Are you in your final years of college or sixth form and wondering what to do next? The start of your working life journey can be confusing and everybody from parents to college tutors are bombarding you with information and advice on your next steps.
If you’re considering a career in the trades, particularly accounting and finance, you may be wondering if it’s better to start your career off by undertaking an apprenticeship or going to university, choosing the degree pathway. The team at GW and Co are passionate about our industry and thought we would break each pathway down so that you young, budding financial minds can make a choice that is right for you.
Firstly, we would like to state that there is no “right” way to enter the accounting and finance industry. Obtaining a degree or starting off as an apprentice, both routes have their benefits, but it really depends on your individual situation as to which one you decide to take.
Let’s look together at some of the key differences between being an apprentice and getting a degree:
Cost
During these uncertain economic times, cost can certainly be a key factor in deciding which route to take. Apprenticeships tend to be free and, moreover, you can earn while you learn. Many accountancy firms who take on apprentices will pay you a salary which will increase as you gain experience. It is important to do your research when searching for apprenticeships so that you understand exactly your expectations and remuneration.
Undertaking a degree can be costly for many at around £9250 per year in the UK. You can apply for government student loans and means tested living grants to help you to succeed in this pathway. Undertaking a degree, you get all the benefits of experiencing student life while learning the theory of finance. Some courses and universities do offer industry experience as part of the curriculum, and it is important to find the course of study that best suits you.
Time commitment and Job Prospects
Apprenticeships usually last between anywhere between one and four years. The demand for accountants is always high, so you’ll have job security as an apprentice accountant and often can secure a job at the business you have been an apprentice for once you become certified.
Accountancy degrees can take between three and four years to complete depending on where you study and what course. For example, a purely theoretical course at most universities will take three years but if you add a year in industry this can take another year to complete your degree. Unlike apprenticeships, a degree in accounting or finance can set you up to go on to a career in a variety of roles (economist, insurance broker, auditor or stockbroker etc) as you will take a variety of modules with transferable skills. This is a great option for you if you are unsure of the career you would like to undertake but know that you want to be with the accountancy, business, and finance industry.
So, which is right for you?
It really depends on your individual situation. If you’re looking for a quicker option with hands-on experience from the start, that leads directly into a career as an accountant, an apprenticeship might be the way to go.
However, if you’re looking for more theoretical knowledge with a broader base within the industry a degree could be the better option for you.
Whatever you decide, the team at GW & Co wish you the best of luck and cannot wait to meet the next generation of financial minds. Ensure you do your research and choose the option that’s best for you in the long term.
