Undergraduate information
Accounting Financial accounting Management accounting Auditing and assurance services
Accounting
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Contents What is accounting?
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Majoring in accounting Core areas of study Sample course plan Double majors
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Focus on first year accounting
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Bachelor of Commerce graduate pathways 8 Honours 9 Careers 9 Professional accreditation 10 Graduate study in accounting 11 Breadth studies in accounting
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“I knew the Bachelor of Commerce at the University of Melbourne would provide me with a well-balanced and thorough education. Additionally, the Melbourne Degree course structure allows students to discover their passions before committing to a major area of study, whilst concurrently providing the opportunity for us to pursue our interests from outside the Faculty, through breadth studies. Participating in an international case competition has been by far my most enjoyable and educational university experience. Although the learning curve was steep, by having the opportunity to practice the skills I learnt in the classroom, my communication, problem-solving and analytical abilities have all improved, whilst my business acumen has enhanced substantially. After competing in the USC Marshall International Case Competition, I confidently believe that my employability has increased, whilst similarly I am now more prepared for the rigours of a challenging and stimulating graduate position.� Andrew Williams Andrew is a current Bachelor of Commerce student (Honours), with majors in Accounting and Finance. He was a member of the student team which participated in the Marshall Case Competition and is a member of the Executive Committee of the Financial Management Association of Australia (FMAA) Student Society.
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Bachelor of Commerce
What is accounting? Accounting is the language of business. It is the way in which organisations present their performance to external parties and it is also the way in which managers understand what happens within an organisation. The ability to understand and interpret this information is an important skill, as a diverse range of users are interested in the operations and performance of organisations. For these reasons a professional accountant has an extremely valuable skill set. Accounting in today’s business world is extremely sophisticated. An accountant is a strategic adviser and business partner who must have a good understanding of business issues and processes, as well as the skills necessary for sound decision making. Accounting studies will equip you to understand the financial structure of an organisation and produce and analyse financial information.
Five reasons to choose accounting at Melbourne 1. Leadership
Many of our graduates have gone on to become leaders in industry, government and the profession. We are building on our position as one of the leading accounting departments in Australia by focusing on our core strengths in accounting, business analysis and accounting information systems. 2. Teaching standards
The Department of Accounting is one of the largest and oldest accounting departments in Australia. It attracts the highest calibre of academic staff enabling it to establish itself as a leader in research, teaching and learning. 3. Innovation
Part of the Department’s success has been its ability to respond to the demand of industry and the profession
by providing high quality graduates, conducting leading edge research, and by providing customised noncredit programs for both industry and the profession. 4. Flexibility
Our programs are dynamic and evolving to meet the changing requirements of the business world. Strong links to the community and industry allow us to tap into current issues and industry requirements, work with business leaders and offer the best to our students. 5. Real world experience
Our academic staff have experience in industry and the profession, and provide advice as consultants and expert witnesses. They have the experience to blend theoretical and practical knowledge in their teaching.
Accounting
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Majoring in accounting Core areas of study
The discipline of accounting centres around three key areas that are studied by all students who choose to major in accounting. They are: financial accounting, management accounting and auditing and assurance services. Financial Accounting
Financial Accounting is about the external reporting of a company’s financial position and performance. Financial accounting information is used in making investment decisions and is widely used to value businesses and predict corporate success and failure. Management Accounting
Management Accounting provides information to managers to help them measure and control processes within their business in a successful and profitable manner. It aids managers in strategy implementation, costing of new products and services, evaluation of the value added by different areas within a business and managing their performance. Auditing and Assurance Services
Auditing and Assurance Services is about monitoring and adding credibility to the external reporting disclosures made by companies. In addition, assurance services add credibility to non-financial information, e.g., environmental reporting, customer-satisfaction surveys, internet reporting, and even the Oscar count.
The study of these core components of the accounting discipline, as well as other topics such as economics, statistics, finance, and law (outlined on pages 4-5) provide the foundation for a career as an accounting professional and allow graduates to apply for associate membership of one of the accounting professional bodies.
Sample course plan
1st Year
2nd Year
3rd Year
Semester 1
Introductory Microeconomics
Quantitative Methods 1
Accounting Reports and Analysis
Principles of Business Law
Semester 2
Introductory Macroeconomics
Introductory Financial Accounting
Accounting Processes and Analysis
Breadth
Semester 1
Quantitative Methods 2
Cost Management
Business Finance
Corporate Law
Semester 2
Organisational Behaviour
Intermediate Financial Accounting
Commerce elective
Breadth
Semester 1
Enterprise Performance Management
Financial Accounting Theory
Commerce elective
Taxation Law
Semester 2
Auditing and Assurance Services
Commerce elective
Commerce elective
Breadth
Compulsory subjects
Accounting subjects
Finance subjects
Commerce elective subjects
Breadth
Students pursuing accounting accreditation must complete the subjects Principles of Business Law, Corporate Law and Taxation Law as part of their breadth component.
