholarship is awarded to students who are a part of a sports team at a national or international level. The amount of scholarship varies as per the needs of the athlete.

Job Prospects for Masters in Accounting in Australia

After completion of masters in accounting, you will be eligible to register as a professional accountant or chartered accountant in Australia. Accountants perform critical financial estimates for companies across a wide variety of sectors. 

Jobs after Masters in Accounting in Australia

The scope of accounting is increasing rapidly as none of the sectors in today’s era can cope without a financial accountant or manager. Most of the small scale enterprises are relying totally on the accountants for the optimum growth of their business. 

After the completion of the course, one becomes eligible for handling the financial department of any business. The attractive increase in the employment of accountants makes masters of accounting more desirable and beneficial in the long run. 

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