Studying Accounting is very interesting but where to study may pose a challenge. It is, therefore, important to carry out research before enrolling in an accounting program in any school. So, this post provides information on the top accounting schools in the World.
Research has shown that top firms in the world tend to hire graduates from one of these top accounting schools. So, it is important to carefully read through this article and select one that best fits your needs.
You’ll find information on tuition fees, location of the school, and program type, as well as, how to become an accountant and how much you will earn as an accountant.
Here is a brief history about the accounting field!
Accounting started growing as an important profession during the industrial revolution. However, the first professional association for accountants, the American Association of Public Accountants, was set up in 1887; they got their license to practice in 1896.
As an accountant, you must obey the rules and guiding principles of the region where you practice. Also, accountants get certifications from national professional associations after meeting the requirements. Professional public accounts have a legal duty, to be honest, to avoid carelessness in their duties.
Who is an Accountant?
An accountant is a qualified person that records business transactions of an organization, reports on company performance to management, and issues financial statements.
- give an invoice to a customer, which deals with recording a sale and account receivable.
- collect an invoice from a supplier, which is made up of recording an expense or asset and an account payable.
- give a salary or wage paid to an employee, which has to do with recording an expense and the outflow of cash.
- reconcile a bank statement, which likely produces reconciliation to the cash account.
Also, an accountant may go into creating a number of processes within a business. These processes cover several controls to ensure that assets are properly managed. They include:
- Shipments to customers
- Receipts they get from suppliers
- Cash receipts from customers
How much does an Accountant make?
Accountants make a median salary of $69,350. Also, the best-paid 25 percent make $91,770, while the lowest-paid 25 percent earn $54,250.
How can I become an Accountant?
To become an accountant, you must:
- Obtain the right degree
- Choose a specialty
- Choose between Accountant and CPA
- Pass CPA exam
- Get an entry-level accounting job
- Check out for continuing educational opportunities
#1. Obtain the right degree
A bachelor’s degree in accounting is the least educational requirement for those who plan to become a Certified Professional Accountant. Some states, however, require advanced coursework beyond the normal bachelor’s degree in subjects. These subjects include financial reporting, taxes, and auditing.
Also, an accountant needs a total of 150 credit hours in accounting and related areas. Students who wish to become a CPA should check the particular education requirements.
Several CPAs also continue their post-secondary education so as to earn a master’s degree.
#2. Choose a specialty
Almost all accountants and CPAs specialize in one or more areas of practice. However, the two areas of specialization are public accounting and corporate or business accounting.
Also, a number of sub-specializations also exist. They include environmental accounting, internal auditing, managerial accounting, and taxes. Most times, the area of specialization one chooses coincides with the accounting degree the person earns.
#3. Choose between Accountant and CPA
The major difference between an accountant and a Certified Public Accountant is that an accountant is someone hired to work in the accounting departments of businesses, but lacks many of the qualifications of a CPA.
Also, accountants may not have state certification or licensure. They can perform certain limited tasks, such as the preparation of financial statements. They may prepare tax returns only if they have passed the required IRS test or have a Preparer Tax Identification Number. However, accountants do not conduct audits or review financial statements.
On the other hand, Certified Public Accountants must meet a number of specific requirements. However, these requirements include earning a college degree, passing all parts of the CPA exam, and working for a set number of hours (usually 1800) under the supervision of an actively licensed CPA.
Also, CPAs can carry out all of the same tasks which a public accountant does and also do auditing, reviewing of statements, and representing clients before the IRS.
Regardless, before you decide the type of accountant career to pursue, you must assess your personal goals and willingness to put in the considerable time and effort needed to become a CPA.
#4. Pass CPA exam
Almost every state requires CPA students to pass all four parts of the CPA exam. The four parts of the exam are:
- Audit and Attestation
- Financial Accounting and Reporting
- Business Environment and Concepts
The CPA exam comes during the first two months of every quarter, and typically over the course of several days. So, students may take the test parts in any order they choose. But the moment they pass one part, they must successfully complete the other three parts in a space of 18 months.
Now, because of how hard the CPA exam is, most CPA test candidates enroll in private test preparation courses.
#5. Get an entry-level accounting job
Before you graduate from any of the best accounting schools, try to get an accounting internship. Just take the necessary steps to create a resume and open a social media platform that focuses on a career such as LinkedIn.
The essence of doing this is to get prepared so that when it’s time to apply for entry-level accounting positions, you’ll be ready to hit the ground running. Also, websites like LinkedIn have job postings that allow you to apply for these jobs directly.
In addition, you can check your school’s job listings, check out for networking opportunities, and visit both local and national job search sites.