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Bachelor of Commerce
“I have had an interest in accounting since high school. It was one of my favourite subjects, hence my choice to continue further studies in this field. My first university choice was the University of Melbourne because of its high level of education and reputation. The surroundings encourage me to study and I have no regrets about coming here – it is the best thing that has ever happened to me! My course is quite interesting. There are many subjects offered which will assist me later in my career. Moreover, I like the diversity of culture that exists at the University of Melbourne. I now have many friends who have come from different parts of the world.� Stephanie Leung Cheong Stephanie is a current Bachelor of Commerce student with majors in Accounting and Finance. She is an international student from Mauritius and is a recipient of the Undergraduate International Merit Scholarship.
Advanced elective study
For students interested in pursuing specialist accounting topics we offer two subjects beyond the requirements of the professional bodies. Business and Financial Analysis
Business Forensics and Fraud
An accountant is a valuable business advisor because he or she has a detailed understanding of how financial information is produced as well as what it means. This subject allows further study of how financial statements assist in understanding the market value of a company as well as a more detailed evaluation of how financial statements help assess the liquidity, performance and financial position of the firm.
More recently, accountants have been much more involved in fraud investigations and corporate disputes. This growth area of consulting is generally known as business forensics. These accountants have skills in valuing firms or investment projects, providing risk management advice, evaluating corporate governance, and assessing corporate fraud. We developed this new subject to help students develop some of these skills.
Accounting
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Double majors It is possible to complete a double major in the Bachelor of Commerce. Students are able to combine accounting (including full accreditation) with one of the following: > Finance > Management > Marketing Students are advised to obtain course advice and plan their subjects carefully in order to maximise their options, such as eligibility for entry into the honours year. The example below shows how you can complete a double major in accounting and finance, and meet the accreditation requirements for the accounting profession. This sample course plan also meets honours entry requirements for either accounting or finance.
Sample course plan: Double major in accounting and finance
1st Year
2nd Year
3rd Year
Semester 1
Introductory Microeconomics
Quantitative Methods 1
Accounting Reports and Analysis
Principles of Business Law
Semester 2
Introductory Macroeconomics
Introductory Financial Accounting
Accounting Processes and Analysis
Breadth
Semester 1
Quantitative Methods 2
Cost Management
Business Finance
Corporate Law
Semester 2
Organisational Behaviour
Intermediate Financial Accounting
Commerce elective
Breadth
Semester 1
Enterprise Performance Management
Financial Accounting Theory
Investments
Taxation Law
Semester 2
Auditing and Assurance Services
Corporate Finance
Derivative Securities
Breadth
Compulsory subjects
Accounting subjects
Finance subjects
Commerce elective subjects
Breadth
Sample course plan: Double major in accounting and management
1st Year
2nd Year
3rd Year
Semester 1
Introductory Microeconomics
Quantitative Methods 1
Accounting Reports and Analysis
Principles of Business Law
Semester 2
Introductory Macroeconomics
Introductory Financial Accounting
Accounting Processes and Analysis
Managing and Leading Organisations
Semester 1
Quantitative Methods 2
Cost Management
Business Finance
Corporate Law
Semester 2
Organisational Behaviour
Intermediate Financial Accounting
Breadth
Breadth
Semester 1
Enterprise Performance Management
Financial Accounting Theory
Managing in Contemporary Organisations
Taxation Law
Semester 2
Auditing and Assurance Services
Managing Strategic Change
Organisations, Ethics and Society
Breadth
Compulsory subjects
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Accounting subjects
Bachelor of Commerce
Finance subjects
Management subjects
Breadth
“One of the main aspects which I enjoy most about the course would be the unique study model and the subjects available. I have chosen to major in Accounting and Finance, and luckily for me, the subjects will also give me accounting accreditation once I graduate. In addition to the accounting accreditation I will receive, I have also had the opportunity to study subjects outside of commerce, which helps me gain an appreciation of music and agriculture.� Becky Tang Becky is a current Bachelor of Commerce student. She is President of the Accounting Students Association, and works as a Cadet at Ernst & Young within the Tax division.
