Training contract leading to a qualification or high paying grad job? Watch

Poll: TC with a qualification or high paying grad role?
TC with qualification (2)
66.67%
High paying grad role (1)
33.33%
Cmca1
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Hi

As a final year student, I am still in the process of working through applications for graduate schemes etc - online forms, cover letters, CVs, phone interviews - all the usual careers stuff!

Out of interest, what would you do if faced with the following dilemma?

You've been offered a training contract with a medium-sized firm (in law or accountancy for example) which will lead to a qualification and full time job - but you have also been offered a place on a graduate scheme with a large international company (say in investment banking) which will pay very well from the outset but will not provide you with an official qualification.

Which option would you pick?

I'd be really interested to hear what others would do
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Pipsico
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(Original post by Cmca1)
Hi

As a final year student, I am still in the process of working through applications for graduate schemes etc - online forms, cover letters, CVs, phone interviews - all the usual careers stuff!

Out of interest, what would you do if faced with the following dilemma?

You've been offered a training contract with a medium-sized firm (in law or accountancy for example) which will lead to a qualification and full time job - but you have also been offered a place on a graduate scheme with a large international company (say in investment banking) which will pay very well from the outset but will not provide you with an official qualification.

Which option would you pick?

I'd be really interested to hear what others would do
It would really depend on the pay and the opportunities that come out of it. The investment banking one is tempting as it pays off so immediately. If it was easy to secure other jobs from that experience, then definitely.

Training contracts are slow and steady and obviously a better grounding in the basics. But they're tough, requiring significant time and investment(perhaps comparable with investment banking) but with considerably less reward for quite a while at least.

I'm on a training contract at the moment (studying for accountancy qualification - literally - I'm in the library right now..) and If I was given the option of the two at the very beginning know what I know about my job now, I would literally jump at the chance.

Why waste time building up to make money when you could be making it straight away? You can qualify later on is my two cents on this. Although a lot of this could be borne out of the fact I've been studying for 2 months straight, weekends, evenings etc and I am frankly sick of having no time to myself.


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Quady
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If its between IB or law/accountancy then certainly IB. If it wasn't IB then it'd depend how good the firm was but I'd be more tempted by law/accountancy.

Also depends what you're interested in.
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Cmca1
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(Original post by Pipsico)
It would really depend on the pay and the opportunities that come out of it. The investment banking one is tempting as it pays off so immediately. If it was easy to secure other jobs from that experience, then definitely.

Training contracts are slow and steady and obviously a better grounding in the basics. But they're tough, requiring significant time and investment(perhaps comparable with investment banking) but with considerably less reward for quite a while at least.

I'm on a training contract at the moment (studying for accountancy qualification - literally - I'm in the library right now..) and If I was given the option of the two at the very beginning know what I know about my job now, I would literally jump at the chance.

Why waste time building up to make money when you could be making it straight away? You can qualify later on is my two cents on this. Although a lot of this could be borne out of the fact I've been studying for 2 months straight, weekends, evenings etc and I am frankly sick of having no time to myself.


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Thank you very much for your insight - I really appreciate it! I hope everything is going well with your Accountancy training contract.

How challenging has it been to date? Is it difficult balancing 9-5 with the firm and your study for exams?

(Original post by Quady)
If its between IB or law/accountancy then certainly IB. If it wasn't IB then it'd depend how good the firm was but I'd be more tempted by law/accountancy.

Also depends what you're interested in.
Thank you very much for your view! I would love to get qualified so I could at least see a clearer path for career development. My concern about IB is that although I could work my way up within my division, opportunities may not exist for moving to other departments so easily - though I may be completely wrong. The other thing about IB is that I wouldn't have a qualification after completing my training - so in theory I could leave investment banking and move into another sector/industry but may not have a defined 'role' or 'specialism' - at least in law I could say I'm qualified and experienced in corporate law for example or in accountancy be able to say I'm trained and have a few years experience of working in audit or tax.

