Should DS do a Big 4 Apprenticeship or go to Cambridge?

[StressedaboutUni]

DS has managed to get a Big4 Apprenticeship in Accountancy and he has also managed to get an offer to read economics at Cambridge. Assuming he gets the grades, he is not sure which one to pick. Going to the apprenticeship would give him the opportunity to save 60k over three years vs 45k debt. He would also be able to become fully qualified accountant in 4 years. He would not get a degree though.
Cambridge would open doors for him in other industries that he may consider in the future such as Investment Banking or Management Consultancy.
He is really confused on what to do.

If Big 4 isn’t offering a degree it has to be Cambridge. More opportunity at the end of the degree. More choice. He might not even want to be an accountant when he sees other careers.

Cambridge.

Im at a big four firm and have an Oxbridge degree. My boss came here on the apprenticeship scheme and made partner in his early 30s. Just offering an alternative perspective, I would have always chosen the degree as I liked the idea of doing it for its own sake, however it doesn't seem to have held him back not having one!

I'd go for Cambridge.

Another Cambridge grad with a Big4 ACA qualification. Cambridge every time. I enjoy my job but I adored Cambridge and it’s like nothing else I’ve ever experienced. I also then did a (non-accounting) PhD at Imperial and Cambridge and Imperial were two different worlds - I don’t regret the PhD either but my undergraduate degree was the best thing I ever did.

Why do I say that? Firstly I’ve never before or since been surrounded by so many interesting people who were happy to talk about anything and were intellectually curious about everything (Imperial was a let down that way, for me). Secondly the confidence it gives (I spent much of my first year glancing around wondering how on earth I’d made it to my college). Thirdly, no doors are closed (I was certain I was going to be a research chemist at 18…still at 22 - hence the PhD, and yet here I am as a qualified accountant!). Fourthly the CV points, don’t underestimate those…nobody has ever doubted my intelligence in a work capacity. Fifthly all the other extracurricular things that I got to try, that I never would have done if I went straight out to work.

He should go to Cambridge, try everything, work himself into an exhausted puddle and then he’s got the world to choose from!

Which university is running the degree apprenticeship?

Which city is the big 4 apprenticeship based in? He would stay with you whilst working and completing his ACA (or CA if it’s EY and they haven’t changed from going with ICAS instead of ICAEW)

I would be leaning Cambridge. If it was a more average university/degree I’d be saying go for the big 4. But Econ at Cambridge will have lots of opportunities such as Academia, professional economist, Investment Banking. And of course can always later do the bog standard professional career grad schemes like the Big 4. Plus lots of CV clout and networking opportunity.

100% Cambridge.
An Economics degree can open many doors. My DH did one and joined a large consultancy to become an actuary. He has exams as well as working full time. Earning potential is in the 100,000s and much higher if you works hard, do well in the exams and are ambitious.
If he wants to work in the corporate world Cambridge will also provide networking opportunities that you won’t get with an apprenticeship. Without a degree there is only so far you can get.

Cambridge. Ds1 has just started at Nottingham, PwC Flying Start degree, loving it. He did say he wished he'd applied to Oxford. But how you could turn down Cambridge I don't know.

No personal experience of banking but would expect a route into the wheeling and dealing side of an investment bank to be more straightforward from Uni (ideally with some hard to get summer internships) rather than from accountancy.
The switch would also probably be harder from audit than from more exotic parts of a Big 4 business.

Excellent post.

No personal experience of banking but would expect a route into the wheeling and dealing side of an investment bank to be more straightforward from Uni (ideally with some hard to get summer internships) rather than from accountancy.
The switch would also probably be harder from audit than from more exotic parts of a Big 4 business.

I can only speak for corporate finance but all of my colleagues were either qualified accountants (mostly from audit) or lawyers. Well over 75% of my fellow auditor intake went into corporate finance or private equity outside the firm.

There was a tiny direct grad intake in our CF department who were worked like dogs (not that anyone left the office at 5) and found it particularly difficult getting to grips with the financial modelling side of it.

