Now that you’re all caught up on what it’s like studying a Bachelor of Banking and Finance at Monash Uni, it’s safe to say that the next best step is to take a squiz at a real student’s real opinion on the course.
With your head around the facts, the stats and soon a real experience in the Banking and Finance course at Monash, you’ll be ready to take the next step — equipped with the essential info that you need to make your big uni decision.
We had help from Rachit, a Banking and Finance graduate, who told us all about the course, the ups and downs, the pros and cons and everything in between.
Why should you study a Banking and Finance degree at Monash?
Hence its name, the Bachelor of Banking and Finance at Monash Uni will teach everything there is to know about banking and finance so that once you graduate, you’re equipped with the skills to ace any financial or banking position.
Essentially, you’ll be developing the knowledge to confidently and competently manage money in all institutional settings. So, you’ll be learning to undergo advanced financial analysis to evaluate the complexities and nuances of the banking and finance sector to grant credit, make investments, acquire capital and provide financial facilities.
It’s like an advanced amalgamation of Year 12 Business Studies, Economics and Commerce — in the best way! So, if you did those subjects or even if you didn’t do those subjects but think they may interest you, a Bachelor of Banking and Finance could be a perfect fit!
You’ll be building on your knowledge of stocks, bonds, futures, derivatives and lots of other aspects of the finance industry. The degree is all about exploring the importance of a strong and effective financial system that lays the foundations of an efficient and functioning economy.
Top 3 Pros of a Banking and Finance degree
#1: The perks of a prestigious uni
Monash Uni is pretty much known for its prestige. It’s a member of the Group of Eight, it has valuable international connections (with a whole campus located in Malaysia) and its competitive courses make it one of Australia’s best unis for a wide scope of disciplines.
In the QS Top Universities Rankings for 2021, Monash Uni came in at number 4 nationally for its Accounting and Finance courses. So, with all this considered, it’s no wonder that Rachit wanted to study there.
“You get associated with the uni, with such a prestigious connection like Monash, you can sell yourself easily whenever you’re meeting new people. It has an international reputation. I come from India, and if I say to anybody that I’m from Monash, it’s very easy for me rather than coming from another college or uni. The overall rank of the uni course is the best pro — it has a very good reputation,” Rachit confirmed.
With a global rank of 32 for Accounting and Finance, it’s safe to say that you’ll be in some pretty accomplished hands as a student in the Bachelor of Banking and Finance course.
#2: Like-minded cohort
“Secondly, I would say, you get to meet a lot of like minded people when you’re in uni. I feel like there are many students who see things in the same way. Or they can also add value to your thoughts,” Rachit told us.
He added, “So, coming from India, somebody from New Zealand, China, Singapore, Vietnam or America will have a different exposure, they have different experiences in life — they could share theirs and I can share mine. So, you get to know a lot from studying in a different country.”
Not only can you expect to be surrounded by some intelligent, welcoming, number-crunching pals in your tutorials and lectures, but you can also be confident that you’ll feel absolutely supported and encouraged by your faculty and staff.
As a student in the Bachelor of Banking and Finance degree, you’ll be served by the overarching Monash Business School — home to 10 separate departments and institutes, including your direct point of staff contact, the Department of Banking and Finance.
If you can’t quite click with the students in your classes, there is still no need to worry. Monash Uni offers over 100 student-led clubs and societies where you’ll be guaranteed to find a great group of friends with a common interest — no matter how outlandish you think that interest is.
#3: Great resources and facilities
Finally, Rachit told us all about the valuable resources that Monash has on offer for current and potential students. Alongside some great internal infrastructure and facilities, you’ll also have access to a number of external institutes where you’ll undergo your built-in internship program.
The subject, Finance and Society, provides students the opportunity to get out there into the real world and find out what it’s really like in the banking and finance sector (the subject counts for academic credit too!).
“The third pro would be the infrastructure and technology. You get to use a lot of new technology given by Monash as a part of the course. So, you get a lot of valuable exposure, with a lot of free subscriptions for a variety of programs. You could also do short courses or LinkedIn learning,” Rachit explained.
Rachit also told us that Monash has been a great environment for him to experiment with another one of his hobbies, film editing. He told us that he’s had access to all of the technology that he needs.
“I’m very good at video editing and graphic designing. That’s my hobby. I used to get free software when I was a student at Monash just by signing up. So, that was really cool for me. That software costs a lot.”
Top 3 Cons of a Banking and Finance degree
#1: The cost of the course
Like a lot of uni courses nowadays, it can be a costly commitment. While you likely won’t feel it at the time — thanks to HECS and HELP — it’s still a lot. The cost of the Bachelor of Banking and Finance degree for domestic students at Monash Uni totals a hefty $44,000.
With the government increasing uni fees, you unfortunately don’t have much of an option. While it’s a lot to spend for a domestic student, the cost for international students is far greater.
Rachit explained, “The number one con is that it’s expensive. Not everybody can afford the degree. As a domestic student, things are a bit different, but as an international student, you have a look of expenses to consider. You have to maintain your living standards and then the tuition fee is very, very expensive.”
#2: Not enough diversity
Rachit felt like another important factor that wasn’t quite met for him at Monash, was the limited diversity.
