This is mainly for commerce and more specifically for finance.
1. UoM is indeed more reputable than Monash in its postgrad finance course, their staff are more reowned with more coming from prestigous US universities and ofcourse it is ranked higher. However there are several very important things to consider:
- If you have already have a strong connection with a group of academics at Monash and they have good backgrounds in the US who then can write very strong recommendation letters for you and can contact their colleagues there, then you should stay. It is very hard to build up these connections with professors in a brand new environment.
- Also the masters of finance at uom is a 2 year course whereas the honours in finance at monash is 1 year, for uom masters, you can either do a 2 year coursework degree where as the honours at monash is research based. If you are aiming for PhD, research >>>>>>>> coursework. Having said that, you CAN transfer into the research based masters of commerce (finance) after 1 year of coursework, however you need to ask yourself, do you really need another year of coursework when you've pretty much learnt everything in undergrad? 1 year > 2 years esp when you are aiming for PhD's, the younger the better as you are leaving yourself with more opportunities in the future.
- You should also have a look at research interests before you make the move, for me, there were quite a few professors here at Monash that have very similar research interests like me, especially in quant fi, whereas not so much at uom, so make sure you have a look at all the professors research details before you make the transition.
So yeah, those above reasons are pretty much I rejected the scholarship for masters at uom and stayed at monash, there were a few more small factors here and there but those were the main ones