Explained: Master’s in Professional Accounting and Master’s in Commerce in Australia
Decision making can be hard. No wonder the Bard said, ‘To be or not to be, that is the question.’ And while every decision comes with a sense of being responsible on one end and not regretting in the future on the other, it is most difficult when the decision-making process lacks information.
‘To be or not to be, that is the question.’
Choosing from the menu card of our usual diner to choosing the best University to study abroad, we are all making decisions at some point or other. These decisions are the final results of our experiences and expectations, making them well-informed choices, because nobody likes to jump into a river with unknown depth.
One such decision is opting for courses of interest. While the word ‘interest’ plays a key role in the process, but it does not mean this choice is completely devoid of a subconscious ‘risk-output calculation’. To measure the pros and cons is humane and when it comes to decisions which can make or break one’s career and future prospects, there is no reason to have second thoughts about going for as much information as one can.
Similar conundrum stares at the faces of those who are confused about going to Australia and choosing between a Master’s Degree in Professional Accounting and a Master’s Degree in Commerce. And this is when information comes to the rescue.
The simplest way to clear any confusion regarding the two courses would be to understand what they have to offer and hope it gives one the necessary perspective and push to choose one or the other.
Master’s in Professional Accounting
It is offered at all the major universities in Australia and is an opportunity for the students to specialise in accounting for professional recognition. In a nutshell, one must understand that this course aims to develop key skills in the areas of marketing, economic forecasting and finance among others by applying advanced conceptual and practical accounting knowledge.
Because this course is mainly targeted to create a class of graduates, who are ready to fill the shortage of professionally recognised accountants, it is in great demand indeed. The courses offered should be recognised by CPA Australia and/or Institute of Chartered Accountants in Australia (ICAA).
Once the Master course is completed, students are eligible to apply for Associate Membership of CPA Australia and Chartered Accountants Australia and New Zealand (CAANZ).
Significant Digression: Membership of CPA Australia and CAANZ will depend on the student’s previous undergraduate degree. They will be assessed by the bodies. For students who might have completed their undergraduate degree from any institution out of Australia, their degree will be assessed as comparable to an Australian undergraduate degree by CPA Australia and CAANZ as per the guidelines issued by the Australian Education International-National Office of Overseas Skills and Recognition (AEI-NOOSR).
Master’s in Commerce
Master’s in Commerce is a broader course and the background of studies of the students applying for the course does not matter. However, it helps to know that several of the Universities in Australia offer Accounting as a core and if not core, then it is at least offered as one of the specialisation course. This again opens up the option of pursuing a career in Professional Accounting later. But apart from that, a Master’s in Commerce has so much more to offer.
After acquiring a Master’s Degree in Commerce, the options with the students are literally infinite. Aspects available for anyone who pursues a Master’s in Commerce includes a career in Aviation and Maritime Management and Logistics, Banking, Business Analytics, Business Law, Finance among others.
A Postgraduate degree, which Master’s in Commerce is, also opens up opportunities for further studies. Students can also go for a management degree, an MBA or any other specialised business masters, once done with their post-graduate studies.