Best country to study accounting UK or USA

Many colleges and countries across the world offer programs that are highly recognized and acknowledged, and studying accounting abroad is one such field where the students get the opportunity to work with different people and organizations and meet the objectives of the company. With this certainly growing field, you can make a successful career in your home country and anywhere in the world. One of the top places for accounting degree is either the UK or the USA, but there is still some uncertainty about which nation to pick. What are the differences in their accounting practices? The cost and many other factors are lined up by the students. Let's find out the major differences and help you choose the best-suited country for you as per your requirements.

An outline

Speaking of or contrasting the two would be challenging because both are among the best places in the world for accounting studies and offer fantastic chances to students. The top accounting firms in both countries, including ACCA, CIMA and AAT, PwC, Deloitte, EY, and KPMG, which has many locations around the UK, hire thousands of students. Likewise, in the USA, it honors the most successful businesses as well as one of the big investment banks (such as JPMorgan Chase, Bank of America, or Wells Fargo) or even those who work on the renowned Wall Street. No matter where you study, you will be studying and working with the top organization and have a flourishing career.

Career prospects

One of the biggest financial marketplaces in the world is the US economy. The third-best business position is an accountant, according to the rankings. Over the next ten years, it is predicted that the demand for accountants and auditors in the US market would increase by 10%.  The UK's corporate finance, investment, and professional firms would all hire accounting graduates. Each individual who is interested in a career in accounting and finance can gradually grow their net worth. The accounting sector offers decent salaries to those with little experience.

Difference in practicing

The Kingdom complies by the International Financial Reporting Standards (IFRS) along with the 144 additional countries throughout the world follow IFRS. This indicates that a UK accounting degree has the potential to give you access to a global career.

Your accounting skills won't be transferable since the USA accounting standards uses an exclusive method of accounting. Only foreign enterprises must adhere to IFRS standards under American law. Generally Accepted Accounting Standards (GAAP) is guidelines that are only expected to be followed by American businesses (GAAP). In other words, if you have an American degree, you can only work for US organizations. If you want to work for Indian or other companies, you must enhance your knowledge of IFRS.

Living expenses

The cost of living is significantly higher if you decide to study in London or New York. Hence, in the UK or the USA, you might try studying in a smaller city with a cheaper cost of living. Additionally keep in mind that while an accounting degree requires four years to accomplish in the States, it only requires three years to study accounting in the UK. Hence, the UK is your best option if you want to save money and graduate with your degree more quickly.

Income opportunities

An entry-level tax accountant in the UK makes, on average, £41,250 ($58,752), while a more experienced tax accountant can expect to make £56,750 ($80,829), according to global recruitment firm Robert Half. If you have earned a US accounting degree, then a mid-level tax accountant may expect to earn roughly $87,000 (£61,100), while an entry-level accountant will likely start out with around $44,750 (£31,427). Thinking about the kind of accountant you want to be at this time may also be helpful.