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Going to College: Business courses grow in popularity
Sunday, January 18, 2009 By Michelle Devane
Business studies, management and accounting courses have been among the most popular in the past decade because they are the most wide-ranging, offering numerous career opportunities. Employment prospects for commerce students and accounting students have been excellent, and most in the industry believe that despite the economic downturn, the prospects for those entering college in 2009 remain strong.

This time last year, the four largest accountancy firms in the country employed more than 1,000 people through their graduate intake programmes. Although graduates of business studies courses are now numerous, they remain in demand, and about the same number of graduates will be accepted in the 2009 enrolment. The major accounting firms, such as Deloitte, PwC, KPMG, Ernst & Young, Grant Thornton and BDO Simpson Xavier, all hold interviews each year to attract the best final year students and there is always intense competitive for the top positions.

Many students choose to study commerce-related courses at university because it is a broad discipline.

Most business courses begin with a general foundation in first year with subjects such as management, accounting, economics, statistics and information technology. Some courses also include languages and law.

Elaine Brady, a consultant at recruitment firm the Accountancy Panel, said the competition for jobs - in particular the graduate places at accountancy firms - would be even greater given the economic downturn. But she said the ‘‘big4’’ will take in approximately the same number of graduates as last year.

‘‘Leaving Cert students applying through the CAO system this year should not be put off because of the downturn,” she said.

‘‘Accountants are still very much needed and the business sector is still relatively solid in terms of employment prospects compared to other sectors.”

‘‘The only difference we’ve noticed compared to last year is that if graduates fail an exam during their graduate placement, they are being let go. It’s something that only started this year. It has always been a clause in their contracts but they were allowed to re-take the exams - until now.”

Many students opt for postgraduate study in accountancy or financial services, as these fields have high salaries. Graduate career opportunities are good.

According to UCD career office’s research into 2007 graduates, 46 per cent of graduates are in employment, 48 per cent are in further study, 5 per cent are unavailable for work, while just 1 per cent are seeking employment.

The accounting profession is split into a number of sectors including financial accountancy, management accountancy, auditing and taxation, and there are three main qualifications: CIMA, ACCA (certified) and ACA (chartered). Students are required to study at night and work during the day, and it takes about three and a half years to qualify. By completing a degree in accounting (or specialising in accountancy within a commerce degree, for example), graduates are exempt from some of the exams needed to qualify as a chartered or certified accountant.

Once qualified, graduates can enter various roles, such as consulting, management and financial accounting. As a financial accountant, you could work for one of the professional service firms, or a smaller accountancy firm, while management accountants can work in any kind of organisation, including government departments.

Qualified accountants earn between €45,000 and €60,000, and in a few years could be earning €100,000, according to the Accountancy Panel.

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