If you have completed your graduation with a finance major, then a Master of Finance in Australia can help you fetch a great career in many countries that offer high salary packages for students either through campus or off-campus placements.
Australia attracts thousands of international students every year. Here are some reasons why you should do your master’s in finance in Australia:
Banking and Finance is an established industry in Australia that includes the following fields: funds management, taxation, securities market, and budget planning.
The courses are designed in consultation with industry professionals in the Australian financial sector and teach the latest curriculum.
Some best universities in Australia for master’s in finance degrees include Victoria University, The Australian National University, The University of Sydney, the University of Melbourne, La Trobe University, etc.
The banking sector in Australia is rapidly growing, and hence the scope for employment to finance graduates is increasing.
You shall get to learn the working of the international financial market if you study MSc finance in Australia.
The average salary per annum for a finance sector employee with medium experience in Australia is AU$ 93,000, which is much higher than a person with a similar profile in India.
Top ranking universities for Masters in Finance in Australia
Here are some best universities in Australia for masters in finance:
University
QS World University Ranking 2023
Eligibility
Fee in AUD (approx)
The University of Sydney
41
65% in bachelor’s
–
University of New South Wales (UNSW) Sydney
45
65% in bachelor’s
$50,200/year
The University of Queensland
50
4.50 GPA on a 7-point scale in bachelor’s
$46,384/year
The Australian National University
30
5.0 GPA on a 7-point scale in bachelor’s
$45,360/year
Adelaide University
109
–
$49,000/year
Sydney’s University of Technology
137
–
$68040 (for 72 credits)
Wollongong University
185
50% in bachelor’s
$62,784 (course fee)
The University of Technology of Queensland
213
4.0 GPA on a 7-point scale in bachelor’s
$29,600/year
University of Curtin
193
–
$30,000/year
University of South Australia
363
–
$37,700/per year
Types of Masters in Finance in Australia
Three common masters’ courses offered for finance studies in Australia are Master of Business, Master of Commerce, and Master of Finance
Course Structures:
M.Com/M.Fin:
Both Master of Commerce with Finance specialization and Master of Finance deal with theoretical and practical aspects of Finance. The difference between Master of Commerce and Master of Finance is that the former includes courses from commerce discipline too while the latter is completely dedicated to finance discipline only.
Master of Business:
This program deals with financial management. Some of the courses included in the finance specialization of Master of Business are security analysis, corporate finance, trading & risk management, and portfolio management.
Other Programs on Finance Offered for Masters in Australia:
Depending on the university and the course interest, the requirements may vary. However, some common criteria that the students must meet are given below.
Eligibility Criteria for a master’s in finance in Australia:
Bachelor’s degree in finance, accounts, or any other degree related to the finance field
Some universities want to test students’ English proficiency. So, either IELTS or TOEFL scores will be required, depending on the university.
The Scores required in the entrance exams to study in Australia: GRE
Statement of Purpose (SOP) and Letter Of Recommendation (LOR).
Before preparing your application, you should visit the college or university website to know the requirements properly.
When you plan to pursue a Master’s in Finance in Australia, the main considerations include living arrangement costs, tuition fees, travel expenses, and other additional expenses such as pre-arrival costs, etc. The total expenses depend on the course and location. The staying expenses vary based on the place or city you plan to reside in and if you choose to stay on-campus or off-campus. According to various surveys, the general living expenses in Australia for international students amount to $21,041 per year. Some of the best cities for students are Melbourne, Sydney, Canberra, Adelaide, Brisbane, Perth and Gold Coast. Melbourne and Sydney are the most expensive cities in Australia.
Pre-arrival costs
Pre-arrival costs include various expenses that a student has to pay before arriving in the particular country or college/university. These expenses may include the cost of the application form of the institute, application fees of the exams like GMAT or GRE, application fees of the English language tests like TOEFL or IELTS or PTE, Australian student visa registration fees, etc.
Various Expenses
Cost
Application Fees
94.67- 227.22 AUD (INR 4,978 – INR 11,947)
Visa Application Fees
658.93 AUD (INR 34,648)
IELTS Registration Fee
284.02 AUD (INR 14,934)
IELTS Registration Fee
265.09 AUD (INR 13,938)
GMAT application fees
367.33 AUD (INR 19,315)
GRE application fees
301.06 AUD (INR 15,830)
Living Cost in Australia
If you are planning to pursue a Masters in finance in Australia, you have to do your financial planning accordingly. The costs mentioned below are just average costs. Your monthly expense depends on your choice of lifestyle, accommodation, etc.
