Why to Study Accounting in UK?

Talking about masters in accounting in UK, the first thing that comes to mind is, will it even be worth it? The experiences, fun, and new friends do seem exciting, but will your MSc accounting UK study be worth the effort? Well, let’s find out and zoom in on the perks:

• Top Universities: UK has the best universities in the world that offer programs in Accounting. This means that studying here will ensure that you are learning from the top experts in the field.
• Buzzing Economy: UK has a long history with the world of accounting and finance. With a powerful economy, a number of recessions, and many financial revolutions, the UK shares a very old relationship with accounting.
• Job Opportunities: UK houses about 300 banks across the country. This makes UK the fourth largest banking system in the world. With so many banks and financial institutions, finding accounting jobs in UK is rewarding and easy.
• Rewarding Salaries: The benefit of working as an accountant in the UK is that you have an attractive salary and can foresee a flourishing future over the years.

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Therefore, pursuing a Masters in Accounting in UK is a great move for your career. However, to study MSc finance and accounting in UK, there are a few eligibility criteria you need to adhere to.

Eligibility Criteria and Admission Requirements for Masters in Accounting in UK

The requirements for a masters in accounting and finance in UK depend upon the university you are applying to. However, some of the most essential requirements are:

 1. Bachelor’s Degree

To pursue a masters in accounting UK, you must have a recognized bachelor’s degree in a Business discipline, mathematics, or accountancy. Preferably above 60% of the score or bagging a minimum of 35 points.

2. High CGPA Score

Top universities in UK for masters in accounting accept a high CGPA score. For instance, the London School Of Economics accepts a minimum CGPA score of 7.5 or 8/10. Similarly, other universities require a minimum score of 7 for your graduation.

3. English Language Proficiency Requirements

English proficiency test scores are required for students from non-English speaking countries. The top universities accept the overall IELTS score of 7, TOEFL - 100, and PTE - 69, respectively.

4. SOPs

Most universities in UK require students to submit a well-written SOP. SOPs for a masters in accounting must state your interest in calculations, economic growth, etc.

5. Work Experience and LORs

If you have relevant experience in accounting, it definitely is an added advantage. Most universities require 2 LORs from your mentors stating your interest in further studies in accounting. LORs are a sophisticated way to showcase your excellence to your desired university.

6. Valid Passport and Visa

A valid passport and UK student visa are a must for all international students to opt for any course in the UK. Do keep in mind to apply for your student visa at least 3 months prior to the expected date of travelling.

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Now you know the eligibility criteria to pursue MSc accounting and finance in UK universities. Next, let’s check the…

Documents Required for Masters in Accounting in UK

In order to study masters in accounting and finance in UK you will need to submit a few official documents. The important documents you will need to gather are:

• Transcripts of all educational qualifications
• LOR or Letter of Recommendation
• SOP or Statement of Purpose
• Scores of IELTS/TOEFL
• Passport size photographs
• Updated CV
• Passport copy
• Financial documents (loans taken, income tax details, bank statements)

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Next, let’s explore the admission process of top universities for MSc in finance and accounting in UK.

8 Steps Admission Process for Masters in Accounting in UK

UK offers 2 intakes every year - the September-October intake and January-February intake. Some universities also extend intakes during the month of April and May as well.

Students can apply for masters in accounting in UK directly through the university’s application portal during any of these intakes. To apply to any university in the UK, follow the steps below:

• Shortlist the top universities you wish to apply to. Make a note of their eligibility criteria, requirements, last day of submission, etc.
• Make an account on the university website you wish to apply to.
• Choose the program you want to study.
• Make sure you fulfil the eligibility criteria as per the pre requite. For example, your minimum IELTS score must be as per the minimum required score to apply.
• Apply via the university portal by filling out the online application form.
• Submit all the required documents and proofs online.
• Pay the application fee and submit the form.
• Await the university’s response. On acceptance, apply for a student visa. 

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Apart from the eligibility and admission process, the cost is one of the prime factors to consider before choosing to study abroad. Let’s take a look at this below:

Cost of Studying Masters in Accounting in UK

Studying masters in accounting in the UK includes majorly spending on your tuition fees and cost of living. The cost of studying masters in Accounting in the UK depends upon the type of course and university you are enrolling in.

However, the tuition fees for masters in accounting in UK range from about £22,000 - £81,000/ year. While most colleges have a mid-range focused on about £25,000 - £38,000 per annum, a few institutions charge an extravagant amount.

Cost of Living in UK: Apart from the cost of studying in UK, the other expenditure that will burn a hole in your pocket is the cost of living in the UK. As expected, the cost of living in UK isn’t cheap. However, you can live a decent life in about £1500 - £1800 per month in the UK.

