Masters in Professional Accounting in Australia

There are many good courses for masters in professional accounting in Australia for international students. Master of professional accounting in Australia has a much higher pay rate as compared to jobs in other domains in Australia. Also, there are a multitude of job opportunities available for accounting professionals which are expected to grow by 17,000 in the coming 5 years.

What is a Masters in professional Accounting?

Masters of professional accounting in Australia, is a higher education course which is specifically designed for accounting students who are looking for a professional degree program. This course covers almost all areas of study such as auditing, finance, economics, information systems and tax law, etc.

Top University Providing Masters in Professional Accounting in Australia

Eligibility Criteria for Masters in Professional Accounting

The eligibility criteria are likely to vary between different universities. To apply for MS in Professional Accounting at an Australian university you must meet the following set of criteria. It is very important that you check the specific university requirements to which you want to apply:

1. A valid passport.
2. An international student visa permit (Subclass 500) valid for travel in Australia.
3. A completed bachelor’s degree in accounting or a related or relevant field of study from an accredited university with a minimum aggregate of 50%.
4. Successful clearance of the certified Public Accountant examination, which is a must to practice public accountancy.
5. A minimum score 6.5 (Overall) in IELTS establishing your proficiency in the English language (reading, writing and spoken)

What are the advantages of Masters in Professional Accounting?

A Master’s in Professional Accounting (MPA) offers several advantages:

1. Specialized Knowledge: MPA programs provide in-depth knowledge of accounting principles, practices, and regulations, preparing students for various roles in accounting and finance.
2. Professional Credentials: Many MPA programs are designed to fulfill the educational requirements for professional certifications such as the Certified Public Accountant (CPA) or Chartered Accountant (CA), enhancing career opportunities and earning potential.
3. Career Advancement: Holding a master’s degree in accounting can open doors to higher-level positions in accounting firms, corporations, government agencies, and nonprofit organizations.
4. Networking Opportunities: MPA programs often provide opportunities to connect with industry professionals, alumni, and peers, fostering valuable networking relationships that can lead to internships, job placements, and career advancement.
5. Critical Thinking and Problem-Solving Skills: MPA coursework typically emphasizes analytical thinking, problem-solving, and decision-making skills, which are highly valued in accounting and related fields.
6. Global Perspective: With the increasing globalization of business, MPA programs often incorporate international accounting standards and practices, preparing students for careers in multinational corporations or roles requiring cross-border financial expertise.
7. Versatility: A master’s in accounting can lead to a wide range of career paths, including public accounting, corporate accounting, financial analysis, auditing, tax planning, consulting, and more.
8. Job Stability and Security: Accounting skills are always in demand, and obtaining a master’s degree in the field can provide a solid foundation for a stable and secure career.
9. Higher Earning Potential: On average, professionals with a master’s degree in accounting earn higher salaries compared to those with only a bachelor’s degree.

Visa Requirements for Indian students to Study in Australia

The issuance of a student visa for Australia by the Australian government necessitates the submission of the following documents.

1. The Confirmation of Enrollment (CoE) provided by the chosen university confirms your enrollment in the selected course of study.
2. Letter of Offer from the university certifying your successful application to the university.
3. Certificate of Genuine Temporary Entrant (GTE) clarifying that you are coming to Australia only to study and do not intend to overstay.
4. The Overseas Student Health Cover (OSHC) covering your medical needs during your stay in Australia.
5. Proof of funds that affirms your financial sufficiency to support your education and stay in Australia.
6. A character certificate with a confirmed no criminal record.
7. A completed medical health checkup certificate verifying that you are in perfect health condition to travel.

Scholarships to Study Master’s in Professional Accounting in Australia

There are various scholarships available for studying a Masters in Professional Accounting in Australia. Here are some examples:

1. Australia Awards Scholarships: These are prestigious scholarships funded by the Australian government, covering tuition fees, travel expenses, and a living allowance. They are available to students from eligible countries and aim to promote knowledge, education links, and enduring ties between Australia and its neighbors.
2. Endeavour Postgraduate Scholarship: This scholarship program supports international students to undertake postgraduate studies (Master’s or Ph.D.) in Australia. It covers tuition fees, travel allowances, establishment allowances, and monthly stipends.
3. Destination Australia Program: This initiative offers scholarships to both domestic and international students to study in regional Australia. While not specific to accounting, it provides financial assistance for eligible students pursuing postgraduate studies in designated regional areas.

Challenges to Masters in Professional Accounting in Australia

The various challenges to masters in professional accounting in Australia for international students are:

• Accreditation Recognition: It is very important for international students to ensure the program is accredited by CPA Australia or CA ANZ to be recognized for professional practice in Australia. Any international student failing to clear the exams cannot practice this course.
• English Language Proficiency: You’ll need to meet the English language requirements set by the university. This usually involves taking a standardized test like TOEFL or IELTS.
• Cost: Tuition fees for international students can be high, ranging from AUD $33,770 to $68,688 per year.

Conclusion

In conclusion, pursuing a Master’s in Professional Accounting in Australia offers numerous benefits and opportunities for students aiming to advance their careers in accounting and related fields. With a strong emphasis on specialized knowledge, professional credentials, and practical skills, these programs prepare graduates for diverse roles in accounting firms, corporations, government agencies, and nonprofit organizations.
Through rigorous coursework, hands-on experience, and exposure to international accounting standards, students gain a deep understanding of accounting principles, practices, and regulations. Additionally, studying in Australia provides access to world-class educational institutions, renowned faculty members, and vibrant multicultural communities.
Moreover, various scholarship opportunities, including those offered by the Australian government, universities, and professional associations, help alleviate the financial burden associated with pursuing higher education. These scholarships not only support students financially but also recognize academic excellence, leadership potential, and contributions to the accounting profession.

FAQs

Is a Masters in professional accounting worth it in Australia?

Without a doubt, obtaining a master’s degree in Accounting correlates with an increased earning potential. Employers frequently offer competitive salaries to individuals holding advanced qualifications, acknowledging the significance of their expertise.

How long is Masters in professional accounting in Australia for international students?

Masters of professional accounting is a two year course in Australia. However, some advance professional accounting can course also be 1.5 years.