Interested in money, finance and business? Are you a natural maths whiz and want to know more about financial statements, tax and cash flows? A Bachelor of Accounting at Monash Uni could be the next best step for you!
You’re a scroll away from finding out everything there is to know about the assessments, units, culture and what it’s really like studying a Bachelor of Accounting at Monash.
What is a Bachelor of Accounting at Monash?
Very important question, fair reader. A Bachelor of Accounting at Monash is a 3-year undergraduate degree for all those high school leavers keen on learning how to apply accounting techniques to an organisation’s circumstance — whether that’s financial or non-financial, you’ll do it all!
Accounting is all about strategy. If your parents see an accountant, they’re probably there to get some help tracking their personal finances or to receive some help with taxes.
Accountants are extremely intelligent and qualified individuals whose role is all about taking decisive action, working with accuracy while also understanding the world of information systems, corporate finance, auditing and assurance, financial reporting and data analysis, just to name a few.
If you’re a people person who could spend all day chatting to anyone you come across or you just like maths, accountancy may be perfect for you. And what’s the first step to accountancy? Say it with me, a Bachelor of Accounting at Monash Uni. Nice!
Can this degree be studied in conjunction with another?
Yes… sorta… you’ve only got one option, but it’s there nonetheless! Double degrees allow students to study two tertiary programs concurrently. It’ll open up a range of career opportunities, enhance your career flexibility and increase your employment competitiveness.
Of course, there is no requirement to complete a double degree, because they can take anywhere from four to six years and will require a tonne more work, but the option is there! At Monash you can combine your Accounting degree with the:
Studying Business and Accounting simultaneously will be sure to put you ahead of the curve during your studies and when you’re looking for employment. By studying Business, you’ll develop an extensive understanding of the varying business aspects, like finance, law, statistics and management.
When combined with Accounting, you’ll feel confident in applying your knowledge of an organisation’s financial and non-financial situation, through a business lens. If you picture yourself on the high level of a glistening, window-covered corporate firm, keeping tabs on a huge company’s situation, this double degree should look quite appealing to you.
You can also get more information about the double degrees at Monash right here!
To honour your hard work once you finish your undergraduate Bachelor of Accounting, you could always progress with an additional year Honours program to up your employability and gain some highly sought after employability.
While Monash doesn’t offer a Bachelor of Accounting (Honours) course per se, you are able to transfer into the Bachelor of Commerce (Honours) program. You’re eligible to apply for entry into Honours if you’ve achieved at least a distinction grade average (that’s a minimum of 70%) in 24 credit points at Level 3.
Often students in the Bachelor of Accounting program will have their eyes set on becoming a practising accountant, which makes sense, but another great feature of the degree is that you’ll be developing the skills that are valued in a variety of businesses.
These lifelong and transferable skills will help you secure a position as a:
That’s right. You’ll be gaining the qualifications for positions like a financial analyst while also developing the skills needed by a detective. If that doesn’t get you hooked, I’m not sure what will.
Private Investigators are in surprisingly high demand. They’re needed to bust insurance fraud, find missing persons, evaluate corporate behaviour or to find evidence of computer crimes. And to do all of this, a knowledge of accountancy is a big factor. There’s a fun fact for you.
See, it’s nice to know that you’ve got a world of options out there when it comes to gaining the skills of an accountant.
Core Units for this Degree
To graduate from a Bachelor of Accounting at Monash Uni, you’ll need to successfully pass 144 credit points worth of subjects. Credit points are the way in which universities measure the workload of a particular subject. So, it’s good to keep in mind when choosing electives to gauge how much time and commitment they’ll require.
Your studies will be mainly divided among four types of units. You’ve got your foundational business knowledge, specialist discipline knowledge, capstone experience and elective studies. It’s a nice mix! Your course isn’t significantly prescriptive but it still follows a structure that’ll help you become the best accountant in the bizz.
Below, we’ll walk you through some subjects that you can expect to complete throughout your 3-year degree.
Foundation Business Knowledge
Your foundation business knowledge subjects are like your core units. Hence their name, they’ll offer a foundational insight into the business-related topics that accountants should know all about.
In first year, you’ll take the class Introduction to Financial Accounting which will provide an outline of financial accounting based on conceptual framework and accounting standards. You’ll learn about the accounting processes, practices and policies for financial statements and apply this knowledge to professional decision making.
You’ll also be introduced to Microeconomics, a subject all about the tools needed to understand and analyse basic economic concepts and how these economic applications are used in everyday life.
