Is a Bsc Accounting degree worth doing
Hi,
Is it worth doing a degree in Bsc Accounting? What other career opportunities will it offer in the future? Has anyone done it and can let me know how they found it.
Is it worth doing a degree in Bsc Accounting? What other career opportunities will it offer in the future? Has anyone done it and can let me know how they found it.
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If you definitely want to do accounting, then sure - why not. You'll be better off as you'll receive a few exemptions from professional exams. Best to check how many exemptions per course/uni to get the best out of it.
However, you do not need an accounting degree to be an accountant. It might be worthwhile to take a numerical/stem subject (as they are preferable in employers eyes) or something you enjoy in that time. Do your research and plan accordingly.
Accounting isn't for everybody. You might find that you take a placement year and really dislike it... So it might be good to take a broader subject (eg maths)
Read a few of the threads here that describe life in the Big4 doing audit/tax.
Alternatively, you could do what I did and go for a finance grad scheme in industry - which is an entirely different experience.
Posted from TSR Mobile
However, you do not need an accounting degree to be an accountant. It might be worthwhile to take a numerical/stem subject (as they are preferable in employers eyes) or something you enjoy in that time. Do your research and plan accordingly.
Accounting isn't for everybody. You might find that you take a placement year and really dislike it... So it might be good to take a broader subject (eg maths)
Read a few of the threads here that describe life in the Big4 doing audit/tax.
Alternatively, you could do what I did and go for a finance grad scheme in industry - which is an entirely different experience.
Posted from TSR Mobile
(edited 9 years ago)
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.
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.
(edited 9 years ago)
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.
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.
But the degree will allow you to accelerate past most people who go to the job at 18. An accounting and finance degree will teach you a lot more than just accounting skills and is a lot more useful than just being able to skip a few exams later on.
Original post by aliman65
But the degree will allow you to accelerate past most people who go to the job at 18. An accounting and finance degree will teach you a lot more than just accounting skills and is a lot more useful than just being able to skip a few exams later on.
That is absolutely wrong. By the time you start your graduate scheme, someone on the school leaver scheme will also be three years away from finishing. And they won't be plagued by the issue of getting a 2:1.
Original post by AW1983
That is absolutely wrong. By the time you start your graduate scheme, someone on the school leaver scheme will also be three years away from finishing. And they won't be plagued by the issue of getting a 2:1.
And how many people make it onto the school leaver programme scheme? With a degree you can also enter into graduate schemes which people without a degree cannot do. When applying for a job, the person with a degree will probably get the job over the person without. Although I will agree with you that the £9000 a year debt (+ living costs) kind of ruins the benefits of the degree.
Original post by aliman65
But the degree will allow you to accelerate past most people who go to the job at 18. An accounting and finance degree will teach you a lot more than just accounting skills and is a lot more useful than just being able to skip a few exams later on.
I suspect your post is based on little evidence.
Original post by M1011
I suspect your post is based on little evidence.
http://www.ons.gov.uk/ons/dcp171776_337841.pdf
There you go.
Currently a grad at a Big Four on an ICAEW training contract and I did business/finance at uni so I had some exemptions but hadn't seen any debits and credits before I joined my firm.
My view is that DO NOT do an accounting degree. It will leave you a one sided person with little knowledge outside debits and credits. You can still do a relevant degree but study a more broad range of subjects than pure accounting.
You'll learn all the accounting stuff anyway when you start doing the exams.
Skipping a few exams isn't actually that big of a deal, you won't get that many exemptions anyway even if what you studied something very relevant.
The biggest issue here is that accounting is not for everyone and the majority of people do find it very boring and try their utmost to get out as soon as possible. The view you have now of the job can change quite quickly once you actually start doing it. It happens all the time.
This is also why I would not do a school leaver scheme personally- you're stuck doing the same job for 6 years day in day out and then study the same thing at uni too. If debits and credits really rock your world then that is for you but that is not most people.
The student debt argument in my opinion is not a valid one as its not real debt, student debt is essentially a wealth tax. It doesn't even get taken into account on your credit rating.
My view is that DO NOT do an accounting degree. It will leave you a one sided person with little knowledge outside debits and credits. You can still do a relevant degree but study a more broad range of subjects than pure accounting.
You'll learn all the accounting stuff anyway when you start doing the exams.
Skipping a few exams isn't actually that big of a deal, you won't get that many exemptions anyway even if what you studied something very relevant.
The biggest issue here is that accounting is not for everyone and the majority of people do find it very boring and try their utmost to get out as soon as possible. The view you have now of the job can change quite quickly once you actually start doing it. It happens all the time.
This is also why I would not do a school leaver scheme personally- you're stuck doing the same job for 6 years day in day out and then study the same thing at uni too. If debits and credits really rock your world then that is for you but that is not most people.
The student debt argument in my opinion is not a valid one as its not real debt, student debt is essentially a wealth tax. It doesn't even get taken into account on your credit rating.
Original post by aliman65
Oh good, you've just confirmed that you know absolutely nothing about the subject.
That link is completely irrelevant. If someone becomes an account without doing a degree then they have a professional qualification that is at a higher level than a bachelors degree.
