nswsailor said..I've done both, well almost!
Only had the small boat practical to do for Yachtmaster and when a I approached an examiner at a Sydney boat show he told me I would FAIL my first attempt!
After a bit of discussion about that I told him, and through him to the AYF, to stick it you know where.
Reckoned that with that attitude I had no need for it.
Most of my AYF stuff was signed off during my coxswain course, as the teacher was an AYF instructor.
I agree with those who say if you want to work, a coxswains ticket [and pay] is not enough, Master 5 plus MED ? is a minimum.
I had the same problem. Having a YA Competent Crew, Inshore Skipper ticket and extensive offshore experience I went and did the RYA Yachtmaster Offshore theory week. We got it at a discounted price through Sailors with Disabilities. I have to say that the theory week was very valuable despite the relatively poor school I did it with.
I then got advice from a number of experienced people I had sailed with and they said having done the theory just do the exam as the practical wouldn't teach me anything.
I rang three Sydney sailing schools asking to sit the practical exam. Each one said we will fail you if you don't do the practical week, about $2,500 at the time. I suggested they should just examine me and make their assessment on my performance. Each one repeated that unless I did the prac week they would fail me.
I emailed RYA in Sydney to say their system was a money making machine for sailing schools and they could get stuffed. To their credit they agreed with me and a few months later they started to book exams with examiners outside the sailing schools. So you can now book an examination without going through a school.
By then I was over it so haven't bothered.