Master’s in Accounting: Best Universities, Syllabus and Jobs
The accounting field has transformed and has become an important element for businesses of all sizes. While basic accounting skills are valuable, a Master of Science (MSc) in Accounting provides you with advanced knowledge and opens doors to exciting career opportunities abroad. We’ll explore the various benefits of pursuing a master’s in accounting course structure along with the universities that offer them.
Why Choose an Master’s in Accounting?
Here are some reasons and benefits of pursuing a master’s in accounting:
- Enhanced Career Prospects: Getting a master’s in accounting broadens your job possibilities internationally. This can translate into more stable, higher-paying positions. Studying abroad exposes you to the specific skill sets sought after in developed countries, leading to a more rewarding career path.
- In-Demand Skillset: Skilled accountants are in high demand, from multinational corporations to local start-ups. A strong foundation in accounting allows you to contribute to the financial well-being of any organisation, regardless of the industry.
- Professional Flexibility: An MS in Accounting and Finance goes beyond the traditional tasks of recording transactions and maintaining financial records. It helps you to pursue a variety of career paths, offering greater professional flexibility.
Master’s in Accounting Courses
Studying for a Master’s in accounting offers great opportunities for international students due to the valuable experience they gain. The course format for the top accounting master’s program can differ depending on the university you are enrolled in.
Programme Length
Different countries have universities that offer an MS in accounting program which typically takes 1-2 years to complete.
Here is the list of accounting courses:
Common Master’s in Accounting Course:
- Advanced Accounting
- Auditing
- Taxation
- Forensic Accounting
- Business Statistics
- Analytics
- Managerial Accounting
- Information Systems
Master’s Concentration Options:
Many master’s programs offer concentrations to prepare you for a specific accounting specialisation. Here are some popular specialisations are:
- Taxation
- International Accounting
- Forensics
- Public Accounting
Thesis, Capstone Project, or Internship:
Some programs require a thesis, capstone project, or internship for completion. In some cases, relevant work experience can satisfy internship requirements. A master’s thesis involves original research and is typically a substantial document (60-100 pages). Capstone projects focus on applying concepts to solve real-world accounting problems, potentially involving collaboration with clients.
Top Universities Offering Masters in Accounting
Many universities offer master’s in accounting abroad. These universities are reputed and give excellent returns on investment to the students through scholarships and placements. Here is a list of the top universities for masters in accounting according to QS World University Ranking 2024-Accounting and Finance:
| University | QS Business Masters Rankings 2024 | Course | Duration | Tuition Fee |
|---|---|---|---|---|
| Harvard University | 1 | PhD in Business Administration | 2 Years | USD 58,746 |
| University of Oxford | 4 | MSc. in Accounting and Finance | 1 year | £18,950 |
| University of Chicago | 5 | MBA Accounting | 2 years | USD 84198 |
| The London School of Economics and Political Science (LSE) | 6 | MSc Accounting and Finance | 9 months | £36,168 |
| University of Cambridge | 7 | Executive Master of Accounting | 2 years | £49,000 |
| University of Pennsylvania | 8 | MBA in Accounting | 2 years | $84,830 |
| New York University (NYU) | 10 | MS in Accounting | 9 month | $62,250 |
Career Opportunities After Pursuing Master in Accounting
A Master of Science (MSc) in Accounting provides you with advanced knowledge and opens doors to rewarding career paths. Here’s a look at some popular options and their average salaries (remember, salaries can vary based on experience, location, and industry).
- Financial Analyst: Financial Analysts assess a company’s financial health, analyse data, and provide valuable insights that inform investment decisions.
- Forensic Accountants: These skilled professionals use their auditing experience to look for financial wrongdoing and provide specialist opinions in legal cases involving financial fraud.
- Management Accountant: Management Accountants play a critical role within organisations. They create internal financial reports, making informed business decisions, and demonstrating proficiency in cost analysis, budgeting, forecasting financial trends, and improving business processes.
- Auditor: Auditors ensure the accuracy of financial statements and compliance with relevant regulations. They critically evaluate the financial health of organisations and adherence to established guidelines across various sectors, from government to private companies.
- Financial Manager: Financial Managers are key figures in the business world. They oversee the smooth day-to-day operation of an organisation’s financial functions, provide financial advice to clients, and manage financial planning strategies.
