Last Updated on August 12, 2023 by Oluwajuwon Alvina
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If you’re looking to get your Master of Business Administration (MBA) in Finance, there’s no shortage of opportunities in the field. There are many different options for a career in finance, and they all require different levels of education and experience.
Which type of finance job is right for you? The answer will depend on your goals and preferences. If you’re interested in working with large corporations, then an MBA might be a good choice for you. If you’re interested in working with small businesses or startups, then an MBA might not be necessary.
However, there are still plenty of jobs available for individuals with master’s degrees in finance who want to work at small companies or startups. For example, if you want to work as an auditor or accountant at one of these types of organizations, then you may need an advanced degree such as a Master’s degree in Accounting instead of an MBA because this type of job requires more technical expertise than a typical MBA program provides.
In addition to being able to earn higher salaries than people without advanced degrees (or even high school diplomas), professionals with advanced degrees often enjoy greater job security because employers recognize that these individuals have invested significant time and money into their education—they won’t
Master of Finance in Australia
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.
The Finance industry is broad, interesting, and challenging. If you have a knack for playing with numbers and figuring out what’s the story behind them, you’re probably fit to pursue a Master’s in Finance.
A postgraduate degree in Finance is the best option to land a role in a finance-related job, and it will open the doors to career opportunities in any industry you can think of. Additionally, the knowledge, tools, and methods used in Finance are the same anywhere you go. This allows you to travel and find work in different countries.
Jobs After Masters in 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
Career Options After Masters in Finance
10 career options after a master’s degree in finance
- Financial analyst: These professionals are responsible for collecting and analysing financial data, creating financial models for effective decision making, studying market trends and making forecasts based on financial analyses.
- Investment banker: This role involves responsibilities such as providing assistance to clients for mergers and acquisitions, helping clients raise capital, either by issuing debt or by selling equity, and advising clients on potential and profitable investment opportunities.
- Accountant: The job responsibilities of an accountant include compilation and analysis of account information for preparing asset, capital and liability account entries. Additionally, they are also required to document and recommend financial transactions.
- Trader: Traders usually specialise in a single type of financial instrument, such as stocks, debts or commodities. However, they could also work in different markets at the same time and execute trades in various instruments, such as bonds, commodities, equities and foreign exchange.
- Financial examiner: Professionals in this role are responsible for ensuring that the operations of financial institutions, such as banks and security firms, are compliant with laws and regulations. They are usually hired by government agencies or insurance firms.
- Insurance specialist: As an insurance specialist, you will be required to decode complex insurance laws and policies, act as an advisor for issues about insurance eligibility and coverage and ensure its compliance with laws and regulations.
- Portfolio manager: Mainly responsible for creating and managing investment allocations for clients, portfolio managers also take up the responsibility of determining the risk level of a client depending on their risk preferences and the market situation.
- Financial advisor: These professionals advise clients on issues such as investments, taxes, insurance, mortgage and estate planning.
- Actuary: An actuary is responsible for assessing the probability of a situation and the financial repercussions it might have.
- Finance manager: A financial manager is responsible for monitoring accounts, reviewing the financial reports of an organisation, making financial forecasts and preparing activity reports. Additionally, they can also take on tasks such as analysing market trends for potential business opportunities and identifying methods to increase profits.
- Financial analyst Average salary*(€48,188)
- Investment manager Average salary*(€67,500)
- Accountant Average salary*(€38,084)
- Trader Average salary*(€56,570)
- Insurance specialist Average salary*(€27,998)
- Portfolio manager Average salary*(€64,678)
- Financial advisor Average salary*(€40,311)
- Actuary Average salary*(€66,232)
- Finance manager Average salary*(€63,679)
According to salaryexplorer.com, the 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.
Life after MBA from Australia: Placements and Job Prospects
Doing MBA from abroad is a big financial decision. No matter which country you choose, chances are you are putting in a lot of your money and effort into the same. Not only does it mean a huge expense, if you are a working individual, an MBA means giving up one or two years of salary. And all in the hope of a better future. And while the universities in USA and UK are famous and Singapore gaining momentum, students still remain in a confused state about universities in Australia for their MBA. We aim at exploring past information to understand the prospects and life after an MBA from Australia.
To begin with, Top Universities in Australia have constantly risen up the ranking charts. Some of the B-schools in Australia like the Melbourne Business School and AGSM are singularly high in rankings. Not only are they acknowledged across countries and by the best of industry, what is important is to judge how the MBA scorecard fares for job prospects in Australia.
Let us begin by understanding the salary figures. As per the QS TopMBA Jobs & Salary Trends Report 2014/15, Australia is the Top Payer. The average compensation for MBA Jobs in Australia stands at US$133,100 with rather handsome bonus clauses thrown in. The countries other than Australia with a similar median salary is Switzerland and Denmark. What is important to note, however, is that the median MBA salary need not necessarily refers to students graduating from the MBA colleges in Australia. A lot of MBA graduates from the Asia Pacific region also get takers in the continent country.
Talking now about the numbers, Australian B-Schools have an average placement record. While for the lesser-known B-schools the data is not available, Melbourne Business School reported an 88% placement in 2013-14. The Australian Graduate School of Management (AGSM) on the other hand had a modest 69% placement. The figures perhaps are not that excellent but considering that Top Ranked institutions like Ross and UCLA also have an 88% placement record does tip the scale. Also, when comparing the salaries, Australian Universities fared much better than US Universities.
