Is there an alternative route to attend university to becoming an Accountant/Banker?

Hello,

I have had a few rough patches during my A level years and have not come out with
my expected results. I also do not want to go to a university that is not ranked
in the top 50.

I've heard about the ACCA and CIMA certifications as alternative into
Accountancy and that they are funded by employers and are available throughout the UK and
this changed my outlook on going to university.

Can anyone kind enough please clarify the following?

What are the future prospects and how do I progress?
Is accountancy the only career option that I have with these certifications or can I opt into
banking and other financial roles? Eventually I would like to work in a Global/Investment banking role but know that at this time
it looks like a far shot.
can I study Finance after this, using these certificates, or do I have to fund resits for my A levels
to attend a middle-tier (>25 on the ranking) university?

Other reasons as to why I do not want to 'just go to university' yet is because of student debts,
moving away (though not too big a deal, just a preference to stay here) and lowered standard of
living - in other words, making sacrifices WITHOUT a very good ROI.

Thanks in advance.

Reply 1

Tokyoround

16

There are school leaver schemes out there, although you shouldn't be so concerned about student loans, it's really not that bad. In my first job I was paying more for my phone than I was for my student loan. Fast-forward a few years and I probably spend more in an average night out nowadays.

Reply 2

TDWM

4

Hi there,

I've recently completed an apprenticeship at an international bank in London. I was at university for a year - wasn't for me, so I left, and started looking for school leaver roles and apprenticeships in finance.

I started in customer service, worked hard, got noticed, and am now working full-time as a trainee in the Middle Office (risk management).

My advice to you would be - firstly work out what career you want in banking. It's all well and good to want to work in an investment bank, but that itself is not going to get you anywhere. There are many specialised roles that require different skills, from the trading floor, to legal & compliance.

1. Do some research on the different departments and careers, see what fits best with what you're good at. I'd be happy to help if you have any questions. Most large banks now have school-leaver positions, and even open days/guided tours. You can apply for these on bank websites, usually under the 'careers' section, but be warned - placements are extremely competitive.

2. Once you know where you'd like to start your career, find qualifications that will help further your goal - one of the most highly-rated qualifications is called the CFA (Chartered Financial Analyst). If you want to work in Investment Banking, this is what you should be working towards, but it's a very tough, 3-stage exam, usually requiring a msters degree of 4 years relevant industry experience - details on wikipedia.

3. If you want a placement at an accounting firm, your best bet is going to be an AAT trainee position. Many firms offer these placements, from the top 4 (Deloitte, KPMG, Baker Tilly ect) to medium sized firms. They'll usually expect GCSE A grades in maths and english, finance-based A-levels are also a plus, but they pay for the year of training and starting salaries are usually 18,000. After getting AAT qualified, you can move on to CIMA and ACCA qualifications.

Also, accounting qualifications are a legitimate entrance to the world of finance - almost all of the senior management at my bank have at least a basic understanding of accounting. Again, you'll have to think about what area of accounting you want to start in, eg: auditing, forensic accounting, bookkeeping ect..

Lastly - good luck. I'd recommend starting in accounting, as banking is tough to break into with no previous experience, but a career in finance is definitely possible without a university degree and a shhh-load of student debt to pay off.

Hope this helps.

Reply 3

Floieee

Hi there are many School Leaver apprenticeships, all of the Big 4 have one. My advice is to go on to their websites and look into it further. All of them do very good School Leaver Programmes so it'd be just about picking the right company for you. However if you are interested I know there are so banks that do Banking Apprenticeships so I would look into them. In you search it on the internet, you'll definitely find one of the many website based around these. I would type in School Leaver Programme rather than Apprenticeship though.

I myself am in my first year as a School Leaver and I have never regretted it.

Reply 4

BPP Professional Apprenticeships

Official Rep

2

Original post by Joyful_soul

Hello,

I have had a few rough patches during my A level years and have not come out with
my expected results. I also do not want to go to a university that is not ranked
in the top 50.

I've heard about the ACCA and CIMA certifications as alternative into
Accountancy and that they are funded by employers and are available throughout the UK and
this changed my outlook on going to university.

Can anyone kind enough please clarify the following?

What are the future prospects and how do I progress?
Is accountancy the only career option that I have with these certifications or can I opt into
banking and other financial roles? Eventually I would like to work in a Global/Investment banking role but know that at this time
it looks like a far shot.
can I study Finance after this, using these certificates, or do I have to fund resits for my A levels
to attend a middle-tier (>25 on the ranking) university?

Other reasons as to why I do not want to 'just go to university' yet is because of student debts,
moving away (though not too big a deal, just a preference to stay here) and lowered standard of
living - in other words, making sacrifices WITHOUT a very good ROI.

Thanks in advance.

Hi there,

In short - yes - there is an alternative route to become an accountant/banker without going to university. Professional Apprenticeships allow you to start work straight after your GCSE's or A Levels and work towards a recognised qualification with no tuition fees etc.

To answer your questions:

What are the future prospects and how do I progress? - it would depend on your GCSE's/A Levels and the employer requirements as to where you start (at which level). The Apprenticeship will last for around 12 months and then after that you may be kept on by your employer and given the opportunity to continue with your qualifications or you could take your qualification with you to another role.

Is accountancy the only career option that I have with these certifications or can I opt into banking and other financial roles? Eventually I would like to work in a Global/Investment banking role but know that at this time
it looks like a far shot. - You can do Professional Apprenticeships in Business, Finance and Law - specifically for you are Accounting, Investment Operations, General Insurance.

Can I study Finance after this, using these certificates, or do I have to fund resits for my A levels to attend a middle-tier (>25 on the ranking) university? There is the option to continue to university after your apprenticeship - but in some cases, this may not be necessary as you can work your way up to chartered status without attending university. You could even become a chartered accountant in less time than it would take if you had chosen to go to university first.

There is lots of information available on sites such as the National Apprenticeship Service.

We offer professional apprenticeships in Business, Finance and Law - you can find out more information on our programme pages.

Let me know if you would like any more info.

Thanks,
Adele

Is there an alternative route to attend university to becoming an Accountant/Banker?

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