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November 5, 2022

Study Accounting In Australia International Students: Everything You Need To Know

Are you curious about the life of an accountant in Australia? Perhaps you are an international student interested in studying accounting or commerce in Australia and have already done some research on the many types of accounting careers available in the country.

Accounting jobs are in high demand, so if you put in the time and effort to receive the training you need and land a position you enjoy, you may soon be embarking on a satisfying and lucrative career. First things first, though: what are the prerequisites to study accounting in Australia? Keep reading to learn more!

Define Accounting

The language of business is often termed as accounting. To better understand the company’s overall success, it might be compared to a report card. Through accounting, organisations undertake the financial analysis essential for future planning and decision-making. Accounting is the process of documenting, examining, synthesising, interpreting, and disseminating a company’s financial information.

If you are interested in numbers and want a career that will help you solve problems efficiently, studying accounting is a great option.

Accountancy Courses in Australia: Types Of Accounting

The Australian educational system provides a wide variety of accounting courses tailored to specific industries. Students pursuing a degree in accounting typically focus on one of these main areas of study:

  • Diploma in Accounting – Course length up to 2 years
  • Bachelor’s of Commerce – During the course of its three years, a student pursuing a Bachelor of Commerce might focus on a subfield of commerce that interests them most.
  • Graduate Certificate – If you already have a bachelor’s degree or five years of professional accounting experience, you can get a graduate certificate in the subject.
  • Master of Commerce – You require a bachelor’s degree in commerce before enrolling in this one-year, full-time coursework.

Accountant’s Duties & Norms

An accountant is responsible for various responsibilities, but the main ones include:

  • Auditing
  • Cost management
  • Financial planning
  • Handling taxation issues
  • Handling insolvency matters
  • Monitoring accounting information system
  • Budgeting and Economic statement preparation

To help businesses achieve their financial objectives and conform to legal mandates, accountants offer guidance on a number of topics related to money and accounting. They also aid businesses in cutting costs and bringing in more money. Accountants are responsible for preparing financial statements, analysing operating costs, ensuring the correctness of financial reports, conducting audits, and offering financial advice to businesses.

It’s good news that there will be a total of 84,000 job openings for accountants during the next five years, or 16,800 openings annually. Candidates with a Bachelor’s in Accounting can then pursue a Master’s in the field.

Seeking A Student Visa

A student visa will allow you to visit Australia up to 90 days before your program begins. Your education provider must be notified of your permanent residence address within seven days of your arrival and again within seven days of any subsequent address changes.

Work requirements for students on visas have been temporarily loosened in order to fill labour shortages. As a student, you can work over 40 hours per fortnight in any industry. Many students are even permitted to begin working before classes begin.

There are no limitations on employment while pursuing a master’s by research or doctorate. The limit does not include course-related work. In addition, the 40-hour cap does not apply to time spent volunteering for a non-profit or working as an unpaid intern, provided the work is done for the greater good of society.

Maintaining enrollment in a CRICOS-registered course, regular attendance, adequate academic achievement, and OSHC health insurance coverage are all requirements while in possession of a student visa. If you and your dependents do not adhere to these visa conditions, your visa may be revoked.

Australia Student Visa Application

Student visa applications are required for those planning on studying in Australia for more than six months. You’ll find a step-by-step application process overview here.

A tourist visa can be used for a maximum of 12 weeks if you want to study a language or engage in another short program. But it is possible to attend school for up to 16 weeks on a working holiday visa. You must apply for a student visa in order to enrol in a university or participate in any other longer-term program. Here’s a quick overview:

  1. Submit an application to an Australian school and obtain a CoE.
  1. Register with the Australian immigration services.
  1. Ensure you have all the necessary paperwork in digital form.
  1. Submit an electronic visa application.
  1. Obtain a TRN number and visa payment.
  1. Perform an interview and health checkup.
  1. Verify your visa status.

What Are The Requirements For Studying Accounting In Australia?

You may be required to take an English language test if you are applying for an Australian visa or desire to enrol in an Australian university as a foreign student. IELTS and PTE Academic are just two of the many English proficiency exams available to students who are not excused from taking one. Checking with your school ahead of time is a good idea because the required English proficiency level and the sort of test you need to take might vary greatly from course to course.

There is no “best” institution in Australia to study accounting; however, some are better than others in terms of things like faculty expertise and student services. Your final decision about where to attend school should be based on your individual circumstances. Popular courses in Australia are available at many different levels of education, not just in universities.

Three Tiers Of Eligibility

In Australia, students can pursue accounting and finance at a variety of degree levels. Here are some of them:

  • VET (Vocational Education & Training) Study
  • Undergraduate (Bachelor’s) Study
  • Postgraduate (Master’s) Study

1. Accounting VET (Vocational Education & Training) Courses

Students who complete vocational education and training courses in accounting and finance at an Australian university are eligible to enrol in both undergraduate and graduate courses in those disciplines.