Study in Australia
Post-graduation, international students in Australia have some options available to them. They can either finish their studies and return to their home country, extend their stay and take up a job or continue to study in Australia and upgrade their skills.
The overall scenario as per the survey conducted by the Australian Government suggests that approximately 50% of international students return to their home country after graduating. However, 4% of the students came out to be self-employed, while 6% of students carry on with further studies. Students from countries like India, China and Pakistan are among the major population of international students staying in Australia.
Job Opportunities in Australia for International Students
Australia is a hub of opportunities for fresh graduates in the fields of computer science, IT, Education services, Earth Sciences, etc. As per the survey conducted of international students graduating from Australian Universities, it has been drawn that 71%-79% of graduates have a full-time job. After completion of VET course, 70% diploma/ certificate holders got employed in their respective fields.
On average, females in Australia with a bachelor’s degree can earn between $30,180- $55,900. While a male graduate earns $36,700- $75,880. The average salary is an estimate, it may vary as per the field of operation and job profile.
Top Industries Recruiting International Students in Australia
Jobs for International students in Australia are majorly covered in the following fields:
|Industry||International Student Employment Percentage|
|Education and Training||14%|
|Finance and Insurance||13%|
|Healthcare and Social Assistance||12%|
|Professional Scientific and Technical Services||11%|
|Media and Telecommunications||6%|
Australian Companies Hiring International Graduates
The Department of Employment in Australia has predicted that the job market in Australia will see an overall increase of 12.8%. Following are the Top Companies recruiting International Students in Australia:
|Company||Field of Hiring Graduates|
|AECOM||Mathematics, IT and Computer Sciences, Property and Built Environment|
|Allen||Law and Legal Studies|
|EY||Accountancy and Advisory, Banking and Financial Services, Consulting, IT and Communications|
|Goldman Sachs||Banking and Financial Services|
|Google Australia||Engineering, R&D and Manufacturing, IT and Communications|
|Herbert Smith Freehills||Law|
|KPMG||Accountancy and Advisory, Consulting|
|PwC||Accountancy and Advisory, Banking and Financial Services, Consulting, IT and Communications|
|ResMed||Engineering, R&D and Manufacturing|
According to QS world rankings, graduates from the following universities are likely to be employed immediately after completion of their degree.
- University of Sydney
- University of Melbourne
- University of New South Wales
- University of Queensland
- University of Technology, Sydney
- Monash University
- Australian National University
- RMIT University
- Queensland University of Technology
- Macquarie University
Field-wise average salary offered to international graduates in Australia is:
|Field||Average Salary (per anum)|
|Healthcare and Medical||$60,000- $300,000|
|Banking and Finance||$40,000- $100,000|
|Rail and Maritime Transport||$80,000- $100,000|
|Mining Jobs||$100,000- $250,000|
|Marketing and Communication||$60,000- $80,000|
Further Studies in Australia
After completing a degree course in Australia, international students can extend their student visas and opt for further studies. Australian Universities and TAFE Colleges offer Graduate Diploma and Graduate Certificate courses in various fields. Those who want to take up research work can also enrol themselves to universities in Australia.
Graduate Diploma Courses in Australia for International Students
Foreign students who wish to upgrade their knowledge and skills can take up these certificate/ Diploma courses. Also, these can prove to be a pathway to various job opportunities for International students in Australia.
Some of the popular Graduate diplomas/certificates among international students in Australia are:
- Clinical Psychology
- Health Professions Education
- Taxation law
- Human Resource Management
- Heritage studies
- Social research methods
- Sports and recreation
PhD in Australia for International Students
Australia, being a hub for research and innovation has plenty of options for international students to undertake research work at prestigious Australian Universities post-degree. The country offers unique PhD options from Marine biology to anthropology.
In order to continue research in Australia, an extension of student visas must be taken in order to live and work in the country. Typically, the length of PhD degree is 3 years and the average tuition fee ranges between $11000 to $29000. However, numerous Scholarships, Fellowships and Awards are granted to students of high academic capabilities from the Government of Australia.
Extend Stay in Australia
Extending stay in Australia for studies, travel or job is quite easy. The following could be the possibilities and visa requirements after completing a degree from Australia. If a student visa expires with the completion of the degree, immediately apply for Bridging Visa E-BE (subclass 050-051). This will allow a student to apply for a valid visa or time to prepare for departure from the country.
- Working holiday: Apply for a ‘work and holiday visa (subclass 462), to travel and work for up to 12 months.
- Travel: After finishing a degree from Australian Universities, students can stay for a while and explore the country. In such case, a tourist visa (subclass 600) or other type of temporary visa would be a good option.
- Apply for a temporary visa: Temporary Graduate Visa (subclass 485) can be obtained to work in Australia. Those belonging to graduate work stream can work till 18 months, while post- study work stream applicants can work from 2 to 4 years.
As you can see, there are plenty of job prospects in Australia after you get your Masters in Finance. You’ll be able to find work in the financial sector, or in other areas that require knowledge of finance, such as management or marketing. There are also many opportunities for those who want to start up their own businesses.
The best way to make sure that you get a job after graduating with a Masters in Finance is to do some research beforehand and make sure that you know what kind of job you’d like to have before starting the program. Once you’ve done that, it’s time to start sending out applications and making connections with people who can help you find work!