Money and finances are integral to life and business which is why it’s become one of the most popular career choices of the last few decades. Every person needs to do their taxes, while bigger companies need multiple finance specialists to fill various roles in their finance department.
Most accountants start out with an accounting degree at university before they do an internship to get their certification.
But how do you choose a university and is this the only route towards becoming an accountant?
What if you didn’t take accounting in high school or failed it?
No dream is out of reach if you are willing to work.
Let’s look at why studying accounting is a sound investment into your future, examples of where you can enroll and some of the important considerations when choosing an institution.
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Why Consider Studying Accounting?
Accounting is a universal business function and companies use financial language daily. Without the finance function a business won’t know whether it’s making a profit or losing money.
The world of accounting has become a lot more specialised than historical finance roles, but generally an accountant is said to be responsible for the record taking, evaluation, processing and reporting of financial information.
Financially qualified accountants are thus responsible for a variety of duties that can include:
- Tax returns
- Ensuring financial reporting according to regulation
- Financial planning and budgeting
- Recording financial data and preparing it for financial reporting
There is thus a high demand for accountants internationally and the most obvious finance career options are to become a management accountant, tax accountant, Chartered Accountant or financial accountant.
A degree in finance will also open many other doors to the business world. There are numerous financial rules and regulations to comply with when running a business and most financial qualifications also equip students will the required skills and knowledge to do so.
Some visionaries can combine technology with finance to change the world and become wealthy in the process.
The world has become incredibly volatile and any new student would want a qualification that can be used across different industries. Accountants can work at banks, in companies or as contractors. They can work remotely, in-office, or even become entrepreneurs.
Choosing a University, Business School or College
Choosing a degree and place of study can be tricky.
Should you choose a management accounting course, modules in finance, and add a few business language courses?
You have the option to complete a 3 year degree at university, a certificate at a college or try and get into a business school.
Fortunately, all good quality accredited courses will include the modules and subjects you need to set yourself up for success. Most accountants find their love for it during secondary school, but don’t panic if you don’t have accountancy as subject, many programmes will allow you to study if your English and Mathematics marks are good enough.
The faculty, admission services or course moderators at colleges are some of the most helpful people when it comes to discussing your career and path of study. They can discuss the undergraduate degree entry requirements, admission and tuition fees with you and answer any other additional questions you have about life on campus.
There are many factors to consider when you decide to study finance and a degree at one of the top universities is certainly not the only route to becoming a qualified accountant.
Colleges have more lenient entry requirements and tend to have cheaper tuition fees.
Many colleges will offer bridging courses to help students with the foundational understanding of Mathematics, Accountancy or English. They offer a programme or foundation year that will ensure you get the required subjects and grades before continuing towards a finance degree programme.
Business colleges are another option, but they tend to be more pricey for their excellent, practical approach to finance. Companies will use these institutions to train new managers or allow people to enrol for continuing professional development and therefore they might only admit students with previous degrees or completed tertiary studies.
It is important to note that the qualification only sets you up for the career, but your passion, drive and love for accounting is what ultimately will make you a great accountant. There are many accountants who barely pass their exams and continue on to make waves of success in the business world.
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Examples of Where to Study Accounting
Gone are the one-size-fits-all days to studies. You can now shop around and find the most suited programme or institution to your budget, your social or economic circumstances and ambitions. Many offer bursaries and in South Africa the students from previously disadvantaged communities get preference.
Let's look at examples of undergraduate qualifications you can consider.
University Degree: BCom Specialising in Financial Accounting
One of the most common university degrees in the world in finance is a BCom degree. Unfortunately, universities have to limit the amount of students they allow each year to ensure they maintain a high level of education.
As a prospective student you'll have to obtain good marks in secondary school to be considered. The university entry requirements determine the grade you need for a specific subject/s and you'll know whether you are able to apply by evaluating your marks against these. Undergraduate entry requirements also change each year and vary by institution and qualification.
Students who apply for first year finance studies generally need:
- A national senior certificate with an APS (Admission points score) above 32
- 60% minimum grade in English
- 70% or higher for Mathematics
- Accounting at school level is a bonus and not a requirement
The University of Cape Town is known for its excellent accounting faculty. Their college of finance has three different accounting streams where a student will work towards the specialisation of their choice:
- General Accounting - Providing a general background to accounting, this programme is for aspirational business advisors, internal auditors, general managers and tax consultants
- Chartered Accounting- Specifically designed for those who want to become Chartered Accountants (CAs)
- Accounting with Law - Ideal if you want a law degree with a commercial background
You can visit the university website of choice to get more details and information on their available programmes. Other universities to consider for finance qualifications include WITS, The University of Pretoria and Stellenbosch university.
Distance Learning Bachelor of Commerce In Accounting
Many students seek a programme that is available online so that they are able to study and work at the same time which is why international colleges and universities have gone online with their qualifications.
Prospective students need to check the course accreditation to ensure they'll be able to practise accounting in South Africa. Also ask whether they have the required NQF level to further your studies which is particularly important if you want to continue to honours level studies.
Visit the websites of these Colleges:
- MANCOSA
- UNISA
- Varsity College
- Regent
Most of these schools have an optional year foundation programme available to help students who are not initially able to apply. MANCOSAs Higher Certificate in Accounting will ensure you can continue onwards towards your degree and eventually qualify as an accountant.
MOOCs and Online International Learning - Introduction Programmes
Massive Open Online Courses (MOOCs) has opened up international qualifications for English speaking pupils regardless of the country they live in. Like most programs they each have some specific requirements for a prospective students applying to a degree program.
Many do however offer an 'Introduction to Finance' programme which is generally free. There are also multiple part-time courses on offer by South African colleges.
The degree-level qualifications are relatively pricey when compared to South African colleges. It is however a great option to test online programmes or to see whether you would enjoy online studies.
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Some of the MOOCs you can research:
- Coursera
- EduX
- UdaCity
Types of Accountants and Accreditation
The type of accountant you want to become will determine the qualification and route of study. Each specialist field in accounting also have their specific accreditations and regulatory bodies to ensure they comply with government regulations and accounting practices.
Chartered accountants are some of the top earners across the globe, but they study a total of 7 years which includes their undergraduate degree, honours degree and 3 years internship. Their qualifications are generally under the guidance of the South African Institute of Chartered Accountants (SAICA) so ensure your studies will allow you that type of accreditation if you plan to become a CA.
Registered Professional Accountants also need to complete a three year internship after their degree studies. Their qualification is accredited by the South African Institute of Professional Accountants (SAIPA), but there are also other professional accounting associations in South Africa:
- CIMA South Africa (Chartered Institute of Management Accountants South Africa)
- ACCA South Africa (The Association of Chartered South African Accountants)
- IAC (Institute of Accounting and Commerce)
- SAIBA (South African Institute of Business Accountants)
- IIA South Africa (Institute of International Auditors)
Students who are interested in international careers should check whether the qualification they plan to study carries international accreditation. Many professionals end up writing additional exams when they choose to move countries due to the various accreditation requirements.
Accounting Studies With a Tutor
So what if you are bad at mathematics or English?
There is a solution for every problem and luckily with the help of an accounting tutor you can study and work towards achieving the marks you need for university admission.
A Superprof tutor can also help students who are already enrolled in tertiary studies. They can show you how to study accounting and they can they can answer some basic questions around the material.Also read our other articles on online resources, books and websites to aid accounting students.
Be sure you search and book a lesson with a tutor who is qualified to support you.
May you find the qualification that will ignite a unwavering passion for finance in your heart.
Want to give private lessons?
Join the Superprof community and share your knowledge with inquiring and motivated students.
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