Hi there.
On previous research missions I generally came across the viewpoint that Accountancy degrees at university aren't worth a great deal. For the most part the advice I saw was if I had enough about me to get a general entry level accounts related role, then do so and go for AAT, afterwards trying to move up to CIMA/ACCA if possible/supported. In other words putting in the effort to study these in own time (if financially possible) would reap far greater rewards than university. This process being the inevitable route after any university degree anyway (minus the AAT if graduate job).
I'm at a point in life however where I'm really feeling like I've missed out on university. I look at my earning potential at the moment and see only potential for a very slight incline in salary through 30's, 40s. Although I accept university won't guarantee work, it is what you make it and I imagine that if I make it well, then that future earning potential will be increased. Aside from this I want to learn and have that my 100% focus. I would be able to enjoy the final years of my 20's, with time to undertake activities/interests whilst at physical peak. I will look to learn a language whilst there. Having the resultant degree affords me the future potential to emigrate. Basically, I'm looking at this as an opportunity for personal development whilst effectively pausing career for 4 years. 4 years out of the rest of my life. 4 years spent with a student loan/overdraft/savings that bottom line means I drop £200 a month in budget from present, but gain so much time to explore many other avenues. (I'm on £16k as an Expense Clerk)
I enjoy all things accounting/taxation. I enjoy knowledge, business, improving performance and so on. I have looked into the considerations for ACA/ACCA/CIMA. I believe my interests/goals lie in industry consulting. Now though the question. If I at university decide not to take accounting (bearing in mind the first paragraph) in order to widen out further still with perhaps a combined honours degree in Spanish and Business(+International)/Economics or another subject I am interested in, will I still have the opportunity to pursue Accounting afterwards? It would be an explicit choice to study something else most likely business related, with the goal to return to Accounting and the prof qual route later. OR, if so be it I must go to university to satisfy myself,must I definitely do Accountancy if want the opportunity to pursue it later?
I really appreciate your time in sharing your view and knowledge. This is a major turning point in my life and I really must be sure of what I am doing. I would like to learn other things before returning to accountancy, only if that opportunity isn't usurped as a result.
Many many thanks for reading through!!
Replies (12)
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Speaking from experience
I graduated in accountancy, in the recession of the early 90s. During my degree, I was under the mistaken view that accountancy firms would take accounting graduates in preference to history etc. The reality was that firms wanted those with a 'broader' outlook.
The long & short is, I followed the AAT and CIMA route instead.(you can go straight to CIMA with a degree).
As an employer I now recruit AAT with a view to CIMA, and have worked with qualified colleagues who did not go to university.
If you are doing a degree, it needs to interest you, or else it will be a hard slog.
my experience
I have worked with others who did an accountancy degree, and from what I remember this didn't give them much advantage over those who did non-accounting related degrees (which was the route I took). I think they were exempted an exam or two, but their practical knowledge and ability wasn't noticeably higher for it.
Your idea of a related or joint honours degree is probably a good one. This would give you the chance to get a broader outlook, without appearing to have done a complete u-turn as you would if you studied something completely unrelated like history.
I have found that a degree will usually be an advantage over taking the AAT route, but there are certainly employers who would prefer you to take that route as well.
I would echo what tom123 said though, go for something you enjoy.
not just accountancy
I think a good accountancy degree will concentrate on more conceptual stuff than the professional exams. Also a good dose of economics, statistics, operations research, etc will probably be included. So it could give you a deeper understanding of accountancy and financial matters than the professional exams alone.
Choices
Depends where you are headed. If you see your career in the large business environment, either commerce or accountancy, then a degree will carry weight. If you see yourself as an accountant owning your own practice, then relevant practical and professional experience is far more important.
At the end of the day, though, it is your own skills and abilities that will see you through, whichever route you choose.
Broaden your horizons
I would advise pretty much anyone to go to university and get a degree from a well known institution. The academic rigour of the course, coupled with time with your fellow students and professors will be invaluable to you in the short-term as well as throughout the rest of your life.
