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More than a third of accountants wouldnt have gone to university today

More than a third of accountants wouldnt have gone to university today
88,700 opportunity cost of higher education means only 40% of accountancy and finance professionals would have decided to go to university today
Universities must follow AC Graylings model to survive
If faced with todays costs, only 40% of accountancy and finance professionals would have gone to university.
The coalitions increase of university tuition fees to 9,000 per year means the cost of doing a three year course including fees, loans and the opportunity cost of not being in work now stands at 88,700[1].
When accountancy and finance recruiter Marks Sattin asked 409 accountants whether they would have chosen to go to university if it had cost as much as it does today, only 40% said they would.
Currently, new accountancy and finance graduates earn an average salary of just under 25,000[2], which means it would take more than three and a half years to earn enough to cover the cost of their higher education.
Tim Hedger, deputy managing director of Marks Sattin comments: People considering university should bear in mind not only the price of tuition and the debt they will take on, but also the financial loss from not working for three years. When you do this, the total cost of university begins to look very large indeed. The fact that some of Londons accountants dont think doing a degree is worth the cost shows the UKs universities have failed to offer value to students and provide a relevant education.
Unless universities are able to show they offer value for money, the current costs mean they will fail. AC Graylings planned 18,000 per year New College of the Humanities may seem expensive at first glance, but by consulting industry experts in order to ensure students learn skills that will be useful in future, Grayling has ensured that students money wont be wasted. To be seen as a real value-add, universities must offer skills and training tailored to a career.
One accountant told Marks Sattin I will do everything I can to support my children if they want to go to university so long as the course is worthwhile. But I wouldnt advise going to university unless its for a highly specialised subject which offers the chance to gain work experience and counts towards a professional qualification. Unless you can see how your studies will help you into the world of work, university is simply too expensive now.



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