Department of Accounting and Finance

Frequently Asked Questions


 
How long does a Bachelor of Commerce (BCom) take - full-time, part-time?

A Bachelor of Commerce in Accounting or Finance takes a minimum of three years full-time study, or six years part-time study.

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What programs of study in accounting and finance are available at Macquarie University?

There are programs or sequences of study in both accounting and finance in the following areas..

  • Professional Accounting Sequence

The professional accounting sequence provides students with a "major" (coherent study) in accounting that meets the tertiary education requirements of CPA Australia for "CPA" status, the Institute of Chartered Accountants in Australia (ICAA) for "CA" status and the National Institute of Accountants (NIA) for 'PNA' status. It is a three year full-time or six year part-time program which provides an excellent foundation for a range of accounting-based careers. The sequence combines core units in accounting with a range of business related units in computing, statistics, economics, commercial law and financial management. The core units in accounting cover the areas of financial accounting, management accounting, and accounting systems design and auditing. Each of these areas is outlined briefly below.

  • Financial Accounting

Students start by learning how to prepare financial reports (Profit and Loss Statements, Balance Sheets and Cash Flow Statements) for simple business entities such as sole traders, partnerships and small companies. More advanced units focus on report preparation and accounting procedures and practices for more complex business structures such as groups of companies, joint ventures and superannuation plans.

In the financial accounting units, the aim is to provide students with:

  1. an understanding of the concepts and principles which underpin the preparation of external financial reports

  2. a thorough knowledge of the accounting techniques and procedures used to prepare these reports, and

  3. an appreciation of how the accounting information provided in the reports is used in decision-making by external users, such as shareholders and creditors.  

  • Management Accounting

Here the focus shifts to the provision of accounting information to support organisational decision-making, and management planning and control. The units cover both technical issues such as costing techniques and budgeting, and also broader organisational and behavioural issues, recognising that the management accounting system must operate effectively within the specific context of the organisation and through the people in the organisation.

  • Accounting Systems Design and Auditing

In these units students learn how accounting systems within the organisation are designed to enable the efficient and reliable generation of accounting information for both internal and external report preparation purposes. This area of study also focuses on the procedures and tests undertaken by external auditors in their role of verifying financial reports prepared for users external to the organisation.

The professional accounting sequence allows students a choice of five elective units to make up the necessary credit points required for a Bachelor of Commerce (Accounting). These units may be selected from within the School of Economic and Financial Studies or from other Schools in the University. Popular choices include units in finance (see below), marketing or behavioural sciences.

  • Other Accounting Sequences

Sequences of study are also available for students who do not wish to obtain professional accounting qualifications. The Management Accounting/Organisational Behaviour sequence, for example, combines studies in the areas of accounting, organisational psychology, management and marketing. This sequence may appeal to students interested in a career in the areas of human resources management, marketing, banking and in management generally.

  • Finance sequences

Finance is a discipline that is closely related to both Accounting and Economics. In finance, accounting information is used in the context of the economic environment to make decisions about future investments, funding and asset management, both at the corporate level and the individual level. Finance graduates are equipped for a wide variety of career opportunities in, for example, banking, investment analysis, treasury management, funds management, international finance and stockbroking. In addition to studying accounting, economics, statistics, computing and mathematics, students will study the following three major fields of finance: corporate finance (which examines how organisations make optimal financial decisions regarding investments, funding and capital structure); investments (which examines how financial instruments are valued and how to construct portfolios of assets to optimise the investors' financial objectives); and financial markets (which examines how financial markets operate and how both investors and organisations conduct financial transactions in these markets to operate more efficiently and effectively).

At Macquarie, finance can be studied in the Bachelor of Applied Finance, Bachelor of Economics in Finance and Bachelor of Commerce (Finance) programs. The difference between Bachelor of Commerce (Finance) and Bachelor of Applied Finance is that while both degrees specialise in finance, the Bachelor of Applied Finance has a core unit "Issues in Applied Finance" which is only available to students enrolled in that degree, and it also focuses on the more technical finance units in the final year. The choice of final year units is wider for Bachelor of Commerce (Finance).