Expenses
Cost per month
Rent (for 1 bedroom flat)
6981.36 AUD (9,07,834.14 INR)
Meal
6482.79 AUD (3,46,574.01 INR)
Entertainment
1994.28 AUD (1,06,615.46 INR)
Other Utilities
997.14 AUD (53,307.73 INR)
Travel Cost (via public transport)
1994.28 AUD (1,06,615.46 INR)
Mobile Phone Plan
747.85 AUD (39,980.53 INR)
Total Monthly Cost
19197.69 AUD (10,26,320.53 INR )
Subjects Taught
Topics taught in a PG course in Finance may vary from university to university, but some major subjects remain common. Here is a brief list of subjects generally taught in Master’s of Finance in Australia:
Finance Management
Investment in Banking
Finance Modeling
Portfolio Management and Investment Analysis
Risk Management and Derivatives
International- Finance
Quantitative ways in Finance 1 and 2
Analysis of Financial Statement
Analysis of Fixed Income
Finance Intermediation in Upcoming Markets
Advanced- Financial Management
Financial Strategy and Corporate Valuation
Corporate Governance
Scholarship Option Available
A lot of universities and colleges in Australia provide international students scholarships. These financial aids can help you to reduce your overall expense.
University
Scholarship
Amount Offered per year
University of Sydney
Business Dean’s Scholarship for Excellence in Academics; Business School’s Westbrook and Jessie Anstice International Travel Scholarship
International Scholarship
4819.61 to 19281.24 AUD
UNSW (University of New South Wales)
AMP Capital Infrastructure Scholarship & Joseph Barling Fellowship
14460.23 to 20,762 AUD
University of Queensland
India Global Leaders Scholarship & Thomas A Plein Endowed Scholarship
4178.86 to 19281.24 AUD
ANU (Australian National University)
ANU College of Business & Economics Honors Scholarship & ANU College of Business & Economics Community Engagement Award
963.92 to 14460.23 AUD
University of Adelaide
Global Academic Excellence Scholarship & Global Citizens Scholarship
Tuition fee reduction up to 50%
University of Wollongong
Faculty of Business Country Bursary & Post-graduate Academic Excellence Scholarship;
Tuition fee reduction up to 30%
Queensland University of Technology
Scholarship of Triple Crown
Tuition fee reduction of 25% for two semesters
Curtin University
Young Blogger Scholarship Award & Savvy Fintech Scholarship
1927.85- 4819.61 AUD
University of South Australia
Mobility Scholarships & UniSA Business School Student
2409.81- 4819.61 AUD
Visa Process
Before you apply for your visa, make sure to:
Enroll in your desired program
hold Overseas Student Health Cover (OSHC)
6 years old or more
Documents Necessary
Your electronic confirmation of enrolment acknowledgment
Valid passport
visa application charge
GTE statement
Education and job experience certificates and documents
Proof of your English-speaking ability (Ex: IELTS scores)
Proof of financial stability (tuition fees, living costs, covering expenses for dependents, return fare)
Your health cover policy information (Overseas Student Health Cover)
Job opportunities in Australia after MS in finance
Postgraduates in finance can earn exceptional salaries even though the job market for finance graduates is quite challenging. Master’s degree holders can get CFA jobs in Australia or can choose a career from the following sectors.
Private Banks & Credit Unions
Corporate Management
Insurance Firms
Brokerage companies
Personal Finance Planning for Aspirants on an Individual Level
Personal Finance Planning for Private entities
International Financial Management
Investment Services
Financial Planning related services
Job wise expected average salary
Jobs
Role
Annual average salary
Portfolio Manager
Creating and supervising investment allocations for clients
102327 AUD
Financial Analyst
Gathering and analyzing financial data, preparing financial models for effective decision-making, studying market trends, and making forecasts.
76238 AUD
Finance Manager
Looking after accounts, reviewing financial reports of a firm, and creating forecasts
100732 AUD
Accountant
Compilation and analysis of account data for preparing asset, and liability account entries, and capital
60252 AUD
Trader
stocks, commodities, and debts
89499 AUD
Investment Banker
Client assistance for mergers and acquisitions
106791 AUD
Financial Examiner
Ensure financial entities such as banks are compliant with laws and regulations.
Insurance Specialist
Analyze and simplify complex insurance laws and policies
44295 AUD
Financial Advisor
Advise clients on investments, insurance, mortgage, etc.
63776 AUD
Actuary
Assessing the probability of every situation and the financial obstacles one might encounter
104785 AUD
Master’s in finance graduates can have great career opportunities in Australia. The finance sector is one of the most important industries for any economy, and it has been growing consistently over the years.
With increasing credit growth and decreasing interest rates, retail money has started to flow heavily in hedge funds, mutual funds, private equity firms, venture capital firms, etc. This inflow of retail money has increased the demand for many financial analysts, fund managers, portfolio managers, traders, investors, research analysts, etc.
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.
Is finance a good career in Australia?
With broad scope for a career in the finance industry and handsome pay, finance is a promising career in Australia. The demand for professionals is growing in financial organizations, but there is a limited talent pool.
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.
She is an experienced writer and journalist who has extensively covered the education sector in India and Abroad. Now helping Indian aspirants realise their foreign education dream by providing them with relevant content and information through upGrad Abroad. Amateur traveller, loves to read Architectural Digest!