#6. Check out for continuing educational opportunities
The moment you gain your first job, sitting back to enjoy the ride after all the hard work of the college is always tempting. Now is the time, however, when you should be thinking about the next moves you’ll need to move up the career ladder.
Earning a certification in accounting or a master’s degree in accounting can help you to boost a career. Even if you don’t have your CPA yet, it’s something you may want to gain immediately.
How long does an Accountant go to one of the best accounting schools in the world?
Actually, it depends on the level of your dedication. For you to become an accountant, you need the following time:
- Firstly, associate’s degree programs, which provide entry-level opportunity, normally takes two years to complete.
- Secondly, bachelor’s degree programs require four years to finish.
- Finally, a master’s degree program or an MBA which generally takes one-to-two years to complete.
What is the expected job growth of Accountants?
The employment of accountants and auditors will grow 6 percent from 2018 to 2028, about as fast as the average for all occupations according to the BLS. Globalization, a growing economy, and a complex tax and regulatory environment are expected to continue to lead to high demand for accountants and auditors.
What are the Best Accounting Schools in the World?
We in World Scholarship Forum have put together a list of the best schools for accounting in the world that offer courses in any accounting degree for you.
Our 15 top accounting schools based on uniRank’s ranking of world universities and this information is from reliable government sources, student surveys, college graduate interviews, and editorial review.
So, based on these criteria, here is a list of our 15 best undergraduate accounting schools in the world :
- London School of Economics
- University of Pennsylvania
- New York University
- National University of Singapore
- Indiana University, Bloomington
- University of Toronto
- Hong Kong University of Science & Technology
- Tsinghua University
- University of Manchester
- University of Sydney
#1. London School of Economics
The London School of Economics and Political Science (LSE) is known as an international center of academic excellence and innovation. Also, LSE is one of the best accounting schools in the world is known for studying real-world issues, from economics, politics, law, sociology, anthropology, accounting, and finance.
It has an enrolment of 5,001 undergraduate students. This school has students from over 160 countries worldwide.
Acceptance rate: 9%
Graduation rate: 91.3%
Address: Houghton St, Holborn, London WC2A 2AE, United Kingdom
Tuition fee: Local tuition 9,250 GBP, International tuition 18,408 GBP
Student-faculty ratio: 6
Accreditation: Privy Council
#2. University of Pennsylvania
The University of Pennsylvania is a private Ivy League research university in Philadelphia, Pennsylvania. It is one of the best schools for accounting and offers its accounting undergraduates a genuinely world-class education.
Accounting here combines traditional accounting with modules that show the profession’s evolution, such as in predictive analytics and basic programming.
It has an acceptance rate of 9% and a graduation rate of 96%.
Student-faculty ratio: 6:1
Tuition fee: $55,584
Accreditation: Middle States Commission on Higher Education
Address: Philadelphia, PA 19104, United States
#3. New York University
New York University is a private school that was founded in 1831. This is one of the top accounting schools and has additional campuses in Abu Dhabi and Shanghai with an undergraduate enrollment of 26,733.
Basically, students graduate from New York University with a B.Sc in Business, of which accounting is one of 13 study streams. They also learn the necessary accounting principles in order to gain CPA status.
NYU has an acceptance rate of 32%, a graduation rate of 85%, and a student-faculty ratio of 9:1. This top accounting school has a tuition fee of $53,229.
Accreditation: Middle States Commission on Higher Education (MSCHE)
Address: New York, NY 10003, United States
#4. National University of Singapore
The school of business in NUS was founded in 1965 and the BBA accounting program started in this school in 2007. The National University of Singapore is currently one of the best schools for accounting.
Basically, the BBA in Accounting program allows graduates to directly enter the professional stage of the Singapore Chartered Accountant qualification, with the curriculum particularly designed to giving an Asian perspective.
This best accounting school has an acceptance rate of 25% and a student-faculty ratio of 8:1.
Tuition fee: S$31,800
Accreditation: WASC Senior College and University Commission (WSCUC).
Address: 21 Lower Kent Ridge Rd, Singapore 119077
#5. Indiana University, Bloomington
This University is a public research university in Bloomington, Indiana. The undergraduate accounting program here is always recognized as one of the best in the world. It has a curriculum that is specifically designed to help the student gain the CPA.
Here, students are tasked with attending industry-specific communication courses to prepare them for the world of business.
It has an acceptance rate of 79%, a graduation rate of 78% of students, and a student-faculty ratio of 16:1.
The tuition fee is $10,831 for Indiana residents and $36,078 for out-of-state students.
