6 minsStudying finance offers great career opportunities, with finance professionals earning higher-than-average salaries. Consider this. The average salary for a financial analyst is $1,01,232 per year in the United States, according to Glassdoor. Other related finance salaries range from upwards of $80,000 to $1,60,000!
Deciding where to pursue higher education in finance significantly impacts one's academic and professional journey. For students interested in finance, two prominent destinations often come to mind: Australia and Canada. Both countries boast reputable educational institutions, diverse cultures, and vibrant economies.
However, for studying finance abroad, prospective students must carefully weigh several factors before making a choice. Let’s discuss these factors here.
Why Study Finance?
A wide range of applications, critical thinking skills and lucrative career scope are some reasons to study finance. The primary focus of finance is to analyse and understand the processes involved in the creation, allocation, and utilisation of money and other assets.
Here are some good reasons to opt for finance and related subjects:
- Wide range of applications: A finance degree opens doors to multiple sectors, including banking, insurance, investments, and entrepreneurship.
- Critical thinking skills: Studying finance encourages problem-solving and critical analysis, which empower individuals to tackle complex financial issues efficiently.
- Competitive edge: In today’s highly competitive and dynamic job market, finance graduates stand out for their strategic thinking skills, which enhance their employability.
- Lucrative careers: Finance professionals can explore well-paying and stable roles in various sectors worldwide.
Finance career paths
When you pursue finance as your major, you can study other subjects such as financial calculus, risk and insurance, mathematics, economics or financial economics, advanced corporate finance and more. Additionally, finance students may also explore areas like global finance, accounting, international business, business strategy, and business administration. This
Therefore, with a degree in finance, you have access to a wide range of career opportunities across the sector.
After graduation, finance majors can pursue roles such as investment bankers, portfolio managers, venture capitalists, financial advisors, accountants, auditors, financial analysts, risk managers, treasurers, wealth managers, financial controllers, credit analysts, actuaries, and more.
These roles span industries including banking, investment banking, corporate finance, insurance, and government agencies.
Where can you study finance?
Pursuing your degree in renowned institutions increases your employability while also offering other advantages. They provide valuable networking opportunities and help foster professional relationships with top companies and organisations.
If you’re willing to put in the effort and select the right specialisation, your ROI will be worth it. Finance graduates from global universities can expect to earn much more than their Indian counterparts. According to Finance Times, the average salaries for those working in finance were USD98,000 in 2024.
Top universities for studying Finance include:
- The London School of Economics
- Harvard University
- University of Oxford
- University of California
- Massachusetts Institute of Technology (MIT) and more.
Explore QS Business Master’s Rankings 2026 for the latest list of top business schools around the world.
Australia or Canada for Finance
Both Australia and Canada are exciting alternatives to the UK or the US for studying finance. Several universities in Canada and Australia are highly ranked in the QS and THE rankings, and they offer top-class education in finance.
Let’s lay out the differences between the countries to help you make your decision easier.
Eligibility Criteria/Entry Requirements
Australia
International students aiming to study in Australia must meet academic and language requirements set by the university or faculty. For undergraduate finance programmes, 12 years of formal school education is required. Postgraduate programs generally require a 3 or 4-year undergraduate degree or a combination of a postgraduate degree and work experience. Language proficiency tests like IELTS, TOEFL, PTE or other equivalent tests are necessary.
Undergraduates:
- 12th Standard certificate from a recognised school or board in India
- Pass percentage of minimum 50-60% (GPA 4+)
- IELTS score of 6.5 or higher or equivalent in TOEFL (87+)
Postgraduates:
- Completion of an undergraduate degree from a recognised university in a relevant field
- A minimum pass percentage of 50-60% in the degree programme (GPA 4+)
- Relevant work experience, if any
- IELTS score of 6.5 or higher or equivalent in TOEFL (100+) or other language tests like PTE or Canadian Academic English Language Assessment (CAEL)
MBA Finance:
- 4-7 years of professional work experience (and 2 years in a managerial position) or
- GMAT scores of 550 or higher
- GPA of 5.25 or higher
- IELTS score of 6.5 or higher or equivalent in TOEFL (100+)
Canada
Canadian universities typically require a 3-year pre-university degree for postgraduate admissions, and completion of 12 years of formal schooling for undergraduate degrees. Applicants must also demonstrate English language proficiency through tests such as IELTS, TOEFL, PTE or the Canadian language test.
Undergraduates
- 12th Standard certificate from a recognised school or board in India
- Grade 12 English, at C or U level, or equivalent
- Grade 11 Mathematics, at C, M or U level or equivalent (M or U level recommended)
- Minimum pass percentage of 50-60%
- IELTS score of 6.0 or higher or equivalent in TOEFL (80+) or other language equivalents like PTE or Canadian Academic English Language Assessment (CAEL)
Postgraduates
- Completion of an undergraduate degree from a recognised university in a relevant field, such as business, commerce, economics, mathematics or actuarial science
- A minimum pass percentage of 50-60% in the degree programme
- Relevant work experience, if any
- IELTS score of 6.5 or higher or equivalent in TOEFL (100+) or other language equivalents like PTE or Canadian Academic English Language Assessment (CAEL)
MBA Finance
- 2-10 years of professional work experience
- GPA of 3.0 or higher
- GMAT scores of 550 or higher
- IELTS score of 6.5 or higher or equivalent in TOEFL (100+)
Course Fees
The course fees for international students depend on the university and the chosen course, the study level or specialisation.
