Masters in Accounting in UK: International Students’ Subject Guide
Masters in Accounting is a 10-12 months graduate program for full-time enrollment with an average annual tuition fee of 25,000 GBP. The program covers a wide range of topics within the disciplines of accounting and finance, including corporate reporting, auditing and assurance, taxation, finance, business strategy, business management, and professional ethics.
- The University of Cambridge offers only part-time Masters in Accounting for 2 years.
- Top UK universities offer admission to the program during the September and January intakes.
- The tuition fees charged for the domestic and international students remain the same at the University of Warwick.
- The average salary of accounting jobs in London is the highest at 79,207 GBP, while Wales has the lowest average salary, of £41,129, in comparison with the overall average of 62,042 GBP.
- Accountants in practice earn 55,030 GBP while Industry accountants earn an average of 68,004 GBP, hence, constituting a 24% difference.
- Given below is an image describing the paths chosen by the graduates in accounting:
Why Study Masters in Accounting in UK?
- Around 8 universities of UK are ranked among the Top 50 Global Universities for their Accounting & Finance programs.
- An additional demand of 80,000 accounting professionals is expected by the end of 2050.
- Masters in Accounting from the UK can progress careers in one of the best and largest sectors in the world, the London financial sector.
- The annual salary of entry-level accountants ranges from 35,000 GBP to 45,000 GBP, with an increase to 70,000 GBP within four years of employment and 100,000 GBP for senior roles.
- Accounting professionals in the UK can earn up to 122,000 GBP annually as federal/government employees. In the private sector accounting professionals can earn up to 117,000 GBP.
Masters in Accounting in UK: Top Universities
Given below is the table listed some of the popular and globally ranking UK universities offering MAcc/Masters in Accounting. The details of the degree type, duration, and the program fees are also discussed below:
|Global Subject-Wise Ranking||University||Program/Duration||Total Program Fees (GBP)|
|Masters in Accounting(MAcc)|
|#8||University of Cambridge||Master of Accounting (2years- only part-time)||49,000|
|#51-100||University of Glasgow||MAcc International Accounting and Financial Management (1 year)||28,420|
|#51-100||Durham University||Master of Accounting (1 year)||26,500|
|#201-250||University of Liverpool||Master of Accounting (1 year)||23,000|
|Masters in Accounting and Finance|
|#31||Imperial College London||MSc Finance and Accounting (1 year)||35,900|
|#5||London School of Economics||MSc Accounting and Finance (9 months)|
MSc Accounting, Organizations and Institutions (10 months)
|#49||University of Edinburgh||MSc in Accounting and Finance(1 year)||31,350|
|-||King's College, London||MSc Accounting and Financial Management (1 year)||29,850|
|#21||University of Manchester||MSc Accounting(1 year)|
MSc Accounting and Finance (1 year)
|#36||University of Warwick||MSc Accounting and Finance (1 year)|
MSc Business with Accounting and Finance(1 year)
|#51-100||University of Bristol||MSc Accounting and Finance(1 year)|
MSc Accounting, Finance, and Management(1year)
|-||Queen Mary University of London||MSc Accounting and Finance(1 year)|
MSc Accounting and Management(1 year)
Masters in Accounting in UK: Admissions
MAcc in the UK requires international applicants to submit certain additional documents and fulfill specific eligibility criteria. The details of the admission process for being considered for masters in accounting in UK are given below.
How To Apply
Prospective students ambitious for a Masters degree in Accounting can apply directly to the respective universities. Some universities have application portals,however, some have online application forms.
For applying with universities, you are required to do the following:
- Make an account with the university
- Choose program of study
- Make sure you fulfill the eligibility criteria
- Apply via university portal/online application form
- Submit documents and proofs required
- Submit application fee
- Submit the application form
Masters in Accounting in UK: Eligibility Criteria
Applicants are required to fulfill the following general and university specific eligibility criteria to study in the UK.
- Minimum education: An educational background of 16 years, with a breakup of 10+2+4, the proof of which is mandatory
- A 4-year bachelor's first-class degree in a relevant field from a recognized university is always preferred. If you have a bachelor’s degree in any other field with proficiency in the fundamentals of accounting, you can still apply for the program.