Sample course plan: Double major in accounting and marketing
1st Year
2nd Year
3rd Year
Semester 1
Introductory Microeconomics
Quantitative Methods 1
Accounting Reports and Analysis
Principles of Business Law
Semester 2
Introductory Macroeconomics
Introductory Financial Accounting
Accounting Processes and Analysis
Principles of Marketing
Semester 1
Quantitative Methods 2
Cost Management
Business Finance
Corporate Law
Semester 2
Organisational Behaviour
Intermediate Financial Accounting
Breadth
Breadth
Semester 1
Enterprise Performance Management
Financial Accounting Theory
Marketing and Society
Taxation Law
Semester 2
Auditing and Assurance Services
Neuromarketing
Marketing Channels
Breadth
Compulsory subjects
Accounting subjects
Finance subjects
Marketing subjects
Breadth
Accounting
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“The course has instilled several life, interpersonal and study skills and values in me so I can be a constructive member of global society. By collaborating with students from varied backgrounds I have learnt the importance of communication, organisation, time-management and of being accepting of different views. Besides the academic skills that you gain, the course allows you to develop an appreciation for business ethics and values. Those are skills that last a lifetime and are essential to nurture in students who will go on to be future leaders.� Avneeth Fernandes Avneeth is a current Bachelor of Commerce student, majoring in Accounting. He was a member of the student team who competed in the Marshall Case Competition in the US, was the VP Finance for AIESEC Melbourne, and has interned for Fordham Business Advisors, PricewaterhouseCoopers and Accenture.
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Bachelor of Commerce
The Basement Lecture Theatre in the Business and Economics building
Focus on first year accounting Where theory, technology and practice meet
Whether you are planning on completing a recognised accounting major or considering accounting to round out your other studies our first year program has plenty to offer. The focus in your first semester is on accounting as an information system and how this information is used by individuals and businesses. This means you will: > Gain knowledge in the fundamentals of accounting as a source of information for business decisions > Draw upon the University of Melbourne’s links with industry to see how accounting information is used for decision making in a range of industries > Analyse and interpret the financial performance of various businesses > See how businesses use accounting information to make decisions about costs, pricing, planning and performance If you wish to continue your accounting studies in later semesters, you will discover: > The role of business processes and accounting data in supporting the information needs of internal and external stakeholders > The various ways accounting information is captured and recorded > The importance of policy decisions that are made in reporting this information
Accounting Reports and Analysis
> Identify the key activities and processes used by business to achieve their goals and objectives > Make business decisions and identify the financial consequences that flow from those decisions > Evaluate the financial performance of businesses
Introductory Financial Accounting
Accounting Processes and Analysis
> Describe the nature and objectives of General Purpose Financial Reporting
> Explain the role of business processes and accounting data in supporting the information needs of internal and external stakeholders
> Prepare, analyse and interpret company financial information contained in an annual report > Identify and evaluate accounting policy choices and the processes businesses use to determine the most appropriate practice.
> Evaluate, analyse and interpret the efficacy of business processes and the reliability of accounting data generated within business processes > Recommend internal control plans to cover key business process risks and to achieve key business process operation and information control goals
Accounting
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Bachelor of Commerce graduate pathways Upon completing your Bachelor of Commerce with a major in accounting, there are a number of graduate pathways to employment, further study and research. Bachelor of Commerce Duration: 3 years full time Choose from the following major areas of study: Accounting, Actuarial studies, Business, Economics, Finance, Management, Marketing www.bcom.unimelb.edu.au
Honours Duration: 1 year full time Available in: accounting, finance, actuarial studies, economics, management or marketing or a combination of two areas. An honours year enables you to extend your knowledge of your major or area of specialisation through higher level honours subjects and by undertaking an independent research thesis in a single area of study under the guidance of an academic supervisor.
Graduate research degrees1 Duration: 2-3 years full time The Graduate School of Business and Economics offers a range of Masters by Research and PhD programs. See www. gsbe.unimelb.edu.au for more information.
Graduate professional development degrees1
Graduate professional entry programs1
Duration: Generally 1.5-2 years full time
Duration: Generally 2-3 years full time
The Graduate School of Business and Economics offers a full suite of graduate business and economics programs with an emphasis on career entry programs for recent graduates and specialist education for professionals. Our expertise spans the fields of accounting, actuarial studies, economics, finance, human resource management, international business and marketing. See www.gsbe.unimelb.edu.au for more information.
Title: Master of, unless otherwise specified: Including: Engineering, Forest Ecosystem Science, Information Systems, Juris Doctor (Law), Science (Management Science), Teaching, Urban Horticulture, Urban Planning. See www. futurestudents.unimelb.edu. au for more information.
