maths module in accountancy university course? HELP

Hi , thanks for the detailed response, it helps a lot so I appreciate it. Yeah you’re right I believe we’re doing hypothesis in the upcoming weeks after finishing probability 4 . Would you say I’ll be fine to continue the course then and not be too concerned that I’m struggling with certain elements of this Quantitative methods module? And would you by any chance know if the maths in the ACA (ICAEW) exams is this difficult or is it simple maths?
Thank you.

I'm curious to why ACA would ask their students to know about financial derivatives when they're focused on accounting. To answer your question though...

It's a little difficult for me to say how in depth the finance modules will be, as basic finance to me can me can involve financial equations that includes partial derivations, or basic Modigliani and Miller Equity vs Debt models. The modules don't list the topics like they do with Quantitative Methods, so I can only guess based on the topics mentioned.

Foundations of Finance you will probably end up enjoying, as the maths is essentially simple arithmetic. You might need to use indices/powers for some of the discounting, otherwise it's relatively straightforward. The material is good for basic finance. You might want copies of the current lecture notes to verify this though.

Financial derivatives will be harder. I was kind of put off by the fact it mentions how you should be able to solve basic problems, but then mentions the Black-Scholes model and 'be able to exercise basic quantitative and mathematical skills in pricing derivative instruments'. As far as I know, this could either mean knowing how calls and puts are priced through simple diagrams, or complicated maths that you see in the Black-Scholes model. As far as I can tell, I think they only want you to know how to use the formulae i.e. plug and play sort of thing. However, you might want to check with the 3rd year students and the tutor for more information (the tutor can be impressed by your 'enthusiasm' when asking early). I would also ask for some of the lecture handouts just to see if you can handle some of the maths; take a browse through the recommended text if you have the opportunity.
The assessment method is also a single 2.5 hour exam, which doesn't bode well either.
The following bullet points I find particularly offputting:
- be able to solve basic problems requiring the ability to price derivative instruments and hedge market risk based on numerical data and current market conventions
- have acquired the basic skills required for pricing financial derivatives, including familiarity with some central techniques, namely risk-neutral valuation, no-arbitrage pricing, the binomial model, and the Black-Scholes model

From my standpoint, there is little point in you doing the Foundation of Finance, and not work to get the whole ACA exemption from the Financial Derivatives module; if you don't take the derivatives course, you will lose out on an exemption, and need to do the whole Financial Management module in your professional studies. If you do take it, you may have a bit of a hard time with the maths.
I'm still confused to how ACA could consider Foundations of Finance + Financial Derivatives as financial management, when there's little content mentioned that is related to financial management in both modules.

Again thanks for the detailed response. suppose I don't take the financial derivatives module, wouldn't the exemption I miss out on be easier to do separately with ACA instead of doing the financial derivatives module as it seems pretty tough. In hindsight had I known a level math content was heavy in the course I don't think I'd have chosen it but seems too late to change to anything. Out of interest how come you possess a lot of knowledge in this area? do you come from an accounting background?

I don't know how hard the ACA module is, since I don't do it. It's worth checking with people who have done the module with ACA.

I have done degrees in accounting, finance, and economics. In finance, we looked at financial derivatives.
I'm not with ACA, partly because you need a training contract in order to study for the qualification, and not many places will hire considering how competitive trainee jobs are. I'm sort of with ACCA, and have a bit of accounting experience. I initially wanted to do CIMA because it's far more analytical, but the jobs requiring it aren't as flexible.

nice i actually need to decide between aca and acca myself tbh. Do you reckon acca is better?

In terms of getting work in the UK, not really. If you intend to get work in other parts of the world, possibly, depending on the country. They used to say only ACCA can get you a job in most countries in the world, but I think that's changing (I haven't been keeping up with this news).

For the bigger employers, the ACA will have more weighting than the ACCA. Many people who have done the ACCA said they need something like 3-5 years of experience after they qualify in order to get the ACA accreditation. In terms of material, they're roughly the same - what that says to you is up to you to decide.

Having said that, an accountant is an accountant. If you do qualify for ACCA, you're just as good as an ACA when it comes to doing the job.

When it comes to getting a job in accounting, they say you should aim for the top, then work your way down i.e. the Big 4 first, then the smaller and smaller firms. Even if you work in the Big 4, you might have to study something in addition to ACA or something completely different, depending on the role and the company.

What aspirations do you have, choice of specialism, and anything in particular after you qualify?

