Is a Bsc Accounting degree worth doing

Original post by AW1983

God no. Lots of people do accounting degrees, go in to accountancy and then spend the rest of their lives thinking they did the 'right' thing. What they did might have been, student loans aside, largely harmless but it wasn't very efficient and carried a lot of risk. Consider these points:

1) I've just replied to another poster who wants to be an accountant but got a 2:2 in her degree. Four years ago she could have joined a Big 4 school leaver scheme and been in the door and now she can't join a Big 4 graduate scheme (or potentially a top 50 one, although I think she will get in somewhere). That's the risk you carry when you do a degree.

2) You might not want to become an accountant. People might believe you if you'd done Economics or Finance, but doing Accounting might leave people surprised to say the least. It's not a degree that provides endless options, let's put it that way.

3) You will study the same things academically and vocationally. Sure, Accounting will give you some exemptions from professional exams, but what that means in practice is that you'll be doing the filing or call and cast for an audit when your colleagues are on study leave and finishing at 4pm. You'll also have a much larger gap between studying certain subjects and doing later exams where those subjects are assumed knowledge.

3) Costs of university tuition are £9,000 and rising. So, you will do all those topics that a firm could pay you to study and then finish with £27k of debt plus anything you needed for living expenses (also, don't forget the opportunity cost of not having a salary).

I think it makes far more sense for someone who wants to be an accountant to try and get into a school leavers scheme and then do a degree after they qualify, if they really want one.

Certainly, people will go through all the hoops and have a good job at the end of it. But many of those hoops were a waste of time.

hello mate, I'm currently in year 13 divided. between university(UCL, LSE) and a school leavers program at big 4, however I must say that im not planning to stay in accounting for the rest of my career, I will possibly get experience at a big 4 and then exit .

thank you

Reply 62

Original post by dfffgffse

hello mate, I'm currently in year 13 divided. between university(UCL, LSE) and a school leavers program at big 4, however I must say that im not planning to stay in accounting for the rest of my career, I will possibly get experience at a big 4 and then exit .

thank you

Do you have an offer for a school leavers position?

Reply 63

Original post by ajj2000

Do you have an offer for a school leavers position?

Nope I haven’t applied yet

Original post by dfffgffse

Nope I haven’t applied yet

youre too late then, unless you are planning to take a gap year?

Reply 65

Original post by Gent2324

youre too late then, unless you are planning to take a gap year?

Sorry i must rephrase my question, i have yet to go to year 13 and do u recommend applying to it regardless just in case i cant get into my desired uni. Thanks

Original post by dfffgffse

Sorry i must rephrase my question, i have yet to go to year 13 and do u recommend applying to it regardless just in case i cant get into my desired uni. Thanks

yes, apply to the big 4 as soon as they open, usually in october - december, and think about where you want to go after youve gotten an offer. no point deciding between them when you havent got into any of them yet

Reply 67

Original post by dfffgffse

Sorry i must rephrase my question, i have yet to go to year 13 and do u recommend applying to it regardless just in case i cant get into my desired uni. Thanks

I’d apply and see how you get on and what you think about it. Depending on your a level predictions you are more likely to get a place on the degree course than a big 4 training contract, but they look for different things.

Reply 68

Currently im predicted an A*AB so which one of the big 4 shall i apply for or shall i apply for all of them, and will apprenticeship still be the way to go if want to exit accounting later on after sufficient experience. And lastly, is an aca really equal to a master degree ?

Reply 69

Original post by dfffgffse

Currently im predicted an A*AB so which one of the big 4 shall i apply for or shall i apply for all of them, and will apprenticeship still be the way to go if want to exit accounting later on after sufficient experience. And lastly, is an aca really equal to a master degree ?

I'd apply to all, plus at least 2 or three of the next tier in size (GT, BDO etc). If nothing else you'll get a feel for the application processes should you wish to apply in the future.

What might you want to do after exiting accounting? That could make a lot of difference.

