BANKING & FINANCE OR ACCOUNTING? DILEMMA OF A FRESH STUDENT

Mr Jarus,

Please I need your advice. I recently got admission into the University of Nigeria, Nsukka to study Banking/Finance. Accounting was my first choice but I bought UTME change of course and switched to Banking because the number of people going for Accounting was much and UNN being a fiercely competitive school means that lots of students will not be admitted. I can’t risk staying another year at home.

After writing post-UTME, my score was one of the best in the entire faculty of Business Administration. My average score was far higher than the cut-off mark for accounting. I regretted changing my course but I have the option of changing to accounting after first year if my CGPA is good.

Many people that I met tend to favour Accounting over Finance because they say that an Accounting graduate will get a job quickly after graduating while a Finance graduate is limited to banking jobs and my options are narrower in finance.

Please should I continue with the finance and take ICAN after graduation or should I swiitch to accounting. Basically, my question is finance and accounting which one will you advise your son to study? I would appreciate it if you give me reason I should choose any.

Mr Jarus I have been your fan and secret admirer on Nairaland, JarusHub and Facebook. Please take your time and reply anytime you wish. Please bear it in mind that I see you as a mentor and being a first class brain, finance industry expert and someone with a lot of experience in finance. Whatever you say will go a long way in making my decisions. I will be expecting your reply insha Allah. Thanks

Jude

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Dear Jude,

Congratulations for doing well in your post-UTME.

You did the right thing by opting for a less competitive Finance when you were not sure of your score in post-UTME.

I was in similar dilemma between Finance & Economics when I wanted to write my UME 14 years ago. I was advised by a senior brother to settle for a broader Economics. I don’t have any regret, although I think labour market dynamics have changed and grade trumps course of study today.

The first question to ask: Deep inside you, which of Finance & Accounting do you think you’re better in and will easily make 2.1, at least, in? This is because if you have 2.2 in Accounting and 2.1 in Finance, course of study will hardly help you.

Second, know that, these days, most of these courses are usually classified into same bucket. Many professional services firms and banks don’t care about your course of study, they ask for 2.1 and above, in any course, with a specified age, say usually 26 years or less.

I am not big fan of Accounting as academic degree, and I have always preferred Economics to it, because all it takes to become an accountant is write ICAN or ACCA exams, irrespective of course of study. I have colleagues that studied courses as far off as Chemistry and Agriculture for their first degrees and are accountants today because they wrote and passed ICAN and ACCA.

Truth is, Accounting without professional qualifications is hardly different from Banking & Finance degree (if from a reputable school like UNN). The only edge is, you stand a chance to qualify as a Chartered Accountant faster because you will be granted exemption in more subjects than Finance when you begin to write ICAN or ACCA.

However, between Accounting and banking & Finance for first degree, I will advise my son to pick Accounting, if only for the edge I stated above. Worth mentioning also, Accounting and Finance are most times slashed together in job requirements.

But still don’t forget to do some research – maybe by asking existing students or graduates of the faculty – on which of the two courses is tougher and which stands you a chance of making 2.1, because it’s a 50-50 thing, and the grade you finish with, may be an important tie-breaker. If you hear that it is easier to make 2.1 in Finance, please opt for it. If 50-50, go for Accounting.

All the best.

Jarus