If you’re not an economics whiz (yet), microeconomics is basically the small scale study of economic behaviour. So, it’s a focus on the individual, household and company’s decision making when it comes to allocating resources. You’ll get to know topics like unemployment, interest rates, GDP, inflation — all the important stuff!
Once you finish your Foundation Business Knowledge classes, you’ll practically be a pro in the subject, Business Statistics. As its name suggests, you’ll learn about all of the foundational statistical techniques that can be used to find solutions to a variety of business areas.
Specialist Business Knowledge
While your Foundation Business Knowledge will give you a rundown on the elements that make up the business, your classes in the Specialist Business Knowledge category will teach you all about accounting especially.
Your Financial Accounting class will be all about the accounting issues within corporate operational structures, so you’ll get to know financial reporting requirements, financing company operations, business combinations, financial analysis… the list goes on! It’s a class that will offer an introduction into financial accounting and why it’s important.
Later on, you’ll get a taste of Business Kaw! Remember that private investigator gig that you could master with an understanding of corporate law? Well, this one’s for you. Laws and legislation impact almost every area of business, so learning how the law affects your practice is pretty essential.
Another class that you can expect to take as an Accounting student at Monash is Management Accounting. For all you budding managers out there, here’s your time to shine. You’ll learn the major management theories to plan and control organisations. You’ll get to know topics like technical and behavioural issues in budgeting, variance analysis, performance measurement and value chain management.
Now it’s time for everyone’s fave — electives! You’re going to be needing to complete 48 credit points worth of electives and since each subject at Monash is typically worth 6 credit points, you’ll get 8 elective subjects in your degree.
The beauty of elective subjects is that they can involve any subject that your heart desires (as long as you meet the prerequisites). Here’s your chance to complement your Accounting studies with some Visual Arts or Science. The world is your oyster!
Is there a built-in internship program?
Sure is! Your capstone unit is Monash’s main work experience subject which will get you prepared and confident to take on the industry once you graduate.
The main capstone unit that you can take is Global Issues in Accounting. It’s worth 6 credit points and will put your accounting skills to the test as you go out and face the real world.
You’ll get the opportunity to analyse, critically evaluate and apply theories to real-world scenarios. You’ll reflect on the role of accounting in the corporate world and broader society, developing a professional judgement and solid work ethic as you go.
How to Get into a Bachelor of Accounting at Monash
To be eligible to apply for the Bachelor of Accounting at Monash program, you’ll need to achieve a minimum ATAR of 75. If you haven’t quite gotten the marks, don’t worry! You’ve got plenty of alternative entry options, the major avenue being Monash College.
Monash College is a great option for students who haven’t quite gotten the marks or just need some more academic support. You could use Monash College for English language courses, diplomas and professional experience programs or pathway courses.
As a budding accounting student, your best bet is to check out the Business and Economics section of Monash College right here!
You’ll likely spend about 8 months in Monash College gaining the necessary knowledge to smash it in the Bachelor’s program. Just remember, Monash understands that one mark is in no way a reliable indicator of your performance, interests or passions. If you’re wanting to study, there’s a way!
Any assumed knowledge?
The only knowledge that Monash will assume you possess once you’re accepted into the course is some form of English and a kind of Maths. So, as long as you graduated Year 12 having studied both English and Maths, you’re good to go!
Monash has got plenty of scholarships on offer for potential students. If you’ve spent a significant part of your high school years struggling mentally, financially or physically, there’s likely a scholarship for you. The same goes for students who’ve achieved academic excellence, have engaged in their communities, are an Indigenous Australian or for elite athleticism.
So, no matter what your circumstances are, there’s likely a scholarship for you! Check out what Monash has got on offer right here!
What’s the Teaching Format?
As a student at Monash, you can expect to undergo your studies in a semester system. You’ll be studying in two main sessions with a pretty generous break in between.
If you’re a student who values a chance to rejuvenate, catch up with friends or get into those internship opportunities, the semester format can offer just that.
Your subjects are taught through the classic tutorial-lecture combo. So, for each of your four subjects that you’ll study per semester (and each week), you’ll have a tutorial and lecture.
That means, you’ll be on campus for about 16 hours a week. Probably a little more when you take into account all of that fun independent study you’ll be doing.
Each week, you’ll be attending three different lectures to get your head around all of the subjects that you’ll be learning. It’s usually set in a lecture theatre and will involve a lecturer or guest speaker presenting content you’ll need to know!
