With A-Level results and the subsequent triumph or tears which linger around the clearing period looming, The Association of Accounting Technicians (AAT), has today released fascinating research* highlighting the financial realities of university versus vocational learning. The leading qualification and membership body for accounting staff shows through its research that vocationally trained AAT students, who began their course after finishing school at the age of 18, can be as much as 70,000 ahead of their graduate counterparts by the time they have completed their degree (~21 years of age).
Whilst predictions from high street banks suggest that the average student debt stands at around 13,000, key individuals in the higher education sector believe that, in many cases, debt is reaching as high as 30,000. Earlier this year Gemma Tumelty, President of NUS said: ìNaturally NUS is concerned that debt levels seem to be rising to such dramatic proportions. Fee loans, along with levels of borrowing for living expenses, have now ratcheted up typical graduate debts to a massive 30,000.î (www.nusonline.co.uk)
The AAT conducted the research by analyzing data from a variety of sources such as the Hays Salary Survey, their own data and reports from high street banks.
Key contributors to the 70,000 figure are the money earned by AAT vocational students working whilst they train and the considerably lower tuition fees they pay over university students.
Says Jane Scott Paul, Chief Executive of the AAT: ì70,000 is a lot of money to anyone, especially those in the early stages of their career. With the vast majority of our school leaver students progressing on to become Chartered at the same pace, or even quicker than graduates, it seems alarming that there is still such inherent snobbery towards vocational training in the UK. A studentís ability to climb the business ladder and earn is largely down to the individual and rising stars will be rising stars whether they go to college or university.î
Catherine Walsh, Head of Recruitment and ACA training at the HAT Group, which consists of over 45 large accountancy firms, over 100 general practitioners and other affiliated firms to reap economics of scale in technical, training and recruitment services, agrees with Scott Paul and says: ëîThe HAT Group of Accountants regularly recruits AAT students. Over the last few years HAT have found there to be a growing population of students who have completed A levels with good grades but who are reluctant to go to university due to the expense involved and the students knowing that they can start a career in accountancy with just A levels. HAT recruits approximately 10 AAT Trainees each year and within 4 years of joining they are ACA or ACCA qualified. This means they are often qualified before their peers who have chosen to go to universityî.
Says Helen Williams, Accountant at Abcam, the specialist supplier of antibodies and reagents, and former AAT student: ìFor me, the AAT Accounting Qualification was a quicker route into a career in accountancy than going to university and I got to earn money whilst training which made me feel far more independent. At the age of 21 for instance I was a home owner, which is something that would not have been possible had I gone to university!î
Students interested in finding out more about the AAT Accounting Qualification should visit www.aat.org.uk/career or call 020 7415 7666 for more information.
Up to 70,000 head start for vocationally trained students
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