Choice of subjects for third year

Acquiesce

Hi

I'm doing accounting and finance and will be going into third year in September and hence have a choice of either doing Auditing or Financial Services. They have told us very little about the different merits of these two modules and I'm not sure they will be, so naturally I done a bit of research but found very little, so hopefully some of you guys can help me.

I know a lot of people would suggest auditing, given that it is a natural career path for accountants, but I'm not the most ambitious person and have no plans of becoming an auditor, sounds to much like hard work.

Another concern of mine, is the difficultly of each module. If I can keep up my grades to what they have been so far, I will get a first class honours are since both options and over two semesters, they could severely damage my overall marks. Base on my limited knowledge this is a particular worry when it comes to auditing.

Any information on either of the two subjects would be greatly appreciated.

Odats

Depends on your exemptions from the CAI exams. AFAIK CAI don't give exemptions from CAP2 auditing for undergraduate so if you don't feel comfortable doing it at this stage don't do it. Get your CAP1 exemptions first before anything else.

Hackysack

Odats is correct. No matter which one you do, you won't get any ACA professional exemptions, as both of these are examined at CAP2 level (only a Masters will get you exemptions from CAP2).

I did Financial Services when I was in college as well. You mostly learn how to do hedging calculations. I covered FX conversions, Money Markets, Forwards, Futures, Options, Forward Rate Agreements and a few other bits and bobs in between.

By the time I got to doing it for SFMA, I had forgotten a lot of it (although that's more than likely just me!). If you're concerned with getting a first, the subject can be kinda difficult to understand, and it really depends on the ability of your lecturer to teach it in a decent manner, because I know I found it confusing.

With regards to auditing, I'd say it's something you could pick up as you're going along. It shouldn't be the most difficult subject in the world.

It depends on what your strengths are if you're aiming for a first.

If you're good at writing/waffle. Go with Auditing.
If you're better with numbers and calculations, go with Financial Services (although there's a reasonable amount of theory in it as well). But I'd recommend not missing many of the lectures because it's quite easy to fall behind.

Good luck though

EDudder

It sounds like your basically choosing between accounting or finance in your last year. Well, for this module anyway. Pick the one that you genuinely find a bit more interesting (i know probably neither of them actually excite you). But your more likely to do better in the one your half interested in. In general, I would never advise picking modules based on what exemptions you'd get (although this doesn't really apply here). Worry about which your likely to actually get a decent mark in, then worry about exemptions and things later.

lou9

Take Hacksack's advice and go with what your good at or like!! I did auditing, not because I like it but because it's handy to pick up marks in!! I hated finance and I know others who did it who really struggled but then again there were people who just got it and did brilliantly. With finance its calculative whereas with auditing, even if your not sure of the answer you can throw down some waffle and still get marks for it!!If you wanted to go down Big 4 route, choosing finance won't hinder you I don't think!! They know that auditing is a stupid module that can't be taught and can only be learned through experience.

If you get landed with a terrible lecturer in finance you will find it extremely difficult!! I know I did in second year when I did it and relied on friends to help me. Then again in my masters got a brilliant lecturer and came out with a really high grade!! It all depends. With auditing you can nearly teach yourself as the lectures are incredibly boring!!

Acquiesce

Thanks guys some really helpful stuff there.

I'm still not completely sure but I'm certainly more open to auditing now, I had imagine that it would be extremely difficult to learn and would consume a lot of time. I know that it won't be the easiest module in the world but it doesn't sound as bad as I first thought.

I still think I'm edging towards financial services though, I'm quite good with figures but mainly I'm attracted to it because it sounds like it would make it easier for be to enter the financial sides of things, should accounting not work out and as was mention auditing isn't vital if I want to take the accounting route. Bit wary about the need of a good lecture, I had my fair share of bad ones up to this point.