- Fulfill minimum test score requirements to demonstrate proficiency in the English Language
- Work experience in accounting, audit, finance, computer science, engineering, applied mathematics or other relevant fields is an added advantage to secure admission to the program
University-Specific Eligibility Criteria
The university specific eligibility criteria for applying to MAcc program in UK are as follows:
|University||Minimum UG Grade Equivalents||Other Requirements||TOEFL||IELTS|
|University of Cambridge||2:1 (or) equivalent GPA 3.6||Work experience required, interview||iBT:110||7.5|
|University of Glasgow||A Minimum cumulative 1st division or 75% in UG studies||-||iBT:90||6.5|
|Durham University||60%- 70% in UG degree||-||iBT:92||6.5|
|University of Liverpool||2:1 level (or)minimum first division in UG or 70% in UG||-||iBT:88||6.5|
|Imperial College London||2:1 level or 75% or CGPA:8.5/10||Work experience preferred||iBT:100||7.0|
|London School of Economics||2:1 level/ 65% or CGPA:7.5/10||GMAT: 650||iBT:100||7.0|
|University of Edinburgh||2:1 level/1st Class degree (60%+)||Work experience preferred||iBT:100||7.0|
|King's College London||Average of 75%||-||iBT:100||7.0|
|University of Manchester||60% - 80%||GMAT/GRE recommended||iBT:100||7.0|
|University of Warwick||High 2.1 or 1st achieved in a relevant subject at UG||GMAT (700) recommended||iBT:100||7.0|
- Candidates unable to meet the academic criteria can enter the program after completion of a pre-Masters pathway program in the respective universities.
- 2:1 Degree Equivalents: Upper Second Class which means a grade equivalent to 60-69% as per UKs standards.
- 2:2 Degree Equivalents: Lower Second Class which means a grade equivalent to 50-59%
Masters in Accounting in UK: Application Requirements
As part of the online application, international students need to submit the following supporting documents:
- A copy of officially completed degree certificate
- Official academic transcripts, detailing the subjects studied and grades obtained
- Official English translations of the certificates and transcripts, if required.
- Reference letters: Mostly 1 to 2 reference links are required while application.
- University specified statement of purpose/personal essay
- Updated Curriculum Vitae highlighting professional work experience and relevant skills.
- Proof of English Language proficiency
- GRE/GMAT scores (if required): Required for admissions in LSE, University of Manchester and for admissions in University of Warwick.
- Official ID including passport
- Financial affidavits as proof of funding
The admission to the Masters in Accounting is highly competitive. Hence, the UK universities recommend international students to apply at the earliest to secure admission to the program. Before enrolling prospective students need to have a strong background in statistics, business or econometrics with high academic standing and proficiencies in your professional life are added advantage to secure admission to the program.
The submitted application should be complete including the receipt application fee and all necessary supporting information. They are then reviewed by the respective admissions committee and the decisions are made based on the submitted documents. The admission decisions are emailed to the students. Students can also check the status of the application through the student’s portal. The selected students should confirm the acceptance offer within 3-6 weeks and pay the initial deposit as specified by the university as a commitment fee.
Masters in Accounting in UK: Cost of Study
The tuition fees and living costs account for most of the expenses while pursuing a Masters in Accounting in the UK. However, international students incur additional expenses in the form of pre-admission expenses apart from other postgraduate expenses. A complete detail of the expenditure is discussed below.
Pre-arrival Expenses (h3)
|Type of Expense||Cost (GBP)|
These expenses may vary depending on various conditions. Exams cost may vary depending upon the location and application fees may vary as per university.
Masters in Accounting in UK: Tuition Fees
The tuition fees for pursuing masters in accounting from UK’s top universities is compared in the graph given below:
Cost of Living in UK
UK Student Visa requirements mandate international students for funding of nearly 1015 GBP/month to meet the expenses while staying in the UK (anywhere outside London). While in London the expenses account for 1265 GBP/month. Tabulated below is the bifurcation of the cost of living in the UK for an international student.
