A degree vs qualification?

nyc_451

...
I am looking for some advice/opinion regarding studying.

I am interested in studying accounting, so I could study CIMA/ACCA or pursue a degree. First option seems easier.

If I choose accounting courses:
- can stay in my current job
- studying is flexible and easy to enrol
- will have enough money to save up for my driving lessons and a first car
- some companies hire people who are part qualified, so it's quite possible to get into a financial role after 1-2 years

If I choose a degree:
- would need an intense preparation as I have finished school a while ago
- have to go through application process
- would have to find a new part time job
- no money left after paying bills
- probably would need to move to a different town
- after three years, I would be a lady in her early thirties with a degree and only customer service experience...

One person keeps encouraging me to study and says that a degree in finance would open more doors for me... But I am a bit sceptical as I am sure a degree on its own is not enough to get a good job and it pretty much would be a difficult three years... Also, I don't have anyone to support me if something goes wrong (e.g. losing a job).

Is having a degree really worth all the sacrifice?

Voyager2002

One thing for sure: if you do a degree because someone else want you to do one, you will not have the motivation for all the hard work involved.

Having said that, the application process is very simple and the study skills required are similar for a degree and for the accountancy qualifications you mention: so you would need to do the same amount of preparation either way. Plus, good universities probably do more to help students who are not conventional school-leavers than do the colleges that provide accountancy training.

Furthermore, most forms of accountancy have graduate entry, whereby candidates with relevant degrees are given exemption from some of the professional exams and so study for a shorter time than other candidates. And the best jobs probably go to people who took a degree before a financial qualification.

Do remember that it is possible to study for a degree part-time, while remaining in your present job.

SuperCat007

The problem you might find in just getting the qualification is that you'll reach a ceiling which you cannot pass without a degree. Whilst you'll be better off financially in the short term doing the apprenticeship rather than the degree; in the long term you may find you'll have to go back and do the degree anyway to reach higher management or enter certain roles.

alibean121

Very odd advice here!

You should be able to find a job with an employer who will support you through your AAT moving into something like ACCA and this route seems most sensible! You may be able to start straight on ACCA, I don't know what your baseline knowledge is like or how easily you'll get back into study.

Once you have your ACCA, the lack of a degree is not going to be an issue, in this field, your professional qualification is what is required. I work for a Big 4 and we do have a small school leaver programme (which you could also apply for although they do tend to look for genuine school leavers) and people who've been through that progress as normal through the grades and when leaving have gone onto similar opportunities to others.

If you have your heart set on Big 4 then I guess a degree is the easiest way to get in, but if not, a smaller firm should take you from where you are now. You may want to start studying yourself to show some commitment but I wouldn't wait until I got to X place in my qualification to apply for jobs as you'll need 3 years of relevant work to complete it! Keep applying!!

GoldenShadow

Well, what do you want a career in, accountancy specifically, or something else that a degree might help with?

Degrees are very broad and it can be hard to know where to go if you aren't sure. If you know finance and like it, I would go down that route instead of degree as I do think it is more straight forward. In the same breath, if you don't know finance, can you get some experience to consider if it is for you?

I did a business degree and joined a grad scheme post uni where I study a finance qualification as part of the role. Its hard going, and I basically have 0 exemptions. My friends who do, often find their subject knowledge doesn't marry up with the syllabus in higher papers despite their exemptions, which is concerning too! So I wouldn't go for a finance degree to then go into CIMA/ACCA etc personally unless you needed a degree to get onto the grad scheme you wish.

In hind sight I am not sure I would choose finance again, there are bits of it I like and a fair few bits that I don't. That's why I ask about what experience of it you have, and what degree option you would go for, with the view of what at the end of that path. I love the sector I work in, but less keen on my role for sure.

Also think about long term what you're after. Do you like the rat race and want to go up and up, or do you want a nice 40, 50, or 60K job and settle at that point? I work with people who have degrees and do ACCA/CIMA, those who did AAT then ACCA/CIMA and those that have done grad schemes and ACCA during that. Depending on how high you want to go or who you want to work for might make me tweak my answer a little bit, but not hugely.

nyc_451

Thank you everyone for your thoughts, I appreciate it.

Voyager2002,
I always wanted to go to uni, was actually a bit or a nerd but finances stopped me. You say, the best jobs go to people who have a degree - I am sure not everyone with a degree has a good job? I am trying to be realistic here. It's a very long way from where I am at the moment to that good job.
I am sure I would enjoy uni more as I would meet interesting people but I wouldn't be able to keep my current job, even if I studied part time.

