I kinda already knew what answer I’d get back about my question. For those who agree that going to the “more prestigious” college is best, I wanted to see their viewpoint. Why is it better to choose the more expensive option? Etc.
There’s certainly way too many factors in determining which college to attend to give a simple answer. However, through the many different posts, it seems that the conclusion would be is that (for accounting majors, anyway) you should choose the less expensive option UNLESS you are planning on getting a phd. The CPA license is the ultimate goal and it will not matter where you went to school because at the end of the day, you’re a CPA!
I think a lot of people my age (in their 20s) are very hung up on prestige, when in reality, it does not matter too much. As long as a student makes does well at whatever school they attend, that’s what matters.
Prestige does not matter for accounting. If you pass the CPA.
There may be value in a better school but it won’t be from the name, per se. Clubs, internships, relationships, classes that better prepare you for the CPA etc.
Nursing is similar. Benefits may come from having a teaching hospital on campus where you can gain experience, but the name itself is not so important.
Prestige does not matter for accounting. If you pass the CPA.
There may be value in a better school but it won’t be from the name, per se. Clubs, internships, relationships, classes that better prepare you for the CPA etc.
Nursing is similar. Benefits may come from having a teaching hospital on campus where you can gain experience, but the name itself is not so important.
I wouldn’t describe all accounting programs as equal and it’s foolish to lump the solo practitioner around the corner who does mostly personal tax returns and a few small businesses and maybe a couple of small estates, plus a couple of local charities, with someone who works in forensic accounting for the Justice department, or tracks money laundering for Interpol/FBI/CIA, or the CFO of a Fortune 100 company (who is not always- but often- a CPA).
Prestige matters quite a bit for some careers and does not matter at all for others. There are firms like Alvarez and Marsal, Alix Partners, Kroll, etc. which employ CPA’s for complicated restructuring projects and asset investigations. Sometimes a CPA is sufficient to get hired; sometimes you need an MBA as well. Some CPA’s know a little bit of everything and some specialize in complicated, narrow subject areas (like how does FASB treat corporate inversions mid-tax year).
I know a lot of young kids who assume that once they get their CPA they are set for life,… and then see that the movers and shakers in their “class” at their firms are the ones doing the CFA (all three parts), getting additional education and certification, etc. An accounting degree which sets you up for a lifetime of learning is a better accounting degree IMHO- since to advance in the field in a corporate environment, you are going to need to keep learning.
But you don’t need a private U for a top accounting program- I think UT Austin is one of the top programs in the country.
OP,
“You know that the in-state options will give your child a sufficient education, it is financially ideal, and your child plans on attending graduate school. However, the out of state options and private options significantly out weigh the in-state option as far as academic prestige.”
-You are the only one who knows if prestige is important to YOU. We do not know. For some prestige was not even a criteria when choosing colleges, prestige was not on the list of criteria for my kids. However, it is criteria #1 for my granddaughter. You see how different it is even within one family. Granddaughter will apply next year and I am not sure if she even will apply to non-Ivy’s despite of all warnings from all of us. In my eyes, prestige is nothing, in the eyes of my graphic designer S. prestige is nothing, in the eyes of my MD D., prestige is nothing, in the eyes of my granddaughter, prestige is everything. Assume, that parents do not have money to pay, so the kid will be stuck with the student loans for few decades of her life. Believe me, life is really much better for the 25 y o MD, who does not have a penny in student loans. However, not everybody agrees with this concept.YOU are the only one who knows if you agree or disagree.
Some parents (posters on CC) will say it is up to the student to decide as long as it is within the budget they agreed. There are some parents, like me, who would pay the sticker price of 60K for certain schools, but not for others. Even though I could afford 60K, but it doesn’t mean I would spend it on a lower tier college because it happens to be by a beach, good social scene or the bf/gf is going there. I don’t think all college educations are created equal, and I wouldn’t pay the same for them. I also wouldn’t let my kid apply to any school I wouldn’t be willing to pay for.
How good a student are you? If you are a tippy top student at a tippy top university, obviously that is great! But if you are a good student…would it be better to stand out at your state U or be in the middle of the pack for Great U
What is your major? For example for accounting, I would think that the location where you want to work is very important…companies will hire locally
How expensive/convenient is it to visit home? On the 2015 Parents list, we see the “cost” of a far away University…cant get home often, have problems with plane arrangements/delays, costs a lot.
