Careers in accounting

Accounting is a rewarding career path with many opportunities and possibilities. Accountants are needed in large and small companies across all industries. As an accountant, you can have a variety of roles or work in any number of speciality areas such as tax, auditing, budgeting, forensics or liquidation. You can also use your accounting degree as a foundation to move into other areas of business down the track. Some of the things you may do as an accountant include: assist in the formulation of budgetary and accounting policies prepare nancial statements for presentation to boards of directors, management, shareholders and statutory bodies conduct nancial investigations, undertake audits, prepare reports and advise on such matters as the purchase and sale of businesses, mergers, nancing, suspected fraud, insolvency and taxation examine the income and expenditure of institutions provide assurance about the accuracy of information contained in nancial reports and their compliance with statutory requirements provide nancial and taxation advice on business structures, plans and operations liaise with bankers and brokers to establish funds management arrangements advise on the selection and application of computer-based accounting systems appraise cash ow and nancial risk of investment projects.
I chose to study a double degree in accounting and banking and nance because I felt that four years would be just the right amount of time for me to gain a wide range of experiences and be prepared for the workforce. Studying a double degree has allowed me to gain majors in two areas of interest as well as study a wide range of electives that interest me. I have also had the opportunity to participate in two international study programs, including the nance study tour in Europe. This program gave me the opportunity to visit a wide range of large international organisations such as the OECD and the BIS and hear from amazingly talented and experienced professionals about what accounting and nance means for their organisation.

Andrea Contessotto
Bachelor of Commerce (Honours)
I chose a major in accounting because it provides many different career opportunities. A major in accounting qualies you to work in both the government and private sector, in the regulatory bodies such as ASIC as well as in the professional accounting rms or as an accountant in a company. I was particularly drawn to accounting as it is multi-faceted; the units that make up the major are varied, and include both management and nancial accounting so I always felt like I was learning new skills. Studying accounting taught me to analyse information, to think critically and to apply theoretical knowledge to real world situations. Its also useful in your personal life as the skills, such as sophisticated ways to budget, how to read and understand nancial statements and assess the position and performance of companies assists you in your own nancial and investment decisions.

Faculty of Business and Economics

A closer look at

ACCOUNTING
You can study accounting in the: Bachelor of Accounting Bachelor of Business Bachelor of Commerce Bachelor of Business Administration

Jennifer Do
Bachelor of Business (Accounting) and Bachelor of Business (Banking and Finance)

What is accounting?
Accounting is the systematic recording, reporting, and analysis of nancial transactions. It can be done on a large scale for international corporations or individuals, and any size business in-between. Accounting allows a company to analyse its nancial performance, and report important statistics such as prot and loss to managers and shareholders. Accounting graduates are in high demand in Australia and around the world. Accountants are employed throughout industry, commerce and government. In addition to their traditional reporting functions, accountants provide advice on nance, taxation, and management issues. Students who choose electives from the nance area also have career options in banking, nance and the nancial services industry. An accounting qualication is highly regarded for senior management positions.

Accounting at Monash
Accounting courses at Monash provide students with highlevel skills in both the specialised eld of accounting, as well as business management. Our curriculum places a strong emphasis on developing analytical and communication skills, as well as professional competence. Monash offers a number of options for students that are interested in studying accounting. Our premier offering is our Bachelor of Accounting degree, a specialist degree which includes industry-based learning units at major accounting rms (see page two for more information). You can also choose to major in accounting as part of our Bachelor of Business and Bachelor of Commerce (and related tagged degrees). Or you can study an extended accounting major as part of the new Bachelor of Business Administration degree at our Berwick campus. For more information on our accounting courses and majors, see page 11 of the 2014 Undergraduate Course Guide, or go to www.monash.edu/study

What skills do accountants need?

