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A complete guide to accounting degrees

Thinking about taking an online accounting degree to learn specialist knowledge and improve your career opportunities? Find out everything you need to know here.

accountant at work

Looking for a stable career with excellent growth prospects, reliable salaries and the chance to work across many different businesses and industries? Accountancy might just be the right fit for you. 

While businesses around the world navigate an uncertain financial landscape, due to the constant economic shifts and technological advances in our society, the need for skilled accountants to guide them through challenges remains. Accountants provide the financial insights and strategic advice that help organisations make sound decisions, stay compliant, and grow sustainably.

In this article, we’ll explore different types of accounting degrees, some of the career paths available to you, salaries, and how studying online could help you strike the perfect balance between work, study and life.

What is accounting?

Accounting is something that most people are aware of, and may already have some knowledge about. But what does it really mean to study accounting, and what actually goes into the management of financial accounts?

At its core, accounting is the process of recording, analysing, and reporting financial information. It’s often described as the “language of business” because it helps organisations understand their financial health and make informed decisions. 

From balancing the books for small businesses to creating financial strategies for multinational corporations, accounting is all about making sense of the numbers to help businesses succeed. If you’re someone who enjoys problem-solving and has a knack for details, accounting might be an ideal career choice for you.

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Example modules on an accounting degree

So, what will you actually study on an accounting degree? There’s a lot of ground to cover, and it will really depend on the specific program and level you’re studying at, but there are certain topics that are fundamental to learn. 

Below, we’ve listed some example modules from accounting degrees at UK universities, to give you a better idea of what to expect.

  • Management accounting
  • Taxation
  • Auditing
  • Business ethics
  • Understanding statistics
  • Banking and investment
  • Reporting financial performances
  • Micro and macroeconomics for accounting
  • Financial markets
  • Corporate and business law.

Types of accounting degree

There are all kinds of accounting degrees out there, both at undergraduate and postgraduate level. However, it’s common for them to be double honours degrees, like Finance and Accounting, or Business and Accounting, so you can go for a degree that suits your goals and interests best.

If you want to become a Chartered Accountant, which means you’re a highly skilled accountant with the ability to practise in many different countries and offer specialist services and advice, you’ll need to make sure you go for a degree with professional accreditation from an accredited accountancy body. 

Some examples of these accredited bodies include:

  • Association of Chartered Certified Accountants (ACCA)
  • Chartered Institute of Management Accountants (CIMA)
  • Association to Advance Collegiate Schools of Business (AACSB International).

Skills you’ll learn on an accounting degree

There’s certainly no shortage of skills to learn on an accounting degree. It’s essential that you develop the more technical, mathematical skills required to understand managing financial accounts, but there are also many crucial ‘soft’, or transferable skills that will help you succeed across different industries and organisations.

Hard skills:

  • Financial reporting
  • Budgeting
  • Risk analysis
  • Tax law and regulation
  • Accountancy software
  • Statistical analysis
  • Financial analysis

Soft skills:

  • Critical and analytical thinking
  • Communication
  • Attention to detail
  • Ethical decision-making
  • Time management.

How long does it take to get an accounting degree?

If you’re studying alongside your day job, you’ll most likely have to choose a part-time degree. This means it’ll probably take 4 years to complete a bachelor’s degree, 2 years for a master’s degree, and 1-2 years for a postgraduate certificate.

Full-time degrees, on the other hand, are normally 3 years for a bachelor’s and just one year for a master’s. While full-time degrees are quicker to complete, it does take a lot more effort and hard work packed into a shorter time frame, so make sure you choose an option that works with your lifestyle and pre-existing commitments.

Entry requirements for an accounting degree

When it comes to entry requirements, there are not too many prerequisites for studying accounting. It will likely help if you have studied subjects like maths, accounting or economics at A-level or equivalent, but people with all kinds of different backgrounds go into this degree. Below we’ve listed the average entry requirements at undergraduate level.

  • A-levels: CCC
  • BTEC: BBBC
  • Vocational: MMM

When it comes to master’s degrees in accounting, the requirements are more specific, to match the increased difficulty. You’ll usually need a 2:1 in a relevant undergraduate program, such as maths, business, finance or accounting. 

Must-haves 

  • Relevant academic qualifications
  • Aptitude for mathematics
  • Excellent organisational skills
  • Business acumen.

Good-to-haves 

  • Work experience or shadowing in a relevant role, e.g. at an accountancy practice, bank or financial department for a business
  • Familiarity with relevant media, books, podcasts and talks, e.g. The Financial Times
  • Knowledge of professional accountancy body websites and some of the resources they offer
  • Attendance at a STEM summer school or similar 

How much does an accounting degree cost?

At undergraduate level, tuition fees are £9,250 per year for most UK students, though degrees are free for Scottish students studying in Scotland, and the tuition is less in Northern Ireland. International students can expect to pay quite a bit more.

The cost is more variable for master’s degrees and other postgraduate qualifications. On average, master’s degrees cost between £12,000 and £25,000, but where exactly it falls on the spectrum will depend on how in-depth the program is and the prestige of the institution. 

