MSc Accounting and Finance in UK: Universities & Course Details

Accounting and finance are two important pillars of the business world. Every organisation or industry requires proper auditing and analysis of financial accounts every year. This can only be made possible by professionals who are experts in this field. With an MSc in Accounting and Finance, aspirants can be professional and work for all kinds of companies around the world. Through this blog, we will help you understand what pursuing an MSc Accounting and Finance in UK entails, how you can get into the best colleges in the country and what your career could look like.

Overview of MSc Accounting and Finance in UK

A Master’s in Science (MSc) in accounting and finance is a postgraduate degree that provides you with in-depth knowledge about traditional and current theoretical principles, frameworks, and models of strategic accounting and strategic financial management. This degree can help you acquire the ability to apply knowledge, tools, and techniques to resolve technical issues while creating and analysing financial statements. With an MSc in accounting and finance, you will learn about analytical and problem-solving skills to help you in a corporate environment.

Why Study MSc in Accounting and Finance in the UK?

The UK is a country with age-old institutions and world-class education. Along with an extensive infrastructure, the country holds pride in housing some of the top universities in the world. Apart from this, the following reasons make the UK an ideal destination for you to study MSc in accounting and finance:

• Many UK universities that offer MSc in accounting and finance in their academic curriculum are accredited by the Association of Chartered Certified Accountants (ACCA) and the Chartered Institute of Management Accountants (CIMA). This accreditation can help you jump-start your career and gain an edge over your peers.
• As per the QS World Rankings 2021 of Accounting and Finance, around 14 universities in the UK are ranked among the top 100 global universities for accounting & finance programs.
• There is an expected addition of a demand for accounting professionals in the UK. The rise in demand is expected to be around 80,000 by 2050 as per Prospects, UK.
• Graduates can get the opportunity to work for the Big 4 accounting firms as they are headquartered in the UK.

Top Colleges Offering MSc in Accounting and Finance in UK

Imperial College London

Courses offered: MSc Finance and Accounting (1 year) QS World Rankings by subject 2021 – Accounting and Finance:  #33 Total tuition fees: Rs 38.89 lakhs Eligibility criteria: 2:1 level or 75% or CGPA of 8.5/10 in undergraduate degree; Work experience – preferred; IELTS – 7.0 Course details: Accredited by ACCA and CIMA, core modules include Financial Accounting, Corporate Strategy and Management Accounting. More than 15 elective optional modules to choose from, including Advanced Financial Accounting, Banks, Regulation and Monetary Policy, Corporate Dealmaking, Corporate Governance and Stewardship, Corporate Law and Corporate Tax Strategy, and so on. A dissertation has to be prepared at the end of the program.

University of Edinburgh

Courses offered: MSc in Accounting and Finance (1 year) QS World Rankings by subject 2021 – Accounting and Finance:  #40 Total tuition fees: Rs 34.60 lakhs Eligibility criteria: 2:1 level/1st Class undergraduate degree (60%+); Work experience – preferred; IELTS – 7.0 Course details: Core modules include Advanced Management Accounting, Current Issues in Accounting, Foundations of Finance Theory, Statistics for Finance, Advanced International Financial Reporting, Research in Corporate Finance. A dissertation has to be prepared at the end of the program.

University of Manchester

Courses offered: MSc Accounting (1 year); MSc Accounting and Finance (1 year) QS World Rankings by subject 2021 – Accounting and Finance:  #17 Total tuition fees: Rs 31.91 lakhs Eligibility criteria: 60% – 80% in undergraduate degree; GMAT/GRE recommended; IELTS – 7.0 Course details: Accredited to CIMA, core modules include Asset Pricing, Cross-Sectional Econometrics, Corporate Financial Reporting, Corporate Finance, and Qualitative Research Methods. Dissertation to be prepared at the end of the program.