Reply 70

I was thinking after qualifying and going for cfo in corporate finance, maybe equity research, product control, FP&A, and so on. So will a degree make
a difference?

I feel like if you are generally a smart student who excels in maths, stats and other numerical skills then accounting is ur only option unless you are ready to work 80-100 hours per week in banking

Reply 71

Original post by dfffgffse

I was thinking after qualifying and going for cfo in corporate finance, maybe equity research, product control, FP&A, and so on. So will a degree make
a difference?

I feel like if you are generally a smart student who excels in maths, stats and other numerical skills then accounting is ur only option unless you are ready to work 80-100 hours per week in banking

There are loads of options! Accountancy might work for you, but so might actuarial type work, broader insurance industry, data analysis, statistics. Lots you can look at!

For the areas you are looking at - I would ask the same question on the 'banking and consulting' careers board and see if anyone can advise. I don't know - and company preferences change over time so worth keeping up to date.

For FP&A roles you are looking at large blue chips. Again, I'm not sure whether they have a bias towards graduates, and if so whether that bias is partly to do with degree subject. Some companies like grads in highly quant disciplines who then train in accounting, others have broader outlooks.

Reply 72

Oh thanks man I’ll move it to banking forum, however one question about accounting, do u think ur salary can be over 60k at big 4 in london before u turn 30

Reply 73

Original post by dfffgffse

Oh thanks man I’ll move it to banking forum, however one question about accounting, do u think ur salary can be over 60k at big 4 in london before u turn 30

Most people want to leave well before that! Lets say you start at 22, 3 years to qualify as a graduate, you either progress or leave. So you - if you haven't hit that salary level I doubt you would still be there. 2 or 3 years ago I doubt many big 4 alumni in London didn't earn over £60k 9 years after graduating if they worked full time. Some will earn less - often from choice to work for charities, return to academia or civil service etc. In the current economy? Things might be very different.

Reply 74

Original post by dfffgffse

Oh thanks man I’ll move it to banking forum, however one question about accounting, do u think ur salary can be over 60k at big 4 in london before u turn 30

By the way, its worth looking through posts by an long term poster on these forums @AW1983 @AW_1983 who I think has discussed some of these points in great and informed detail. Just be aware that the entry routes to the profession have been changing hugely year by year so do check for up to date information on firm websites.

Reply 75

Yep i would ideally leave way before that as well but i was asking if i stayed in big 4 and didn’t exit, how hard to you think the path to director level is ?

Reply 76

Original post by dfffgffse

Yep i would ideally leave way before that as well but i was asking if i stayed in big 4 and didn’t exit, how hard to you think the path to director level is ?

I'm out of date on such things. @natninja would know. I'm of the view that it depends on how many people leave for other opportunities - which depends on the strength of the economy. The real great job is being a partner and thats a tough place to make but very well rewarded.

Reply 77

natninja

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Original post by dfffgffse

Oh thanks man I’ll move it to banking forum, however one question about accounting, do u think ur salary can be over 60k at big 4 in london before u turn 30

If you stay at B4, it will be off you stay on trajectory with promotions. If you leave likely to be sooner unless you choose to go into a lower paying route. I left after qualifying and total comp by age 26 was c. 75-80k.

Reply 78

natninja

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Original post by ajj2000

I'm out of date on such things. @natninja would know. I'm of the view that it depends on how many people leave for other opportunities - which depends on the strength of the economy. The real great job is being a partner and thats a tough place to make but very well rewarded.

Original post by dfffgffse

Yep i would ideally leave way before that as well but i was asking if i stayed in big 4 and didn’t exit, how hard to you think the path to director level is ?

No real answer to this one as the more senior you get, the more promotions are determined by available positions. If you are good and willing to stick at it and carve out a specialism in some way it's simply a matter of time though it could take a while. In my view, the way the industry is going, it isn't necessarily worth it.

Reply 79