Accounting and finance personal statement

[halohell]

Can anyone with experience of accounting and finance uni applications suggest some things my dc (between Y12 and Y13) could be doing (a) to learn more about accounting as a career and (b) for the UCAS personal statement. School haven't been very helpful. Obviously it's too late to get work experience over the summer, but I'm wondering about books, videos, online courses or anything else? Thanks.

These are American, but the basic principles are the same.

www.collegeconsensus.com/rankings/best-free-online-accounting-courses/

My son just graduated uni with a degree in accounting. He interned with a big four firm and they offered him a really good job when he graduated. It's a great career field. Good luck to your DC.

Online lecture and courses, books and podcasts are a good starting point. Look at large accounting firms to see if they do events/virtual work exp

Thanks for the replies. Any specific recommendations for books, podcasts etc?

He could try the ACCA career navigator tool.

I'd also suggest he considers doing an apprenticeship instead of a degree if he's thinking about going into practice. He would be paid immediately instead of having loans and with accountancy the hands on experience is worth a lot.

I would look at the accounting bodies - ICAS, ICAEW and ACCA - to start with. I know ICAS have a youtube channel with many courses though these are geared for qualified CAs so may sail over the head of some. Has your Son contacted some of the smaller local CA firms, they may consider someone even for filing or post runs? Foot in the door for work for any future holidays and a name for the CV?

Someone mentioned the apprenticeship route. I did the traditional uni degree then got a training contract, all in took 6 years. I was lucky to get a training contract and be kept on by the firm at the end - I know some don't keep the trainees. The ICAS apprenticeship is linked with Robert Gordon Uni and takes 5 years. The format of the course is intense but much more practical whilst also gaining experience in an accounting environment all the way through.

One little fly in the ICAS RGU apprenticeship route, if the OP's son isn't - You must also be resident in Scotland 😕

www.icas.com/become-a-ca/routes-to-becoming-a-ca/the-apprenticeship-routes/rgu-ba-accounting-apprenticeship-more-info

Presumably there are equivalent RUK schemes, though?

Veering off topic, but working as an accountant in a big multinational, I'd do the degree, then the qualification. While the apprenticeship is great I think you would be limited when it comes to working for a big company - they expect degrees and the other business concepts you learn help you engage with business partners, do strategy and management. You can go into a training contract after the degree or go into industry and study at night, both getting paid and hands on experience.

Pwc used to do a higher level apprentice scheme where you did your accounting degree and worked for them on holidays then it gave you exemptions to your qualification so you did less and could time qualify quicker. 4 years total I think rather than 6 and you earned as you studied.

There was also a school leaver scheme where you got your qualification and think there was some sort of option to get a degree too.

Might be worth looking whether that sort of option is still available. Makes a lot of financial sense.

I think ACCA also have the option of adding a degree or masters after doing the qualification.

Thanks for all this.

We're in England, so not eligible for the RGU apprenticeship, but DC is keen to have the whole uni experience rather than doing an apprenticeship, and is lookng at courses with a year in industry.

Good idea to contact smaller local accountancy firms - I will suggest that, at least for half term if too late for the summer.

I would not 'study' Accounting and Finance as a 3 year degree.

I'd do an apprenticeship or study an academic subject at University and then do the Accounting qualifications afterwards

If your ds does want to go down the degree route, he doesn't need to study accounting, - maths or economics would be very useful indeed.

@halohell I would also recommend studying a subject he enjoys at degree level then going for accountancy qualification afterwards. Yes he'll have student loans to pay but he won't be committed to accountancy if he changes his mind.
My DD is studying a slightly odd course but mainly maths/economics based and about to go into third year. She did an internship with PwC earlier in the summer (paid) and has been offered a place on their 2023 graduate scheme (3 years, decent salary and ICA qualification fully funded).
PwC specify a 2:1 or above in any subject for most of their graduate pathways.

kaplan-learning.com/try-for-free Encourage your DS to take a look at these at Certificate or Foundation levels for a taster of the professional exams.

