If you are an aspiring accounting professional from Nigeria, it is advisable for you to do all within your reach to obtain an education abroad. Sure, you will be set up for future success in your chosen career. It may not be easy getting into some of these schools abroad. The process of securing admission is very tasking and demands your best. But the reward is worth every penny.
Accounting is one of the best professional courses that would set you on the right pedestal towards achieving academic excellence. It is safe to term it ‘The Backbone of Business’ due to the fact that behind every successful organisation is a dedicated accounting professional who combines their knowledge of mathematics, finance, statistics, and economics to develop models that would aid the business growth.
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Accounting is much more than just numbers and calculations, it keeps count of the daily influx and expenditure of money generated by the organisation. This is does by keeping a constant eye on the balance to avoid discrepancies and challenges in the future.
Studying accounting will give you a variety of career options in the field or closely related organisations. However, there are two major paths to follow as an accountant and they include:
- Practice: when you choose this career path, you will be offered a lot of chances to work with clients from different industrial backgrounds. It will help you to have a wider outlook of the course, while garnering some experiences for current and future practices. This will enable you to quickly climb the career ladder and work with more skilled professionals and brands.
- In-house: here, you will specialise in a particular industry by working for a particular business or organisation as an employee. The positive aspect of this decision is that you will be able to carve your own niche in your career as an expert and become a household name, especially if you are working for a big organisation. Examples of an in-house accounting are retail accounting and hospitality accounting.
Entry Requirement for Top Universities
For you to study accounting, you must be well-grounded in mathematics because all you are going to meet throughout your career life is numbers. Other subjects include economics, statistics, finance and business management.
You will learn a lot of business skills while studying accounting and the first year is spent studying general subjects, after which you will specialise in areas like taxation, auditing, or management. Through the mishmash of lecture hall learning, case studies, workshops, reporting and industry placements, you will be able to master the skills of accounting.
There would be a lot of self-study and alone projects to be carried out by you during your spare time. At least, 12 hours would be spent each week in the classroom studying accounting. Usually lasts for three years, accounting degree offers you a BSc or BA upon graduation. After your degree, you will need to take up some professional examinations to become a chartered accountant. ACCA, ACA or CIMA are the major internationally recognized accounting accreditation bodies.
Furthermore, find out the entry requirements for individual requirements you are applying for because different schools have different requirements for their admission. If you do not meet the entry requirements for a particular school, there are several other schools to look out for their entry requirements. Make sure that you apply before 15 January and submit a personal statement, in addition to other basic requirements.
Top Destinations for Nigerian Students to Study Accounting
Here are the best five study destinations for you to start your career as an accountant:
- United Kingdom
The United Kingdom is home to thousands of aspiring and professional accountants. The accounting degree in the country is focused on developing students to become highly employable and capable of the tasks ahead. You will be imparted with the skills that would help you solve complex accounting problems in real world scenarios. You will also be able to develop soft skills like self-confidence and flexibility in order to challenge the present circumstances and successfully present convincing substitutes.
Several internationally recognized accounting organisations and firms are also located in the UK. These organisations are highly recommendable and they include Chartered Institute of Management Accounting (CIMA), Association of Chartered Certified Accountants (ACCA) and Association of Accounting Technicians (AAT).
Being a Nigerian student, you could consider an apprenticeship if you want to combine work and study in the UK. Each apprenticeship sets out the occupational standards for each job role which is drafted by the employer. Skills, knowledge and behaviours are the basic standards to demonstrate that you are qualified for the job role.
Some universities in the United Kingdom that offer accounting courses include the University of Leeds, University of Strathclyde, University of Glasgow, Loughborough University and London School of Economics.
Singapore is a great financial epicentre with huge international trade. The country is largely an English speaking country and has close bonds with Western countries. This makes it a great destination for Nigerians.
Studying accounting degree in Singapore will provide a foundation for specialised accounting careers, classically involving analysing and utilising of pecuniary statistics to assess the financial situation of an organisation.
For universities in Singapore, the undergraduate entry requirements include IELTS (6.0), TOEFL (580), MUET (200), a minimum of 12 years of formal education with good passes and equivalence of English language qualification. It typically takes 2-4 years to graduate with accounting degree.
The estimated cost of studying in Singapore for a bachelor’s degree in accounting is RM 51 000 – RM 145 000.
There are so many prominent universities that are accommodating to Nigerian students to study in Singapore. They include the National University of Singapore, Nanyang Technological University, Singapore Management of Institute, Singapore Management University and Management Development Institute of Singapore.