Hi! Firstly congratulations to your DS, that's amazing to get an offer from Cambridge and a Big4 (albeit definitely a hard decision!)
I’m currently in my second year on an audit ACA apprenticeship scheme with a Big4 and also did apply to read Economics at Uni. Looking back I definitely don’t regret my decision at all to go for the apprenticeship route over university. He’ll become a fully qualified accountant at 21/22 earning over £50k, with a fantastic network and amazing opportunities to move to another part of the firm or work overseas (if he’d like to). Feel free to DM me if you have any questions!

Thanks for that clarification, if you haven't mentioned it already, Cambridge or the apprenticeship?

I think you saying he is intellectually curious is key as this suggests a degree might be better. He's got the rest of his life to work as well. My DH has a degree that he has never used professionally but still doesn't regret the academic and social opportunities it gave him!

Thanks for that clarification, if you haven't mentioned it already, Cambridge or the apprenticeship?

Cambridge.

OP for what it's worth:

I did an apprenticeship straight from Uni with Big 4.

100% recommend going to Uni first.

He can always join a Big 4 as a graduate - he can never turn time back and gain all the benefits, personal growth, experience and networks going to Uni brings.

That ceiling prior posters mentioned for Apprenticeship Routes - it exists. Why sacrifice that when you have opportunity to go to Cambridge?

Congrats to you DS! Tough decision.
I’m disagreeing with a lot of the arguments that are pro Cambridge here as there’s a counter argument every time. There is absolutely ZERO ceiling for apprentices. That’s absolute nonsense within the Big4. He’ll be treated exactly the same as the grads in terms of progression, opportunity and adding value. I get really tired of reading these types of inaccuracies that could put great candidates off. Also, being academically curious doesn’t cease when you start a training contract either. Plenty of interesting people with fascinating conversation beyond oxbridge. We also need to remember that an incredible number of recruiters are university blind and no-one hands over a CV anymore, so the kudos of oxbridge may be somewhat diluted.

The perpetual optimist (wrote at 755pm if you want to try find it) raises pertinent points. Level 7 Apprenticeships with a Big4 are hard work and challenging and aren’t for everyone but if he is certain about a career in accountancy or finance and willing to study alongside work then the Big4 apprenticeship is perfect. Whereas if he’s looking at a more generalist economist career then Cambridge would win. Neither would be a ‘bad’ decision. My DD is definitely pleased she chose a Big4 apprenticeship over an economics degree.

@alwayslearning789 you’re not talking about the same thing though are you? OP is talking about a Level 7 ACA school leavers apprenticeship - ZERO ceiling.

Is he secure in getting grades for Cambridge, is his back up uni still preferable to the apprenticeship?

if it wasn’t Cambridge, I would suggest an accountancy apprenticeship, and to defer the uni course.

My son did this, and, all going well, will qualify as a chartered accountant this year (aged 23). At times, he has wondered what uni life would have been like, but with covid etc, he ended up choosing the better route (although obviously that wasn’t predicted when he started).

Incidently, for anyone reading this, accountancy is just bookkeeping, but there are several factions. My ds is doing more business consulting.

Definitely Cambridge. He can do ACA afterwards, and would be in a much better position. It's not all about money and if he gets a big 4 role afterwards he'll be a high earner so the loan repayments won't be a problem at all. Also, he could fail one of the accountancy exams and be out of a job, and with no Cambridge opportunity or degree either.

@alwayslearning789 personal growth, experience and networks going to Uni brings.
This is hilarious! Can you imagine the personal growth, experience and networks an 18 year old school leaver gains from being immersed in a Big4 firm and the training involved in gaining Chartered status. One to one meetings with clients, winning new clients, talking with professionals aged 30-50 etc etc. The experience is phenomenal.
It’s unparalleled to a uni experience. And that’s what OPs DS needs to consider. Like I said, every argument that’s pro Cambridge there’s a counter argument. The main issue is if he’s sure he wants to specialise now.

@Motherhubbardscupboard why would he be in a much better position as a grad? Honest question.

You will significantly exceed the 100k over a career if you have the Cambridge (or even less prestigious) degree. Only go the apprenticeship route if you really love accounting- which it sounds like he doesn’t