The UK and the USA are some of the world’s top destinations to study accounting. Here’s how to determine which country will be the best fit for you.
If you’re an aspiring accountant, you’ll probably want to study in a global financial centre like London or New York. This will give you exposure to some of the biggest businesses in the world and allow you to dive deep into real-life accounting. With the UK and the USA both being international hubs of finance and accounting, how can you choose which country’s best for you?
The Accounting scene
Both the UK and the USA are thriving centres of accounting and finance. There are 327,000 professional accountants in the UK as well as numerous internationally recognised accountancy bodies like the ACCA, CIMA and AAT. All of the Big Four consultancy firms (PwC, Deloitte, EY and KPMG) have dozens of locations throughout the UK and are known for eagerly employing accounting grads.
The USA also has a robust accounting scene, with some of the world’s biggest corporations being based there. Accountants can make a name for themselves at one of the major investment banks (JPMorgan Chase, Bank of America or Wells Fargo) or even work on the iconic Wall Street.
No matter which country you choose for your accounting studies, you’ll get to be in the heart of a thriving financial centre.
The cost of living
If you choose to study in London or New York, the respective financial heartlands of the UK and the USA, you’ll unfortunately find that the cost of living tends to be quite high. One way to get around this is to study in a smaller city with a lower cost of living, such as Manchester in the UK or Houston in the USA. You can also try using a cost of living calculator to figure out the differences between cities or even make comparisons to your own hometown.
Another thing to bear in mind is that accounting and finance degrees tend to take four years to complete in the USA. In the UK, this will usually only take three years. If you’re interested in finishing your degree faster and saving money in the process, the UK could be a better fit.
The differences in accounting practices
Where you choose to study accounting will influence the practices you adopt and the kind of certification you will receive. The USA has a unique approach to accounting, which may mean that your skills won’t be as transferable. More than 144 countries (including the UK) follow the International Financial Reporting Standards (IFRS), while the USA only requires foreign companies to follow these standards. American companies are instead expected to follow a series of Generally Accepted Accounting Principles (GAAP). Depending on where you want to work after you graduate, it may be worth bearing these differences in mind.
Planning for your future
If you plan to stay in the country where you study, think about what your future salary could look like. After all, you want to make sure your investment in an overseas education will really pay off! According to global recruitment agency Robert Half, an entry-level tax accountant in the UK averages a salary of £41,250 (USD $58,752) while a more experienced tax accountant can expect to make £56,750 (USD $80,829). An entry-level accountant in the USA will start off with around $44,750 (£31,427) while a mid-level tax accountant is likely to make around $87,000 (£61,100).
This might also be the time to think about what type of accountant you want to be. Some options include:
- Chartered Public Accountant (CPA)
- Auditor
- Financial Planner
- Forensic Accountant
- Tax Accountant
Whether you end up in the Big Apple, London Town or somewhere in between, it can be incredibly rewarding to study accounting abroad. You’ll gain insights into various business practices and financial markets, and come away with a world-class education.
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