Private University degree VS Local University degree?

[rengaw]

Hello Softies, there's a question i'd like to consult. I haven't seen any threads related to this so i thought i'd start one.

Anyway here goes, I am currently a Diploma graduate awaiting NS. I was thinking of going into the banking and finance sector. From what i know, SMU and NTU business degrees are highly sought after and are pretty tough to get in. As my results are average (maybe below average), GPA around 3. I know my chances of getting in is very low.

So i went to find out about the SIM-UOL degree in Banking and Finance. Its quite a respectable private degree i guess?

Now the question is, does anyone here know/heard of whether in the industry, there really is a big difference btw a Private degree and a Local degree? As to, if you have a private degree = can't even get a job? I mean, it is quite obvious as people have always mentioned it constantly, but i'd like to know if it really does happen in the Working industry?

 

[Excalibur]

Hi, I'm an SMU undergrad. Was from poly too. Another option you could explore is to work in the banking and finance industry first, from there, find out what degrees are recognized by that particular bank / company. You could then do a part-time degree while working. Eventually, you'll rise up to the ranks with both a degree and relevant work experience.

A friend of mine, took this route, and she's doing really well. Her GPA was better than mine, and she decided not to further her studies in a local uni. You might wanna consider

I didn't take this route cause I wanted to do a full-time degree and not stress myself over work and study. I'm just the type who wants to take it slow and enjoy first i guess

 

[hifi_killer]

Do you qualify for m.o.e tuition fee grants if you're in a private university?

 

[empihsrow]

Oh, no they don't.

 

[Anirudh]

correct me if im wrong guys, but i dont think SIM is that great of an institution. why not just apply to NTU/NUS/SMU and see how your fare. My A-level results werent that great but i applied to Imperial College in London and thought id never get it, but turned out i got admitted there. Tho im not going there coz i cant afford it hah.

so what im saying is just try your luck, its not always bout grades, write a strong personal statement, emphasizing on your extrea curricular activities and personal characteristics. Good luck man

Cheers

 

[rottenramone]

SIM is targeted at working adults.

 

[fade2b14ck]

I'd believe a degree from a local uni would be worth more if you intend to work in S'pore, after all, a local degree would be more recognised locally right?

But internationally that may not be the case, some private unis here have better international rankings than SMU/NTU/NUS.

 

[lepak]

All I can say is check if the university ur doing ur degree is accepted in the firms or singapore.

 

[5stringwonder]

This may help. It's a ranking of local & private degree programmes. not sure how up to date it is though but i'll give you a rough idea.

University Rankings

 

[shinobi]

it doesn't matter 'how recognised' a degree is, because 'recognition' cannot be quantified. all that matters is whether firms employ grads with certain degrees. and if you look at firms in the financial services industry, there are plenty who hire grads from NUS/NTU/SMU/SIM/overseas. last year 2 SIM grads took their BSc degrees to LSE, and were accepted into their MSc courses - on a scholarship.

but it is human nature for people to come up with 1001 excuses and conspiracy theories when they are rejected during an interview. that is because people (especially arrogant uni grads) will never come to terms with their own incompetencies.

if you have an external degree, don't count on entering the government sector. there are thousands of reasons why they don't hire external degree grads, the most logical one of all is because the government sector has an obligation to provide local grads with jobs. if you disagree, please let me know why you think this cannot be true. fortunately, the private sector forms at least 70% of the industry, if im not mistaken.

the finance sector is huge. i can't encompass every aspect that may be of use to you unless there is something specific that you would want to know. basically, its not what you do, but how well you do it, that determines starting pay. your major or specialisation doesnt count for much. to cut a long story short, what you learn in uni is redundant. unless you tell me a fresh grad can use his 'skills' to start work with no further training from day1

however, within the financial services industry there are some professional qualifications, all of which require work experience. this is where choosing the right course could put you ahead.

probably the first you will ever hear of is the CPA (certified public accountant). this is a mandatory certification for one to be a practising accountant. the prerequisites, on top of 3 years' work experience, is an ACCA (association of chartered certified accountants). ACCA is exempted for those with the following qualifications:

NTU accountancy (3 years) + work experience --> CPA
SMU accountancy (4 years) + work experience --> CPA
SIM-UOL accounting and finance (3 years) + partial ACCA exemption + work experience --> CPA

NUS accountancy major used to be unaccredited. i don't know if this has changed

the sad thing is, CPA (singapore) is backed by ICPAS, and is only guaranteed recognition in singapore.

the next most commonly heard qualification is the CFA (chartered financial analyst) which is the requirement to provide investment management and financial analysis for corporations (i.e. a fund manager, investment banker). this requires 3 years of relevant work experience, and you have to pass 3 tests. although it is lucrative, it may not necessarily be relevant to your job scope. reason being, nobody starts out as an investment banker.

so with my lengthy explanations, hopefully you know where to go. choose a path and become the best goddamn whatever. don't make the mistake of giving yourself 'options' or give yourself a provision to fail. some courses are not meant to be messed around with.

in other words, what im trying to say is DON'T DO AN ACCOUNTANCY DEGREE IF YOU HAVE NO INTENTION OF BEING AN ACCOUNTANT

and if you are still confused, enrol into the course with the hottest chicks

 

[shinobi]

Do you qualify for m.o.e tuition fee grants if you're in a private university?

tuition fee grants are only available for courses which are offered by local institutions. UNIsim courses are subsidised, because they are conducted by UNIsim which is a 'local uni'. but not the external degrees which are offered by foreign universities.

