Investment Banking - PWC Accountancy course vs Economics. Help much appreciated Watch

wavyjosh
Badges: 7
Rep:
?
#1
Report Thread starter 1 month ago
#1
*Long*
*Confused young student warning *


Sooooo, results day came.
A* - Chem
A - Maths and Econ

I have been accepted into my firm choice - Nottingham.
I am doing the Accountancy course. It is special because it is a 4yr course partnered with PWC. For my first year, I study as a normal student. For my 2nd and 3rd year, I am doing 4-month audit placements (Sept-Dec) in a PWC office of my choice in the UK. (Aberdeen, Charing Cross (London), Birmingham etc). The same happens in the 4th year except the placement is from January to May.

Some info:

These placements are paid and I put what I have learned into practice. I may have clients abroad and do get to travel.
PWC will also subsidise some of my living costs.
You also get 12/15 accounting exemptions from the course and can become chartered quickly after you graduate.
Oh, and if you graduate with a 2:1 or higher, PWC offers you a job at a level above a normal graduate, but of course I want to go into IB.

There are other smaller details about the course but those are the main ones.
Here is the brochure if I missed anything:
https://www.pwc.co.uk/careers/docume...ying-start.pdf
So as you can tell, the course is quite good in the sense that I get paid and get experience in the industry (not quite IB industry, but still the financial sector) with some network to PWC. This is opposed to a normal 3-year Economics course. Nottingham is also a top Russel university so I think that should also boost me.

So finally, a few questions:
Is this Accountancy course (and banking placements that I will do in summer) good enough to get me into top IB jobs?

People will probably say Econ but is Econ that much better that I should leave this unique and new course?

Or is my course good enough given that there is no "Investment Banking" subject at uni and people can get into it with degrees of all sorts (philosophy, law etc) ?

Economics is also very common for these jobs, so could this course and placement experience (alongside banking placements I will do in summer) give some edge?


Thank you so much if you read this far and I really appreciate advice from anybody knowledgeable on this topic!!
0
reply
Princepieman
Badges: 21
Rep:
?
#2
Report 1 month ago
#2
do a good academic subject at a good uni like everyone else.

no point binding yourself to a firm already when you've got plenty of time to work.
0
reply
PriceMechanism
Badges: 8
Rep:
?
#3
Report 1 month ago
#3
PwC is a very respectable company with an amazing culture and decent work-life balance. As someone who interned there I can hand on heart say I consistently did 9am - 5:30pm every day. The pay is not like IB. Expect around 28k vs 50k, but once you qualify you go up to aorund 45k which in your situation is comparable to IB. (HSBC pay 47k for IBD). At the Director/Partner level, you have so much money that 50k here or 100k there is insignificant at that point cause profit per partner is around £900k!

That being said, I wouldn't feel comfortable tieing myself up with one company so quickly - They aren't a hard company to break into all things considered, and if you want to do IB the keep your options open. I would say Econ is more respectable as it explores a larger subject area and isn't rigid like accountancy. That being said, degree subject doesn't make too much difference anymore. You got the grades, and the uni to make it IB if you hustle and apply correctly.

Lastly, be really sure that you want to do IB, because the hours are not worth it in my opinion... you may earn 50k + bonuses, but remember that after tax, living expenses, and other necessary expenditures, given the number of hours you will be likely doing, you are earning around £10/hr - which is worse than PwC at the end of the day. If you are in it for the money, pick another industry, if you have a genuine interest in "Discounted Cash-flow Models" and like learning obscure Excel functions, then go for IB!

P.S. Nice to see we got the same grades in maths and econ ( I did further maths not chem )
0
reply
wavyjosh
Badges: 7
Rep:
?
#4
Report Thread starter 1 month ago
#4
(Original post by PriceMechanism)
PwC is a very respectable company with an amazing culture and decent work-life balance. As someone who interned there I can hand on heart say I consistently did 9am - 5:30pm every day. The pay is not like IB. Expect around 28k vs 50k, but once you qualify you go up to aorund 45k which in your situation is comparable to IB. (HSBC pay 47k for IBD). At the Director/Partner level, you have so much money that 50k here or 100k there is insignificant at that point cause profit per partner is around £900k!