Masters in Accounting in UK with Scholarships
Studying in the UK can be an expensive affair. The costs can be managed, if an international student applied forscholarships available to study in the UK. The merit and need-based university specific financial aid offered to international students are as tabulated:
|University of Cambridge||The Emily Booth Scholarship for Female Leadership in Business|
|University of Glasgow||Adam Smith Scholarship|
International College Achievement Award
International Leadership Scholarship
|7500 GBP tuition fee discount|
3000 GBP tuition fee discount
10,000 GBP tuition fee discount
|Durham University||Commonwealth Scholarship||Support for a year|
|University of Liverpool||Vice Chancellor's International Attainment Scholarships|
CommonWealth Postgraduate Bursary
Sir Ratan Tata Scholarship
|Up to 2500 GBP first-year tuition fee reduction|
Up to 2000 GBP fee reduction
Covers full tuition fees and living expenses
|Imperial College London||Women in Finance Scholarship|
|Up to 2000 GBP for 1 year|
Up to 2000 Euro for 1 year
|London School of Economics||Graduate Support Scheme|
LSE Master’s Awards
|5,000 to 15,000 GBP variable from £5,000 to a full award|
|University of Edinburgh||International MSc Scholarships|
Positive Action Scholarship
|Variable from 4,000 to 10,000 GBP|
10,000 GBP for 2
|University of Manchester||Master Scholarship for Indian residents 2020||7500 GBP reduction towards tuition fee|
Masters in Accounting in UK: Scope & Job Prospects
A master's degree in accounting boosts the career path towards a higher-level position in banking, taxation, insurance or any company with a financial division. 7 of the Top 10 jobs for accounting graduates are related to their degree subject. The following graph compares the employment distribution of accounting graduates in various sectors.
Post a masters in accounting from the UK an international student can apply for the following jobs and earn a cushy salary. The base salary and senior-level salary in the UK for postgraduates in accounting are as follows:
|Designation||Base Salary||Senior-level salary Range|
|Chartered Certified Accountant||25,000||40,000-100,000|
|Chartered Management accountant||32,000||46,000-129,000|
The potential recruiters of the accounting graduates in the UK include the Big Four accounting firms Price water Coopers, Deloitte, EY and KPMG and the top tier banks including JPMorgan, Goldman Sachs, Citi, Morgan Stanley, Bank of America Merrill Lynch.
The annual salary in the junior ranks of the top tier banks and Big Four accounting firms are almost similar starting at 28,000 GBP inside London and nearly 25,000 GBP outside London. On completion of the ACA exams, the salary range rose to nearly 44,000 GBP to 50,000 GBP.
The following table compares the average annual salary of 2018/19 in the junior auditor and partner-level positions of the Big Four accounting firms:
|Auditing Firm||Junior Auditor (GBP)||Partner level (GBP)|
|Ernst & Young||30,000||679,000|
As per recorded, the salaries in 2019 for accountancy and related fields are 3% higher than those of 2018. This suggests a continuous growth in the field making a graduate degree in accounting a lucrative course to pursue. It has also been noted that a rise of 29% is observed in the average salary of accounting graduate post completion of a masters degree.
Ques. What are the top universities for pursuing masters in accounting from the UK?
Ans. Some of the top universities in the UK that offer masters in accounting (MAcc/MSc Accounting) are University of Cambridge, London School of Economics, Imperial College of London, University of Glasgow, Durham College, University of Liverpool, etc.
Ques. What is the scope of pursuing masters in accounting from the UK?
Ans. International students pursuing masters in accounting in the UK can expect a minimum salary of 20,000 GBP (18 Lakhs INR). Some of the potential recruiters include the Big Four accounting firms and the top tier banks including JPMorgan, Goldman Sachs, Citi, Morgan Stanley, Bank of America Merrill Lynch. Big fours offer their junior auditors a handsome package of 28,000 GBP.
Ques. What are the basic eligibility criteria for pursuing masters in accounting in the UK?
Ans. An applicant must hold a bachelor's degree in a related field with a percentage score of 60-69% minimum (may vary in universities). International students must also have proof of English proficiency. Work experience and GMAT scores may be an added advantage.
Ques. How much does a masters in accounting in the UK cost?
Ans. A one-two year program at popular universities can cost you around 23,000-49,000 (GBP). This is nearly equal to 21 Lakhs to 45 Lakhs in INR.