Accounting vs Economics: Which Study is Better in UK for International Students?

You must be well aware of the increase in the prevalence of students searching for an online accounting assignment writing service. Well, the reason is lack of understanding, lack of time management and lack of concentration which students have to give to the subject under any circumstances. Moreover, students often wonder which career is better for them to choose. Should they work as an accountant or as an economist? This is a question for International Students, They always seeking an opportunity to build their career.

Well, you can get economics assignment help easily from Google, from the library as well as through online teachers who are more devoted. However, at the graduate level, it is possible to take a joint accounting and economics degree to pursue a better career in the universities in the UK. It will also enable you to have abundant knowledge related to accounting as well as economics where you may have better chances to pursue and highlight your career. However, those who study or take both subjects usually specialize in either of the subjects to gain more knowledge and expertise in one subject only (Torraco, 2018). 

Accounting is based on the day-to-day management tasks and financial reports of the business world or a business. Economists use the same information to determine the future growth of the business and maintain the economic condition of an organization. In addition, the information obtained from an accountant is also being used by economists to determine the plan to obtain and maintain sales and revenue while working in an organization. Students having accounting degrees are more towards professional principles and processes that are being used to manage numbers rather than influence them through their practice and activities. 

What Do Accounting Degrees Cover?

An accounting degree is based on specializing in an accounting career as well as many other careers that are related to it. A career in accounting is usually based on analyzing and utilizing the financial information for evaluating the current financial position of a business. This can be based on anything such as managing and balancing the sheets as well as income statements. People having an accounting career often have more focus on records and present reports. They are also responsible for analyzing and creating these records where they also develop strategies and plans to control the budget. The information obtained from accounts is being used by a business for better planning, controlling, decision-making, stewardship, accountability, and more for International Students.

Although it may seem to be easy to pursue a career in accounting and be a bachelor’s in the field, in post-graduate programs and pursuing a degree for a future career it may seem to be difficult especially if you are not much more interested in the field. However, to become a chartered accountant you need to gain further qualifications in the UK if you wish to work there. However, to work in another country or outside the UK it is better to gain an accountant qualification in the same country. Moreover, depending on the nature of the institute and university you are enrolled in, students often are appointed with a job letter during their studies as an accountant depending on the employer (TWH, 2021). 

• Accounting specializations

Students who are students of accounting specialize in topics such as auditing, tax, risk management, international accounting as well as the management accounting. Moreover, for such students, forensic accounting is also another option that they can consider. It allows students to immerse themselves in real-life case studies to gain more intense knowledge. It also allows them to analyze the real-life case studies to know how a legal accountant can be used in a real scenario and control the situation in favor of the organization you are working for. They will also be able to analyze how they can evaluate the chances of fraud, electronic crimes as well as insurance crimes, bankruptcy, and corporate ethics. With the help of finance degrees students who wish to further study accounts are also able to gain immense knowledge related to independent research and undertake further postgraduate degrees in the UK. 

• Economic specialization 

On the other hand, an economics degree can be considered to be a great starting point for students to kick start their career in financial services, across businesses, the banking sector as well as in consultancy sectors. 

As per the salary gathered data of the UK by Pay Scale, a career in economics also has the potential to be more lucrative as compared to accountancy routes. This is because a career in economics is considered to be more focused on management and current management processes. It provides a plan for future figures of businesses and organizations. This means students who are enrolled in economics or are considered to be economists are responsible for predicting and analyzing the future and potential growth of the business, maintaining and assessing monetary resources and utilizing accounting and statistics and reports, and also looking externally for future funding options.

Point Of View 

Io believes the students of the UK(International Students) should pressure their careers as an economist and choose economics. This is because currently there is a high demand for professional economists in the market in the UK and businesses and agencies are searching for people who have good skills and knowledge related to the subject. 

References 

Torraco, R., 2018. Economic Inequality, Educational Inequity, and Reduced Career Opportunity: A Self‐perpetuating Cycle?. New horizons in adult education and human resource development, 30(1), pp.19-29.

TWH, 2021. Top highest earning jobs in 2021 <https://thesiswritinghelp.com.pk/top-highest-earning-job-in-2021> [Accessed on 29, July 2022]