London School of Economics

Courses offered: MSc Accounting and Finance (9 months); MSc Accounting, Organizations and Institutions (10 months) QS World Rankings by subject 2021 – Accounting and Finance: #4 Total tuition fees: Rs 32.21 lakhs Eligibility criteria: 2:1 level or 65% or CGPA: 7.5/10; GMAT: 650; IELTS – 7.0 Course details: Core modules include Asset Markets and Corporate Finance; Elective modules include Topics in Financial Reporting, Corporate Financial Disclosure and Investor Relations, Accounting, Strategy and Control and Management Accounting for Decision Making. Dissertation to be prepared at the end of the program.

University of Warwick

Courses offered: MSc Accounting and Finance (1 year); MSc Business with Accounting and Finance(1 year) QS World Rankings by subject 2021 – Accounting and Finance: #44 Total tuition fees: Rs 36.65 lakhs Eligibility criteria: High 2:1 or 1st rank achieved in a relevant subject in honours degree; GMAT 700 recommended; IELTS – 7.0 Course details: Core modules include Financial Markets, Management Accounting & Control, Financial Accounting: Theory and Context, Financial Reporting & Financial Statement Analysis, Corporate Financial Management, and Research Methods in Accounting. Dissertation to be prepared at the end of the program.

University of Birmingham

Courses offered: MSc International Accounting and Finance (1 year) QS World Rankings by subject 2021 – Accounting and Finance: #87 Total tuition fees: Rs 27.85 lakhs Eligibility criteria: 2:1 degree in accounting or related field; IELTS – 6.5 Course details: Triple Crown accreditation from the Association to Advance Collegiate Schools of Business (AACSB), the Association of MBAs (AMBA) and the European Quality Improvement System (EQUIS). ACCA qualification routes are available. Core modules include Accounting Theory and Policy, Corporate Financial Management, Professional Integrity and The Reflective Practitioner. A dissertation has to be prepared at the end of the program.

Lancaster University

Courses offered: MSc Accounting and Financial Management (1 year) QS World Rankings by subject 2021 – Accounting and Finance: #51 Total tuition fees: Rs. 22.93 lakhs Eligibility criteria: 2:1 undergraduate degree; IELTS – 7.0 Course details: The course is accredited by ACCA. There is an option to sit for the Chartered Financial Analysts (CFA) Level 1 professional exam after the first term. More than 18 modules are available through two terms. Candidates have to choose two core and four elective modules in each term. A dissertation is to be prepared at the end of the program.

Cardiff University

Courses offered: MSc Accounting and Finance (1 year) QS World Rankings by subject 2021 – Accounting and Finance: #101 – #105 Total tuition fees: Rs. 25.87 lakhs Eligibility criteria: 2:2 undergraduate degree in accounting, economics or finance; 5 years of work experience; IELTS – 6.0 Course content: Accredited by ACCA and AACSB, core modules include Accounting and Finance in Context, Contemporary Issues in Corporate Reporting, Corporate Finance, and Advanced Management Accounting

City University of London

Courses offered: MSc in International Accounting and Finance (1 year) QS World Rankings by subject 2021 – Accounting and Finance: #66 Total tuition fees: Rs. 29.50 lakhs Eligibility criteria: 2:1 undergraduate degree; GMAT of 600 – 800 (recommended); IELTS – 6.5 Course details: Accredited by CIMA, ACCA and ICAEW, core modules include Applied Empirical Accounting, Corporate Finance and Valuation, Financial Reporting, Research Methods for Finance Professionals, Strategic Cost Management, Accounting Information and Capital Markets, Advanced Corporate Finance, Financial Statement Analysis, and International Financial Management.

Eligibility Criteria

Although the eligibility criteria vary from university to university, you can follow the below-mentioned criteria as the general entry requirements in most UK universities:

• Educational background of a minimum of 16 years
• A 4-year bachelor’s degree in a relevant field with first-class grades or marks from a recognised university can increase your chances of getting selected.
• English proficiency test scores are compulsory for all international students from non-native English-speaking countries. For your test, you can choose among TOEFL, IELTS, PTE, etc.
• Work experience is highly valued at all UK universities. If you have work experience in accounting, applied mathematics, audit, computer science, engineering, finance, or other relevant fields, it can boost your application.