Accreditation: The Higher Learning Commission
Address: 107 S Indiana Ave, Bloomington, IN 47405, United States
#6. University of Toronto
Founded in 1827 as King’s College, the University of Toronto is a public research university in Toronto, Ontario, Canada. It is one of the best schools in accounting in the world.
Here, students learn key accounting skills, as well as develop important decision making, communication, and analysis skills.
U of T has an acceptance rate of 60%, a graduation rate of 77% of students, and a student-faculty ratio of 7:1.
The tuition fee is 6,590 CAD for residents and 45,690 CAD for international students
Accreditation: Ministry of Training, Colleges, and Universities
Address: 27 King’s College Cir, Toronto, ON M5S, Canada
#7. Hong Kong University of Science & Technology
Founded in 1991, the Hong Kong University of Science and Technology is a public research university located in Clear Water Bay, Hong Kong.
It is among the top accounting schools in the world and it offers a four-year BBA in Professional Accounting. However, this includes the opportunity for student exchange programs, internships, and a lot of academic units across associated business and management programs.
It has an acceptance rate of 35%, a graduation rate is (N/A), and a student-faculty ratio of 20%.
The tuition fee is 42,100 HKD (local tuition), 140,000 HKD (international tuition)
Accreditation: Education Bureau, Hong Kong SAR
Address: Clear Water Bay, Hong Kong
#8. Tsinghua University
Established in 1911, Tsinghua University is a major research university in Beijing and a member of the C9 League of Chinese universities. It is currently one of the top accounting schools.
Here, students of accounting are enrolled in the School of Economics and Management. The curriculum is taught to international standards with language skills in both Mandarin and English.
Tsinghua University is keen to produce graduates who can combine innovation with analysis.
It has an acceptance rate of 83%, a graduation rate of 75% of students, and a student-faculty ratio of 12:1.
The tuition fee is 7,500 USD per year.
Accreditation: Ministry of Education of The People’s Republic of China
Address: 30 Shuangqing Rd, Haidian, Beijing, China
#9. University of Manchester
The University of Manchester is a public research university in Manchester, England. It is one of the best schools for accounting and was established by the merger of the University of Manchester Institute of Science and Technology and the Victoria University of Manchester in 2004.
The accounting program is always recognized for its high standard of teaching. Also, the University of Manchester is known for its ICAEW-approved curriculum and its uniquely close ties to top accounting firms such as PricewaterhouseCoopers.
The program also has a three-year study option and students here get the chance to spend an additional year working in an industry with one of the school’s many partners.
It has an acceptance rate of 59%, a graduation rate of 64%, and a student-faculty ratio of 12:1.
The tuition fee is $ 9,250 GBP (residents) and 21,000 GBP (international students).
Accreditation: The Higher Learning Commission
Address: Oxford Rd, Manchester M13 9PL, United Kingdom
#10. University of Sydney
Founded in 1850, the University of Sydney is a public research university in Sydney, Australia. It is the first university in Australia and is regarded as one of the best universities in the world.
The business school here helps students to know all the basics of financial accounting principles. Students also have the opportunity to pursue many electives and modules on data analysis.
It has an acceptance rate of 30%, a graduation rate of 88%, and a faculty-student ratio of 10:1.
The tuition fee is between 36,000 and 57,000 AUD per year.
Accreditation: The Association to Advance Collegiate Schools of Business
Address: Camperdown NSW 2006, Australia
FAQs on the Best Accounting Schools in the World
What jobs can I get with an accounting degree?
The job opprotunities you can get with an accounting degree include:
1. Certified Public Accountant.
3. Accounting Manager.
4. Financial Manager.
5. Investment Banker.
6. Chief Financial Officer
What is the highest accounting qualification?
Actually, becoming a member of the Association of Chartered Certified Accountants (ACCA) is the highest qualification in this field.
What skills do I need to become an Accountant?
For you to be a good accountant, you need to have:
2. Good decision making
4. Business acumen and interest.
5. Organizational skills and ability to manage deadlines.
6. Ability to work with a team
7. Communication and interpersonal skills.
8. Proficiency in information technology.
What is the highest degree in Accounting?
For you to earn the highest degree in Accounting, you need to have a Masters in Accounting or a Doctorate degree.
The best undergraduate schools for accounting in the world teaches students who are aspiring to be CPAs to record business transactions of an organization, give reports on company performance to management, and issue financial statements.
To become an accountant, you need a bachelor’s degree and it takes four years to complete in most of the best undergraduate schools for accounting listed above. Also, some accountants go on to earn a master’s degree program and MBAs which takes one-to-two years to complete.