The applicant has, since meeting the requirements for award of an undergraduate degree by an Australian tertiary educational institution as a result of at least 1 year of full-time study, while the applicant was present in Australia, and for which all instruction was conducted in English, met the requirements for award of: (a) a masters degree; or (b) an honours degree at or above the level of second class division 1 honours; by an Australian tertiary educational institution as a result of at least 1 year of full-time study, while the applicant was present in Australia, and for which all instruction was conducted in English (emphasis added)