New Zealand is daily increasing its business investments and international trades. As a result, there is always the need for skilled financial professionals by many organisations. Studying accounting in the country helps you to stand a better chance of being employed by these organisations.
With an increasing demand for automation, one could think that there may be little or no need for accountants, but that is far from the current scenario in New Zealand. There might be change in the methods used to carry out accounting job roles, but it did not stop the general principles of accounting from remaining the same.
Studying accounting in New Zealand would require that you write some examinations and meet certain entry requirements. You will need evidence of GCE at the Advanced Level, and proof of English language proficiency by obtaining an IELTS with a minimum score of 6.0.
The cost of studying accounting must be put into consideration as you prepare to leave the shores of Nigeria to New Zealand. At an undergraduate level, the tuition fee is around NZ $25 150 per academic year. You will also need to pay course fees and other requirements by the school.
The cost of living in New Zealand by international students is estimated to be around N$15 000 – $25 000 per annum, depending on location.
The average undergraduate tuition fee for international students in New Zealand is N$22 000 – $32 000.
The universities in New Zealand that offer to account include Auckland University of Technology, Massey University, Nelson Marlborough Institute of Technology, University of Canterbury and Western Institute of Technology at Taranaki.
Hong Kong blends both Chinese and Western culture in carrying out its education. Modern Hong Kong combines a conventional and innovative approaches to develop sensational accounting courses that would provide a strong theoretical and practical education. These courses lay emphasis on practical skills needed for future careers.
Hong Kong enjoys a low taxation policy and free trade, making it a leading country in international finance. though a comparatively small region of Asia, it is regarded as an Asian economic power and a world foremost centre of finance, trade and logistics.
The country is keen to attract more international students every year and as a result, provide a quality education system at a reduced price and also offers some scholarships to encourage free learning. In the areas of research and innovation, Hong Kong has a strong reputation for making its educational system diverse and well-developed.
Hong Kong believes in cultural diversity, offering lots of amazing experiences to both the nationals and foreigners.
Hong Kong boasts of universities that specialise in accounting degrees and include the Chinese University of Hong Kong, City University of Hong Kong and the University of Hong Kong.
The cost of studying for an accounting degree as an international student in Hong Kong depends on where you choose to study. You are expected to pay between HKD 90 000 – 265 000 per year.
The cost of living in Hong Kong is around HKD 50 000, while accommodation is between 15 000 – 90 000.
In addition, you could take up some part-time jobs to augment your finance. however, you must have a student visa before being allowed to work.
- Brazil
Brazil is another choice for an international student to study accounting. After facing a financial revolution, the country adopted international accounting standards. Quality assurance is a major aspect of Brazilian higher education. Most of the degrees are taught in English language, but a knowledge of the basics of Portuguese will enhance your chances of becoming well adapted to the environment.
Accounting programmes in Brazil provides practical degree with specialised laboratories and experienced professionals. At the end of the programme, you will be required to interpret economic events and provide information to an organization’s directors for decision-making. Armed with an understanding of the Brazilian market, you will be able to help organisations designs specific approaches to succeed in business.
Famed for its bright and vibrant culture, Brazil is subjective to a range of traditions and histories. It is prominent for a fanciful samba music festival. When you talk of sports, the country is the hub of all sports festivals and has won different global championships.
The government of Brazil has made a tremendous contribution towards their higher education by cutting down on the tuition fees and making a number of scholarships available. Most universities accept online applications, making it easier for you to apply from Nigeria. Visit the website of your intending school for more information.
Furthermore, the cost of studying in Brazil in private institutions is around R$7000 – R$43 000 per academic session. Public universities offer free education, but you will likely pay the registration fee.
The living expenses are estimated at around R$1000 per month. You are likely to rent a private apartment and that costs between R$1000 – R$2000 per month.
The most prominent university in Brazil is the University of Sao Paulo. In conclusion, while planning to study accounting abroad, you must put certain factors into consideration, of which the study destination is the most important.
Want to Study Accounting on Scholarships?
The following are scholarships to study accounting
- Top 10 International Scholarships to Study Accounting
- ACCA Africa Students Scholarship Scheme for Accounting Students
- Procter & Gamble (P&G) Finance & Accounting Learnership 2021 for Nigerian Students
You must factor in the fact that you will spend some years in your destination country so before choosing, be sure it is a destination you can comfortably live without any hitches. Here are 15 Things You Didn’t Know About Studying Accounting to help you make the best choice.
