Peat studied at Montrose Academy in Scotland, and was then apprenticed to a local solicitor but he did not enter the legal profession. Instead, he moved to London in 1870 and was hired as a junior accounting clerk for a London firm, becoming a partner in 1876.
Peat's educational background at Montrose Academy in Scotland led him to explore various career options, including an apprenticeship with a local solicitor. However, he chose not to pursue the legal profession and instead moved to London in 1870 to work as a junior accounting clerk for a London firm, eventually rising to the position of partner by 1876.