Accounting study area guide 2015

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business.monash.edu

Help people translate the numbers of businessAccounting

Accounting is not all about holding a calculator and working with numbers. Studying accounting exposes you to what you need to do to run a successful business, all about the relationship between managers and employees and so much more. Nasrin HallakBachelor of Business. Majors: Accounting and Business Law

What is accounting?Accounting refers to systematically and comprehensively identifying, classifying, verifying, recording, summarising, analysing, interpreting and communicating financial information. Through financial statements accounting allows a company to report on its operations, financial position and cash flows to managers and shareholders. Accounting also informs and drives the budget process and facilitates reporting on other important performance measures.

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.

An accounting qualification is highly regarded for senior management positions.

Careers in accountingAccounting 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 specialty 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 financial statements for presentation to boards of directors, management, shareholders and statutory bodies

— conduct financial investigations, undertake audits, prepare reports and advise on such matters as taxation, insolvency and suspected fraud

— examine the income and expenditure of institutions

— provide assurance about the accuracy of information contained in financial reports and their compliance with statutory requirements

— provide financial and taxation advice on business structures, plans and operations

— advise on the selection and application of computer-based accounting systems.

Monash Business School offers five different options if you’re interested in studying accounting:

Bachelor of Accounting

Bachelor of Business (major in Accounting)

Bachelor of Business Administration (stream in Accountancy)

Bachelor of Commerce (major in Accounting)

Bachelor of International Business (sequence in Professional Accounting)

Why study accounting?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 finance, taxation, and management issues. Students who choose electives from the finance area also have career options in banking, finance and the financial services industry.

Specialist courses

Bachelor of AccountingOur specialist accounting degree enables you to focus your studies from day one. You will build the technical and analytical skills you need to succeed in the profession, and learn how to solve problems, analyse complex information, build strong client relationships and communicate effectively at all levels of business. Subject to your elective choices, you’ll also meet accreditation requirements for many of Australia’s professional accounting bodies.

Location: Caulfield campus

Bachelor of International BusinessA Bachelor of International Business allows you to study at the speed of business. This means you can graduate in just two years. As part of this degree you can study a sequence in Professional Accounting, which provides you with technical and analytical skills, and meets the requirements for professional recognition.

Location: City

Bachelor of Business AdministrationOur Accountancy stream, offered as part of our Bachelor of Business Administration, prepares you for a career in accounting or related fields in the public or private sectors. You will develop strong technical skills across financial accounting, management accounting, corporate finance, taxation, auditing and financial analysis.

Location: Berwick campus

Comprehensive studiesYou can choose to major in accounting as part of our business or commerce comprehensive degrees. A major in accounting gives you skills in recording, reporting, and analysis of financial transactions and gives you the skills to provide financial monitoring to organisations. Subject to your elective choices, a major in accounting can also meet the accreditation requirements for many of Australia’s professional accounting bodies.

Location:

Bachelor of Business – Caulfield

Bachelor of Commerce – Clayton

Accounting as a double degreeAccounting skills are relevant to every industry imaginable – which is why studying a major in accounting is a good complement to any double degree. Monash University has one of the largest double degree programs in the country, which means we have plenty of combinations that will benefit your accounting studies.

Interested in a double degree in business?At Monash Business School you can pair your Bachelor of Accounting degree as a double degree with business, giving you the opportunity to explore a second or even third business discipline. Popular combinations include matching your accounting degree with a business major in:

— Banking and finance

— Marketing

— Human Resources

— Taxation

There are 13 majors to choose from, so any combination is possible.

Interested in a double degree in another discipline?You can also choose to pair a degree or major in accounting as part of a double degree with another faculty in the university, such as Arts, IT, Education or Art and Design.

Studying accounting at Monash Business School

Monash Business School provides students with high-level skills in the specialised fields of accounting, and business management. Our curriculum places a strong emphasis on developing technical, analytical and communication skills, as well as professional competence.

Monash offers a number of options for students who are interested in studying accounting. You can study accounting either as part of a specialist course or one of our comprehensive courses.

A world of opportunity

This inspiring program develops future business leaders.

Selected undergraduate students studying commerce or accounting degrees and majoring in accounting are challenged and extended with a particular focus on developing their leadership and self-management 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 benefit their university studies.

Accounting leadership program

In addition to a high-level education in accounting, Monash Business School offers a number of co-and extra-curricular activities to enhance your learning experience.

Professional business challengesMonash 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.

Monash students have once again concluded a successful Chartered Institute of Management Accountants (CIMA) Global Business Challenge, an international business competition for undergraduates, winning this year’s national final.

As part of the competition, the team – under the name Petroworld Consultants – was required to prepare a business case study of a fictional oil and gas exploration company. With approximately 40 entries from across Australia, the top four teams were selected to give a 20-minute presentation at the final in Sydney as if they were presenting to the board of directors of the company.

Pictured here with their mentor Associate Professor Ralph Kober, the team of Bachelor of Commerce students, Cheryl Lim, Jane Shaw, Hugh Gao and James Wong, will now head to Warsaw in August to compete in the global final. The global final will see the ‘Petroworld Consultants’ compete against the national winners from 25 other countries.

Monash University is the only university worldwide that has made its country’s national final each year since the competition went global in 2010.

International study programThe accounting international study program is an exciting way to experience and explore how culture affects accounting, and banking and finance 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, students visit organisations in Rome, Prato, Basel, Munster, Frankfurt, Amsterdam, Paris and London over 23 days, including the Food and Agriculture Organisation, Bank for International Settlements, The Organisation for Economic Co-operation and Development (OECD), PWC, and the International Accounting Standards Board.

Highlights of this year’s program included a personal briefing from the Australian Ambassador to Italy on the Italian and European crisis; a lively discussion on the benefits and implementation of Basel III at the Bank for International Settlements and interactions with students from Tilburg University in the Netherlands.

Enhance your studies

Internships and industry-based learning

Undertaking an elective in industry-based learning is a great way to put your studies into practice and learn valuable skills to assist in making you work-ready at the end of your studies.

The Department of Accounting offers a limited number of scholarships to eligible students to encourage and support industry-based learning in the discipline. You can find out more about our internship programs at business.monash.edu

“I knew I would study accounting at university, because it was my favourite subject in high school. I’m really enjoying the subjects that focus on auditing, assurance and performance measurement. These seem to be really relevant in the industry and an important requirement if you want to work at a Big 4 firm.”

“As part of my accounting major I was accepted into the International Study Program in Accounting. We travelled across Europe – through Italy, Switzerland, France, the Netherlands, and the UK – visiting places like the OECD and the International Accounting Standards Board. It was such a fantastic experience and is a great addition to my CV. ”

Phyllis Pan

Course: Bachelor of Commerce Scholars

Program/Bachelor of Economics

Scott Murray

Course: Bachelor of Commerce Scholars

Program/Bachelor of Economics

The information in this brochure was correct at time of publication (August 2015). Monash University reserves the right to alter this information should the need arise. You should always check with the relevant Faculty office and Monash website when considering a course. CRICOS Provider: Monash University 00008C

What our students say...

For more information visit our website business.monash.edu

“The best part about accounting at Monash Business School is the constant development. As you get further into your studies you find that there’s a lot more to the ‘basic concepts’. Accounting is actually a fascinating and complex discipline. There’s also a big focus on learning to apply your knowledge – you don’t just stop with the textbook, you also learn about practical applications.”

Daniel Lewis

Course: Bachelor of Business