Around 1/4 of the graduate trainees come in these days with an accounting degree on the graduate schemes. They do scoop up quite a few exemptions along the way. However, if there is any other subject which takes his fancy, go ahead and study it. There is ABSOLUTELY no clear preference for specific degrees amongst employers. Big name firms have recently qualified accountants with backgrounds in everything from maths, history, sports management, economics, theology, dance and football with business degrees. I know, I've got them through their professional qualifications.

@halohell
Hes not been overly organised so far with his PS, however it’s highly likely the university won’t read it either, but I would see if he could at least work shadow for a day! Can he not visit a local accountant? Get him on the phone snd start organising something. What about seeing if he can spend a day with a personal finance company? Do you know anyone who could have him into their office to shadow someone? What about the finance team at your local Local Authority? Can they give him some info about what they do?

If he’s more interested in another subject at university, do that.

My understanding is that this is an academic subject. DC is predicted AAA and is looking at unis like LSE and Leeds. I'm assuming their accounting and finance courses are respected and academically rigorous? I think he's done a fair bit of research on subjects and is happy with his decision. He considered applying for maths, but thinks he will enjoy and be more motivated by A&C because he likes that it's more practical and career focused.

He doesn't want to do an apprenticeship. I know apprenticeships are a good option for a lot of people, but he wants to go to uni and have that experience, not just getting the degree, but the social aspect too, and I support that.

Thanks for all the suggestions re work experience, shadowing, websites, etc. I'll get him to look at all of those. I know he's left it late and should have set up work experience for this summer. Tbf there have been some personal reasons for this, not just that he's been disorganised, so I hope he can make up for it and boost his personal statement a bit over the next few weeks/months.

Sure, many Unis offer Accounting and Finance degrees. However, you do not need an accounting degree to be an accountant. It might be worthwhile to take a numerical/stem subject (as they are often preferable in employers eyes) or something you enjoy in that time.

A more general degree provides more options imo.

DS knows he doesn't need an accounting degree to become an accountant, it's just that this is the degree which interests him and which he thinks he will enjoy more than continuing an A level subject.

I know a less vocational degree is a good idea if you have a passion for the subject, and for a wider range of career options, but he really doesn't want to do that. We have been to open days, and he was really interested and motivated talking to the accounting staff, and liked the sound of the courses. Maybe it's not the right choice for everyone, but I think it will suit him.

He's making a list of local companies and is going to contact them this afternoon to see if he can set up any work experience.

@halohell
Please don’t think I’m being negative, but have you/he read what LSE are actually looking for? If he’s done nothing, it’s difficult to see how his PS will come up to scratch with them. Yes. They do read it and evaluate it. He needs to look at what is required and not just throw university names out. Doing FM would be an advantage there but it must be a 4th A level. He also needs an essay subject.

Therefore he should look urgently at what he’s qualified to do in all aspects of the course. No work experience and demonstrable motivation is a problem at LSE who get nearly 1900 applications but make only 176 offers. Other universities won’t be so choosy. He needs more than Leeds as additional choices.

OP I've PMed you.

Tizer, he obvs will choose 5 courses with a range of entry requirements.

He is doing an essay subject (history), as well as maths and economics.

Because I just wanted advice on showing interest/knowledge of accounting in the PS, I think I might have portrayed him as a less attractive candidate. He does have experience of paid work, volunteering and extracurricular activities which demonstrate application, hard work, teamwork etc.

I know LSE is extremely competitive, but his predicted grades are good enough, so I am not going to discourage him from aiming high, just wanted some ideas for boosting his PS. I thought it would go without saying that he’s not just applying to the two AAA courses I’ve mentioned.

www.acca-x.com/global/en.html

He still has a 3 weeks or so to get stuck into one of these as well.

Thank you @HewasH2O - he is very keen to do one of those courses.

My ds studied accounting and finance at Warwick. To enhance his personal statement he spent four days in two different businesses in the accounts department and had a one hour chat with a partner at price waterhouse and spent some time with some of their new recruits too. He received offers from all five unis he applied to but not sure how much impact the personal statement made.