University is great for some people and for others they have to go for the career they want. The point though is that accountants have a choice and their will have no impact on their mid to long term career success whatsoever. The only place it will hurt is the student fees and opportunity cost of lost income.
However, just to clear another suggestion up, you can't just flunk an exam at university and then retake it, not if you want the all important 2:1. Once you fail an exam, the best you can normally do in that module is get a pass from your resit (not even third class honours). That's fine in the first year, when your marks don't tend to count towards the final award, but in the second year each module can be 12.5% of your overall final grade or more.
For the record I went to university and I don't regret it at all, but I didn't go and study accountancy or even a business subject. I did History, increasingly of the economic variety, and I still enjoy having a hinterland from the day job because of it. I would urge any accountant who chooses to go to university to challenge themselves but do something they enjoy, audit and bookkeeping can be learned later.