Interested in a Bachelor of Business in Accounting?

Students with a flair for business and finance may find a bachelor of business in accounting a wise choice.

Snapshot of accounting industry in Australia

The accounting industry in Australia is worth $27.1 billion in 2022-23. It has experienced a steady growth rate of 0.1% over the past five years*. These figures include the national pandemic-induced slowdown experienced across most industries, signalling resilience and a robust future.

According to CPA Australia and CA ANZ, when comparing how many accountants the Australian Bureau of Statistics (ABS) forecasts as requiring for Australia by 2026 (338,362) and the number of domestic graduates, there is a shortage of almost 10,000. **

What this means for students considering a career in this field is that there is space for them in a growing industry.

A professional opinion on studying accounting

Marcela Hetnekyova is not only a Certified Public Accountant with CPA Australia, and a member of The Institute of Management Accountants and The Project Management Institute, she is also the ICMS Accounting and Accreditation Program Manager.

“The Bachelor of Business (Accounting) course at ICMS offers a great balance between accounting and business, preparing students for a successful career in professional accounting services as well as the global commercial environment,” she said.

“The course is taught by passionate, industry driven professionals within a small classroom environment, which enables students to become active participants in their learning process. Students will work on real life case studies and scenarios, building the skills they will need to succeed in the current global working environment.

“What is unique about the course is that the industry experience is embedded within the course with students having a minimum of two trimesters of real work experience prior to completing their studies. It gives our students a head start when pursuing their career goals upon graduation.”

What subjects do you study?

To give yourself the most career options post-graduation, it makes sense to study a broad business degree with an accounting specialisation such as the ICMS Bachelor of Business (Accounting).

Balancing technical skills with a deep understanding of key business principles enable you to make a difference in a wide range of corporate settings.

The degree is composed of 26 subjects in total, which will take you three years to complete, or 2.3 years if you choose an accelerated path of study.

• 12 core business subjects:

Pathway to Success (BUS101A)

Financial and Commercial Literacy (ACC101A)

Global Citizenship (MGT102A)

Data Informed Decision Making (STA101A)

Marketing (MKT101A)

Management Solutions for a Changing World (MGT101A)

Economics for Managers (ECO201A)

Business Law for Managers (LAW201A)

Creativity and Innovation for Business (ENT201A)

Unlocking Your Leadership Potential (MGT201A)

Ethics, Sustainability and Profit (MGT301A)

Capstone (BUS301A) – a unique hands-on experience near the conclusion of your degree, where you will work with fellow ICMS students on an interdisciplinary project linked to the UN’s Sustainable Development Goals.

• 6 specialisation subjects:

Management Accounting I (ACC102A)

Management Accounting II (ACC202A)

Financial Accounting I (ACC103A)

Financial Accounting II (ACC203A)

Corporate Finance (ACC301A)

Audit and Assurance (ACC302A)

• 6 elective subjects

Besides Business Taxation (ACC303A), which is compulsory for students if they wish to seek CA ANZ, CPA or ACCA membership, there are many elective subjects available to choose from across the degrees offered at ICMS.

By mixing up your electives, you create a bespoke degree that reflects your individual interests and aspirations. The lists of electives are available here: Elective 100, Elective 200 and Elective 300.

• 2 WIL (Work Integrated Learning) subjects, which combine to form your industry training placement at one of ICMS’ over 1000 industry partners.

Spread over two trimesters, WIL is up to 600 hours spent in the workplace, applying practically what you have learned in theory. Many ICMS graduates go on to work after graduation at the industry partner where they completed their WIL, underlining the immense potential for networking and making connections during your industry placement – all while completing your degree.

• Pathway to future professional success in accounting

The Bachelor of Business (Accounting) degree has been accredited by professional bodies Chartered Accountants Australia and New Zealand (CA ANZ), CPA Australia and by ACCA, the Association of Chartered Certified Accountants.

Upon completion of the degree, students will be able to enter CA ANZ and CPA professional level programs directly and immediately register as Associate Members.

Regarding ACCA, graduates receive exemptions for foundation exams and satisfy entry requirements into the professional level qualification, similar to CA ANZ and CPA Australia.

Accounting Career Options

A bachelor of business in accounting will help you become a:

Financial Accountant

Business Analyst

Investment Manager

Chief Finance Officer (CFO)

Tax Accountant

Financial Advisor

Finance Manager

Auditor

Forensic Accountant

Management Account

And more!

Bonus: Accountant, Chartered Accountant (CA) and Certified Practicing Accountant (CPA) – what’s the difference?

To industry outsiders, the terms ‘accountant’, Chartered Accountant (CA) and Certified Practicing Accountant (CPA) may seem interchangeable.

However, there are wide differences in what these accounting professionals offer, and where they can offer these different services, depending on the level of education and the country in which they operate.

Let’s start with an Accountant.

This is a broad term describing a professional specialising in accounting. The roles and responsibilities of individual accountants vary based on the industry in which they operate, and their area of expertise.

Accountants are responsible for:

Financial record keeping
Analysing Financial Date
Preparing Financial reports

Accountants can work for individuals, businesses and organisations.

What about a Chartered Accountant (CA)?

Chartered Accountant (CA) is a professional designation recognised around the world by accounting bodies. These professionals take their education a level higher than accountants by taking specialised exams and gaining practical experience.

With their extensive and expert knowledge, CAs offer services such as:

Auditing
Taxation
Financial Planning
Business Advisory

How does this differ to what a Certified Practising Accountant (CPA) does?

The main difference between a CA and CPA is that a CPA is a professional designation granted by Australian major accounting body, CPA Australia. CPAs are recognised both internationally and nationally, and like a CA, CPAs need to meet postgraduate educational and practical experience requirements.

CPAs can provide the following financial services:

Financial reporting
Taxation
Auditing
Management accounting

Sources

* Ibis World

** Accountants Daily