Regulated Qualifications UK

[sarahmac]

sarahmac, you seem fairly knowledgeable about the UK qualifications structure, so I would like your opinion on something that I have been very curious about:

How valuable/marketable are these qualifications in the workplace, specifically Level 6-8 qualifications, that are of comparable level to a university degree at the undergrads or /graduate post-graduate level?

If that isn’t entirely clear, I will cite my own area for reference. I am an accountant in the United States.  I have a BA in accounting (from UMPI) that qualified me for many entry-level accounting jobs and am working on a masters in accounting and starting to study for the CPA exam. Most accounting jobs here that are above the clerk/technician level (that often require no education/experience or require an associate’s degree) require a bachelor’s degree. The bachelor’s degree is also a prerequisite to sit become a licensed CPA.

In the UK, there are many training programs that allow a person to leave secondary school and begin on-the-job training in accounting and finance that culminates in the ability to become an ACA or ACCA, broadly comparable to the US CPA. There are then universities that allow students to top up their ACCA/ACA qualification to a bachelor’s and/or master’s degree.

Then, of course, there are universities that offer undergraduate and post graduate degrees in accounting and finance that allow you to move more quickly through the ACA/ACCA qualification process.

And then there are these programs through CFI and other bodies in accounting and business/accounting and finance.

I suspect in Britain as in the US in a field like accounting, experience and formal qualifications (ACA, CPA, etc) are most important and trump pretty much everything else for most jobs.  Of course, on my side of the Atlantic, the BA is prerequisite to the experience, so that is different.

But, to come back to the original question, how valuable is that Level 6-8 qualification?  Presumably, a qualified accountant with a Level 7 diploma to boot looks a little better than one without. Someone with a few years of experience and a Level 6 certificate looks a little better than someone with just the experience. But do you think that difference is significant?  To sort of put it directly to you, do you think your sister’s Level 5 has appreciably improved her job prospects, got her promotions, etc?

Hilariously I can directly answer this question. My sister is an ACCA qualified accountant.

She got her Level 4 in Accountancy years ago after completing standard academic system Level 3 qualifications, started a trainee program, then sat her ACCA's. 

Something to keep in mind: Level 3 and 4 quals are worth college credit in the US, and are similar to the community college level. You actually attend college (we even call it that) to take them. So you can think of it as being approximately similar to your example of clerk/technician level requiring an associate’s degree.

The only thing that has ever mattered for her work as an accountant is the ACCA qualifications. If she had a relevant degree she would have been exempt from some of the ACCA exams, instead she had to take them all. But this is no different to the situation where someone has an unrelated degree. 

If she wanted an academic degree she could now reverse transfer, essentially, and get a Master's in Accountancy by completing a top-up program with a thesis component. She doesn't care to since it doesn't matter to her career.

"Presumably, a qualified accountant with a Level 7 diploma to boot looks a little better than one without."

Nope. ACCA etc. is the only thing that matters for accountancy. It's the extra duties that this could help with. If you wanted to be responsible for those.

"Do you think your sister’s Level 5 has appreciably improved her job prospects, got her promotions, etc?"

Not yet. The thing is, she didn't do the Level 5 for her job as an accountant. She cannot go any higher in that role.

Without wanting to doxx the poor woman, she's in her mid-40's and working below the finance director for a massive private school trust. There is no job above her for an accountant. She is the head accountant. She could move to another firm, sure, but she's maxed out the scope of what accountants can do.

She wants his job as CFO (or a similar one elsewhere). It's an executive position, hence the CMI Management qual. Next she wants a Level 6 and from there she's applying to C suite jobs. It's something she decided later in life that she wanted. She was happy being an accountant until now.

So to get back to your first question

"How valuable/marketable are these qualifications in the workplace, specifically Level 6-8 qualifications, that are of comparable level to a university degree at the undergrads or /graduate post-graduate level?"

The qualifications at any level are equivalent. Your prospects are the same as someone with a theoretical qualification in that subject, unless it is a job where you need vocational training. Then your prospects could ironically be higher.

It could be important to consider, that some things the US considers a degree subject/topic are simply considered vocational in the UK. We aren't just talking about low-level professions. For example, to become a solicitor or barrister (the two types of lawyer) qualification is done via this system. Those who attend university have to do a professional practice course after because law is vocational. In the US you have bar practice courses but they aren't mandatory.