Can I do a double major in accounting and finance? What are the options and how long does it take?

At Macquarie, any combination of "majors" can be achieved provided that you qualify for entry to the desired programs. A combined degree in Accounting and Finance is a popular choice that enables students to obtain a full professional accounting "major" plus a finance "major", all within three years full-time or six years part-time study.

A range of suggested programs of study will be available at enrolment.

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Does Macquarie offer double degrees?

Yes. In principle, students have always been able to combine any two degree programs at Macquarie. The period of study for such combinations is at least five years (equivalent full time study). A popular combination is the Bachelor of Commerce/Bachelor of Laws, a five year equivalent full-time study program combining studies in accounting (including the professional sequence) or finance or economics with law.

In 1998, Macquarie approved double degree programs, including those listed below, which can be completed in four years equivalent full-time study. These programs are rigorous, giving the more capable student a distinct advantage and enhanced career opportunities in return for an additional year's study.

BBA/BCom (Bachelor of Business Administration/Bachelor of Commerce (Accounting)) This combination will suit students who seek to combine a professional accounting degree with the more broadly focused BBA which prepares students for careers in management.

BAppFin/BCom (Bachelor of Applied Finance/Bachelor of Commerce (Accounting)) This combination will equip students for careers combining both accounting and finance, in the accounting profession, in industry and in government.

Other double degrees include BAppFin/BCom (Marketing) for careers combining finance and marketing

g; BAppFin/BCom (Actuarial) for students interested in fields such as superannuation, insurance and risk management; and BAppFin/BEconomics for research and policy development in industry and government.

Students need to apply for entry to these double degree programs through the Universities Admission Centre, in the same manner as for a single degree program. Entry requirements, which are expected to be high, are determined on the basis of demand for available places.

Suggested programs of study for double degrees will be available at enrolment.

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With a diploma from TAFE, what exemptions can I get and how long will I need to study for the degree?

A TAFE Diploma in Accounting allows students to complete the Bachelor of Commerce (Accounting) in two years of full-time, or up to four years of part-time, study.

Holders of the TAFE Diploma in Accounting are granted 24 credit points advanced standing with 8 above 100 level , inclusive of specific exemptions from ACCG100, ACCG101 and possibly a ISYS unit.

Holders of the TAFE Advanced Diploma in Accounting are granted 36 credit points advanced standing, with 12 credit points above 100 level, inclusive of specific exemptions from ACCG100, ACCG101, possibly a 100 level ISYS unit (eg ISYS123), and ACCG200 if a satisfactory pass has been obtained at TAFE in both FNSACCT507A (Provide Management Accounting Information);  and FNSACCT613A (Prepare and Analyse Management Accounting Information).

An exemption is also available for BUSL250 provided a satisfactory pass has been obtained in the following 4 TAFE subjects FNSACCT404A (Make Decisions in a Legal Context);  FNSACCT502A (Prepare Income Tax Returns);  FNSACCT601A (Prepare Complex Tax Returns and Lodgment);  FNSACCT604A (Monitor Corporate Governance);  and for ACST101 (Techniques and Elements of Finance) provided a satisfactory pass has been obtained at TAFE in the 2 subjects:  FNSACCT608A (Evaluate Organisations Financial Performance);  FNSACCT609A (Evaluate Financial Risk).

What should I do if I do not meet the math requirement?

Math requirements can be met at university if they are not met from secondary studies. This may change the pattern and/or length of a typical program. Such students should seek individual academic advice.

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How do I enter the accounting and finance program at Macquarie University?

For the various accounting sequences, students need to apply for entry to the Bachelor of Commerce (Accounting) program through the Universities Admission Centre. Students who wish to study finance can apply for the Bachelor of Commerce (Accounting) for Bachelor of Commerce (Finance), or Bachelor of Applied Finance, or Bachelor of Economics in finance, again, all through the University Admission Centre. Entry requirements for the programs are not usually known until late January as these are determined annually on the basis of student demand for available places. Previous admission requirements may be used as a guide only.

