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Doodle Nandi

Doodle Nandi is a content editor for Hotcourses India- an IDP company, and helps write articles that help students with their study abroad journey.

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27 Jul 2018 561 Book icon 4 mins Share

Australia or Canada: Which country is better for a degree in finance?

A degree in finance can open many doors for you, provided you study the course at a good institution. Also, make sure you choose a country that suits your academic and economic conditions.

27 Jul 2018 561 Book icon 4 mins Share
Doodle Nandi

Doodle Nandi is a content editor for Hotcourses India- an IDP company, and helps write articles that help students with their study abroad journey.

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Share this article
Australia or Canada: Which country is better for a degree in finance?

Every person shops online these days. And a person who shops for an online product compares the product with five other websites, on an average, which display the same or a slightly modified product. Usually, every buyer compares his or her own choice of products based on the following key attributes – price, quality, benefits and shelf life or longevity of the product.

Similarly, when a student decides to study in a foreign country, they often compare different countries with one another, to figure out which location would be ideal for their career.

So, if you are currently looking to study finance courses abroad, we can help you shortlist some universities from two of the most popular international student destinations abroad – Australia and Canada.

But, before you decide on a university in any of the mentioned countries, you must ask the following questions:

  1. Why choose to study finance in a foreign country?
  2. Can you get a stable job and good ROI, with a degree in finance?
  3. How much will it cost to study finance, either in Australia or Canada?
  4. Which country will offer better academic and living conditions during your study period?

Why study finance abroad?

Because the course offers wide number of subject areas, besides the major subject being finance. Students who study finance normally get a chance to pick other study areas like mathematics, economics, corporate finance and more.

Choosing to study finance from a reputable institute abroad can open lots of opportunities for international students, helping them network and build professional connections with leading companies and other institutes. Upon graduating with a major in finance, they can choose to work as an investment banker, portfolio manager, venture capitalist, financial advisor or financial analyst.

Therefore, to answer the question ‘Can I get a stable job with a finance degree’, you have to focus on the first few years of your study and put in a lot of effort. You have to figure out what exactly you would like to do after graduating so that you can chalk out a plan beforehand.

A good return on investment also depends on what type of degree you obtain. Students who have a postgraduate degree in finance are usually better placed in major companies and earn an average salary of $73,000 [INR 5006705.00] per year.

But, of course, the pay varies from industry to industry and also based on what job position a particular student holds in an industry. For example, graduates who work as financial managers in any finance or insurance related industries often earn more, approximately $69,000 [4732365.00] per year.

Where to study finance abroad?

Australia

Eligibility

There are two basic categories of academic requirements that international students must meet when looking to study in Australia, i.e., entry requirements and language requirements.

For undergraduate admissions in finance, students must have 12 years of formal education. On the other hand, the general entry requirements for postgraduate admissions include 3-year undergraduate degree or equivalent to Australian undergraduate degree. However, some Australian universities accept only 16 years of formal education, which means students studying 4-year BTech or BE degrees are eligible to apply to those universities.

International students must take up language tests like IELTS and TOEFL for their admissions. PTE is yet another test recommended by different Australian universities abroad.

Courses offered

A wide range of finance courses are offered at Australian institutes, such as financial analysis, mathematics and finance (honours), financial analysis/MBA, financial analysis/master of international business and accounting and financial management.

What will you study?

When you take finance as your major, you’ll have a number of other minor subjects to choose from, which include financial calculus, risk and insurance, mathematics, economics or financial economics, advanced corporate finance and more.

Job opportunities

Students with a degree in finance can get employed as bankers, auditors, market researcher, investors, business analysts, business consultants, financial planners, marketing specialists and stock brokers.

Cost of education

The average cost of studying finance at Australian institutes range from 15 Lakhs to 20 Lakhs per year. But short-term programmes, which last for a year and a half, usually, cost around 12 Lakhs per year. For example, University of Southern Queensland offers a 1.5 year postgraduate degree in business and innovation (finance) that cost around 12 Lakhs per year.

Popular universities

  1. La Trobe University
  2. University of Southern Queensland
  3. University of Technology, Sydney
  4. University of Wollongong

Other equally popular universities are Victoria University, Swinburne University of Technology, University of New South Wales, RMIT University, University of South Australia and University of Melbourne.

Cost of living

Melbourne is considered to be one of the most liveable places in Australia to live in. Given its high standards of living, the cost of living could be a bit higher compared with other cities. However, that doesn’t mean you can’t find an affordable city to live in or you can’t manage your finances well. Accommodation options like homestays and shared apartments, which are plenty in the country, can help students manage their money.

Canada

Eligibility

Most Canadian institutes demand that students must have a 3-year pre-university degree in their undergraduate and 12-years of schooling. 

IELTS is given the utmost preference over any other tests to grant Canadian study visas to students. An average score of 6.5 in IELTS is expected from students who want to get admits from popular Canadian institutes.

Courses offered

International students can choose from a large number of courses, such as BSc in Actuarial Science, BComm in Personal Financial Planning and BComm in Risk Management and Insurance. Some institutes offer advanced diploma programmes along with work experience. Such programmes help students acquire necessary skills that make them job ready and highly adaptable under different workplace conditions.

What will you study?

Finance students can choose to study the following subject areas: global finance, accounting concepts, international business, business strategy and more.

Job opportunities

Graduates with a finance degree from Canadian institutes can find suitable employment in different sectors, ranging from insurance companies, investment firms and government organisations.

Cost of education

A degree in finance at Canadian institutes could cost minimum 20 lakhs per year. Students who prefer who go to Canada for a postgraduate degree in finance might have to invest more, approximately 30 Lakhs per year.

Popular universities

  1. University of Toronto
  2. Douglas College
  3. Centennial College
  4. University of Calgary
  5. Western University (Ontario)
  6. Fanshawe College

Cost of living

Canada offers a hospitable environment for international students to study and live. Moreover the average cost of living in Canada is believed to be lesser than the majority of other nations. 

Most cities are considered to be affordable, though Toronto and Vancouver could be slightly expensive for international students. 

Numbeo, as always, gives a break down of prices of various necessities that every resident of Canada needs. 

Both Canada and Australia are exciting study abroad destinations, with scores of opportunities for you to expand your learning and knowledge. Both countries have a strong international community, which makes it easier for foreign students to get along well.

In addition, many leading companies have their headquarters in the countries. Students can build themselves professionally through interning or working with different employers. 

Let us know what's your reason behind choosing any of the above countries for a degree in finance. If you haven't made up your mind yet, we can help you. Our counsellors can give you more information about different universities abroad, and what you can possibly do once you graduate. 

Need help choosing a country to study?

Sonam Kaur Sonam Kaur,
IDP Expert
We can help you find a right country to study. Get in touch with us to get FREE advice!