Accounting vs Banking

[blade/]

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

Haha I'm sure that's the ambition of most accounting students!

So lisabnat, do u happen to be an employee of one of the big 4? If yes, care to share more on it?

 

[Arbalest]

Do banking ba..

Later want to switch to accounting can just go through SQP conversion aka foundation programme which can be completed in less than 6 mths

 

[blade/]

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

Not really true I guess, depends on the company. Deloitte is more flexible when recruiting but others like Pwc pay more attention to grades.

Are your siblings happy/satisfied with their career?

I'm actually looking at smu (purely due to location as I live in the central). I think all schools have equal intern opportunities, it's a matter of whether one manages to secure it or not

 

[ChocolateCat]

Here is my take on the matter.

If you are dead certain you want to get into Accounting, join an Accounting Major. The exemptions fast-track you for SQP, and you learn more at an earlier stage.

If you are uncertain and value versatility, join Business, and get into Finance Specialization. (Its called 'Banking & Finance' in NTU)

The earlier posters have stated all the important points - it's always been possible to cross over from either, but with SQP, getting into Accounting is easier than ever.

Note that you are not majorly disadvantaged when you cross over, as Accounting students will need to take SQP as well.

So the key question is.. do you want the Education, or do you want the Career ?

As I observed, my peers have their eyes set on joining Big Four, climbing the corporate ladder etc. Their interest is $$$, not accounting / finance itself. The major is but a stepping stone platform to earn money... The modules themselves are just boringly dry.

PS: I am an NTU Business Student.

 

[blade/]

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.

Hi Nicholas, an accountancy degree from any of the 3 local uni or unisim is considered an accredited degree. Therefore, accounting grads can directly gain entry to the SQP whereas those from other courses will need to undergo a foundation programme. Even for overseas uni, u can gain several exemptions for the foundation programme if u were from accounting.

So, the difference between accounting grads and non-accounting grads is considerable

 

[Nicholas92]

So, the difference between accounting grads and non-accounting grads is considerable

This is correct. However, do read my post again - I stated Business students in specific, instead of non-accounting grads in general.

Business Students from Local Uni qualify for 3 exemptions. (Accounting, Finance & Law). Further, depending on their usage of electives, they may be further exempted from Tax as well.

So that is a maximum of 4 out of 6 exemptions.

Accounting students would be exempted from all 6.

 

[blade/]

Do banking ba..

Later want to switch to accounting can just go through SQP conversion aka foundation programme which can be completed in less than 6 mths

Will take that into consideration. Thanks for the input.

 

[Arbalest]

This is correct. However, do read my post again - I stated Business students in specific, instead of non-accounting grads in general.

Business Students from Local Uni qualify for 3 exemptions. (Accounting, Finance & Law). Further, depending on their usage of electives, they may be further exempted from Tax as well.

So that is a maximum of 4 out of 6 exemptions.

Accounting students would be exempted from all 6.

Anyway all these exemptions are only for FP which is not really that difficult to complete even if you were to attempt the whole course

Bottom line is, no one (atm anyway) whether u acct grad or not is gonna be exempted from the professional stage.. which is the real killer

 

[blade/]

This is correct. However, do read my post again - I stated Business students in specific, instead of non-accounting grads in general.

Business Students from Local Uni qualify for 3 exemptions. (Accounting, Finance & Law). Further, depending on their usage of electives, they may be further exempted from Tax as well.

So that is a maximum of 4 out of 6 exemptions.

Accounting students would be exempted from all 6.

Oh, sorry for misunderstanding. Looks like the difference ain't that big after all.

Haiz, that means more pondering for me...

 

[blade/]

Here is my take on the matter.

If you are dead certain you want to get into Accounting, join an Accounting Major. The exemptions fast-track you for SQP, and you learn more at an earlier stage.

If you are uncertain and value versatility, join Business, and get into Finance Specialization. (Its called 'Banking & Finance' in NTU)

The earlier posters have stated all the important points - it's always been possible to cross over from either, but with SQP, getting into Accounting is easier than ever.