Scholarships to Study MSc Accounting UK

Following are the type of scholarships that an international/Indian student can apply for MSc finance and accounting in UK.

University Name	Scholarship Name	Stipend Amount
Imperial College London	Women in Finance Scholarship Trendhim Scholarship	Upto £2,000 for 1 year
London School of Economics	Graduate Support Scheme LSE Master’s Awards	£5,795 - £17,386 Varies from £5,000 to complete tuition fee
University of Edinburgh	International MSc Scholarships Positive Action Scholarships	£4,636 - £11,591 £11,591 for 2 years
City University of London	Chevening Scholarships	Variable
University of Birmingham	Birmingham Master Scholarship	£2,318

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Now you know the scholarships for MSc accounting UK. Next, a number of institutes offer accounting courses in the UK with distinguished facilities and course contents. Let’s take a look at the best ones. 

Top Universities in UK for Masters in Accounting

The Universities’ masters in accounting UK rankings is a witness to the excellence of the courses offered. To investigate further, let’s look at the top 5 universities for masters in accounting in UK:

1. London School of Economics & Political Science
2. Imperial College London
3. University of Glasgow
4. University of Manchester
5. University of Warwick

City University of London, Cardiff University, and University of Bristol are some of the other good schools of accounting in the UK, too.

1. London School of Economics & Political Science (LSE)

LSE is one of the top institutes of the world educating young minds about accounting, money, finance, and politics. This is the best university in UK for students interested in an MBA, Accounting, Business studies etc.

QS Ranking 2023	56
QS Accounting & Finance Ranking 2022	7
Average Annual fees	£27,000-£32,000
Program Offered	MSc Accounting, Organisations and Institutions

2. Imperial College London

Apart from being well regarded for STEM specializations, Imperial College London has also earned laurels for its Finance and Accounting programs. Thus, making it one of the best universities in the UK for international students.

QS Ranking 2023	6
QS Accounting & Finance Ranking 2022	23
Average Annual fees	£39,000
Program Offered	MSc Finance and Accounting

3. University of Glasgow

The University of Glasgow is one of the UK's oldest and most prestigious seats of learning. Part of the Russel group institutions, the University of Glasgow is well funded. The university provides numerous opportunities for students in accounting and finance, thus, providing an effective learning experience.

QS Ranking 2023	81
QS Accounting & Finance Ranking 2022	61
Average Annual fees	£30,250
Program Offered	MAcc International accounting and financial management

4. University of Manchester

The University of Manchester encourages young minds and emphasis upon industrial collaborations and innovation. The focus of the programs here is on equipping students with advanced knowledge of accounting theory and practice. Studying at the University will help you land the best accounting job in the country.

QS Ranking 2023	28
QS Accounting & Finance Ranking 2022	18
Average Annual fees	£32,000
Programs Offered	MSc Accounting and Finance MSc Accounting

5. University of Warwick

The University of Warwick has a great overall reputation. Be it the student culture, tutor-student interaction, faculty, networking opportunities, and so on. Accounting graduates from this institution are usually appreciated for their mature industrial knowledge of the subject, thus making it a great place to study.

QS Ranking 2023	64
QS Accounting & Finance Ranking 2022	36
Average Annual fees	£38,000
Programs Offered	MSc Accounting and Finance MSc Business with Accounting and Finance

After pursuing a masters in accounting in UK, you will definitely want to look for a job. So, let’s take a look at the MSC accounting and finance salary in UK.

Job Opportunities in UK after Masters in Accounting

Accounting graduates can work for multiple companies in the accounts and finance department or in various accounting firms. You can also freelance or work independently with a skill like accounting in UK.

Some of the top accounting firms in UK you can work for are:

• PwC
• Deloitte
• KPMG
• Grant Thornton
• BDO
• RSM
• Smith & Williamson
• Moore Stephens
• Saffery Champness
• Haines Watts
• Crowe Clark Whitehill and UHY Hacker Young
• BDO
• Grant Thornton

Some popular jobs with their average salaries are mentioned below:

Job Titles	Average Salary/ year
Auditor	£40,000
Financial Accountant	£48,000
Tax Accountant	£44,000
Financial Analyst	£44,000
Management Accountant	£35,000
Accounting Managers	£40,000
Accounting Clerk	£30,000
CFO/Vice President	£95,000

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Studying accounting in the UK is a fruitful journey to embark on. The potential MSc accounting and finance jobs in UK, the rewarding salaries, and the happening student life in UK are what make it the top destination for studying accounting. Therefore, accounting in the UK for international students gives you a beneficial ROI.

However, the process can be intimidating for the students. If you, too, are getting stuck somewhere or need end-to-end expert guidance, get in touch with our counsellors by subscribing to Yocket premium.