As well as having strong analytical skills, accountants also need to have good presentation skills, and be able to build strong relationships with clients. Accountants also need to be able to solve problems and have good organisational skills.
Monash University reserves the right to alter information, procedures, fees and regulations contained in this document. Please check the Monash University website for updates (www.monash.edu). All information reects prescriptions, policy and practice in force at time of publication. Published July 2013. CRICOS provider: Monash University 00008C

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Bachelor of Accounting
The Bachelor of Accounting is our premier accounting degree, and combines on-campus learning with industrybased placements in some of Australias top rms. The degree offers core units that introduce you to the key areas of accounting and meet the requirements of the three professional accounting bodies in Australia. You will also study open electives. As part of the Bachelor of Accounting, students undertake two industry-based learning placements, of 14 and 12 weeks respectively, during the second and third years of study. Students also receive an industry-funded scholarship of $16,000. Our industry partners include, Amcor, Choice Hotels, Coles, Deloitte, Grant Thornton, KPMG, National Australia Bank, PwC, Tabcorp, Telstra and Toyota. Designed for highachieving students, the Bachelor of Accounting has a typical ATAR of 90+. Applicants are also required to submit a Bachelor of Accounting Supplementary Information Form, and attend an assessment day in December. For more information on application requirements go to: www.buseco.monash.edu.au/aaf/student/ baccsupplementary.html

Honours in accounting
Honours is an extra year of study which further develops the knowledge you have gained in an undergraduate degree. It teaches you to perform your own research, and gives you a competitive edge in the job market. If you have completed a bachelors degree in accounting, and achieve an average of at least 70 per cent in relevant second and third year units, you may be eligible to apply to undertake an Honours degree. Honours with a major in accounting is offered at both the Cauleld and Clayton campuses, with classes being taught at either campus on any given day. The Honours program has a semester one intake only and commences with an induction week for all students. To nd out more about honours, eligibility and how to apply visit www.buseco.monash.edu.au/aaf/study/honours

Enhance your studies

In addition to a high-level education in accounting, Monash University offers a number of activities to enhance the student learning experience.

Accounting and nance leadership program

This inspiring program develops future business leaders. Selected undergraduate students studying commerce or accounting degrees at Clayton campus and majoring in accounting or nance, are challenged and extended with a particular focus on developing their leadership and selfmanagement skills to give them a competitive edge in their future careers. Students in the program have the opportunity to develop a wide range of skills in conjunction with their degree. These skills enhance students leadership potential in the workplace as well as benet their university studies. The program comprises a two-day residential workshop, business challenges and professional development forums and seminars. These activities are run by professional corporate trainers and industry representatives from organisations that include Deloitte, Ernst & Young, Grant Thornton and KPMG.

Professional recognition
Students who study a major in accounting as part of our business or commerce degrees may satisfy educational requirements for associate membership of CPA Australia and the Institute of Public Accountants (IPA), and entry to the Chartered Accountants Program of the Institute of Chartered Accountants Australia (ICAA). Professional membership of the Financial Services Institute of Australasia (FINSIA) may also be available. Students may also be eligible for professional registration or membership of other professional associations and should refer to these organisations for specic requirements.

International study program

The accounting and nance international study programs are an exciting way to experience and explore how culture affects accounting, and banking and nance practices. Eligible students can study in the summer semester, completing theoretical workshops and modules in November and December, and then undertake a three-week study program across Europe in January, including classes at the Monash University Centre in Prato, Italy. As part of the tour, you will visit organisations in Rome, Prato, Basel, Paris, Munster, Amsterdam and London over 24 days, including the Food and Agriculture Organisation, Bank for International Settlements, OECD, Amsterdam Stock Exchange and the Bank of England. Highlights of this years program included a personal brieng from the Australian Ambassador to Italy on the Italian and European crisis; a lively discussion on the benets and implementation of Basel III at the Bank for International Settlements and engaging presentations about the Global Reporting Initiative on the challenges of introducing sustainability reporting.

Professional business challenges

Monash students regularly participate in business challenge events, hosted by industry and professional associations. These exciting professional events offer students the opportunity to test their skills on a real-life business issue, putting their theoretical knowledge, communication and presentation skills into practice. Pictured below are the Monash Team MGSN, who won the right to compete in the 2013 national nal of the CIMA Global Business Challenge in Sydney. The winners of the national nal will go on to compete at the global nal in South Africa.

Experience STARdom
The Simulated Teaching and Research Laboratory (STARLab) is a purpose-built facility, at Monash Universitys Cauleld campus. We have two STARLabs on campus, which run a suite of nancial simulation programs. The STARLabs complement classroom teaching by simulating a nancial environment, where textbook concepts are brought to life. Students are exposed to situations in the simulated stock market, and develop responses using a variety of nancial instruments to hedge risks and seek prots in competition with other traders. The STARLabs offer students hands-on application of nancial decision-making, and are used in units covering general market operations, equity markets, nancial and portfolio management, and bond markets. More recent applications have expanded into deeper risk management strategies using options and other derivatives as well as climate change and emissions trading.