MSc in Accounting vs ACCA exams

Hello,
I am a graduate economist, living in London and interested in starting a master. At first I was thinking about an MSc in Accounting & Finance because I think is kind of easier that any banking related master. But soon I started thinking about an MSc in Finance cause I have heard that banking jobs pay well but reading posts about the required working hours (until 2am) I started to doudt that. I don't want to work so many hours even if the money are extremelly good. I prefer an 8-5 monotone office job than having to meet targets or create presentations etc as someone does in banking. And I should mention that I will do my master in a mediocre university in London according to the rankings, because better universities are much more expensive for me (I do mention that because I read that banks usually prefer graduates from top universities because they tend to believe that they are hard-workers).Firstly, do you think that getting a master in Accounting is better for me? Secondly, is someone with a master in accountancy at the same level with someone that had the ACCA exams for example (depending on the employability)? And lastly, do you think that depending on the difficulty to get the master, is an MSc in Accounting "easier" than in Finace or Investment Banking?
Thank you very much for your time and consideration. I am looking forward to your reply.

Reply 1

7M33R

You're far better off applying to a grad scheme at a big four firm.

Reply 2

Tokyoround

I'd agree, better option is to get a real job and start doing exams. We have guys with MSc and MBA who are still at the same level as someone with just a BSc.

Reply 3

marykats

Original post by Tokyoround

I'd agree, better option is to get a real job and start doing exams. We have guys with MSc and MBA who are still at the same level as someone with just a BSc.

Thank you for your reply..The thing is that I have read that these exams-let's say ACCA- are really difficult and take at least 3-4 years. Do you think that having an MSc in Accounting would not help me to find a job as an assistant Accountant for example? I am saying so because at the moment having a degree in Economics - I have no idea about accountings- I do not think I could find any job in accounting because everyone asks for a relative degree or the exams.. I am looking forward to your reply!

Reply 4

Tokyoround

Original post by marykats

It would only help in the sense that it would give you exemptions from exams.

Exam passes/exemptions and valid experience are more important than almost anything else.

There are lots of schemes that would take on an economics graduate for sure. What did you get in your degree if you don't mind me asking? if at least a 2.1 you should be able to secure quite a few interviews (depending on the rest of your CV of course).

(edited 11 years ago)

Reply 5

marykats

Original post by Tokyoround

Thank you for your quick reply again..I am 23 years old and I dont feel like spending 4 more years to qualify myself in accounting. I have to metion that my degree is a non-UK degree so I feel like I should have a degree from a UK university otherwise I dont know if my degree is of so much importance here.
I have studied economics, macroeconomy, microeconomy, econometrics, business policy, transport policy, statistics, mathematics, macroeconomic policy etc..courses mostly relative to the economy..so I have no knowledge in accountings and stuff. And i think my degree is like top 2.2 to 2.1 according to the UK standards. The thing is I think I would like the job of an accountant but do you think that getting an MSc in Accounting could qualify me to start as an assistant accountant for example??
I am looking forward to your reply. Thank you in advance!

Reply 6

Tokyoround

Original post by marykats

Your degree is fine I wouldn't worry about it, people get into accounting with English, Music or even no degree at all. It goes to highlight how important passing exams is.

You could likely secure a junior accounting role such as payroll assistant etc., but you'll never be a full accountant until you pass exams anyway and qualify. Don't worry about your age, age isn't really a factor in the professional world, whether you qualify at 26 or 46 doesn't matter too much if you aren't in a rush to make money. You can opt to do your MSc for personal peace of mind if you wish, but only you can decide if it's worth the financial and time investment as opposed to making a start on exams.

Reply 7

marykats

Original post by Tokyoround

Thank you very much for your help. I am starting thinking about applying for the lowest position in accounting. So to make sure I fully get what you told me, even if I do an MSc in Accounting I won't be a gualified accountant right? The only way to become a Chartered Accountant is by passing the exams??

Reply 8

Tokyoround

Original post by marykats

Yes that is correct.

The MSc will give you exemptions towards qualifying, how many exemptions you receive depends on a combination of the course in particular, which university it's from and which professional body you intend to join.

Reply 9

marykats

Original post by Tokyoround

Thank you very much for your help..I think you helped me a lot about realising how the system works actually so that I can plan my moves from now on.
Thank you very much for you time!
Kindest Regards.

Reply 10

kimisingh

I am currently doing my degree in Accounting and Finance. I have been doing lots of research and found that there are firms that train degree graduates to be accountants. I am particularly interested in becoming a chartered certified accountant and was wondering if I should get a job where they train grad students or should I just do acca.

(edited 9 years ago)

Reply 11

username1204872

Original post by marykats

Why? I am aware of dozens of individuals in my Big 4 firm who started their ACA training contract at 25 or older. One of my best friends/colleagues in my intake is 30 this year.