Masters in Finance in Australia: Top Universities, Cost, Admission Requirements, Scholarships, Jobs
Masters in finance in Australia are offered as Master of Commerce (M.Com), Master of Finance (M.Fin) and Master of Business degree. It deals with different facets of finance including practical and theoretical approaches. 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 commerce, finance or related discipline is required for admission in most of the universities.
- The tuition fee of popular Australian universities offering masters in finance is around 45,000 USD to 68,000 USD.
- An accounting and finance graduate can earn an average salary of 60,000 USD per year.
Why Study Masters in Finance in Australia
Over 390,630 students were studying postgraduate management and commerce programs at Australian universities in 2018, which is 0.3% more than last year. 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 by 2% from 60,000 USD per annum in 2019 to 61,138 USD per annum in 2020.
Top Universities offering Masters in Finance in Australia
According to the QS News World University Ranking of 2019, following are some of the prestigious universities of Australia offering a master in finance degree:
|University||QS News Ranking 2019||Program Offered||Total Program Fee (in USD)|
|University of Sydney||42||Master of Commerce: Finance||$67,661|
|University of New South Wales (UNSW)||43||Master of Finance||$34,956|
|University of Queensland||47||Master of Commerce: Applied Finance||$61,132|
|Australian National University||29||Master of Finance||$66,114|
|University of Adelaide||106||Master of Finance||$60,757|
|University of Technology Sydney||140||Master of Finance||$42,575|
|University of Wollongong||212||Master of Applied Finance||$32,510|
|Queensland University of Technology||224||Master of Business: Applied Finance||$47,915|
|Curtin University||230||Master of Commerce: Applied Finance||$47,500|
|University of South Australia||274||Master of Finance||$42,530|
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. However, students opting for masters in finance from Canada have the option of pursuing MA and MS degree too. All these degrees have different focuses revolving around various courses of finance.
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.
Applied finance, dealing with practical application of finance, is offered as a separate specialization by some of the universities of Australia. Equity Valuation and Analysis, Fixed Income Securities, Advanced Funds Management, Derivatives and Ethical Principles in Finance & Accounting are few of the courses taught in Master of Applied Finance.
Admission Procedure for Master in Finance in Australia
Most of the Australian universities offer masters in finance degrees via their business schools. Hence, the admission process applicable to Australian management colleges will also apply to a master in finance admission.
- 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%|
|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: A GRE score is required by very few universities for master in finance admission. In some cases, students not having minimum eligibility grades in the bachelor's degree can submit GRE score as a substitute.
- Work Experience: Although not a compulsory 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
International students coming from a country where English is not the first language are required to demonstrate proficiency in English by submitting IELTS or TOEFL test scores. Minimum score required for admission to some of the Australian universities are mentioned below:
|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|
|University of South Australia||6.5||79|
Students having IELTS scores above 7.0 or TOEFL score above 90 are more likely to get admission to the university of their choice.
Cost of Studying Master in Finance in Australia
A lot of expenses incur even before submission of application and after receipt of the admission offer, especially for international students. These expenses can be divided into pre-arrival and post-arrival costs.
Pre-arrival Cost: This includes application fee, test scores registration fee, medical insurance fee (if required), Australian student visa registration fee and many more.
|Type of Expense||Cost (in USD)|
|Application Fee||$100 (approx)|
|IELTS Registration||$215 - $240|
|TOEFL (iBT) Registration||$160 - $250|
Although Curtin University has the lowest annual tuition fee (19,038 USD) 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.
Apart from the tuition fees, international students have to pay additional expenses such as accommodation, books, meals etc. Average annual cost of living in Australia can be broken down as follows:
- 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
International Scholarships for Masters in Finance in Australia
Scholarships for international students in Australia are offered by respective universities, government, third-party agencies, etc. Both need-based and merit-based scholarships are offered to international students. As a master's in finance degree comes under the administration of management colleges of Australia, students are eligible for awards offered by them.
Some of the scholarships available for international students enrolled in a master in finance in Australia are tabulated below:
|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|
Scope of Master of Finance in Australia
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
According to salaryexplorer.com, pay scale of an accounting and finance graduate in Australia ranges from 129,500 USD per annum to 27,913 USD per annum, depending upon the experience, skills and career profile chosen.
Roles and responsibilities of high paying finance profile jobs in Australia are:
- Financial Manager: A finance manager has to manage financial reports, monitor accounts, analyze the market, find ways to improve profitability and prepare financial forecasts.
- Finance Executive: It is also a managerial role involving responsibilities like looking into the budget of all departments of an organization, analyzing financial reports and predicting financial risks.
- Inventory Accountant: As the name suggests, an inventory accountant is responsible for managing the financial inventory of its clients. It involves recording the transactions done by the employer.
- Financial Operations Manager: They oversee the financial activities of a particular department of the organization.
- Financial Reporting Manager: A financial reporting manager has to ensure that all the finance reports of employers are accurate and comply with industry standards.
Students prefer to study masters in finance in Australia since the degree can be completed within 1 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.
Ques. What are the best universities in Australia for the master of finance program?
Ans. University of Sydney, University of New South Wales, University of Queensland, Australian National University and the University of Adelaide are some of the top universities offering a master of finance in Australia.
Ques. What eligibility is required to get admission to a master's in finance in Australia?
Ans. A bachelor's degree preferably in commerce, finance or related discipline is required to be eligible for admission in a master in finance from Australia. Reference letters and work experience may also be required in some cases.
Ques. What is the tuition fee of master of finance in Australia?
Ans. A master's degree in finance from top universities of Australia costs around 40,000 USD to 68,000 USD.
Ques. What are the job opportunities in Australia after studying for a master's in finance in Australia?
Ans. Students can get jobs in Banks and Insurance Companies, Corporate Management, Brokerage Firms, Financial Planning for Individuals and Organizations, International Financial Management and Investment Services. An average salary of 60,000 USD per annum can be earned after completion of a master of finance from Australia.