Accountancy apprenticeships vs university: a finance career guide

If you are looking to become an accountant, you may be wondering what it takes to qualify, and which route is best for you. While considering either an accounting apprenticeship or a university accountancy degree, it is important to be fully informed on the benefits of both these routes before you make a decision.

Read our accountancy apprenticeships vs university guide for a comprehensive look at accessing accounting careers. We’ll explore how you can become a qualified accountant and compare university accountancy degrees with accounting apprenticeships. We’ll also provide practical tips on securing your accounting career.

Find out more about apprenticeships.

Getting into accountancy

Gaining an accountancy qualification is one of the best ways to increase your job prospects. There are many different types of accountants and accountancy qualifications that’ll you’ll need to know before planning your accountancy career.

Accounting apprenticeships

Accountancy apprenticeships are a popular route to accessing an accounting career. These allow you to earn while you learn and grow with a company invested in your career.

What is an accounting apprenticeship?

An accounting apprenticeship combines practical training with course-based learning. You will complete accountancy qualifications while benefitting from real-world professional development in an accountancy role. This way, you’ll be both learning from and working alongside industry experts.

During an accounting apprenticeship, you will work in a full-time role alongside an experienced team, with at least 20% of your time dedicated to learning. This learning follows a structured course aimed at preparing you to complete accountancy qualifications.

What are the different accounting qualifications?

There are several industry-standard qualifications that you can complete to become an accountant.

You can complete an accounting apprenticeship in:

• ACCA

• AAT

• CIMA

• ICAEW

• CTA

Which professional body you choose to qualify through will depend on your education, level of experience, and what type of accountant you want to be. For example, CIMA is the world’s largest organisation of management accountants.

Accounting qualification levels

BPP offers three main levels of accounting apprenticeship.

Level 3 Assistant Accountant Apprenticeship
This level is aimed at school leavers and will build your knowledge of financial activities while offering important day-to-day support such as producing reports to aid decision-making processes.

Level 4 Professional Accounting Taxation Technician Apprenticeship
At this level, you will build a strong financial foundation while continuing to develop your practical skills.

Level 7 Accountancy and Taxation Professional Apprenticeship
Level 7 provides a comprehensive approach to developing reflective practice and digital literacy. Completing this level will enable you to become fully qualified with an accounting professional body.

University education in accounting and finance

The other popular route for aspiring accountants to gain an accountancy qualification is by completing a degree in accounting and finance.

During your degree, you will complete a variety of modules based on accounting, as well as modules on economics and mathematics. You will develop an understanding of organisations' role in the economy and society, and the place of accountancy within this.

Gaining a degree qualification in accountancy will also make you exempt from some of the examinations required to qualify with one of the accountancy professional bodies. However, you will often be required to demonstrate some level of work experience when you go on to apply for an accountancy position. Many accountancy and finance students complete work placement schemes over the summer break, or a year in industry to gain valuable experience.

Completing a degree in accountancy and finance, or a related course, will take around three years. Many students take four years to complete their accountancy degree, counting their year in industry.

Is it better to do an apprenticeship or a degree for accounting?

This question will depend highly on your personal circumstances and your long-term career goals. To help you decide, we’ve outlined some benefits of both routes.

What are the benefits of accounting apprenticeships?

One of the main benefits of completing an apprenticeship is the financial freedom it allows you. Without having to spend large amounts of money on a degree, you can gain industry-recognised qualifications and earn the career you want, all while getting paid.

You will also have career security in a company that is invested in your development. This means you will become a valued member of the team, with skills and experience directly relevant to your role. Companies that invest in apprenticeships are likely to want to continue to support your growth over time, providing plenty of opportunity for career progression. Similarly, by learning within your role, you will develop critical soft skills such as leadership, management, and communication. These skills are highly valued in the workplace.

Growing with a company while you complete your training and start your career allows you to meet people at all different levels and roles. Networking opportunities like this are part of the real-world learning environment of apprenticeships and will help you to advance in your career.

What are the benefits of university education in accounting and finance

Completing a degree in accountancy will provide you with a strong foundation in accounting theory. You will benefit from a broad base of knowledge and skills and have access to a variety of modules. These will allow you to specialise in a particular area or skills that you wish to pursue a career in.

Being at university will allow you to enjoy the student experience, meet people and potentially live somewhere new and learn life skills such as living independently.

A degree will also open doors to a variety of different careers. If you are not set on becoming an accountant or working in accounting, then a degree will allow you to explore other options, such as banking or becoming an economist. You may find that with increased career options, you are able to explore higher-paid roles earlier on in your career.

Many universities will also offer you the opportunity to study or complete work placements abroad. If you are looking to become an accountant outside of the UK, this may benefit you. These are also great networking opportunities and allow you to benefit from a university’s business connections.

Apprenticeships vs university: what are the key differences?

The key differences between apprenticeships and university are:

Funding your qualification – university is expensive, and tuition fees are only increasing. On the other hand, apprenticeships operate on an earn-while-you-learn model.

Job security – accountancy careers are incredibly competitive. To be successful in a graduate accountancy role application, you will need to stand out. With an apprenticeship, you have the security of a job and a company that is dedicated to helping you attain an accountancy qualification.

Time to qualify – an apprenticeship in accountancy can take up to six years. This is longer than an accountancy degree, even factoring in a year in industry or study abroad. Although qualifying doesn’t guarantee you an accountancy career, if you’re looking to qualify as soon as possible, a university degree may be for you.

Professional development – completing an apprenticeship is tailored completely towards professional development. You can apply your learning straight away in the workplace, while picking up on essential soft skills. However, you will miss out on the broader depth of knowledge you can gain from an academic degree, as well as exploring specialist modules.

Flexibility in your career path – gaining a university degree allows you to be flexible in your career path. This is because you will have a wide knowledge of finance, economics, and accounting topics. With an accounting apprenticeship, you are limited in options to companies that offer apprenticeships. While you will gain highly valued qualification, you will not have as much freedom to explore alternative career paths as with a university degree.

Career progression – while you may not have as much freedom to explore alternative careers with an accounting apprenticeship, you will be on a progressive pipeline through the company. As you complete your qualifications, you will progress through the company, with more opportunities to demonstrate your knowledge and skills in roles with more responsibility. Career progression is built into the model of apprenticeships and does not stop once you have finished the qualification.

Final thoughts

Accountancy offers a highly rewarding career with the potential to earn high salaries and work in a wide variety of different industries. When it comes to qualifying, aspiring accountants have many options for achieving their career goals.

While weighing up the differences between the two routes, you may also want to consider:

• What are my long-term career goals?

• What is my financial situation and what support is available?

• What are my personal interests?

• How do I prefer to learn?

Both the university and the degree apprenticeship route offer a unique and varied experience. The final choice will depend largely on your personal circumstances and considerations, but if you need more help deciding you can contact BPP admissions.