Here is the list of average salaries after pursuing masters in accounting:
| Job Role | Salaries |
|---|---|
| Financial Manager | $97,605 |
| Financial Analyst | $77,280 |
| Forensic Accountant | $80,066 |
| Auditor | $59,244 |
| Managerial Accountant | $83,240 |
Master’s in Accounting Admission Requirements for International Students
International students seeking admission to a Master of Science (MSc) in Accounting programme at a top university will have to fulfil specific requirements. Here’s a breakdown of the key criteria:
Academic Background:
Bachelor’s Degree: A bachelor’s degree in finance or accounting from a recognised university is mandatory. Strong academic performance is expected, with an average of 70-80% marks.
English Language Proficiency:
English Language Testing: English language proficiency is essential for both admission and visa applications. Accepted tests include IELTS, TOEFL, or PTE. Typical score requirements range from:
- TOEFL: 85-100
- IELTS: 6.0-7.5
- PTE: 50-59
Standardised Tests:
GRE/GMAT Scores: While not all universities require them, some may request GRE or GMAT scores for master’s programmes. Average required scores are:
- GRE: 320 or above
- GMAT: 650-690
- GMAT Focus: 705 or above
Work Experience:
Experience Advantage: Certain universities offer MSc programmes designed to provide a comprehensive understanding of the field. These programmes may require 2-3 years of work experience for admission.
Additional Requirement:
Passport and Student Visa: All international students must possess a valid passport and obtain a student visa before enroling in an MSc in Accounting programme. It’s crucial to apply for the visa at least 3 months before your departure date.
Also read – Ways to Fund your Overseas Education
Documents Required for a Master’s in Accounting Application
Securing admission to a top Master of Science (MSc) in Accounting programme abroad requires the submission of a specific set of documents. Here’s a breakdown of the essential documents:
- Educational Transcripts: Official transcripts from all previous educational institutions attended are mandatory.
- Standardised Test Scores: While not all universities require them, some may request GRE or GMAT scores.
- Letters of Recommendation: Aim for two to three letters that speak to your academic abilities, work ethic, and potential for success in a graduate programme.
- English Language Test Scores: Proof of English language proficiency is essential.
- Updated Resume or CV: A well-crafted CV that highlights your relevant academic and professional experience is crucial.
- Statement of Purpose: A compelling statement of purpose outlining your academic background, career goals, and reasons for pursuing an MSc in Accounting is essential.
- Valid Passport: A valid passport is required for international study.
- Study Permit: Get the necessary student visa or study permit for the country. Application procedures and timelines can vary, so it’s important to plan accordingly.
Conclusion
Getting a Master of Science (MSc) in Accounting can be an important turning point for Indian students. This degree offers the potential for career advancement, increased earning potential, and exposure to valuable global experience. By thoroughly understanding the program structure, essential requirements, and available specialisations, you can strategically plan your academic path and choose a program that perfectly aligns with your long-term professional goals.
FAQs
Is a master's in accounting abroad worth it?
A Master of Science (MSc) in Accounting abroad can be a valuable investment. It can enhance your career prospects by:
- Expanding your knowledge and skillset in accounting principles and practices.
- Qualifying you for a wider range of job opportunities.
- Earning a higher salary due to increased expertise and international exposure.
Why should I take a Master's degree in accounting?
The accounting profession is expanding. An MSc provides you with the latest knowledge and skills to stay updated. Additionally, it allows you to specialise in a specific area of accounting, such as forensic accounting or international accounting, catering your qualifications to your career goals.
What master's program is best for the accounting market?
The “best” program depends on your individual goals. Research universities offering MSc in Accounting programs and consider factors like program specialisations, faculty expertise, and career goals.
Are there any financial aids to fund my accounting studies abroad?
Yes. The financial aid includes scholarships, grants, student loans, part-time work, etc. Also, you can contact your university for any financial assistance given to international students in their country.
Which are the top countries to pursue a master's in accounting?
The top countries for masters in accounting are the USA, UK, Germany, Australia, and Canada.
If you are an aspirant looking to study at your dream university, book an appointment with AdmitX today and start your applications early to avail yourself of all the benefits.