For grad school you should absolutely focus on the strength of the department. For undergrad that’s important too, but you have to keep in mind that almost half of students change their major at least once, so you want to be sure the other options are good too.
We told our kids what we could afford. They each got merit money at one or two schools. Older son went to the school with the strongest department as we were all 100% certain of his major. Youngest was less sure. His safety was strong in his likely major, but not as strong overall. In the end he went to one of his reach schools. Both kids did fine, though the younger one would likely have had better grades at the safety. Neither kid had to take out loans though it would have been nice for us to have had more money in our pockets.
There are plenty of accounting programs out there, and they can all lead to a CPA. However, what I would tell my kids is that they should be looking at placement after graduation and target specific employers that recruit at the schools you are looking at. For example, being hired by one of the Big 4 is a common goal for many new accounting grads. The Big 4 have high cutoffs for grades, so you might be better off going to a less competitive school if you can maintain a higher GPA as long as the companies you are interested in recruit there.
A couple of other comments:
Like others have said, if a less rigorous school is cheaper, it might leave you with more money after graduation to pursue designations like the CFA. I have found professional designations to be much more important to my career than the source of my undergraduate degree.
Also, like others have said, once you graduate and have your first job, the source of your undergraduate degree doesn’t mean that much. Advancement all comes down to performance.
Accounting majors and CPAs are very potable degrees. Once you graduate and have the CPA, you will be able to find work anyplace in the country. In fact, expect some of the larger companies to move you around.
OP: Re “Is paying more in tuition worth sending your child to a better school IN YOUR OPINIONS (say your child doesn’t have any say in the matter)?”
Yes for me. Although ‘how much more’ may be a question still to be decided, I think the value of four years of experience may be well worth it. W and I decided to send d to her dream school which costs a lot more … she has so far admissions from a local, State school (~$17k) and an OOS private school with full tuition scholarship (estimating R&B at ~$12k) and her dream school which she got in in early action cycle which costs more than the sum of these two. IMO, the four years of growth/education and the atmosphere and students that will surround her for 4 years will be worth the cost. But I am making it clear to her that after college, any post graduate or medical school costs she have to do it on loan.
Alrighty, lemme explain my current situation so that you guys can comment your opinions (what you think would be best for me).
I am at SUNY Albany, a commuter student, attended comm college, and I have no loans currently. My GPA is a 3.4 (hoping for a 3.5 before graduation), I have some good ECs such as:
Philanthropy Chair of my fraternity
Many hours of community service for various organizations
Two internships: one with keybank (operations intern), the other with deloitte (audit intern)
I’m in phi theta kappa (honor society for two year colleges)
Omicron Delta Kappa (honor society at ualbany)
Tons of work experience, but in retail (work is work though right? haha)
Dean’s list every semester attended at UA
Also, every accounting course that I’ve taken, I have been above average.
UAlbany does have the Big 4 on campus quite often as the University puts a huge emphasis on their accounting program. It would be wise to stay for grad school, right? I’m conflicted because I am hearing that I should apply to “better schools” from older adults, but then I’m also hearing (and thinking) the opposite. I feel like UAlbany is fine for what I want, but a lot of people look down at the university.
What you may want to do is look up the educational prerequisites for CPA and other professional licensing that you are interested in, and see what additional education, if any, you need for those.
Would add that prestige plus goals after college important: If u have grad school on campus in area of interest, internships with those profs may network u into great post college opps.
Some if my opportunities were the result of a well regarded mentor getting on the phone and speaking on my behalf. Not. That u can’t have that whever u go, but stanford grads tend to be loyal to stabford grads, etc. got my foot in the door at my job in part bc of my stanford connections
I think a SMART undergraduate decision will consider their postcollege goals. My answer speaks to the origibal post on undergrad college decisions. U r welcome to see it differently than I do, but I believe my advice was successful for me
If you’ve managed to get internships with Keybank and Deloitte while attending SUNY Albany, and you’re satisfied with your education there so far, then unless you have some career goal (such as working for a big investment bank on Wall Street) that might require a prestigious school, I can’t think of any good reason not to stay and get the MS in Accounting from SUNY Albany. I assume you want the masters to fulfill CPA requirements. Don’t most accounting majors simply stay there to complete those requirements?