Accounting with a Commerce degree

purestill

I am currently debating between doing Commerce or Accounting in college in September. I have no previous accounting experience so I am slow to choose Accounting, in case I find myself not liking it.
On the other hand, the Commerce degree only has 9 Accounting modules in 4 years, it mainly focuses on Marketing, Management and Business Law.
So I'm wondering if I decide that I actually like accounting, will I be in a position to pursue a career in it in 4 years time, with a degree with only nine accounting modules? Do Big 4 firms hire people with such little accounting in their degrees? Will I find the professional exams impossible with such a degree?
Any thoughts or advice?

Commerce is a classic path into accountancy of all types.

Bazacka101

I'd say the most likely destination of people studying Commerce is a Big 4 job.

I studied Commerce and work for a big 4 firm. I advise you to focus on the CAP 1 exemptions that you will get from either the Accountancy course or the mix of Commerce subjects that you will do. Having full Cap 1 exemptions will give you an advantage in job interviews (Big 4 firms will hire people without any business background so not having them isn't detrimental).

I avoided the accounting subjects when I studied Commerce and had to do all the professional exams after.
Hated accounting, but it is an area that will always have jobs - graduated mid recession. The big 4 hire hundreds of graduates every year.

It has been a few years since I done Commerce - but I think there will be more than 9 modules.
For the Accounting course - to get full CAP 1 exemptions you need to cover Business law, Tax and Finance. It won't just be accounting.

purestill

Bazacka101 wrote: »

I'd say the most likely destination of people studying Commerce is a Big 4 job.

I studied Commerce and work for a big 4 firm. I advise you to focus on the CAP 1 exemptions that you will get from either the Accountancy course or the mix of Commerce subjects that you will do. Having full Cap 1 exemptions will give you an advantage in job interviews (Big 4 firms will hire people without any business background so not having them isn't detrimental).

I avoided the accounting subjects when I studied Commerce and had to do all the professional exams after.
Hated accounting, but it is an area that will always have jobs - graduated mid recession. The big 4 hire hundreds of graduates every year.

It has been a few years since I done Commerce - but I think there will be more than 9 modules.
For the Accounting course - to get full CAP 1 exemptions you need to cover Business law, Tax and Finance. It won't just be accounting.

The Accounting course gives full CAP 1 exemptions, while the Commerce course can give exemptions from all bar the Taxation paper.
It's certainly a maximum of nine accounting modules unfortunately.

My worry would be the amount of Accounting that I would not cover in Commerce. This would lead to me having to learn a huge amount on the job if I am to go into Accountancy, yes?
How did you find learning Accounting and doing professional exams on the job yourself? Is it an extremely difficult thing to do?

Bazacka101

Don't worry about the amount that you will need to learn on the job. Not having studied accounting will not be a massive disadvantage. You spend 3/3.5 years in a training contract for a reason. New first years usually know nothing - regardless of what they studied in college.

I found the standard of education to be very high in the institute. I think the first time pass rates tend to be higher for those who studied in the Chartered Accountants Institute (i.e. people who done Cap 1 in the institute are more likely to pass Cap 2 first time than those who got exemptions, and people who done Cap 2 in the institute are more likely to pass FAE first time than someone with a masters).

The problem with not getting full exemptions is that you will need to do another year of exams. That means weekend lectures and mid-week lectures (after work) for a year more than required. Also, as you will have some exemptions there will be a gap period in your study of these areas (you won't study these in your first year of work and will need to pick them up for Cap 2). This will be disadvantageous as a level of knowledge will be assumed at Cap 2 level.

The additional study year makes a big difference. I would make sure to get the full exemptions.

purestill

Bazacka101 wrote: »

Don't worry about the amount that you will need to learn on the job. Not having studied accounting will not be a massive disadvantage. You spend 3/3.5 years in a training contract for a reason. New first years usually know nothing - regardless of what they studied in college.

I found the standard of education to be very high in the institute. I think the first time pass rates tend to be higher for those who studied in the Chartered Accountants Institute (i.e. people who done Cap 1 in the institute are more likely to pass Cap 2 first time than those who got exemptions, and people who done Cap 2 in the institute are more likely to pass FAE first time than someone with a masters).

The problem with not getting full exemptions is that you will need to do another year of exams. That means weekend lectures and mid-week lectures (after work) for a year more than required. Also, as you will have some exemptions there will be a gap period in your study of these areas (you won't study these in your first year of work and will need to pick them up for Cap 2). This will be disadvantageous as a level of knowledge will be assumed at Cap 2 level.

The additional study year makes a big difference. I would make sure to get the full exemptions.

Unfortunately full exemptions are only available from the Accounting degree and since I have no previous accounting experience, I am slow to commit to a four year Accounting degree.

I know that it's possible to do a postgraduate hdip in Accounting following a Commerce degree. This gives full Cap 1 exemptions. Do you know if many non Accounting graduates in Big 4 firms do this?

Bazacka101

I know a number of people who have done Cap 1 equivalency courses.
If you are going to study Commerce then apply to the big 4 in your final year (a Commerce degree will be more than good enough to get you a job). If you receive a job offer, and if you want to do the other course, the firm might pay for it.

If you apply in your final year and don't receive a job offer, then the course will show your interest in pursuing a career in accountancy and will help you get a job if you apply the following year.

purestill

Bazacka101 wrote: »

I know a number of people who have done Cap 1 equivalency courses.
If you are going to study Commerce then apply to the big 4 in your final year (a Commerce degree will be more than good enough to get you a job). If you receive a job offer, and if you want to do the other course, the firm might pay for it.

If you apply in your final year and don't receive a job offer, then the course will show your interest in pursuing a career in accountancy and will help you get a job if you apply the following year.

Okay, thanks for the advice.