Funding options for accounting degrees

Fortunately, undergraduate degrees (and normally one year of a master’s degree) are covered by Student Finance in the UK. This means that you get a loan to fund your degree, and sometimes also a grant for living costs. 

There are, however, additional routes you can go down when it comes to funding your degree. For example, there might be options for obtaining a scholarship or grant, and your university might even offer financial aid packages. 

Where to look

How to get into an accounting degree

In the UK, you usually apply for undergraduate degrees via UCAS, choosing five degree options and ranking them in order of which one you’d most like to join. You also normally have to meet the entry requirements stated by your chosen university and write a personal statement detailing your suitability for the degree  — more details on this below.

For master’s programs, you apply directly on the institution’s website, and you’ll need an undergraduate degree in a related field. 

Personal statement tips

  • Explain why you want to study accounting. What made you interested in studying accounting, what skills do you hope to gain, and how do you hope to contribute to society through your expertise?
  • Highlight your vested interest in the field. Talk about any industry publications, books, blogs or newsletters that you read or keep up with.
  • Demonstrate your awareness. Show that you’re aware of current business or finance trends, issues and events taking place across the globe.
  • Highlight your knowledge of the course. It’s good to be as specific as you can about your reasons for choosing this degree in particular. What about it stood out? Which degree modules are you most excited to study and why?

How will you be assessed on an accounting degree?

Whether you’re at undergraduate or postgraduate level, you can expect to be assessed using a mixture of essays, projects, exams, coursework, informal tests and the occasional oral presentation or group project. 

However, this will depend on your degree program to an extent. When it comes to online degrees, all of your assessments will be online, making it as easy as possible for you to complete your degree from home.

How difficult is a degree in accounting?

The difficulty of your accounting degree will largely depend on your strengths and interests. Accounting involves a mix of mathematical skills, analytical thinking, and an understanding of laws and regulations. 

While this can be complex, many students find that with dedication and the right support, it’s entirely manageable, even if they weren’t a total whizz at maths in school. Most accounting programs provide plenty of resources to help students succeed, from tutoring to study groups, so you won’t be tackling the challenge alone.

Job satisfaction and prospects for accounting graduates

One of the biggest draws of a career in accounting is the stable job prospects it promises. Just in the past year, there have been 212,687 relevant job vacancies in the UK. 

In addition, an article from last year suggests that there’s been a decline in newly qualified accountants who belong to professional bodies, so there could soon be a gap that needs filling. With a prestigious accounting degree, you’ll be perfectly placed to help fill those gaps and easily find a job when companies start searching for credible professionals.

But let’s also talk about job satisfaction — accounting gets some unfair stick for supposedly being boring, but is that really true? Of course, it’ll depend on the person, but many find that assumption to be false. 

Accounting can be an extremely varied career, and now that technology has evolved to help accountants take care of some of the very mundane and repetitive tasks, they have more time to use their professional judgement or problem solving skills to carry out more interesting work.

What can you do with an accounting degree?

First things first, it’s quite likely that you’re reading this because you’d like to be a chartered accountant. If that’s the case, there are two main routes you can go down: management accounting and financial accounting. There are further specialisms within these, but this is the main choice you need to make.

While management accountants provide financial information and advice to the employees at a company, financial accountants give information to external people like stakeholders, and are required by law to report on a company’s finances.

However, you may not be totally sold on becoming an accountant, and want to keep your options open. That’s also totally fine, as a finance and accounting degree can offer many transferable skills. Take a look at our list of potential career options below, but remember this isn’t an extensive list. 

  • Chartered accountant
  • Bookkeeper
  • Taxation investigator
  • Financial accounts manager
  • Actuary
  • Compliance officer
  • Data analyst
  • Purchasing manager
  • Tax consultant.

Salary prospects: How much do accounting graduates earn?

The salary you can expect as an accountant will depend on where you choose to work, and how many years of experience you have. For example, starting salaries for an accounting graduate range from £19-25k per year, but the average salary in the UK for an accountant is £38,173. However, some accountants are paid extremely well, so if you’re lucky, you could earn up to £77,643 .

Thinking about other potential careers, we’ve listed a few average salaries of popular careers for accounting graduates below. These will help give you a better idea of what’s in store.

  • Bookkeeper: £26,724 per year
  • Financial accounts manager: £36,526 per year
  • Actuary: £77,550 per year

Why choose a degree in accounting?

Choosing a degree in accounting means investing in a career with stability, variety, and growth potential. Accounting isn’t just about crunching numbers; it’s about helping businesses and individuals make smart financial decisions. 

It’s a skill set that’s always in demand, which means great job security and opportunities worldwide. If you’re detail-oriented, enjoy problem-solving, and want to work in a field that offers both financial rewards and career satisfaction, then an accounting degree is a great choice.

Get an online accounting degree with FutureLearn

If you’re ready to develop your accounting skills and launch a career in the world of business and finance, we’ve got some excellent online accounting degrees from top institutions in the UK. 

Studying for your degree online means you don’t have to put all other commitments on hold, you can study wherever and whenever it suits you, and you may even save money. So why not explore your options on FutureLearn? Take a look at some of our relevant offerings below.

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