Pursuing a degree in accounting abroad: what you must know

When you hear the word “accounting”, you might immediately picture lots of numbers or perhaps an office full of accountants preparing and filing tax returns.

While that’s a common thought, accounting is actually more than that and in fact, applies to our daily lives so much more than we realize.

For example, you might have experienced having “too much month at the end of the money” when you did not carefully plan your budget for a specific month.

Another scenario would be that of managing a monthly household budget. Here, you would likely be able to predict your income and expenses for the month and aim to budget accordingly to pay the bills and also save some money.

Apart from our personal lives, accounting also applies to businesses as it helps to ensure the organization can stay afloat through the tracking of financial income, profits, expenditures and more.

If you’re comfortable with numbers and wish to pursue a career in this field, your next step would be to pursue a degree in accounting.

On top of gaining the necessary skills to succeed in the accounting industry, your degree would also offer the flexibility for you to enter other fields – from finance to education.

Future outlook of the industry

With an expected growth of 6% from 2021 to 2031, the US Bureau of Labor Statistics projects about 136,400 accounting and audit job openings every year on average in the US, making accounting a stable career path for those who choose it.

As more and more businesses pop up around the world, there will continue to be a steady demand for accountants on a global scale.

Apart from that, technological advancements will improve and help automate many tedious accounting tasks.

This will free up accountants’ time to take on more challenging work such as leading teams, staying updated about the ever-changing tax policies, handling data security challenges and more.

3 things you must know about studying accounting

1. The study options and costs

Most accountants typically have a Bachelor of Accounting, while some have diplomas or two-year certificates.

However, if you wish to go the extra mile and complete a postgraduate qualification such as a Master of Professional Accounting, you can do so after obtaining previous tertiary qualifications.

This can be particularly helpful if you wish to stand out from your peers in the workforce or make a career switch.

Expect to pay above US$30,000 for your accounting degree, depending on how prestigious your selected educational institution is.

While a two-year program can be more wallet-friendly, a bachelor’s degree might be necessary to secure a good job. Hence, it helps to properly research and find out more about the job prospects for such qualifications in your area.

2. The jobs and careers in the field

As an accounting graduate, you can pursue the following jobs within the industry:

• Tax accountant
• Project accountant
• Auditor
• Bookkeeper
• Forensic accountant
• Staff Accountant
• Accounts payable clerk

Apart from the jobs that made this list, there are also plenty of other accounting and related career paths out there, be it in the private sector or government agencies.

3. The cross-industry opportunities

In the event that you decide to not work as an accountant or in a related role, the good news is even with your accounting qualifications, there are other opportunities in different industries that you can pursue!

These jobs include being a business analyst, banker, math teacher, financial journalist, finance professor or financial advisor.

Alternatively, you can also take the entrepreneurial path and work for yourself if you decide to start your own company.

Embark on your accounting study journey today

There’s no doubt that accounting is a stable industry that can lead to a future-proof career. The question is, are you ready to go all in and take the plunge?

If you are, we can take that next step with you.

At IDP, we have a team of education counsellors equipped to offer you tailored guidance to select the most suitable course according to your career goals.

Besides that, we’ll be there to assist you throughout every step of your application process – from reviewing and choosing an accounting course to make arrangements for your accommodation.

Book your free counselling session to get started!