Why study Accounting abroad? Advantages and career prospects

In the context of globalization and economic integration, accounting is not just a "bookkeeping" job but has become an important financial management science. Accounting plays an essential role in every organization, from small businesses to multinational corporations, ensuring that cash flows are controlled transparently and effectively. With stable career prospects, competitive salaries, and global job opportunities, studying Accounting abroad is increasingly attracting the attention of many Vietnamese international students.

The accounting profession has a variety of specializations, each focusing on a specific aspect of financial operations. Some popular majors you can choose from include:

• Financial Accounting: This field focuses on recording and reporting financial transactions to provide information to parties outside the business, such as investors, banks, and tax authorities.

• Management Accounting: This specialization focuses on providing detailed financial information to internal managers, helping them analyze expenses, plan budgets, and make strategic decisions.

• Auditing: This is the process of checking and verifying the accuracy and legality of financial statements. Independent auditors ensure that the financial statements of the business are reliable.

• Tax Accounting: This major focuses on tax planning, preparing tax records, and ensuring businesses comply with all applicable tax regulations.

• Public Accounting: This is a field of work in professional accounting service companies, providing services to many different clients.

To succeed in the accounting industry, students and those pursuing this profession need to have the following qualities and equip themselves with the following skills:

• Good calculation ability and logical thinking: Accountants work a lot with numbers and financial data, requiring fast, accurate calculations and logical thinking to analyze and synthesize information.

• Meticulousness, carefulness, and accuracy: This is the most important quality if you choose to study Accounting, as even a small mistake can lead to serious consequences for the business.

• Honesty, objectivity, and trustworthiness: The job of accountants is to focus on handling sensitive financial information. Therefore, this profession requires honesty and objectivity to ensure the transparency and reliability of data.

• Patience and pressure: Accounting work is sometimes repetitive and can be time-pressured, especially during reporting periods. Patience and the ability to withstand pressure are necessary.

• Technology skills: Proficiency in using popular software is key to helping accountants not only work more efficiently but also play a strategic advisory role, supporting businesses to make data-driven decisions.

• Ability to learn and update knowledge: Accounting and tax regulations are constantly changing, requiring accountants to constantly learn and update new knowledge.

Communication and teamwork skills: Despite working with numbers, accountants still need to communicate effectively with colleagues, managers, and other stakeholders.

Studying Accounting in developed countries not only gives you access to high-quality education but also gives you the advantage of globally recognized professional certifications.

4.1. Study Accounting in Australia

Australia has long been considered one of the most attractive study abroad destinations for international students, especially in the field of accounting and finance. The biggest strength is that most accounting programs in Australia are accredited by prestigious global professional associations such as:

• CPA Australia (Certified Practising Accountant Australia)

• CA ANZ (Chartered Accountants Australia and New Zealand)

• IPA (Institute of Public Accountants)

The demand for human resources in the accounting industry has always remained high, especially in major Australian cities such as Sydney, Melbourne, and Brisbane – where many multinational companies including PwC, Deloitte, KPMG, EY and start-ups are concentrated. This is a great opportunity for international students to access a professional working environment, gain experience and develop their international careers.

The salary when working in the field of Accounting in Australia is quite attractive, the average starting can be up to 65,000 AUD/year, higher when you have a professional certificate (CPA, CA). In addition, Accounting, auditing and related majors are regularly included in the Skilled Occupation List, opening up many opportunities for international students who wish to settle permanently in Australia.

4.2. Study Accounting in the UK

The UK is one of the world's leading financial centres and is also home to professional associations that provide prestigious certifications such as ACCA (Association of Chartered Certified Accountants), CIMA (Chartered Institute of Management Accountants), or ICAEW (Institute of Chartered Accountants in England and Wales). When you study Accounting in the UK, you will be given a choice of training programs that are closely linked to these associations, opening up opportunities to work at financial institutions around the globe.

The time to study in the UK is quite short, you can complete a Bachelor's program within 3 years, and it only takes one year to study a Master's program, saving you time and money. Graduates have many opportunities to stay and work through the Graduate Route Visa (2 years for undergraduate programs, and up to 3 years for PhD programs).

4.3. Study Accounting in the US

The United States owns the world's leading education with an accounting program associated with a CPA (Certified Public Accountant) certificate – a prestigious accounting certificate to work in many states of the United States and recognized globally. The Accounting curriculum in the United States combines theory and practice, associated with the accounting laws and standards of each state.

According to the U.S. Bureau of Labor Statistics, the demand for accountants in the US is forecast to grow steadily by 6% from 2023 to 2033, faster than the average for all occupations. This indicates a high and stable demand for this sector. The average salary of an accountant in the US is about $77,000 per year, which is significantly higher than many other industries.

4.4. Study Accounting in Canada

Canada is a friendly study abroad destination, known for its high quality of training and wide immigration opportunities. Accounting programs in Canada are often directly linked to CPA Canada (Chartered Professional Accountants of Canada) – a globally recognized senior professional certification.

The curriculum in Canada focuses on the application, combining the fields of accounting – auditing – taxation. When studying in Canada, you can work part-time during your studies and participate in Co-op programs and internships to gain practical experience. After graduation, students are allowed to stay and work thanks to the Post-Graduation Work Permit (PGWP) for up to 3 years.

With an international accounting degree, international students after graduation can choose to develop their careers in many different directions after graduation. So what does accounting after graduation do? You can try yourself in positions ranging from professional jobs to senior management positions including:

• Accountant

• Auditor

• Actuary

• Financial Analyst

• Tax Consultant

• Financial planner

• Chief Financial Officer (CFO)

IDP is ready to advise you on the right Accounting program

Studying Accounting abroad not only gives you access to modern professional knowledge, but also opens up opportunities to work in major financial centers around the world. Hopefully, this article has provided useful information, helping you have a clearer view of the Accounting industry and make a study abroad choice that suits your dreams and career orientation.

Studying abroad is not only about choosing the right school or major, but also a thorough preparation process. IDP Education offers a completely free consultation and support service package to help you confidently conquer your dream of studying abroad. With a team of experienced professionals and a global network of partners, IDP is ready to assist you:

• Comprehensive study abroad advice:

  From choosing a school, choosing a major, preparing documents, registering for the IELTS test

  to applying for a visa and hunting for scholarships to study in Australia. In addition, you can participate in study abroad exhibitions organized by IDP to meet and answer questions directly from school representatives, find out all information about schools, majors that attract human resources and bring high demand for settlement as well as job opportunities after graduation.

• Assistance with essential services for international students:

  IDP helps you find accommodation such as homestays, dormitories, or rentals that suit your budget and needs. In addition, you are also supported to buy insurance, apply for an international SIM card and banking services, making it easy to connect and manage your finances as soon as you arrive in a new country.

• Equip yourself with information before you go to study abroad:

  Equip yourself with all the knowledge and skills to confidently embark on your study abroad journey.

Book a consultation with IDP today!