Note that you are not majorly disadvantaged when you cross over, as Accounting students will need to take SQP as well.

So the key question is.. do you want the Education, or do you want the Career ?

As I observed, my peers have their eyes set on joining Big Four, climbing the corporate ladder etc. Their interest is $$$, not accounting / finance itself. The major is but a stepping stone platform to earn money... The modules themselves are just boringly dry.

PS: I am an NTU Business Student.

That's a nice reply chocolatecat! Have to agree that people always aim for big 4 for the money. Education or career? Haha I want both! You made a good point here about SQP being accessible by all grads. What if there are so many CPAs in singapore 20 years later? Wouldn't the designation become an ubiquitous thing? It's like having an MBA these days...

 

[simon_84]

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?

as a current finance student, I'm not very interested in either industry.
long hours with no ot pay is not really worthwhile unless your basic is really high.
when the govt mentioned that the productivity levels in the workforce is not very high, did it occur to you that ppl with some capital could be having secondary income apart from their primary jobs ?

 

[blade/]

as a current finance student, I'm not very interested in either industry.
long hours with no ot pay is not really worthwhile unless ypur basic is really high.
when the govt mentioned that the productivity levels in the workforce is not very high, did it occur to you that ppl with some capital could be having secondary income apart from their primary jobs ?

Then why did u opt to study finance?

I don't understand the part about government, productivity levels and secondary income. How is it related to the topic?

 

[simon_84]

Then why did u opt to study finance?

I don't understand the part about government, productivity levels and secondary income. How is it related to the topic?

to build on my investment knowledge where finance focus on fundamental analysis and accounting focus on valuation methods.

education and career are entirely different things, what you study, you may not get a chance to work in your dream industry.
or you do get in the industry you hope for, only to get a culture shock.
say for example working in MAS, not many do get in but those who got in, well the turnover rate is high.

 

[blade/]

to build on my investment knowledge where finance focus on fundamental analysis and accounting focus on valuation methods.

education and career are entirely different things, what you study, you may not get a chance to work in your dream industry.
or you do get in the industry you hope for, only to get a culture shock.
say for example working in MAS, not many do get in but those who got in, well the turnover rate is high.

Erm so what does that got to do with government, productivity levels and secondary income?

Wow, that's impressive. Don't think many people would pursue a formal education just to fulfill their hobbies

 

[blade/]

Hi all, I'm back!

ord-ing next week and I'm still clueless despite lots of research and reading. Would like to hear more suggestions. Thanks

 

[cash_boy]

Hi all, I'm back!

ord-ing next week and I'm still clueless despite lots of research and reading. Would like to hear more suggestions. Thanks

I propose accounting. All companies need accountants, but not all companies need banking majors. Accounting is more specialized, safer...if you are good, investment banks would take you on even if you are an accounting major.

 

[blade/]

I propose accounting. All companies need accountants, but not all companies need banking majors. Accounting is more specialized, safer...if you are good, investment banks would take you on even if you are an accounting major.

That's what I have been thinking about. The thing is, although it has good prospects, I'm afraid I might lose interest in it halfway through the course. My interest in IB is probably another reason that is keeping me from going for accounting

 

[silentears]

That's what I have been thinking about. The thing is, although it has good prospects, I'm afraid I might lose interest in it halfway through the course. My interest in IB is probably another reason that is keeping me from going for accounting

u interested in IB or u interested in $$

 

[blade/]

u interested in IB or u interested in $$

Hi, please do not stereotype. Please leave if u are just a pcw. If I'm only interested in making money I wouldn't have thought about this for so long

 

[Nicholas92]

Hi, please do not stereotype. Please leave if u are just a pcw. If I'm only interested in making money I wouldn't have thought about this for so long

Silentears is a NBS Accountancy undergrad. I would say he knows a thing or two about the pitfalls prospective applicants fall into.