Degree-level accountancy courses attracted 28,000 or 12% of the 230,000 foreign enrolments in higher education last year. But removing the profession from the Skilled Occupations List (SOL) – which AWPA is thought to be considering – could jeopardise up to AUS$2.5bn in revenue, say institutions.

“Students who had hoped to get employer sponsorship will no longer see us as a study destination”

Phil Honeywood, Director of the International Education Association of Australia (IEAA) said the move would “indicate that Australia doesn’t need any more accountants”.

“Students who had hoped to get employer sponsorship will no longer see us as a study destination,” he told The Australian.

The 192 jobs on the SOL dictate which professions are eligible in order to apply for permanent or temporary residency as a skilled migrant. AWPA annually reviews the list in light of labour market needs and makes suggestions to the federal government, which has already identified a surplus of accountants working in Australia.

Critics, however, say the move would work against efforts to stem a decline in international enrolments in HE since 2009, which has cost the economy billions. Key among these will be the extension of employment rights for masters and PhD students, who will be able to work after graduation for three and four years respectively, and given more time to apply for permanent residency.

Honeywood added that the risk went beyond accountancy students, as broader management and commerce degrees, which attract one in two international students, often led to careers in accounting.

“Many segue into accounting once they find their feet and work out the finance and tax systems,” he said. “Accounting is the professional end game of a business degree.”

Those pushing for the change include the Finance Sector Union (FSU), which claims Australia is saturated with foreign accountants. The Department of Education, Employment and Workforce Relations has also said “employer sponsored migration is more appropriate to meet labour market needs” in the accountancy sector.

AWPA will convene a focus group this week to discuss the matter, including the FSU, business school deans, private colleges, peak industry bodies and representatives of major accounting firms. It expects to forward its advice on the proposal to the federal government in March, while a revised SOL will likely apply from July.