“I feel like the universities in the Group of Eight have a lot less diversity. So, when I was in Banking and Finance, there was not a lot of diversity — particularly in commerce and finance courses. I wish there were more diverse cultures than there were in my experience at Monash,” Rachit said
With little diversity, it can be hard sometimes to feel a sense of belonging. Hopefully this is something that will change at Monash. Monash does have an online Diversity and Inclusion page that you can take a look at here.
#3: Little alumni support
“Once you graduate from university, there’s much less involvement of Monash once you become an alumni. As a student, it’s quite easy to stay connected but once you graduate it’s much more difficult. Perhaps I’m expecting too much but it would even be helpful if we could just keep our student email which has been spread everywhere,” Rachit explained.
While you may not feel as heavily connected with Monash as a graduate, there are still plenty of opportunities to get back involved with the uni if that’s what you’re looking for. Monash Alumni provides some ideas for ways you can get involved after you graduate (but this may only apply to domestic students). You could become a Monah mentor, volunteer at the uni or support a uni program.
Rachit admits that while he didn’t experience any regrets per se, he did find studying a little tricky considering the difficulties that came with COVID. But, luckily for you, extended lockdowns and isolation fears are a thing of the past! We hope.
So, while this isn’t an issue that you’d have to worry about, it did affect Rachit’s study and there were moments where he wished he had reduced his workload to graduate a little later.
“I ended up sticking with my degree because I don’t like wasting time, you know, so I stuck with the course — I’m the kind of person who really likes challenges. So, sometimes I do regret that I had to spend a year at uni physically and then a year doing the degree online,” Rachit explained.
Yet, it hasn’t been all bad! Rachit told us that perhaps a positive that has come from the COVID situation is that employers and potential contacts are more understanding towards the limited networking opportunities that students have had.
“So, after the pandemic, people are more generous. They want to get involved with each other because everybody was forced apart during the lockdown. Now, they want to talk to someone!”
What do you wish you had known before starting the degree?
#1: The slight lack of diversity
Like Rachit mentioned in the cons list, he values universities that celebrate and encourage students from a range of different cultural backgrounds. At Monash, he didn’t always feel like this was the case and he told us that this is something he wished he had known earlier.
“It’s mainly the diversity. Because you can’t really find this out until you’re there at the orientation and then you’ll start classes. Of course there are options to change like the census dates but it’s hard to want to change once you’re settled. So, that’s what happened to me,” Rachit explained.
#2: Get to know your faculty
Luckily, Rachit did know this before he began his degree and took the initiative to get to know and take advantage of the limitless resources and value that Monash’s Banking and Finance department had to offer. So, this is your reminder to get involved with your faculty — they are always willing to share their experience and endow you with wisdom.
“I must say, everything else was perfect. The faculty is really good — Monash has one of the best faculties and they really helped me out. I’ve been a student who hasn’t been much into academics before, so the faculty helped me get involved in many activities. They have a practical approach to everything,” Rachit confirmed.
So, even if it’s just stopping to chat with staff members in the uni halls or attending faculty held events, get involved! It’ll really help in the long run.
What makes this degree different from the ones offered at other universities?
When he was choosing a uni, Rachit didn’t have too many expectations and it really came down to which Australian uni ranked high and was the most responsive.
“For me, ranking really matters. It never used to be like that — now I have different priorities and different perspectives on life. So, I really wanted to get into a top ranked university. I applied to a few other universities but Monash was the one who was actively sending me information and was quite active in terms of the status of my application and the admission process,” Rachit explained.
As we’ve mentioned, Monash is pretty renowned for their prestige and the high quality education that they offer. Coming in at 4th in Australia and 36th in the world for Accounting and Finance, Rachit was easily satisfied with the quality of Monash’s ranks.
“I’ve gained a lot of experience from many different perspectives. When I was back home, I was living in a bubble. Then I really got pushed, I pushed myself to see the world differently and Australia was the best place,” Rachit added.
What inspired you to choose this degree?
“When I was a kid, I was really inspired by the people who had great portfolios — they’d say what they studied and which university they attended and I was always inspired. Especially since I’m from India, with its population, you have to really stand out from the crowd. You have to go above and beyond other people,” Rachit explained.
Rachit told us that he wanted to gain exposure and experience from a valuable course to help not only himself but the way he saw the world. So, it was a matter of finding the perfect place to study and Monash just happened to be that.
What are the possible career paths?
The great thing about a Bachelor of Finance and Business is that not only are the career prospects wide and diverse, but you’re going into a field that’s almost always growing. Positions in the finance and banking world are always going to be in demand. We’ll always be using money and there’ll always be plenty of people wanting some assistance to manage and understand their money and investments.
According to Job Outlook, nearly every position under the finance umbrella is expected to experience strong or moderate growth in the next 5 years — so you’ll be fine! You could become a finance manager, a loan officer, a business analyst or you could get into teaching, stick to academia or commit to some further study and become an actuary! Your options are endless.
Gemma Billington is a Content Writer at Art of Smart and an undergraduate student at the University of Technology Sydney. While studying Journalism and Social and Political Sciences, Gemma enjoys spending her time at the gym or reading about Britain’s medieval monarchy – ideally not at the same time. She currently creates and administers social media posts for Central News and writes for the student publication, The Comma. After completing her undergraduate degree, she hopes to study a Masters of Medieval History and is very excited about the prospect!