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Accounting is becoming one of the popular degrees to pursue for International students. This field gives you an opportunity to work with people and organizations to work with financial numbers and meet organization goals and objectives. The accounting field is certainly growing and gives students the opportunity to have a successful career in their home country or internationally. The UK and USA continue to remain favorites as Study Abroad destinations for Accountancy for many years. International Students continue to remain confused about the UK or USA: What’s the best place to study accounting? question facing them. You needn’t worry at all. This blog post will try to answer the question: UK or USA: What’s the best place to study accounting? Let’s find out!
Best Place to Study Accounting
The UK is known as a Global Financial center. British universities are globally renowned for international excellence in both teaching & research of accounting. By studying accounting in the UK, you’ll get an advantage of getting to know the working of strong accounting and finance professional bodies of the UK. These accounting bodies are the leading bodies in the world for the development of accounting standards. Another advantage of Studying in the UK is that English is the language of the business and students will learn the relevant business language skills. Accounting in the UK universities are available in undergraduate, postgraduate & doctoral studies.
On the other hand, higher education institutions in the USA are widely recognized in the world for accountancy studies. American universities dominate the list of top accountancy and finance universities of the world. One of the major reasons International candidates choose accountancy to study in USA is due to secure work employment after graduation.
The Accounting Scene
Both the USA & UK are acclaimed centers of accounting and finance. There are more than 3 lakhs professional accountants in the UK as well as multiple internationally recognised accountancy bodies such as ACCA, C&A AT. All the big 4 consultancy firms like PwC, EY, and KPMG are based throughout the UK. An Accountant after graduating from the UK get an opportunity to get placement in these Big 4 consultancy firm.
The USA is also one of the hubs for accounting with some of the world’s biggest corporations and investment banks’ headquarters here. Accountants can get an opportunity to work in some of the biggest investment banks of the world such as Bank of America, Citibank, HSBC, & JPMorgan chase.
No Matter, if you choose Accountancy to Study in the UK or to Study in the USA, you’ll be studying in the booming centers of commerce and will have a flourishing career.
Employability
Accounting degree courses taught in the UK employ a diverse range of approaches to the study of accounting & finance. Accounting students from the UK will be employed in professional firms, investment firms, and corporate finance.
On the other hand, Accountant jobs are ranked third in the Best business jobs rankings. It is projected that accountants’ and auditors’ jobs in the US market are expected to grow at the rate of 10% over the next 10 years. The US economy is one of the largest financial markets in the world. Any person interested in making a career in accountancy and finance can increase their net worth over the years. Individuals with little experience in the accountancy industry can expect a decent salary.
UK vs USA: Differences in Accounting Practices
Whether you choose Accounting to Study in UK or Study in the USA will influence the kind of certification you’ll receive. The USA adopts a unique approach to accounting which means your accounting skills won’t be transferable. The UK follows the International Financial Reporting Standards (IFRS). IFRS is also followed by other 144 countries of the world. This means that an Accounting degree from the UK has a chance to open a Global career for you.
On the other hand, USA law mandates only foreign companies to follow the IFRS standards. Only American companies are expected only to follow a series of Generally Accepted Accounting Principles (GAAP). This means an American degree can restrict your career to working only in US companies and you have to upgrade also on IFRS if you intend to work for Indian or other companies. Decide to choose where to study accounting whether in the USA or UK, keep a note of these differences in mind.
Exemptions from professional accountancy bodies in the UK
One of the advantages of studying accountancy degrees in the UK is that students get exemptions from professional accountancy bodies in future exams. Some of the professional accountancy bodies are:
- ACCA
- CIMA
- CIPFA
- ICAS
These are all globally recognized accounting bodies and graduates from accounting in UK working in organizations all across the globe.
Placements
At many UK universities offering degrees in accounting, placements are offered as part of the degree program. One of the advantages of these work-based placements in the UK is that a student gets an opportunity to better understand his employers and vice versa in terms of the requirements of the job.
All the Big Four Accounting firms have their headquarters in the USA. They are Ernst & Young, Deloitte, PwC, and KPMG. An Accounting graduate from the USA has tremendous job potential in these big 4 firms.
Given the vocational nature of the UK accounting degree programs, students get a chance to experience employability skills, and critical and analytical academic skills. In UK universities, students are trained in real-world scenarios and decision-making activities. The average salary for an accountant is £35,223 per year in the United Kingdom.
According to the QS Global Rankings 2022, ten accounting universities in USA are declared as one of the world’s best Accounting and Finance institutes. Moreover, Accounting professionals can expect to earn a median annual salary of 70,000 USD on average.
The Cost of Living
If you choose to study in London or New York, you’ll find that the cost of living is quite higher. So, you can try to study in smaller cities with a lower cost of living in the UK or the USA. Also keep in mind that whereas an accounting degree takes four years to complete in the USA, it takes only three years to complete in the UK. So, If you intend to save money and are interested in finishing your degree faster, then the UK is the best bet.
Final Thoughts!
Whether you choose Accounting to Study in the UK or Study in the USA, think about what your future salary would look like. Choose the Best Place to Study Accounting is according to your priorities, interests & your budget. Whether you end up in the UK or USA, it is extremely rewarding to Study abroad the accounting subject. You’ll get valuable insights into various business practices and financial markets and come back home with a world-class education. If you’ve liked this blog, kindly share and like this post!