MSc Accounting and Finance in UK is a one-year post-graduate program that offers detailed knowledge about the accounting field along with financial knowledge. Students pursuing this course get to learn how financial decisions are taken in a business and how companies and their financial decisions impact society in general. Due to their specialized skills, Accounting and Finance graduates have been high in demand by companies all around the world.
Are you also planning to pursue MSc in Accounting and Finance in the UK? If the answer is yes, then this blog will help you greatly as it contains important information related to it!
|Course Name||MSc Accounting and Finance|
|Course Type||Full Time | Part Time|
|Duration of the Program||9 months – 2 years|
|Qualification Required||2:1 or 2:2 Bachelor’s hons. degree in Business, Accounting, Finance or any related stream from a recognised university|
|GPA||8 out of 10 GPA for Indian students or 3.2 out of 4.0 GPA|
|English Proficiency Requirements||2:1 or 2:2 Bachelor’s hons. degree in Business, Accounting, Finance or any related stream from a recognized university|
|Annual Tuition Fees||16,000 GBP to 42,200 GBP (INR 16.31 Lakh to INR 43.3 Lakh)|
|Annual Salary||32,000 GBP to 69,500 GBP (INR 32.63 Lakh to INR 70.87 Lakh)|
This Blog Includes:
- Why Study MSc Accounting and Finance in UK?
- Top Universities Offering MSc Accounting and Finance in UK
- Admission Process for MSc Accounting and Finance in UK
- Eligibility Criteria and Documents Required for MSc Accounting and Finance in UK
- Cost of Living in the UK
- Scholarships to Pursue MSc in Accounting and Finance in the UK
- Placements and Salary after Studying MSc Accounting and Finance in UK
Why Study MSc Accounting and Finance in UK?
As opposed to other countries many universities in the UK offer MSc Accounting and Finance instead of Masters in Accounting. This course offered by universities in the UK is quite popular who want to pursue postgraduation in the field of Accounting. Following are some of the reasons which make this course a top choice among Accounting students:
- Since the duration of the MSc Accounting and Finance course is 1 year in many of the universities in the UK therefore, this makes this course quite time-saving for the students.
- Students who complete MSc in Accounting and Finance in the UK get lucrative salaries when they get a job after the completion of the course. The average annual salaries of graduates of this course range from 32,000 GBP to 69,500 GBP (INR 32.63 Lakh to INR 70.87 Lakh)
- All the big 4 – Deloitte, Ernst & Young (EY), KPMG and Pricewaterhouse Coopers (PwC) have their headquarters in the UK and they are the biggest employers of the students who complete MSc Accounting and Finance.
- According to the QS Rankings 2023, 5 UK universities that offer Masters in Accounting are able to take the place in the top 100 institutions offering Accounting courses.
Also Read: Best Accounting Books
Top Universities Offering MSc Accounting and Finance in UK
There are many universities in the UK that offer Master’s in Accounting and are popular among Accounting students who want to pursue their postgraduation in a time-saving manner and at the same time take advantage of quality-driven courses. Following are some of the popular universities that offer MSc Accounting and Finance in the UK along with their QS Rankings 2023:
|University Name||QS Rankings 2023||Tuition Fee (per year)|
|University of Manchester (Alliance Manchester Business School)||47||33,500 GBP (INR 34.16 Lakh)|
|Imperial College London||6||42,200 GBP (INR 43.03 Lakh)|
|University of Edinburgh||15||37,200 GBP (INR 37.93 Lakh)|
|London School of Economics and Political Science||56||34,100 GBP (INR 34.77 Lakh)|
|Warwick Business School||NA||38,800 GBP (INR 39.57 Lakh)|
|University of Northampton||1001 – 1200||16,500 GBP (INR 16.82 Lakh)|
|University of Birmingham||91||28,890 GBP (INR 29.46 Lakh)|
|University of Bristol||61||31,100 GBP (INR 31.71 Lakh)|
|Cardiff University||166||26,700 GBP (INR 27.22 Lakh)|
|Lancaster University||146||26,500 GBP (INR 27.02 Lakh)|
Must Read: Best Universities for Finance in the UK
Admission Process for MSc Accounting and Finance in UK
In the UK the admission process to enrol students in MSc Accounting and Finance course is conducted twice a year. Students can apply either through the official website of the university or the UCAS online portal. It is important to note that for international students deadlines for application submission close one month before the native applicants therefore, international students are always advised to submit their application as soon as possible.
Eligibility Criteria and Documents Required for MSc Accounting and Finance in UK
In order to get admission into any course an applicant needs to make sure that they fulfill the mentioned eligibility criteria in order to avoid any confusion in the future. Mentioned below is the list of basic requirements that a candidate must meet and the documents required in order to apply for MSc Accounting and Finance in UK:
- Bachelor’s degree – The candidate should have a Bachelor’s hons. Degree (2:1 or 2:2) in fields like Accounting, Business, Finance or any other related field from a recognized university.
