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MiF in Australia

September 21, 2023

620

Avg. GMAT

25

Avg. Age

65K UAD 

Avg. Cost of Study

15

Avg. Months Duration

80K UAD

Avg. Salary

Table of Contents

Why Study MiF in Australia?

There has never been a greater need for qualified finance professionals in a world economy that is becoming more integrated. Aspiring people are resorting to earning a Master’s in Finance (MiF) in Australia to deepen their understanding of financial principles, explore intricate market dynamics, and make wise strategic judgements. Australia, which is renowned for its robust economy, dynamic business climate, and top-notch educational system, is an alluring location for people looking to develop their financial abilities and start profitable careers in finance.

The MiF programs in Australia are made to give students a thorough understanding of financial theories, analytical methods, and business procedures. These programs promote the development of crucial skills necessary in the dynamic world of finance by fusing demanding coursework, real-world case studies, and industry participation.

Students receive knowledge in topics like corporate finance, risk assessment, investment analysis, and financial management, preparing them to handle financial difficulties in the real world with assurance and competence.

The dynamic financial environment of Australia, as illustrated by major cities like Sydney, Melbourne, and Brisbane, provides the perfect setting for studying finance. Leading financial institutions, global enterprises, and a bustling business community may be found in these locations, providing a wealth of chances for networking, internships, and career progression. Exposure to various financial industries, such as banking, investment management, insurance, and fintech, benefits students and helps them better comprehend the nuances of the financial sector.

Australian universities and business schools are also well-known for their academic brilliance and relevance to industry. Respected professors, who frequently have extensive industrial experience, offer practical knowledge and guide students through the complexity of financial decision-making. Additionally, by encouraging critical thinking, innovation, and research in the classroom, these schools help students stay on the cutting edge of new financial trends and technologies.

Types of Courses : MiF in Australia

Full-time MiF Courses

Full-time MiF programs typically span either one or two years, providing an immersive educational experience for students who are committed to concentrating solely on their studies. This format is ideal for individuals seeking an in-depth exploration of financial concepts without the distractions of other commitments. With a comprehensive curriculum delivered within a relatively condensed timeframe, full-time MiF courses allow students to delve deeply into financial theories, analytical methodologies, and practical applications.

Part-time MiF Courses

For those who desire to balance their educational pursuits with work or other responsibilities, part-time MiF courses are an excellent option. These programs typically extend over two to three years, offering flexibility that can accommodate busy schedules. This format acknowledges that students may have professional obligations or personal commitments that they need to accommodate while still aspiring to enhance their financial expertise. Part-time MiF programs allow students to learn at a manageable pace, making it possible to apply acquired knowledge directly to their current roles.

Online MiF Courses

Online MiF courses leverage distance learning platforms to bring education to students’ fingertips, making it an attractive choice for those who wish to study from the comfort of their homes or who are geographically distant from traditional university campuses. These programs offer the convenience of setting your own study schedule, allowing for effective time management. Online MiF courses are especially beneficial for individuals who require flexibility due to work, family responsibilities, or other commitments.

Blended MiF Courses

Blended MiF programs offer the best of both worlds by combining the advantages of online and offline learning. Students engage with course materials and lectures online, gaining the flexibility to adapt their learning to their personal schedules. Additionally, they have the opportunity to participate in in-person interactions with professors and peers during designated on-campus sessions. This format is tailored for those who seek a balance between the convenience of virtual learning and the interpersonal engagement fostered by traditional classroom environments.

Program Costs + Living Expenses : MiF in Australia

UAD 42,000

Avg. Tuition Fee

UAD 20,000

Avg. Living Cost

UAD 630

Avg. Visa Charges

65,000

Avg. Cost of Study

The masters in Finance Australia expenses are the most crucial consideration for overseas students. The costs are mostly determined by two elements: your tuition costs and your living expenses. Let’s analyse them

Student fees

The cost of an MS or MSc in finance in Australia may vary depending on the type of university. The annual indicative fees, however, should fall between 27,536 and 57,242 Australian dollars.

Living expenses

The living costs incurred by foreign students while studying in the country are also covered by your tuition. These expenses will vary depending on your lifestyle and where you reside. You must typically invest between 800 and 1,700 AUD to obtain a MiF.

