Finance Degree at Russell Group OR Degree Apprenticeship at Non-RG

Hello all,

I was looking for some opinions on a significant decision I'm facing. Having completed my first year at a Russell Group university on a four-year finance degree, I've genuinely enjoyed my course, the modules available, and the company of my course mates. However, I've found the experience of living away from home quite challenging. While I haven't particularly relished this part of the experience, I believe I could get through the rough three years ahead. Is the prestige and potential value of a Russell Group degree in finance worth these challenges?

On the other hand, I've looked into other avenues and managed to secure a degree apprenticeship in finance at a top engineering/oil industry firm. This apprenticeship is 5 years long: the first 3 years to earn a accounting & finance degree at a non-Russell Group university, followed by 2 years working towards an ACCA qualification. While I value this opportunity, I must admit that I'm not as fond of the university modules being offered in this course. An advantage here is that I'd be able to live at home, eliminating living expenses. The salary starts at £20k and they've guaranteed a £2k increase each year. Furthermore, after the initial 3 years of experiencing different areas of the business, there's an opportunity to specialise. However, there's a push towards tax specialisation. Is tax seen as a promising career area, in your opinion? Financially, this route would give me a lot more disposable income compared to my current university experience at the Russell Group.

Any advice would be really appreciated. Thanks all!

(edited 8 months ago)

Reply 1

Slowprop

7

Original post by NellyCormack04

Hello all,

I was looking for some opinions on a significant decision I'm facing. Having completed my first year at a Russell Group university on a four-year finance degree, I've genuinely enjoyed my course, the modules available, and the company of my course mates. However, I've found the experience of living away from home quite challenging. While I haven't particularly relished this part of the experience, I believe I could get through the rough three years ahead. Is the prestige and potential value of a Russell Group degree in finance worth these challenges?

On the other hand, I've looked into other avenues and managed to secure a degree apprenticeship in finance at a top engineering/oil industry firm. This apprenticeship is 5 years long: the first 3 years to earn a accounting & finance degree at a non-Russell Group university, followed by 2 years working towards an ACCA qualification. While I value this opportunity, I must admit that I'm not as fond of the university modules being offered in this course. An advantage here is that I'd be able to live at home, eliminating living expenses. The salary starts at £20k and they've guaranteed a £2k increase each year. Furthermore, after the initial 3 years of experiencing different areas of the business, there's an opportunity to specialise. However, there's a push towards tax specialisation. Is tax seen as a promising career area, in your opinion? Financially, this route would give me a lot more disposable income compared to my current university experience at the Russell Group.

Any advice would be really appreciated. Thanks all!

I think what a lot of people worry about is missing out on the "university experience". You've tried that and are not very happy with it. That's fine. We are all different.

There's going to be a big financial difference over the next three years. An Apprenticeship with a decent salary and likely three years pension contributions as well against tens of thousands of student debt.
Have you any information regarding the job outcomes which have been achieved in the past by graduates from your course at the RG University? And what kind of job/ salary can you expect to achieve at the end of the apprenticeship with your company? If you can get an idea of the above you can have a stab at a financial comparison.

An advantage with the apprenticeship is the work experience. Employers really value experience.

Also you need to consider which option you think you will be happiest with. It doesn't sound like you are particularly happy with full time university. Do you think you would be happier with working, presumably living at home and commuting to work along with part time studying?

A member of my family is a year into a degree apprenticeship. It's hard work studying and working. So you need to be prepared for that.

Reply 2

CS_Insights

6

Hey there!

It's really positive that you've started to consider this.

Original post by NellyCormack04

While I haven't particularly relished this part of the experience, I believe I could get through the rough three years ahead. Is the prestige and potential value of a Russell Group degree in finance worth these challenges?

From a career perspective, I think it would be useful for you to consider where else you might want to end up in your career. In short, unless you have ambitions of entering a particularly competitive field (such as investment banking or consultancy) at a junior grade, then the university of the degree bears little consideration. As you become more senior, things like 'prestige' attached the university and schools become dramatically less important and experience/achievements become the key differentiators.

What is absolutely critical for a career in finance/accountancy is having a professional qualification such as ACCA. That's the selling point. The degree (with Oxford Brookes I presume) is a add-on, an added-extra - if you want to stay in finance it will not greatly improve your marketability but covers your bases and prevents you from being rejected from future opportunities because you don't have a degree.

Original post by NellyCormack04

On the other hand, I've looked into other avenues and managed to secure a degree apprenticeship in finance at a top engineering/oil industry firm. This apprenticeship is 5 years long: the first 3 years to earn a accounting & finance degree at a non-Russell Group university, followed by 2 years working towards an ACCA qualification. While I value this opportunity, I must admit that I'm not as fond of the university modules being offered in this course. An advantage here is that I'd be able to live at home, eliminating living expenses.

In terms of specialism, Tax can be a very specialised, niche area and therefore potentially lucurative - but is not for everybody. If you do not enjoy this however it is relatively easy to develop other specialisms and take other opportunities and specialisms when you have the ACCA qualification. I wouldn't pay too much attention to the individual modules and the actual qualification. Most employers simply don't care. Some modules will naturally be boring or difficult, but that's the same for everything.

Financially; in my opinion its a no-brainer. Apprenticeship route all the way. Even though the starting salary could be higher, this increases by a material amount year-on-year. You will still be paying student loans but these will not be as large given you've only studied for one year.

The only reason I'd suggest staying In university is for the non-tangible reasons; the networking, socialisation with peers in your age-group and opportunity to try new things in a (relatively) secure setting. I think from what you've said you haven't particularly relished this part of the experience, so don't think you personally will miss out too much here if you no longer attend.

________
DISCLAIMER: I did not attend university but instead undertook a degree-level apprenticeship studying the AAT and ACA Accounting Qualifications similar to what you've said but in the Civil Service. I have not been disadvantaged as a result of not attending university, and therefore likely have a bit of a bias against University generally.

Finance Degree at Russell Group OR Degree Apprenticeship at Non-RG

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