- GPA – The candidate should have secured a minimum of 60% on average during their under-graduation, 8 out of 10 CGPA, and 3.2 out of 4.0 GPA.
- GMAT Score – Although many universities do not ask for a GMAT score having a GMAT score of 650 or above will strengthen your application.
- Letters of Recommendation – The candidate should provide at least 1 professional and 2 academic Letters of Recommendation (LOR).
- Statement of Purpose (SOP) – The applicant needs to provide a Statement of Purpose of 500 words.
- English Proficiency – The candidate needs to provide proof of English proficiency through scores of English standardized tests – IELTS ( 6 to 7 overall score ), and TOEFL (88 to 100 overall score).
- Additional Documents – Students need to provide some additional documents like a UK Student Visa, official or certified copies of academic transcripts, and a valid passport.
(Source: YouTube – Kein Shah)
Cost of Living in the UK
Living in the UK as a student means paying high tuition fees and living expenses. Apart from this, London is considered the costliest place in the entire UK. If you are a native of India and are planning to go to the UK for higher studies it is important to note that the cost of living in the UK is 1.75 times that of the cost of living in India. As an international student living in the UK the approximate yearly expenses and cost of living will be around 14,000 GBP (INR 14.27 Lakh). The table below represents the common expenses and their approximate cost breakdown of a student:
|Type of Expense||Average Annual Expense|
|Personal Expenses||1,500 GBP (INR 1.52 Lakh)|
|Transportation||780 GBP (INR 79.5 thousand)|
|Utilities||2,200 GBP (INR 2.24 Lakh)|
|Accommodation||7,200 GBP (INR 7.34 Lakh)|
|Meals||2,400 GBP (INR 2.44 Lakh)|
Scholarships to Pursue MSc in Accounting and Finance in the UK
Scholarships are a great way to avoid any financial hurdles and pursue higher education with ease. Following are some of the scholarships given by various universities and institutions to students wanting to pursue an MSc in Accounting and Finance in the UK:
|Scholarship||University / Institution Offering||Eligibility||Award|
|Lancaster Master’s Scholarship||Lancaster University||Candidates pursuing postgraduation with excellent academic background||GBP 5,000 (INR 5.09 Lakh)|
|Manchester Master’s Bursary||University of Manchester||Candidates pursuing MSc, MEd, MA, MRes, etc.||GBP 4,000 per year ( INR 4.07 Lakh)|
|Alumni Discount||University of Bristol||Candidates who are residents of commonwealth countries have official academic transcripts and at least 2 references||Fee discount of 25%|
|Commonwealth Masters Scholarship||UK Government||Candidates who are residents of commonwealth countries, have official academic transcripts and at least 2 references||A stipend of 1,236 GBP per month (INR 12.60 Lakh), a full tuition fee coverage|
|Bristol Master’s Scholarship||University of Bristol||Students pursuing MRes, MA or MSc||GBP 2,000 (INR 2.03 Lakh)|
|LSE Master’s Award||London School of Economics and Political Science||Candidates pursuing postgraduation with excellent academic background||Up to 5,000 GBP (INR 5.09 Lakh)|
Placements and Salary after Studying MSc Accounting and Finance in UK
Graduates of MSc Accounting and Finance get to take advantage of various career opportunities along with lucrative salaries. The average annual salary of an Accounting postgraduate in the UK ranges from 32,000 GBP to 69,500 GBP (INR 32.63 Lakh to INR 70.87 Lakh). The table below represents various job profiles that an Accounting postgraduate can explore:
|Job Profile||Average Annual Salary|
|Financial Director||GBP 69,500 (INR 70.87 Lakh)|
|Financial Manager||GBP 44,400 (INR 45.28 Lakh)|
|Management Accountant||GBP 37,700 (INR 38.44 Lakh)|
|Accountant||GBP 32,200 (INR 32.83 Lakh)|
|Senior Auditor||GBP 40,800 (INR 41.60 Lakh)|
|Financial Controller||GBP 56,700 (INR 57.82 Lakh)|
|Chartered Accountant||INR 32,000 (INR 32.63 Lakh)|
Also Read: Career in Accountancy
The average tuition fee for MSc Accounting and Finance course in the UK is 16,000 GBP to 42,200 GBP (INR 16.31 Lakh to INR 43.3 Lakh).
The applicant who has completed 2:1 or 2:2 Bachelor’s Hons. degree in streams like Finance, Business, Accounting or any other related field is eligible to apply for this course.
The graduates of Accounting and Finance courses in the UK are eligible to pursue careers in various fields like investment banking, financial management, financial reporting, auditing, taxation, etc.
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