Eligibility Criteria : MiF in Australia

Although the prerequisites and qualifying requirements vary in each university, so do the required minimum exam results. However, every university adheres to the fundamental academic requirements for admission to the Melbourne Master of Finance program or any other location. Below are these requirements:

a bachelor’s degree in a relevant field with at least a weighted average of H2A (75%), or its equivalent, and 12.5 points in each of accounting (level 1), corporate finance (level 2), investments (level 3), and derivatives (level 3), or in a field that is sufficiently related. One must complete the WAM and fulfil the minimal requirements.

Consistently good grades are essential to be considered for admission in Australia. Due to the high level of competition, it is crucial to demonstrate strong academic performance throughout your undergraduate studies.

The majority of Australian universities that offer an MSc in finance will accept GRE or GMAT exam results. The scores are taken into consideration by the university selection committee for evaluation. Below are the minimum scores for both tests:

GRE: 280-340

GMAT: 625-700

International students from non-speaking countries must meet the language score requirements for graduate courses. Minimum scores are required for those attempting to fulfil the requirements for one of the standard exams recognised by the university’s academic council.

IELTS: 6.0-7.0

TOEFL: 90-100

You must also meet the requirements listed above in order to apply to Australian universities for a master’s degree in finance. Some of the documents you may send are listed below:

  • Official High School Transcripts
  • Bachelor’s Degree
  • Language test scores
  • GRE or GMAT scorecards
  • Personal Essay
  • Statement of Purpose
  • A letter of recommendation
  • Resume or CV
  • Work experience certificate (if any)
  • Proof of your financial resources
  • Copy of your passport

It is important to carefully review the specific admission requirements of the universities or programs you are interested in, as these requirements may vary. Start the application process well in advance to ensure you have sufficient time to gather all the necessary documents and meet the deadlines.

Financial Aid Available : MiF in Australia

To support students with their high expenses, universities in Australia offer scholarships that can help manage the cost of studying. In addition to university scholarships, other sources such as government and external organizations provide financial aid for students pursuing higher education in Australia. Here is a list of scholarships available for studying MS in Finance in Australia:

ANU Chancellor’s International Scholarship

Eligibility: Based on academic merits.

Benefits: Covers 25% or 50% of tuition fees.

ANU College of Business & Economics Honors Scholarship

Eligibility: Based on academic records, international students enrolled full-time in an Honors program offered by the College.

Benefits: AUD 15,000.

International Student Award, UNSW

Eligibility: Must be enrolled full-time in an undergraduate or postgraduate degree program.

Benefits: 15% reduction in tuition fees.

International Postgraduate Coursework Full Tuition Scholarship

Eligibility: Available to students pursuing a postgraduate degree with a strong academic background.

Benefits: Varies (specific details not provided).

Thomas A Plein Endowed Scholarship, University of Queensland

Eligibility: Open to students enrolled full-time in programs within the Business, Economics, and Law Faculty, with good academic records.

Benefits: AUD 3,000.

These scholarships aim to assist students in pursuing their finance studies at various Australian universities.

MiF in Australia: Career Prospects

Even though the job market for finance grads is very competitive, postgraduates in the field can make outstanding incomes. Master’s degree holders in Australia can select a career in one of the following industries, or they can apply for CFA employment. 

The Master of Finance (MiF) program is a prestigious course highly valued for its potential to unlock diverse career pathways in Australia. The curriculum typically encompasses subjects like financial assessment, investment banking, and managing risks. Graduates holding a MiF degree are strongly sought after by employers within the financial services sector, spanning banks, investment enterprises, and insurance firms. They also have prospects in sectors like consulting, accounting, and government.

As per data from the Australian Bureau of Statistics, the mean annual salary for financial analysts in Australia stands at approximately $93,000. The earnings range for financial analysts can fluctuate based on their experience, competencies, and the particular industry they are engaged in.

75%

Employed within 3 months of graduation

80,000

Avg. Salary

    Most Sought-after Jobs

Investment Banker

Finance Manager

Financial Controller

Portfolio Manager

Accounting Manager

Senior Financial Analyst

Visa & Stay Prospects : MiF in Australia

The following forms are frequently available as proof of enrollment for your Australian student visa application:

  • Students approved for full-time courses listed on CRICOS (Commonwealth Register of Institutions and Courses for Overseas Students) are given a CoE or confirmation of enrollment.
  • CoEs and packaged courses: If you are requesting more than one course, your visa application must include all of the required CoE codes; otherwise, your student visa will only cover the time necessary to complete the designated CoE.
  • You may submit applications for two or more connected courses. There shouldn’t be more than two months between the start of the two courses. When the first course concludes, there is an exemption to the gap time.
  • Letter of Support: You can provide your letter of support as proof of enrollment if you are admitted to a full-time study or training programme sponsored by the Australian Minister of Foreign Affairs and Trade scholarship schemes.
  • In a similar vein, you may submit an application for a student visa along with your letter of support if you are supported by the Australian Department of Defence.
  • Students planning an exchange degree from Australia can submit this with their application under the Acceptance Advice of Secondary Exchange Students (AASES) category.
  • Educator’s letter: PG students are required to produce a letter from their professor confirming their requirement to remain in Australia while their thesis is being marked.