That being said, I wouldn't feel comfortable tieing myself up with one company so quickly - They aren't a hard company to break into all things considered, and if you want to do IB the keep your options open. I would say Econ is more respectable as it explores a larger subject area and isn't rigid like accountancy. That being said, degree subject doesn't make too much difference anymore. You got the grades, and the uni to make it IB if you hustle and apply correctly.

Lastly, be really sure that you want to do IB, because the hours are not worth it in my opinion... you may earn 50k + bonuses, but remember that after tax, living expenses, and other necessary expenditures, given the number of hours you will be likely doing, you are earning around £10/hr - which is worse than PwC at the end of the day. If you are in it for the money, pick another industry, if you have a genuine interest in "Discounted Cash-flow Models" and like learning obscure Excel functions, then go for IB!

P.S. Nice to see we got the same grades in maths and econ ( I did further maths not chem )
Wow, that's good man thank you! Do you have any idea how much the Nottingham placement pays? And where exactly did you work?

Also, you don't have to work with PWC. You can leave after graduating if you wish, it is simply just an offer. And yeah I like IB - I just like this industry in general. Thinks like Risk Analysts, Stock Brokers, etc all appeal to me and IB is where it's at for me. I dream to work in the city in big offices. Also, its sort of because I like Economics/Accountancy and I know those jobs don't necessarily use either, but I can apply my knowledge. Lastly, Money isn't really my main concern but I would like a job that pays really well to be honest.

Thanks, man! And wow your username just gave me serious PTSD flashbacks haha! Rationing and Allocating function
0
reply
wavyjosh
Badges: 7
Rep:
?
#5
Report Thread starter 1 month ago
#5
(Original post by Princepieman)
do a good academic subject at a good uni like everyone else.

no point binding yourself to a firm already when you've got plenty of time to work.
Its an offer you dont have to work with them if you dont want to, you choose when you graduate
0
reply
PriceMechanism
Badges: 8
Rep:
?
#6
Report 1 month ago
#6
(Original post by wavyjosh)
Wow, that's good man thank you! Do you have any idea how much the Nottingham placement pays? And where exactly did you work?

Also, you don't have to work with PWC. You can leave after graduating if you wish, it is simply just an offer. And yeah I like IB - I just like this industry in general. Thinks like Risk Analysts, Stock Brokers, etc all appeal to me and IB is where it's at for me. I dream to work in the city in big offices. Also, its sort of because I like Economics/Accountancy and I know those jobs don't necessarily use either, but I can apply my knowledge. Lastly, Money isn't really my main concern but I would like a job that pays really well to be honest.

Thanks, man! And wow your username just gave me serious PTSD flashbacks haha! Rationing and Allocating function
Honestly, not 100% sure about pay, you may have to check glassdoor or just ask HR? I was in Reading and graduates there were getting 28k (interns obvs get less but that was 90% if the London wage or something like that). I was in Deals not Audit. I know that Deals pay the best so I would take it with a pinch of salt. My exact salary as an intern was £21,100 pa.

If the PwC thing is just an offer and not a contract, then it may be worth it as then you have freedom. I will say that without an IB internship, it can be tough to get into IB, but PwC won't do harm.

If you like IB then great! Good luck to you, I can feel your determination from your message, haha. Accountancy will be more relevant to IB but they will honestly teach you everything on the job so I wouldn't worry that much. The reason I say Econ is that academically it will broaden your perspectives on a variety of other industries. IB is great, but have you considered consultancy, public sector, think-tanks, and just general corporate development jobs? It also has more interesting stuff imo like exploring why economies growth as well as micro and macro.

haha, price mechanisms give me nightmares too
0
reply
X

Quick Reply

Attached files
Write a reply...
Reply
new posts
Back
to top
Latest
My Feed

See more of what you like on
The Student Room

You can personalise what you see on TSR. Tell us a little about yourself to get started.

Personalise

How has the start of this academic year been for you?

Loving it - gonna be a great year (139)
17.77%
It's just nice to be back! (211)
26.98%
Not great so far... (281)
35.93%
I want to drop out! (151)
19.31%

Watched Threads

View All