I think it would be a tough decision!
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Quady
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(Original post by Cmca1)
The other thing about IB is that I wouldn't have a qualification after completing my training - so in theory I could leave investment banking and move into another sector/industry but may not have a defined 'role' or 'specialism' - at least in law I could say I'm qualified and experienced in corporate law for example or in accountancy be able to say I'm trained and have a few years experience of working in audit or tax.

I think it would be a tough decision!
A qualification doesn't define a specialism. Experience does.

I hold several qualifications in IT which aren't directly related to my specialism, my specialism doesn't have a qualification but the fact I've worked for two organisations doing the same type of role defines my ability to perform the role in another organisation.

You're right accountancy/law qualifications do make you more transferable.

As I said, do what you enjoy which will pay the bills, you can't predict your career path too deeply anyway, neither is a 'bad choice' either.
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Cmca1
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(Original post by Quady)
A qualification doesn't define a specialism. Experience does.

I hold several qualifications in IT which aren't directly related to my specialism, my specialism doesn't have a qualification but the fact I've worked for two organisations doing the same type of role defines my ability to perform the role in another organisation.

You're right accountancy/law qualifications do make you more transferable.

As I said, do what you enjoy which will pay the bills, you can't predict your career path too deeply anyway, neither is a 'bad choice' either.
Yeah I suppose that does make sense then! I appreciate your advice - cheers!
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Hedgeman49
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#7
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(Original post by Cmca1)
Hi

As a final year student, I am still in the process of working through applications for graduate schemes etc - online forms, cover letters, CVs, phone interviews - all the usual careers stuff!

Out of interest, what would you do if faced with the following dilemma?

You've been offered a training contract with a medium-sized firm (in law or accountancy for example) which will lead to a qualification and full time job - but you have also been offered a place on a graduate scheme with a large international company (say in investment banking) which will pay very well from the outset but will not provide you with an official qualification.

Which option would you pick?

I'd be really interested to hear what others would do
If you're choosing IB v accountancy then the question you have to ask yourself is about work-life balance.
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Cmca1
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(Original post by Hedgeman49)
If you're choosing IB v accountancy then the question you have to ask yourself is about work-life balance.
Would you say most IB roles exceed the standard 9-5 routine?

With accountancy I'd be studying for the ACA qualification and working at the same time.
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Hedgeman49
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(Original post by Cmca1)
Would you say most IB roles exceed the standard 9-5 routine?

With accountancy I'd be studying for the ACA qualification and working at the same time.
Are you kidding me? Front office IB is 80-100 hours a week
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Cmca1
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(Original post by Hedgeman49)
Are you kidding me? Front office IB is 80-100 hours a week
Yeah that was quite naïve of me there - would it be much the same story in back office?
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Hedgeman49
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(Original post by Cmca1)
Yeah that was quite naïve of me there - would it be much the same story in back office?
No, but then accountancy probably offers better prospects further down the line and more flexibility.
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pmc:producer
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#12
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(Original post by Cmca1)
Hi

As a final year student, I am still in the process of working through applications for graduate schemes etc - online forms, cover letters, CVs, phone interviews - all the usual careers stuff!

Out of interest, what would you do if faced with the following dilemma?

You've been offered a training contract with a medium-sized firm (in law or accountancy for example) which will lead to a qualification and full time job - but you have also been offered a place on a graduate scheme with a large international company (say in investment banking) which will pay very well from the outset but will not provide you with an official qualification.

Which option would you pick?

I'd be really interested to hear what others would do

That depends; do I want to be a lawyer/accountant or a banker?

If the latter, then common sense dictates the latter and that's the issue - they aren't really comparable based on my varied career aspirations (i.e. why would I enter the IB firm when I wanted to be an accountant and could gain a professional accounting qualification?).
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M1011
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Figure which offers you the best prospects and go with that. Don't decide your career based on what will offer you the highest day one salary, but similarly don't assume a qualification will necessarily earn you more further down the line. Think the key here is to do your research
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Cmca1
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(Original post by M1011)
Figure which offers you the best prospects and go with that. Don't decide your career based on what will offer you the highest day one salary, but similarly don't assume a qualification will necessarily earn you more further down the line. Think the key here is to do your research
I'd prefer the training contract
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