Accounting is becoming one of the popular degrees to pursue for international students. This field gives you the opportunity to work with people and organizations to work with financial numbers and achieve organizational goals and objectives. The accounting field is certainly growing and gives students the opportunity to pursue a successful career in their home country or abroad. The UK and the US have remained the preferred study abroad destinations for accounting for many years. International students remain confused about the UK or the US: which is the best place to study accounting? question posed to them. You don’t have to worry at all. This blog post will try to answer the question: UK or USA: Which is the best place to study accounting? Let’s find out!
Best Place to Study Accounting
The UK is known as a global financial center. UK universities are globally recognized for their international excellence in accounting education and research. By studying accountancy in the UK, you will have the benefit of knowing how some of the UK’s strong accounting and financial professional bodies operate. These accounting bodies are the world’s leading bodies for the development of accounting standards. Another benefit of studying in the UK is that English is the language of business and students will learn the relevant business language skills. Accounting in UK universities is available in undergraduate, postgraduate and doctoral studies.
On the other hand, higher education institutions in the United States are widely recognized in the world for accounting studies. American universities dominate the list of best accounting and finance universities in the world. One of the main reasons international applicants choose accounting to study in the United States is job security after graduation.
The accounting scene
The United States and the United Kingdom are renowned centers of accounting and finance. There are over 3 lakhs of professional accountants in the UK as well as several internationally recognized accountancy bodies such as ACCA, C&A AT. All of the Big 4 consultancies like PwC, EY and KPMG are based across the UK. An accountant after graduating in the UK has the opportunity to be placed in these Big 4 consulting firms.
The United States is also one of the accounting hubs with the headquarters of some of the largest corporations and investment banks in the world. Accountants may have the opportunity to work at some of the world’s largest investment banks such as Bank of America, Citibank, HSBC, and JPMorgan Chase.
Regardless, whether you choose accounting to study in the UK or to study in the USA, you will study in the booming centers of commerce and have a flourishing career.
Accounting courses taught in the UK use a diverse range of approaches to the study of accounting and finance. Accounting students in the UK will be employed in professional firms, investment companies and finance companies.
On the other hand, accounting jobs are ranked third in the ranking of best corporate jobs. Jobs for accountants and auditors 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. Anyone interested in pursuing a career in accounting and finance can increase their net worth over the years. People with little experience in the accounting industry can expect a decent salary.
UK vs US: differences in accounting practices
Whether you choose accounting to study in the UK or to study in the US will influence the type of certification you receive. The United States takes a unique approach to accounting, which means your accounting skills will not be transferable. The UK follows International Financial Reporting Standards (IFRS). IFRS are also followed by 144 other countries around the world. This means that an accounting degree from the UK has a chance of opening up a global career for you.
On the other hand, US law only requires foreign companies to follow IFRS standards. Only US companies are expected to follow a set of generally accepted accounting principles (GAAP). This means that a US degree may limit your career to working only in US companies and you also need to switch to IFRS if you intend to work for Indian or other companies. When deciding where to study accounting, whether in the US or the UK, keep these differences in mind.
Exemptions from professional accountancy bodies in the UK
One of the benefits of studying accountancy degrees in the UK is that students get exemptions from professional accountancy bodies in future exams. Some of the professional accounting bodies are:
These are all globally recognized accountancy bodies and UK accountancy graduates working in organizations around the world.
At many UK universities offering accounting degrees, work placements are offered as part of the course of study. One of the benefits of these work placements in the UK is that a student has the opportunity to better understand their employers and vice versa in terms of job requirements.
All Big Four Accounting firms are headquartered in the United States. These are Ernst & Young, Deloitte, PwC and KPMG. An accounting graduate from the USA has huge job potential in these 4 great companies.
Given the professional nature of accounting study programs in the UK, students have the opportunity to learn employability skills and critical and analytical academic skills. At 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 UK.
According to the QS Global Rankings 2022, ten accounting universities in the USA are declared as one of the best accounting and finance institutes in the world. Additionally, accounting professionals can expect to earn a median annual salary of $70,000 on average.
Cost of life
If you choose to study in London or New York, you will find that the cost of living is much higher. So, you can try to study in smaller cities with lower cost of living than UK or USA. Also keep in mind that while an accounting degree takes four years in the US, it only takes three years in the UK. So if you intend to save some money and want to complete your studies faster, the UK is the best bet.
Whether you choose accounting to study in the UK or to study in the US, think about what your future salary would look like. Choose the best place to study accounting based on your priorities, interests, and budget. Whether you end up in the UK or the US, it is extremely rewarding to study the subject of accounting abroad. You will gain valuable insights into various business practices and financial markets and return home with a world-class education. If you liked this blog, please share and like this post!
Learn more- UK vs Canada: Which country is better to study in?
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