Original post by M1011
Oh good, you've just confirmed that you know absolutely nothing about the subject.
That link is completely irrelevant. If someone becomes an account without doing a degree then they have a professional qualification that is at a higher level than a bachelors degree.
That link is completely irrelevant. If someone becomes an account without doing a degree then they have a professional qualification that is at a higher level than a bachelors degree.
And you effectively do a degree before you become a professional accounting - it takes 3 years of hard training to do so then 3 years of professional accounting. It basically is a degree except you also have to do work on top of it to pay off your debts at the same time. It really depends on the firm you work for and what they offer.
And how is the link completely irrelevant - it shows what I was saying, that doing a degree is not worthless. Also, how does that link confirm I know nothing about the subject? That is just ridiculous, you asked for proof of what I was saying and I gave it.
Original post by aliman65
And you effectively do a degree before you become a professional accounting - it takes 3 years of hard training to do so then 3 years of professional accounting. It basically is a degree except you also have to do work on top of it to pay off your debts at the same time. It really depends on the firm you work for and what they offer.
And how is the link completely irrelevant - it shows what I was saying, that doing a degree is not worthless. Also, how does that link confirm I know nothing about the subject? That is just ridiculous, you asked for proof of what I was saying and I gave it.
And how is the link completely irrelevant - it shows what I was saying, that doing a degree is not worthless. Also, how does that link confirm I know nothing about the subject? That is just ridiculous, you asked for proof of what I was saying and I gave it.
Given I am an accountant at a top firm (who also has a degree incidentally), perhaps try listening?
The degree is irrelevant to being an accountant. To be an accountant you need a professional qualification; ACA, ACCA or CIMA. Once you have this qualification, the degree is pretty much irrelevant if you want to stay in the accounting field (particularly if you've done essentially the same thing at uni). It may well be beneficial moving outside of accounting, but not really within it.
Becoming a chartered account takes 3 years total, not 6. You are not "working on top to pay off your debts", in most instances you are on a training contract where your employers pays the cost of your qualification and gives you appropriate paid leave to complete the exams. A very different scenario to what your describe.
The link is meaningless in the context of accountancy, where it is the professional qualification and experience that matter. That is what is being discussed, hence why your 'proof' is meaningless.
I am really confused as to what to do. How do employers view this degree and how good or bad is it rated overall.
Original post by Simonthegreat
I am really confused as to what to do. How do employers view this degree and how good or bad is it rated overall.
Your degree isn't very important in getting an accountancy training contract. Have a degree and have at least a 2:1.
Original post by snakesnake
Your degree isn't very important in getting an accountancy training contract. Have a degree and have at least a 2:1.
Cheers. What do you recommend?
Original post by Simonthegreat
Cheers. What do you recommend?
Whatever floats your boat. I'd recommend going for something thats at least a bit relevant so something like finance/management/business/economics if you're certain you'll end up in the world of finance but its up to you really.
Make sure though that you can explain in your job interviews why you went for whatever degree you did choose.
Original post by aliman65
And how many people make it onto the school leaver programme scheme? With a degree you can also enter into graduate schemes which people without a degree cannot do. When applying for a job, the person with a degree will probably get the job over the person without. Although I will agree with you that the £9000 a year debt (+ living costs) kind of ruins the benefits of the degree.
That's wrong too and can be an idea that only an extreme form of student angst could muster. When you have the letters ACA after your name, no one who matters cares if you have a degree or not. The idea that a senior manager would make a choice of a particular candidate because they had, say, a BA (Hons) in Classics in addition to their ACA is laughable. They'll make their decision on the basis of the RIGHT qualification (ACA, ACCA or CIMA normally, maybe CIPFA), solid experience and a good interview.
And before you say 'but all other things being equal,' you're delving into hypothetical situations that have probably never existed in the history of recruitment. And even if they did, half would be academic minded and value the degree whilst the other half would admire the commercial savvy and favour the school leaver.
If you want a degree for the sake of having a degree and going on graduate schemes, then I would recommend any solid academic subject. I personally don't view more obscure degrees as necessarily less academic, but a lot of people do. With that in mind, if you place it safe, these are good ones:
Economics
History
Modern Languages
Computer Science
Sciences (any)
Mathematics
English Literature
Psychology
Sociology (but not some derivative of it)
Law (very good if you later want to be a CoSec)
Linguistics
International Relations
Politics
Philosophy (yes, Philosophy is a hard subject!)
There are probably a few others but you get the idea. Occasionally people are sniffy about Sociology or Philosophy, but normally they're the type of people who think they know a lot more than they actually do and believe me they're not good people to work with let alone for.
Economics
History
Modern Languages
Computer Science
Sciences (any)
Mathematics
English Literature
Psychology
Sociology (but not some derivative of it)
Law (very good if you later want to be a CoSec)
Linguistics
International Relations
Politics
Philosophy (yes, Philosophy is a hard subject!)
There are probably a few others but you get the idea. Occasionally people are sniffy about Sociology or Philosophy, but normally they're the type of people who think they know a lot more than they actually do and believe me they're not good people to work with let alone for.
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