Employment Melbourne Commerce graduates enjoy careers both locally and abroad in areas such as accounting services, finance, insurance and superannuation services, banks, mining, manufacturing, utilities and transport services, business, management, advertising, market research and statistical services, legal services, retail and wholesale, and computing and telecommunications services. See www.bcom.unimelb.edu.au/pathways/careers.html for more information. 1 Selection into these programs is based on performance in an undergraduate degree and additional selection criteria may also apply. Note this information indicates many but not all the possible pathways to graduate study.
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Bachelor of Commerce
“The University of Melbourne has a lot to offer above and beyond classroom learning. There are many extracurricular activities that will help to consolidate and contextualise what you learn throughout your Commerce degree. To make the most of your time at Melbourne, you need to get involved. What I have really enjoyed throughout my course is the flexibility to do breadth subjects. Whilst undertaking a double major in Accounting and Finance, I was able to undertake some capstone subjects from the Management stream. It’s great to be doing a course that can cater to my diverse interests.� Yetbark Lulseged Yetbark is a final year Bachelor of Commerce student majoring in Accounting and Finance, and was part of the winning team at the 2011 McGill Case Competition. After previously completing a two year cadetship at PricewaterhouseCoopers, next year he will be returning as a graduate in their Risk & Controls Solution team.
Honours The Honours program is an additional year of study following your Bachelors degree, to hone your applied analytical and problem solving skills, communication, presentation skills, and research skills. The Honours program is conducted by academics specialising in teaching and research in one or more of the following broad areas: management accounting, financial accounting, accounting information systems or auditing. Our Honours program provides a unique opportunity to undertake a challenging and rewarding year of additional study in a department committed to encouraging and supporting academic talent. The program is specifically designed to develop communication, analytic and applied problem-solving skills, as well as research capabilities.
Careers The Department of Accounting is growing, and recent years have seen growth in a number of exciting areas of research across all disciplines. Our internationally renowned staff excel at teaching and research; and we offer supervision in stimulating and cutting-edge areas. Our Honours graduates are eagerly sought after by high profile organisations, major corporations, consulting and accounting firms such as Goldman Sachs, L.E.K. Consulting, A.T. Kearney, Australian Accounting Standards Board and the Royal Bank of Scotland. Some of our recent graduates have gone on to pursue further academic studies including graduate and research degrees either at the University of Melbourne or other leading domestic and international business schools. These include the University of Chicago, Harvard Business School and Columbia University.
What are your career opportunities?
The Department of Accounting is leading the way in providing graduates of the highest standard and our accounting graduates are highly sought after. We have strong links with industry and we are a leader in the provision of high quality graduates to areas such as: > Accounting firms in public practice > Management consulting firms > Industry > Banking and financial services companies > Government Experience in industry has told us that employers are seeking graduates who have: > The ability to communicate well, both verbally and in writing > The ability to think creatively > Analytical and problem solving skills > A good understanding of how a business functions
Accounting
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Professional accreditation To practice as a professional accountant in Australia, graduates are required to become a member of one of the professional accounting bodies: CPA Australia, the Institute of Chartered Accountants in Australia or the Institute of Public Accountants. Bachelor of Commerce graduates may apply for associate membership of professional accounting bodies. Graduates will need to complete the requirements of the professional bodies to obtain full membership.
CPA Australia
Commercial Law
Bachelor of Commerce students must complete the following subjects to become an Associate Member of CPA Australia:
Principles of Business Law
Accounting Systems and Processes
Taxation Law
The Department of Accounting does not recommend one professional body over another. Students are encouraged to research prospective employers and compare their preference with the stated aims of the professional bodies.
Financial Accounting
The subjects listed below are the requirements of the professional bodies and may not include the requirements to complete the Bachelor of Commerce. Students must carefully check they have successfully completed any required prerequisites prior to attempting any subject. Further information is available at: www.accounting.unimelb.edu.au
Accounting Reports and Analysis and Introductory Financial Accounting Economics
Introductory Macroeconomics and Introductory Microeconomics Intermediate Financial Accounting and Financial Accounting Theory Quantitative Methods
Quantitative Methods 1 and Quantitative Methods 2 or Introductory Econometrics Management Accounting
Cost Management and Enterprise Performance Management Finance
Business Finance Information Systems Design and Development
Accounting Processes and Analysis Accounting Theory
Financial Accounting Theory
Corporations Law
Corporate Law Taxation
Organisational Functioning
Enterprise Performance Management and Organisational Behaviour Professional and Regulatory Process
Auditing and Assurance Services The Institute of Chartered Accountants in Australia
Bachelor of Commerce students must complete the following subjects (along with the prerequisites) to enter the CA Program and become a member of ICAA: Accounting Systems and Processes
Accounting Reports and Analysis and Introductory Financial Accounting Corporate Accounting and Reporting
Intermediate Financial Accounting Accounting Theory
Financial Accounting Theory Cost and Management Accounting
Cost Management and Enterprise Performance Management Finance
Business Finance Audit and Assurance
Auditing and Assurance Services Legal Framework and Commercial Law
Principles of Business Law Australian Corporations Law
Corporate Law Australian Taxation Law
Taxation Law Institute of Public Accountants
Bachelor of Commerce students who complete a major in accounting (see page 2) become eligible for membership of IPA.