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What are the options if I do not achieve the required Universities Admission Index (UAI), but I want to study accounting?

  1. Enrol in Economics at Macquarie

    Entry to the Bachelor of Commerce (Economics) generally requires a lower UAI than Bachelor of Commerce (Accounting), Bachelor of Economics in finance or Bachelor in Applied Finance. Once you have completed 12 credit points (four units, equivalent of one semester of study) with a Grade Point Average (GPA) of 2 (equivalent of "Pass" grades) or better, you can transfer to these degrees (except the Bachelor of Applied Finance degree which requires a GPA of 2.25 or better) and still complete your degree in the normal time of three years equivalent full-time study.

  2. Enrol in other degrees at Macquarie University, such as Bachelor of Arts, Bachelor of Science etc.

    Entry to any other degrees may also require lower UAIs. The same rules for transferring apply as in 1. above, however the time to completion may be slightly longer (e.g. 6 months).

  3. Enrol at the Sydney Institute of Business and Technology (SIBT)

    This institution operates on the campus of Macquarie University and offers a number of full-fee paying courses, including the Diploma in Commerce. At SIBT, you will take first year Macquarie units, and once you have passed eight (8) units in the Diploma of Commerce, you may enter the second year of the Bachelor of Commerce - Accounting or Bachelor of Commerce (Finance) at Macquarie, with 24 credit points advanced standing and specific subject exemptions. The Bachelor of Applied Finance degree also which requires a GPA of 2.25 or better. Enquiries should be directed to the Sydney Institute of Business and Technology, phone 9850-6222.

  4. Enrol at Macquarie University in a Non-Award Program.

    By obtaining 12 credit points with a GPA of 2.0 or better, you can then enrol in a Bachelor of Arts, Bachelor of Science, or Bachelor of Education. On completion of a further 12 credit points with a GPA of 2 or better, you can transfer to the accounting and finance program. This option is likely to take 12 months longer than the normal three years equivalent full-time study. Enquiries should be directed to the Centre for Open Education, phone 9850-7470.

  5. The TAFE College option.

    You can attend one of the many TAFE Colleges and obtain an Advanced Diploma in Accounting. With acceptable results in that diploma, you can enrol in the accounting and finance program at Macquarie University, and finish your degree in two years equivalent full-time study. All applications for transfer from TAFE should be made through the Universities Admission Centre (UAC).

Suggested programs of study for these options will be available at enrolment.

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Will the UAI be changed?

UAIs are determined primarily by student demand for the available places, hence we are unable to predict their levels in advance.

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What is the difference between a Bachelor of Commerce (BCom) (Accounting) and a Bachelor of Economics (BEc) (Accounting)? Which of the two should I do?

The difference between a Bachelor of Commerce with an accounting major and a Bachelor of Economics with an accounting major is the number of economics units taken. A Bachelor of Economics requires a minimum number of economics units which cannot normally be achieved at the same time as an accounting major in three years full-time study. In practice most accounting majors choose the BCom (Accounting).

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Why study accounting and finance at Macquarie?

There are at least four reasons to study accounting and finance at Macquarie:

  • Recent Macquarie accounting graduates had average starting salaries 7.5% higher than the national average  2007 Good Universities Guide to Australian Universities).

  • Macquarie has innovative programs at both undergraduate and postgraduate levels. New undergraduate programs include a new double major in accounting and finance; and the Bachelor of Business Administration and Bachelor of Applied Finance, as well as a number of double degrees.

  • Macquarie has a safe, quiet and pleasantly green environment.

  • Macquarie provides extensive opportunities for inter-disciplinary studies; individually designed programs, which can accommodate both foreseen and unforseen changes to students' circumstances; and the possibility of internal transfer to Accounting after six months of full-time study in alternative Macquarie programs.

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How do I go about completing my degree under a cadetship with an accounting firm?

We have a suggested program leading to a Bachelor of Commerce (Accounting) specifically designed to accommodate cadets: two years part-time study while you work, followed by two years full-time study.