Documents Required

The following documents need to be prepared and submitted by applicants while applying for an MSc in Accounting and Finance in the UK:

• Official certified copy of your completed degree certificate
• Official academic transcripts
• Official and certified English translations of the certificates and transcripts, if applicable.
• 1-2 Letters of Reference (LOR)
• Statement of Purpose (SOP) / personal essay for university
• Updated CV/Resume highlighting achievements, professional work experience, and relevant skills.
• SOP for the UK Visa services
• English Language proficiency test scores to fulfil English Language requirements criterion
• GRE/GMAT scores, wherever applicable
• Official IDs and passport
• Proof of funding
• UK Study visa

How to Apply for MSc in Accounting and Finance in UK?

You can apply for MSc in accounting and finance in the UK by following the below-mentioned steps:

• Thoroughly research the program of your choice
• Choose the program of study on the university’s official website
• Check whether you fulfil the eligibility criteria or not
• Apply for the program through the university’s portal/online application form
• Fill out the application form
• Submit required documents and proofs
• Pay the application fee
• Submit the application form

Cost of Living in the UK

The UK is a country where the cost of living is a bit on the higher side. However, the cost of living in the UK varies from person to person depending upon their lifestyle, choice of accommodation, transportation costs, etc. To secure a UK student visa, the student needs to prove they have funding of around 10150 GBP/year to meet the living expenses. In the case of students planning to live in London, this figure rises to 12650 GBP/year as additional costs.

Scholarships and Funding

The UK provides several scholarships and funding opportunities to its international students every year. Some of the most popular scholarships that you can apply to are listed below:

• Imperial College London Women in Finance Scholarship – Up to 2000 GBP for 1 year
• Imperial College London Trendhim Scholarship – Up to 2000 Euro for 1 year
• London School of Economics Graduate Support Scheme – 5,000 to 15,000 GBP
• London School of Economics Master’s Awards – Variable from £5,000 to a full award
• University of Edinburgh International MSc Scholarships – Variable from 4,000 to 10,000 GBP
• University of Edinburgh Positive Action Scholarship – 10,000 GBP
• University of Manchester Master Scholarship for Indian Residents – 7500 GBP reduction towards tuition fee
• City University of London Chevening Scholarships – Variable
• University of Birmingham – Birmingham Master Scholarship – 2,000 GBP

Job Prospects

The UK provides extensive job opportunities to accounting graduates. An MSc in Accounting and Finance graduate can work in taxation, banking, insurance, and many other sectors concerned with financial aspects. Some of the most popular jobs in the UK for accounting graduates are listed below with their average salaries:

• Chartered Accountant – Rs. 29.91 lakhs per year
• Chartered Certified Accountant – Rs. 24.93 lakhs per year
• Chartered Management accountant – Rs. 31.91 lakhs per year
• Company Secretary – Rs. 19.91 lakhs per year
• External Auditor – Rs. 27.92 lakhs per year
• Forensic accountant – Rs. 23.95 lakhs per year
• Stockbroker – Rs. 24.93 lakhs per year

The UK houses the renowned Big Four firms, namely Deloitte, PWC, Ernst & Young, and KPMG. These firms provide some of the best-paying jobs to accountancy graduates worldwide. The average salary for a junior auditor at these firms is around Rs. 28 lakhs per year. As you work further, you can rise up the ranks and get a better position in these companies. Through consistent promotions, you can go up to being a partner. A partner at these companies earns an average salary of around Rs. 6.4 Crores per year to Rs. 8.8 Crores per year. On top of that, if you graduate from a university accredited to ACCA, you can get a good raise on your base salary with the ACCA accreditation in your resume.

Conclusion

An MSc in Accounting and Finance can be your stepping stone into the accountancy world. Completing your master’s from the UK can pave the way for an exciting career with a good growth trajectory. With a plethora of job opportunities in the country and several educational institutes providing world-class education, studying in the UK can be a memorable and rewarding experience.

Frequently Asked Questions