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Bachelor of Commerce
“Numerous skills have been gained including teamwork, communication and problem-solving skills, all of which I believe hold me in good stead in my professional life. Overall, this course gave me a broader perspective in the economy we operate in and the general business environment, whilst providing me with intricate skills required for in-depth analysis and research.” Emma Govan Emma completed her Bachelor of Commerce, majoring in accounting and marketing. She is currently working in a graduate role at PricewaterhouseCoopers.
Graduate study in accounting Career entry programs Master of Management (Accounting)
Provides non-accounting graduates with foundation training in the key areas of accounting, economics, management, auditing and information systems and also provides a pathway to a career in professional accounting. Graduate Diploma in Professional Accounting
Provides a pathway to a career in professional accounting for students who have completed sufficient business/ commerce breadth subjects during their undergraduate degree. Career development programs Master of Accounting (12 Subject Program)
Master of Accounting (16 Subject Program)
An advanced, specialised degree for accounting graduates with no work experience. Research higher degree programs PhD program in Accounting
This three year research higher degree will equip you with fundamental understanding of the research process and prepare you for an academic career. The Department of Accounting is considered one of the Asia-Pacific region’s leading research institutions in its field. PhD graduates are eagerly sought after and have accepted positions in the very top academic institutions around the world.
An advanced, specialised degree for accounting graduates with at least one year of work experience.
Accounting
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Breadth in accounting One of the cornerstones of Melbourne degrees is the opportunity for all students to take subjects from outside their major area of study. The breadth component enables you to tap into other bodies of knowledge, methods of enquiry and personal and professional skills. No matter what career you choose, basic skills in accounting will enhance your financial literacy, enabling you to participate more effectively in the world of commerce, either as an employee, a business owner or an investor. Studying accounting as breadth will equip you to understand: > different types of business structures
The following is an accounting breadth track.
> key financial concepts used in financial reporting and the business analysis > how transactions are recorded to ensure completeness and accuracy of financial accounts > how to assess the financial strength and risk of companies in which you might invest.
Understand the business environment and business fraud processes in Australia and internationally, the motivators for committing fraud, fraud prevention, types of fraud and fraud detection.
Depending on the structure of your degree and subject to prerequisites, you can complete accounting subjects as breadth.
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Bachelor of Commerce
FORENSIC Accounting
1st year
2nd year
Accounting Reports and Analysis Introductory Financial Accounting Business Forensics and Fraud
Accounting
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Need more information? Commerce Student Centre +61 3 8344 5317 Toll free: 1800 666 300 +61 3 9347 3986 13MELB@unimelb.edu.au www.bcom.unimelb.edu.au
University Information Course Search web site: http://coursesearch.unimelb.edu.au Call the University Information Centre: 1800 801 662
Information Centre Gate 3, Swanston St The University of Melbourne Victoria 3010, Australia + 61 3 8344 6543 + 61 3 9349 1291 13MELB@unimelb.edu.au
Accounting Undergraduate Information brochure Authorised by: Provost Published by: The Faculty of Business and Economics Copyright: The University of Melbourne, July 2012 CRICOS Provider code: 00116K Intellectual Property: For further information refer to www.unimelb.edu.au/Statutes Copyright: Copyright University of Melbourne 2012. Copyright in this publication is owned by the University and no part of it may be reproduced without the permission of the University. Disclaimer: The information in this publication was correct at the time of printing. The University of Melbourne reserves the right to make changes as appropriate. As details may change, you are encouraged to visit the University’s website or contact the University of Melbourne Information Centre to obtain the latest information. Statement on Privacy Policy: When dealing with personal or health information about individuals, the University of Melbourne is obliged to comply with the Information Privacy Act 2000 and the Health Records Act 2001. For further information refer to www.unimelb.edu.au/unisec/privacy/
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Bachelor of Commerce
www.bcom.unimelb.edu.au