It might sound a bit unambitious as a few of the students on my course say it is but I don't see myself working in the top 4 firms like when I hear about it, it sounds way too pressured and elite to me, I'd much rather work at a mid tier sort of level where pressure is lower and there's more of a work life balance. Whether my stance changes or not I'll have to see. I think in terms of specialism maybe tax? I heard that's a good area to go into but I've never explored many areas as of yet. The aim is to eventually become chartered but 3 years after the degree (6 years all together) is daunting but I don't think there's any other way. What's your thoughts on my choices and decisions? it'd be interesting to know.

When it comes to accounting, there are multiple areas you can go into, but you will have to bear in mind that you will be spending most of your time doing the same job day in day out. So I'd choose carefully. They don't recommend you to specialise too early, but it's good to plan ahead.
The sort of areas I have come across are:

If you're looking for a work life balance, then either tax or standard business services is more of up your alley. Consulting with big firms tend to involve international travel, which sounds good on paper but you will end up dredding it very quickly. You are not likely to have a social life in corporate finance. Audit and assurance tends to involve a lot of work and long hours.
The thing I don't particularly like about tax is that it's kind of only applicable to one country. Once you emigrate, you have to learn about tax all over again. Having said that, the ADIT qualification from the Chartered Institute of Tax (same organisation for CTA) covers at least 2 countries.
As most European countries go by IAS, the way you compile your accounts shouldn't be all that different in Europe. It becomes a problem in the US, as there are a number of nuances, and you might need to convert your qualification over to their CPA, but don't quote me on that and do check.


Personally I think the Big 4 are way too competitive and elitist, but having the company name on your CV does bring you opportunities that you would otherwise not get once you leave the company (kind of the same thing with universities' reputations). They also provide you with the best training available.
In the first few years of graduating and entering the job market, your primary focus is to pass the exams and get the necessary experience. I wouldn't count on getting much free time during this period; when you're not working, you're studying. The exams aren't exactly easy, and you are expected to be challenged. Then the fact some firms can fire you for not passing the exams after X tries.
In mid tier companies, you are expected to receive less support whilst still be able to perform your job. You might want to speak to some of the accounting students working in these firms first.

hey sorry for the delayed reply i was caught up in uni work once again. Its interesting you mention tax as a good option for work life balance but is CTA a must after ACCA or ACA? And yeah I guess tax can be restricting and I have occasionally thought about maybe working in a different country so i may have to take a different option. And yh I agree that big 4 is super competitive and I'm not particular confident enough to work at such a high level anyway especially because I have no experience yet and have barely anything on my resume except good grades compared to others. Although my course does come with an industrial placement year option with one of these big companies( there's a whole process to get this placement) but I honestly just want to get the degree done in 3 years and not 4 because its quite draining tbh

No, it's understandable (I've been through it enough times to know).

CTA isn't a must, but it's the highest qualification you can get in UK tax. You can do tax without the CTA, but it's often recommended. I have came across accountants with ACCA or ACA without CTAs, and they're fine without it. If you work for PWC, I think they request you to study it (don't quote me on that though).

Ah that’s fine I’ll keep that in mind. I’ve got a question ( don’t know if you’ll know but i’ll be interested in what you think) Would you say it’s better I get an accountancy degree from a Russel group like Manchester instead of at a non Russel group like UCLAN because I’m struggling with such a high level of math especially bc the teacher is very poor at explaining things( even those who did A level math say they get confused by him and they feel sorry for us) and UCLAN don’t have a quantitative module so I was thinking would that be better for me. So does the uni I get my degree for in accounting matter?

My general impression from employers is they want you from a high end university. Some may insist on getting it from Russell Group.

In terms of what you need to learn, it makes little to no difference if the modules you do are accredited. It also makes no difference which university in practice when it comes to the A Level grades you got.

However, accounting remains an occupation where it's all about the reputation you have. If you don't have a degree from a top end uni, that will work against you, irrespective of whether it means anything in practice. I wouldn't recommend you to switch universities. However, the choice is still yours.

If you need help with the uni studies, using TSR or asking for advice from high end students would be of benefit.

Hi! I've got an offer from King's College London to study Accounting and Finance. I'd like to go into international tax accounting (if thats what its called).
I was wondering what kind of salaries to accountants earn? so far its been quite varied and a lot of people i know say its a low paid job.

My general impression from employers is they want you from a high end university. Some may insist on getting it from Russell Group.

In terms of what you need to learn, it makes little to no difference if the modules you do are accredited. It also makes no difference which university in practice when it comes to the A Level grades you got.

However, accounting remains an occupation where it's all about the reputation you have. If you don't have a degree from a top end uni, that will work against you, irrespective of whether it means anything in practice. I wouldn't recommend you to switch universities. However, the choice is still yours.

If you need help with the uni studies, using TSR or asking for advice from high end students would be of benefit.

Ah looks like I’m staying then... what are you thoughts on the apprenticeship route as opposed to the university route?