GoldenShadow,
It doesn't have to be accountancy specifically, I am sure there are a few roles that I would enjoy. I wouldn't say I know finance well, my closest experience to that was managing a branch for a loan company. I loved it, unfortunately had to leave. I really can't imagine myself not working in a finance related role.
Rat race or settling in a nice job? Can't tell. I am single and hungry for something challenging, a job is my priority at the moment but that might change if I create a family later on. I have recently started a new job and people who don't know me that much, like bosses, trainers & colleagues, say I would be a good manager, have a good business acumen, will be a millionaire one day (lol) or that I should go into finance. I was also called scary as I am a bit cold hearted when it comes to making money (oops). On my recent training course I always ended up discussing the ways to improve business etc, and tried to avoid that boring bit of learning how to process transactions.
Please don't judge me for what I say next. I now work in public sector and I don't like it. It's easy, boring, disorganised, people are calling in sick for the smallest headache because they still get their full wage, everyone is friendly and too trusting (I spotted so many loopholes in security in the first few weeks), no need to be intellectual there at all. It's so annoying. I prefer my previous job in a private sector because it made my brain work. Loved making money. I knew the rules so well, I could brake them in order to make profit and not get caught. Was very dedicated, worked long unpaid hours just to achieve what I wanted, got on well with my bosses. I am treated much better in my current job but honestly, IT IS SOOO BORING...

Edit: if you check my first thread, I hated my job in the beginning!! But they shaped me into a different person at the end...

missbiggles1

I'm sure I've just posted a reply on an identical thread!

nyc_451

missbiggles1 wrote: »

I'm sure I've just posted a reply on an identical thread!

I've created two as different people visit different subforums.

SuperCat007

I still stand by the fact that you may hit a glass ceiling if you're thinking of trying to get into head office-type jobs. If you're not, then maybe not. If you're thinking you'll stick with accountancy then from the reading I've done then to get a pretty well paid, fairly secure job the ACCA qualifications and work experience are enough to give you this.

But as with many other roles within the finance sector there are many places that experience alone won't get you because a minimum requirement is to hold a degree and any experience you already hold may or may not help you speed through the application process.

GoldenShadow

blue_mango wrote: »

GoldenShadow,
It doesn't have to be accountancy specifically, I am sure there are a few roles that I would enjoy. I wouldn't say I know finance well, my closest experience to that was managing a branch for a loan company. I loved it, unfortunately had to leave. I really can't imagine myself not working in a finance related role.
Rat race or settling in a nice job? Can't tell. I am single and hungry for something challenging, a job is my priority at the moment but that might change if I create a family later on. I have recently started a new job and people who don't know me that much, like bosses, trainers & colleagues, say I would be a good manager, have a good business acumen, will be a millionaire one day (lol) or that I should go into finance. I was also called scary as I am a bit cold hearted when it comes to making money (oops). On my recent training course I always ended up discussing the ways to improve business etc, and tried to avoid that boring bit of learning how to process transactions.
Please don't judge me for what I say next. I now work in public sector and I don't like it. It's easy, boring, disorganised, people are calling in sick for the smallest headache because they still get their full wage, everyone is friendly and too trusting (I spotted so many loopholes in security in the first few weeks), no need to be intellectual there at all. It's so annoying. I prefer my previous job in a private sector because it made my brain work. Loved making money. I knew the rules so well, I could brake them in order to make profit and not get caught. Was very dedicated, worked long unpaid hours just to achieve what I wanted, got on well with my bosses. I am treated much better in my current job but honestly, IT IS SOOO BORING...

Edit: if you check my first thread, I hated my job in the beginning!! But they shaped me into a different person at the end...

Haha, no judging from me. I work rather closely with the public sector and can understand why that opinion forms for many. There are areas of the public sector which are not like that, but it may be your job area/role level etc that can make it seem as you describe. Higher up the chain I've noticed what you describe considerably less.

What you say you enjoy doing is exactly the same as me. But I find that I am not overly enjoying what I do now, and trying to plough on. On the grad scheme I am on, my role basically has to be quite process driven until I understand them enough to be the one who manages the people doing the processes if that makes sense. And with the finance papers, you need to be able to understand how it all works at a low level. I find it very frustrating at this current level, because I feel as though I am surrounded by people who are not good managers, and I know I am far better suited to that level, but I have to know the nuts and bolts better than I do now in order to be worthy of those roles. ACCA/CIMA etc, because you become a qualified accountant I envisage that the vast majority of roles would be like mine early on, certainly all of my friends doing them are doing what I am. There are obviously finance roles which are not the nitty gritty of accountancy, but I know much less about them and the qualifications people have if I am honest.

Sadly, its nice to jump in at the manager level but in the finance area I work in where people are CIMA/ACCA qualified etc, until you've got that stamp on your CV you aren't worth very much and have to slog out the boring stuff first. I wonder if there might be another area of finance that's more your thing but has a faster route to the things you like doing.

A family member is CIMA qualified and basically takes random contracts as and when they feel in London getting a rather impressive day rate. He uses his CIMA knowledge very little if at all he has said to me before, but it was one of the boxes that had to be ticked for him to get to where he is. He was at the big four but left to go independent contracting and do his own business etc.

Have you got a mentor?

nyc_451

GoldenShadow,

Thank you for sharing your experience.

I don't have a mentor, not studying yet also, I don't mind taking any kind of tasks if it's in a financial role but in my current job I have to learn a lot of things that won't benefit me once I leave, so I am a bit bored... Ready to start my new career from the bottom, don't expect to be manager stright away. I could have applied to be a manager in retail shops but didn't want to, I prefer money to clothes

I am trying to work my finances out. I know how much uni would cost and what part time job would pay me but it's hard to determine exact expenses if I study cima/acca as I don't know how much I would pay for classes/tutor plus exam fees, books, membership fee etc. I might end up just as poor...