Accounting vs Banking

[blade/]

Hi all, I'll be ord-ing in around 10 weeks' time and I've yet to make a decision regarding the next step in my education. I have a poly diploma in biz admin. I'm interested in pursuing a career in the finance sector but cannot make up my mind between accounting and banking.

The recent launch of the singapore qp and its popularity, unisim introducing full-time degrees (where accounting is 1 of them) and SIT launching its own accounting degree (despite being a tech uni) shows that, at least to me, the accountancy market has great potential to grow.

After years of being a financial hub, I think singapore will shift to become a global accountancy hub in the next decade.

However, I still have aspirations to work in a bank as that has been my ambition. Moreover, I am also interested in investment banking.

So, do u all think accounting will the "next big thing" after banking? Which would be a more viable option?

I look forward to a constructive discussion.

Thanks! Counting down to ord.....

 

[Raider04]

Hi all, I'll be ord-ing in around 10 weeks' time and I've yet to make a decision regarding the next step in my education. I have a poly diploma in biz admin. I'm interested in pursuing a career in the finance sector but cannot make up my mind between accounting and banking.

The recent launch of the singapore qp and its popularity, unisim introducing full-time degrees (where accounting is 1 of them) and SIT launching its own accounting degree (despite being a tech uni) shows that, at least to me, the accountancy market has great potential to grow.

After years of being a financial hub, I think singapore will shift to become a global accountancy hub in the next decade.

However, I still have aspirations to work in a bank as that has been my ambition. Moreover, I am also interested in investment banking.

So, do u all think accounting will the "next big thing" after banking? Which would be a more viable option?

I look forward to a constructive discussion.

Thanks! Counting down to ord.....

Do an Accounting qualification and join the banking sector later.

 

[blade/]

Do an Accounting qualification and join the banking sector later.

Hi Raider, do u happen to work/study in one of these 2 fields? Care to explain why did u recommend pursuing an accounting degree? Thanks

 

[Raider04]

Hi Raider, do u happen to work/study in one of these 2 fields? Care to explain why did u recommend pursuing an accounting degree? Thanks

An Accounting degree allows you to join the banking field immediately while a banking degree require you to do a Singapore Qualification Programme(SQP) before joining the Accounting field.

 

[blade/]

An Accounting degree allows you to join the banking field immediately while a banking degree require you to do a Singapore Qualification Programme(SQP) before joining the Accounting field.

Hmmm I see...makes sense. So an accounting degree is more versatile, am I right to say that?

 

[lisabnat]

Hmmm I see...makes sense. So an accounting degree is more versatile, am I right to say that?

yes, definitely

 

[Havok_ex]

I have to disagree that an accounting degree is more versatile. A biz degree allows you to take up various specialisations that are not available to accounting undergrads. And on top of that, you can still qualify with SQP. So you can still become an accountant in the end. Both has its pros and cons, versatility wise both are still limited within the financial sector of things though. Technically, both degrees can jump ship into one another's area of work.

 

[blade/]

I have to disagree that an accounting degree is more versatile. A biz degree allows you to take up various specialisations that are not available to accounting undergrads. And on top of that, you can still qualify with SQP. So you can still become an accountant in the end. Both has its pros and cons, versatility wise both are still limited within the financial sector of things though. Technically, both degrees can jump ship into one another's area of work.

yes, definitely

But a banking or economics student probably won't be taking subjects like tax, audit and management accounting right? So how can one jump over to the accounting industry? I believe an accounting student is taught finance modules too hence should be able to move over to banking

Anyway, what's your take on these two? Which one has better job prospects?

 

[simon_84]

long hours and not getting paid for OT, no thanks.

 

[blade/]

long hours and not getting paid for OT, no thanks.

hi Simon, I assume u r referring to accounting? I agree not getting paid for OT but the long hours are only during the peak period right? So it's banking for u huh?

 

[agent_719]

I will cast my vote for accounting. From auditing and assurance to tax and many more, the market is vast. You may need to OT a lot during peak period but career progression is good.


Btw, me feel BnF is good too but i prefer accounting!

Just my 2 cents.

 

[Nicholas92]

But a banking or economics student probably won't be taking subjects like tax, audit and management accounting right? So how can one jump over to the accounting industry? I believe an accounting student is taught finance modules too hence should be able to move over to banking

Anyway, what's your take on these two? Which one has better job prospects?

Read the post you quoted again. The answer is SQP, which covers tax, audit etc.

 

[blade/]

Read the post you quoted again. The answer is SQP, which covers tax, audit etc.

Hi Nicholas

If one is certain to pursue SQP, he would have picked accounting in the first place so that he is able to receive more exemptions right?

What I meant was an accounting student can cross over to the banking sector because he is exposed to finance modules. however a banking student, who didn't study accounting-related modules like tax and audit, will find it difficult to move into the accountancy sector. This is assuming that both have yet to embark on the SQP

 

[blade/]

I will cast my vote for accounting. From auditing and assurance to tax and many more, the market is vast. You may need to OT a lot during peak period but career progression is good.


Btw, me feel BnF is good too but i prefer accounting!

Just my 2 cents.

Oic, do u happen to be studying accounting? Which area, audit, tax, consulting etc., would u recommend? I also think banking is a decent choice that's why I'm still weighing up my options

 

[Cookie_Mon]

From a career prospect perspective, I would also choose accounting.

Sad to say front office investment banking roles are so competitive that chances of getting in are very slim.

 

[lisabnat]

just do accting, don't need to think

do acct, dont need to think. stay in big 4 nong nong then become partner

 

[agent_719]

Oic, do u happen to be studying accounting? Which area, audit, tax, consulting etc., would u recommend? I also think banking is a decent choice that's why I'm still weighing up my options

im from engineering side (poly) but recently have applied for ntu acc. My siblings major in acc and r now auditors. They told me acc is easier to get a job even u didnt get a 1st class. Banking wise requires stella results or connection to get it.

Which institution are you looking into?? If you wat to work in bank, smu is definitely a better choice as they have numerous internship.

Just my 2 cents

 

[Nicholas92]

Hi Nicholas

If one is certain to pursue SQP, he would have picked accounting in the first place so that he is able to receive more exemptions right?

What I meant was an accounting student can cross over to the banking sector because he is exposed to finance modules. however a banking student, who didn't study accounting-related modules like tax and audit, will find it difficult to move into the accountancy sector. This is assuming that both have yet to embark on the SQP

Not quite.

See, the base line for an accountancy student is only 1 Finance module. (FIN2004 in NUS, AB1201 in NTU).

Likewise, a Banking (Business) student, is exposed to 1-2 Accounting module (ACC1002 in NUS, AB1101 + AB1102 in NTU)

Next, for SQP, your assumption is a little inappropriate. This is as both Accountancy and Non-Accountancy students will need to take the SQP for the CA designation, and the exemption difference between an Accounting Student and a Business Student is very small.

 

[Nicholas92]

Note that your siblings are exempted from SQP whereas you are not. This is a key consideration. Do refer to Havok_ex post again.

im from engineering side (poly) but recently have applied for ntu acc. My siblings major in acc and r now auditors. They told me acc is easier to get a job even u didnt get a 1st class. Banking wise requires stella results or connection to get it.

Which institution are you looking into?? If you wat to work in bank, smu is definitely a better choice as they have numerous internship.

Just my 2 cents

 

[blade/]

From a career prospect perspective, I would also choose accounting.

Sad to say front office investment banking roles are so competitive that chances of getting in are very slim.

Agreed. Accounting is both an industry as well as a function. I personally think banking is less recession-proof than accounting (not saying that the latter is iron rice bowl though)