     

    Visa Requirements

    The prerequisites for obtaining a visa to pursue an MSBA program in Australia differ based on your nationality. Nonetheless, for the most part, students from various countries are required to possess a valid passport, an acceptance letter from a university, and evidence of financial backing. Additional documents such as a police clearance certificate and a medical exam report might also be necessary.

    Visa Fees

    The fees associated with obtaining a student visa for pursuing an MSBA in Australia also fluctuate according to your nationality. Generally, these fees tend to fall within the range of $500 to $1,000.

    Staying in Australia after Completing the Course

    Upon successfully finishing your MSBA studies in Australia, you might be eligible to extend your stay in the country for a certain duration in order to explore employment opportunities. The duration of this extension hinges on the specific type of visa you hold.

    Post-Study Work Visa

    International students who complete a Master’s degree from an Australian university can apply for a post-study work visa (subclass 485). This visa category permits you to remain in Australia and engage in full-time work for a period of up to 18 months.

    Job Prospects

    The professional outlook for graduates holding an MSBA in Australia is promising. The nation houses numerous multinational corporations and financial entities that are swiftly embracing data-centric decision-making methodologies. Consequently, there’s an escalating demand for proficient data analysts across Australia.

    Cost of Living

    While the cost of living in Australia can be relatively high, it is in line with other developed countries. The average monthly cost of living in Sydney is around $2,000.

Top 5 Colleges for MiF in Australia

 

UniversityDetailsSuggested
RMIT University
  • A two-year full-time Mfin programme at RMIT is organised into four semesters.
  • For overseas students, the annual price is AUD$ 42,240.
  • After earning the degree, you can expect to earn an average salary of AUD$75,000.
To know more click here
The university of Sydney
  • The full-time Mfin programme at the University of Sydney lasts 1.5 years.
  • For international students, the cost for one year is $52,500.
  • After earning your degree, you can expect to earn an average salary of $65,000.
To know more click here
Australian National University
  • ANU’s Mfin programme lasts two years and is full-time.
  • For international students, the yearly suggested price is $45,360.
  • After earning the degree, you can expect to earn an average salary of $58,000 AUD.
To know more click here
The University of Melbourne
  • Melbourne’s Mfin programme is an 18-month full-time course that can alternatively be finished in 3 years of part-time study.
  • For overseas students, the total programme cost is AUD$ 57,242.
  • After earning the degree, you can expect to earn an average salary of AUD$60,000.
To know more click here

Application Process & timeline

We strongly advise all our clients to have a proper excel sheet or a timetables mapped out.
Once you are done with GMAT the entire application process usually take 4-6 weeks

Step 1

GMAT / GRE Score

2-3 months.

If you are not sure about what score to target then look at the average score of the schools you want and shoot above the average. 

Step 2

Profile Evaluation

 1-2 weeks.

Get your profile evaluated from a professional consultant and figure out what schools you can target based on your profile

Step 3

Application Prep

3-4 weeks at least. 

Start writing at least 1 month in advance of their 1st deadline. First application usually takes the longest.

Step 4

Interview Prep

1 week

School will notify you and give you roughly 1 week to schedule your interview. Ideally, start your prep ASAP and Do some mock interviews.

FAQs about MiF

Yes, most MiF programs in Australia have certain prerequisites. Applicants are generally required to have an undergraduate degree in finance, economics, or a related field. Some programs may also require relevant work experience.

After completing a MiF program in Australia, graduates can pursue various career paths in the finance industry. They may work as financial analysts, investment managers, risk analysts, financial consultants, or pursue roles in corporate finance or banking sectors.

Yes, some Australian universities offer scholarships and financial aid for international students pursuing MiF programs. These scholarships may be based on academic merit, financial need, or other criteria. Prospective students should check with their chosen universities for available scholarship opportunities.

Yes, many international students who complete their MiF programs in Australia may be eligible to apply for a post-study work visa. This visa allows graduates to work in Australia for a certain period after completing their studies, providing them with valuable work experience in the country.

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