Don't bother with an accounting degree or even an accountancy-focused degree. If personal development is the key then perhaps an economics or a law degree would be a better option. You will broaden your horizons significantly whilst still gaining knowledge that will be of practical benefit to you if you do qualify as an accountant afterwards.
Make sure you choose your university with care. The institution really does matter to the larger firms (irrespective of whether they are in the world of accountancy or not). Competition for graduate jobs is incredible these days so you might as well benefit from the automatic recognition of a top university. Also, if you're planning on moving outside the UK, a well know name will make life much much easier for you.
All the very best in the future!
I don't know what they teach students on accountancy degrees ...
... but when I've worked with accountancy degree graduates, whatever they learnt in the 3 years didn't help much in the real world.
In fact, if anything, it hampered their progress in their professional exams. The accountancy graduates assumed they knew half of what they needed to know to pass their professional exams, so would put in less effort and would quite often fail the professional exams.
If you wish to broaden your mind by studying a degree then good luck ... but I would suggest you be a bit more ambitious than studying accountacy. Study something you are genuinely interested in. There will be plenty of time to study accountancy in your professional exams later on in your career.
Any IT based degree would come in very useful in your future career as an accountant.
I studied Mathematical Engineering at university, which had a high IT content, and it has stood me in good stead over the years. You'd be surprised how many IT queries a general practitioner gets, both from clients and colleagues! Plus it helps when dealing with the various pc/networking. printer problems within the office!
I also found that when I started my professional ACA studies, my logical mindset trained during my engineering degree, meant that I was very well equipped for the ACA exams.
When I was still a trainee, I loved the surprised look I got when I went out to do stock checks at engineering companies, and could recognise capacitors, resistors, gears etc. It immediately broke the ice with new clients when they realised that I understood engineering and was not just a beancounter. It still helps me today when I deal with clients in manufacturing and engineering.
I'd never recommend anyone do an accountancy degree, better to get some other knowledge that sets you apart from the rest!
Good luck with whatever you choose.
Engineers used to do best
When I graduated those with engineering degrees used to have the best pass rates in the ACA exams far surpassing the accounts graduates. My own degree was in chemistry and the diversity has been a help rather than a hindrance. Take a degree you enjoy but from a decent university and you will be able to skip AAT and start straight away on ACCA or ACA exams.
Route to gain degree and ACA together
I thought you might find this page of interest http://careers.icaew.com/school-students-leavers/Entry-routes/University-and-higher-education/professional-accounting-programme
The programme covers five different stages and depending on your entry level you will be able to achieve:
AAT Diploma in Accounting Level 4ICAEW Certificate in Finance, Accounting and Business (CFAB)BA (Hons) Professional AccountingACA from ICAEW MSc Professional Accounting.
You may also want to have a look at this page which gives some stats on the different degrees people take prior to ACA:
http://careers.icaew.com/school-students-leavers/Entry-routes/University-and-higher-education
Good luck with your career development!
I did International Management with French
at a fairly prestigious university then went on to do ACA at a Big 4 firm.
The great advantage of International Management with Modern Languages (French), as they called it, was that it was 1/3 pure management, 1/3 french and 1/3 international management (business topics about europe/Japan and international law etc but all taught in French). For the French part there was no literature or history at all, which for me was the selling point as I hated french literature at A level. It was a sandwich degree with the 3rd year spent working in an accounts dept in France in my case. Strange knowing some accountancy vocab in French before knowing it in English though!!
I found the course gave me a great rounded business degree and indulged my love of French. It gave me a real advantage when I started the ACA training as I had a lot more idea about business than a lot of non relevant graduates yet I wasn't too focussed on just accountancy so had a rounder experience.
To be blunt, with 2 A levels you will not get into a top firm whatever your degree or wherever it is from. Whether you would want to get into a top firm is another matter, yes it's fab for prestige but not so relevant to everyday small businesses.
Good Luck in your quest