 

[Excalibur]

Well said, I can't put it any better myself

 

[Excalibur]

Btw rengaw, you could heed both Anidrudh's & Shinobi's advice. Just apply for all 3 Unis and make your decision after they accept / reject you. Don't constraint yourself to just one application. Leverage on your CCA, community service, testimonials or whatever records that might be of help. Go back to your polytechnic and get a testimonial from one of your lecturers. I totally agree with "DON'T DO AN ACCOUNTANCY DEGREE IF YOU HAVE NO INTENTION OF BEING AN ACCOUNTANT". Yes being a professional accountant does seem like a good prospect, but after taking some modules, nah it's just not my thing, could be yours though. As for SIM, personally I don't think highly of that institution either, but then again I strongly believe that paper does not equate to money, one may not necessarily have a degree and one can still make it big, YOU are the man, you decide what to do.

 

[rengaw]

wow, some really impressive replies. Thanks guys. For the record, i was from Chemical Engineering in poly. And yeah there are many options available, especially when i still have NS, but i'm just looking far here, at least get a foothold before i panick like a girl when my NS is ending.

Thanks people, anymore advices? =D

 

[shinobi]

when you reach the end of your NS you will not panic like a girl. because NS teaches you to be slack and lazy. thats why when the forced PT ends after you ord, you will turn from fighting (saikang) machine into a beach ball. but that is another story

 

[gjtaylor]

i think basically the courses offered by private universities would be recognized in Singapore. if not, why would these universities want to offer a degree that's useless in Singapore ? In addition, MOE has to approve the degrees they're bringing to their academy through registration.

check out this link for some information on private schools in Singapore: Ministry of Education, Singapore: Education System, Private Schools

i'm also very interested in furthering my studies in PSB Academy which is the only place i can pursue my dreams to be in the forensics field (Biomedical Genetics). I trust that since it's able to be offered in Singapore, it'll be recognized in Singapore.

btw, we're in the same field. but i have an additional Biomolecular after Chemical.

 

[pf]

I disagree with the statement that shinobi made.

Accountancy opens up more doors than a pure finance/business mgt degree. That's because finance/business mgt are very general disciplines. An accountancy grad can later go into sales, finance, business mgt, mkting, banking etc etc. However, any of the business majors are not able to go into accounting.

Besides, with an accounting degree, you can be in external audit, internal audit, business systems analyst, corporate finance, etc etc. Not necessarily an accountant. I suggest that the threadsetter flip open the Recruit in Strait Times on Sat to see the possibilities.

Besides, if anybody goes to the Micheal Page (a recruitment agency) website to look for salary survey. One will notice that the salaries for Accountancy grads are generally higher than Business grads of the same years of experience. For a guy, I would say go for it. As guys are gonna be the heads of households in the future to provide for the family. With all the costs rising, an accountancy degree might put better food on the table.

With regards to local or private universities, I would suggest local if you can get in. As local as possible...even SIM. Most employers would rather take graduates from local universities because they are tried and tested.

I am tutoring accounting to a girl that is supposedly at a degree program at MDIS. This is her repeat module. She does not even know the concepts which I learnt when I took Principles of Accounting during O Levels. The lecturers rushed through lectures and tutorials. And they have day long seminars where overseas lecturers are flown in to lecture. They are mass copying times. No time to digest and ask questions. So, if the threadsetter goes to a private university, then he will need to be very discipline and initiative to read up more.

Oh, just to add...the degree is merely training of the mind to think critically and a key to open up doors to job opportunities. After that...I can only say...its a jungle out there.

in other words, what im trying to say is DON'T DO AN ACCOUNTANCY DEGREE IF YOU HAVE NO INTENTION OF BEING AN ACCOUNTANT

 

[doggieshaman]

I'm in NTU and the only thing I can tell you is, degrees only get you to the interview, after that it's really down to your own competencies.

But yes, if you really want to be an accountant go take an accountancy course. Otherwise, find another course more suited to your likes and THEN take accountancy modules. Best of both worlds as far as you can get.

No point wasting 3 years of your still-young-life and realising it's not for you, you can graduate and work first, then if you feel the urge to get an accountancy degree go for it part time

 

[rengaw]

ME TOO BRO gjtaylor! My course's full name is Chemical and Biomolecular Engineering, but its a little too long to say that, so i'd always just say Chem Eng. Anyway the biomolecular doesn't even occupy much of the curriculum!!!!! You're from NP too? Year what now?


And, i've heard of cases where private degree individuals get to high status too, like my current "temp" company, the Contracts and Procurement Manager was from RMIT, but yet he was capable enough to get to the Executive level in less than 2 years of joining the company.

Also, just to share, i've recently heard from a colleague from India. She's only 24 years old yet she already has Masters. A feat little Singaporeans can achieve, not because we suck, but because in India, their education style is shorter and sweeter (IMO).

They do 13 years of "Secondary + Primary" school, then they go straight to College (University). Afterwhich, she came to Singapore to get her Masters, and she's in an established company now. (Talking about Chem Eng here)

 

[pf]

Taking business degree with accountancy modules is really no point. Can't get you a CPA if you decided you wanted to be an auditor or accountant eventually. By the time, 3 to 4 years gone. Also too late.

But one can do an accountancy degree and later be a business man, a trader, a whatever.