Undergraduate courses in Canada include diplomas, bachelor's, or honours degrees. In general, the tuition fee structures for studying finance and related disciplines in Canada are as follows:
|
Type of Degree |
Tuition Fee in Australia |
Tuition Fee in Canada |
|
Undergraduate finance courses |
AUD 30,840 - 68,760 per year (INR 17.6lakhs – INR 39 lakhs) |
CAD 16,000 - 60,510 per year (INR 10 lakhs – INR 38 lakhs) |
|
Postgraduate finance courses |
AUD 36,150 - 55,340 per year INR 20.7 lakhs – INR 31.7 lakhs) |
CAD 8090.87 - 70,370 per year (INR 5 lakhs – INR 44 lakhs) |
|
Doctoral programmes |
AUD 35,424 - 43,808 per year (INR 20.3 lakhs – INR 20 lakhs) |
CAD 8,874 - 43,808 per year (INR 5.6 lakhs – INR 27 lakhs) |
|
MBA finance |
AUD 39,400 - 48,096 per year (INR 22.6 lakhs – INR 27.5 lakhs) |
CAD 21,735 - 67,530 per year (INR 13.7 lakhs – INR 42.6 lakhs) |
Top universities for Finance
Australia
Australia has several top-ranking universities that are in the top 100. Our website lists over 35 institutions offering finance and associated degrees in Australia. Here are some of the top-ranked universities (according to QS rankings) offering a master of Finance in Australia:
|
QS World Rankings 2026 |
University |
|
40 |
Macquarie Business School, Macquarie University |
|
=43 |
University of Queensland Business School |
|
96 |
University of Technology Sydney Business School |
|
101 - 110 |
Sydney Business School, University of Wollongong |
|
141-150 |
La Trobe Business School |
|
141-150 |
RMIT University School of Business and Law |
|
151 - 200 |
Griffith University |
Canada
Canada has 70+ universities and institutes that provide finance-related education. Some of the highest-ranked universities for a Master's in Finance in Canada are:
|
QS World Rankings 2026 |
University |
|
17 |
University of Toronto, Rotman School of Management |
|
=24 |
McGill University, Desautels Faculty of Management |
|
101 - 110 |
HEC Montréal |
|
111-120 |
Alberta School of Business |
|
131-140 |
McMaster University, DeGroote School of Business |
|
131-140 |
John Molson School of Business |
|
151 - 200 |
University of Manitoba, The Asper School of Business |
|
151- 200 |
Simon Fraser University, Beedie School of Business |
|
201+ |
Saint Mary’s University, Sobey School of Business |
Cost of Living
Australia
Here are the indicative figures of living costs in Australia:
|
Type of Expenses |
Cost in AUD |
|
Housing expenses (including electricity and other utilities) |
2400-2900 monthly based on type of accommodation (approx. 1.4 lakhs to 1.6 lakhs in INR) |
|
Living expenses (food, groceries, clothing, etc.) |
1800-2800 monthly (approx. 1 lakh to 1.6 lakhs in INR) |
|
Transport expenses |
170 monthly pass (approx. 9700 in INR) |
|
Entertainment costs |
100 monthly (approx. 5700 INR) |
|
Health insurance |
609-900 per year (approx. 34,000 – 51000 INR) |
|
Miscellaneous expenses |
100-200 monthly (approx. 5700 – 10,000 INR) |
Canada
While most Canadian cities are affordable, Toronto and Vancouver are costlier for international students.
Here are the indicative figures of living costs in Canada:
|
Type of Expenses |
Cost in CAD |
|
Housing expenses (including electricity and other utilities) |
250-2300 monthly based on type of accommodation (approx. INR 15700 – 1.5 lakhs) |
|
Living expenses (food, groceries, clothing, etc.) |
approx. 2200 (approx. INR 1.4 lakhs) |
|
Transport expenses |
105 monthly pass (approx. INR 6600) |
|
Entertainment costs |
70 monthly (approx. INR 4000) |
|
Health insurance |
300-900 per year (approx. INR 18900 – 56000) |
|
Miscellaneous expenses |
100-200 monthly (approx. INR 6300 – 12600) |
Career opportunities in Finance
Australia
As an international student in Australia, you can work either part-time or full-time. Internships are also available to international students.
Australia is considered a global financial hub, with several top financial management companies such as ANZ, Morgan Stanley, Barclays, Macquarie Group, and Westpac Group headquartered there.
A finance and accounting graduate in Australia typically earns an average annual income of approximately AUD 67,000 (INR 36 lakhs), which is a great start to a student's career.
Studying finance opens a myriad of jobs, with salaries ranging from AUD 67,000 to AUD 1,30,000 (INR 70 lakhs), such as:
|
|
Canada
Canada also offers plenty of work opportunities after graduation. Its Post-Graduation Work Permit Program (PWPP) enables students to stay (for up to 3 years) and work after studies. Finance graduates can work in insurance companies, business organisations or insurance agencies.
Many leading financial companies in Canada, such as KPMG, Deloitte, Ernst and Young, Scotiabank, Bank of Montreal and more, recruit finance graduates.
The average salary for a finance graduate in Canada ranges from CAD 63,510 (INR 39 lakhs) to CAD 92,455 (INR 56 lakhs) per year, depending on the role (financial analyst to a management consultant). MBA graduates can expect upwards of CAD 95,000 (INR 61 lakhs), annually (Smith’s School of Business, Queen’s University report)
Here are some of the jobs that a master of finance in Canada can expect:
|
|
Both Australia and Canada are great choices for studying finance courses. However, Canada may have a slight edge over Australia as it is more cost-effective and offers more work options. Australia, on the other hand, has a great climate, breathtaking vistas, plus top financial companies to vouch for.
We hope you are equipped to make informed decisions based on the information in this article. All the best for your study abroad journey!
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