As a Bachelor of Accounting student, you can expect to complete your lectures in about two hours with around 100 other people, though it depends on the subject. For example, your core units will have far more people than those cool, niche electives that you’ll choose.
Lectures are generally quite passive experiences and don’t involve too much talking. You’ll be encouraged to take notes and plan the questions that you’ll ask your tutors!
Tutorials are the sessions that typically mimic high school classes. You’re in a smaller room with about 25 other students (again, this number will depend on the class) and the tutor will be up the front going through your weekly subject material in more depth.
These classes will typically run for between one to two hours and you’ll need to be pretty engaged to get the most out of them.
You can expect your tutorials to include small quizzes, discussions, explanations and plenty of chances to ask your tutor those questions that you planned in the lecture.
Like all university courses, your assessments will depend on the particular class you’re taking. Since accountancy involves a balanced combination of theoretical and practical skills, you can expect to be graded on exams, the completion of financial statements, oral presentations, group work and how you respond to real-world scenarios.
For example, in your Advanced Financial Accounting class you’re graded on an end of sem exam all about your ability to evaluable assets, financial instruments, foreign currency transaction and integrated reporting.
Whatever the assessments, you can expect to get a solid idea of where you’re heading and the skills you’ll develop… Oh, look what’s next!
Skills That You Refine and Learn
“I think there’s a lot of soft skills, so self discipline and presentation skills. I’ve also especially developed time management skills so that I can figure out how to plan around my study… The course helped to develop my logistical and critical thinking skills.” — Hayley Wang
As a graduate fresh on the working scene, you can only imagine the vast variety of skills that you’ve refined and learnt along the way. You’ll develop a combination of soft and hard skills that you’ll be able to apply to any position that you choose to pursue. Some of those specific skills include:
- Critical thinking
- Problem solving
- Mathematical confidence
- Management abilities
- Oral presentation
There you have it, folks. With subjects like financial accounting, statistics and business management, you can be sure to feel confident in your critical thinking, problem solving and mathematical skills.
As you get used to talking to clients and delving in to the tasks that a real accountant will face on the daily, you best be sure your communication and oral presentation skills will be on the rise.
Just remember that you won’t develop these skills overnight. They take years to cultivate as you complete uni tasks and get involved in professional practice. If you don’t think you have the best managerial skills, don’t worry! You’ll learn as you go.
What’s the Faculty and Culture Like?
As a student in the Bachelor of Accounting course, you’ll be supported throughout your 3 year degree by the Monash Business School.
The Business School is like your umbrella faculty, it serves over 10 other departments and centres like the Department of Banking and Finance, Department of Business Law and Taxation, Department of Econometrics and Business Statistics, Department of Management and the Department of Marketing… And that’s just a few!
Your main point of faculty contact will be the Department of Accounting. You’ll have access to all of the information and wisdom that you’ll need with the Department of Accounting’s accomplished lecturers and experienced researchers.
The cohort in the Bachelor of Accounting are a group of friendly, clever and studious students who, like you, are ready to take the accounting industry by storm. You’re almost guaranteed to make a group of encouraging friends who’ll stay by your side until you graduate.
Clubs and Societies
If you’re someone that craves a world outside of uni, so that you’ve got a chance to spend some time without a single mention of the words ‘accounting’ or ‘finance’, Monash’s abundance of weird, wacky and wonderful clubs may be the perfect fit.
You’ve got over 100 societies to choose from so you’re bound to find an association that speaks to you, and if you don’t, you can just make your own! Clubs and societies are a great way to make friends outside of your regular degree, foster industry connections and attend networking events. What could be better?!
You could join the Dance Club, the Debating Society or the Coding Association. Seriously, there’s something for everyone.
Take a look for yourself right here!
If you struggle mentally, emotionally, physically, socially or academically, Monash has got the support on offer that may help. Uni can be a stressing time, often there’s a lot of pressure to do well, find that group of best friends and stay on top of your emotional health too. It’s a lot. Monash gets that.
Whether you’re looking for some counselling, academic assistance, course advice, disability accessibility services or language support, Monash is there to help.
Gemma Billington is a Content Writer at Art of Smart and an undergraduate student at the University of Technology Sydney. While studying Journalism and Social and Political Sciences, Gemma enjoys spending her time at the gym or reading about Britain’s medieval monarchy – ideally not at the same time. She currently creates and administers social media posts for Central News and writes for the student publication, The Comma. After completing her undergraduate degree, she hopes to study a Masters of Medieval History and is very excited about the prospect!