Various accounting courses, including diplomas, certificate IVs, and advanced diplomas, are available through VET. Students can be ready for careers as accountants’ assistants by taking these classes. A wide variety of other vocational education (VET) courses are also available in closely connected fields such as accounting, banking, finance, and other financial services.

It’s important to remember that completing a VET certificate course in accounting won’t automatically make you an accountant. Due to their lower level, these credentials only allow you to enter several paraprofessional professions. A bachelor’s degree in accounting is required for entry into the field.

2. Undergraduate Courses in Accounting

In Australia, bachelor’s degree courses in accounting can be completed in between three and five years. Studying accounting might be something you do on the side or dedicate yourself to full-time, depending on your situation and goals. Accreditation in accounting is sometimes part of a broader business or commerce degree.

These degrees are ideal for students who are unsure of whether or not they want to devote four years to a degree in accounting but would still like to broaden their business education.

Many various factors influence a student’s decision to major in business or accounting. Some students major in accounting not because they want to become accountants but rather so that they can enter one of Australia’s three professional accounting bodies: the CPA Australia, the Institute of Public Accountants, or the Institute of Chartered Accountants.

3. Postgraduate Courses in Accounting

Students with a passion for numbers and finances can thrive in a graduate programme in accounting and finance. Core classes, electives, industry interaction, and research in fields like accounting and finance are all a part of this course.

Gaining a postgraduate degree in accounting makes it possible for students to get graduate diplomas, graduate certificates, and master’s degrees in accounting through coursework. Conversion courses are an option for students who do not come from a financial background but would like to work in the accounting industry. Individuals who hold a bachelor’s degree in a discipline other than accounting are the only ones eligible to enrol in these classes.

However, there are also many postgraduate courses available if you are already a practising accountant who is interested in growing your knowledge base or learning new abilities.

Graduates who enrol in top-tier accounting courses have the option of sitting for the CPA and CA examinations, two of the most prestigious accounting credentials in the world.

Moreover, Research master’s and doctoral degrees in accounting are also available to anyone interested in furthering their education in the field. There are a wide variety of business-and-management-focused dual master’s degrees available (MBA).

Master’s In Accounting

When it comes to running a corporation, there is just one position—the stream—that is universally essential. With the great need for accountants in the industry, a Master’s in the field can help you advance quickly in your profession and open doors to exciting new possibilities.

It is predicted that during the next few years, Australia will create over 84,000 new job vacancies, or an average of 16,800 new positions per year, which is a significant increase from prior years. Artificial intelligence (AI) is not yet capable of understanding all of the nuances of human labour. Not even AI and ML can accomplish this sort of thing, which relies on human-like traits such as making decisions in real-time and coordinating tasks in accordance with the needs of the business (ML). In the grand scheme of things, a Master’s in Accounting can lead you in many exciting prospects.

What Is The Cost Of Earning A Master’s Degree In Australia?

Studying costs in Australia average around AU$30,000 per year, which is quite affordable compared to other nations, though this can vary widely depending on the chosen major and school.

When compared to other developed countries, Australia has a relatively low cost of living and a high level of living. The emphasis in their educational system is on hands-on training rather than theoretical study. It has the lowest living costs and the highest quality education that is directly applicable to the workplace. Their commitment to the four pillars of honesty, excellence, diversity, and stability exemplifies their dedication to offering a first-rate education in a stimulating and student-centred atmosphere.

What Courses Should You Take To Fulfil The Prerequisites?

Particularly in higher education, courses in English and mathematics are often listed as prerequisites. If you want to make sure you meet the requirements for a given course, it’s best to contact the institution offering that course directly.

What GPA Do You Need To Enrol In An Australian Accounting Course?

Entry scores or academic grades needed to begin an accounting course at a variety of Australian educational institutions can vary widely, much like the preparatory courses themselves. Before applying, it’s a good idea to do some background reading on each course and/or get in touch with the school to confirm the prerequisites.

What Qualifications Do You Need To Work As An Accountant In Australia?

Pursuing an accounting degree at a university, college, or TAFE in Australia is a great first step towards a career in accounting anywhere in the world. Professional accounting associations like the Association of Chartered Certified Accountants offer pathway courses for those who are not required to have Australia student visa application or who hold an unrestricted visa to be in Australia.

Why Choose Australia For Accounting Courses?

Australia is well-known for its high standard of living, welcoming people, diverse academic offerings, and peaceful atmosphere. This is why many students choose Australia as their study abroad destination.

Degrees earned in this country are highly respected around the world, making it a top choice for international students. The primary benefit of studying in Australia is that the education system places a greater emphasis on hands-on experience.