Is school choice important for Big 4?
I'm a high school senior with a 3.85 UW GPA, 2290 SAT I, 800 SAT 2 Lit, 750 SAT 2 US History, and 10 AP classes. I was planning on attending a higher-ranked school (applied to NYU, Boston College, UNC Chapel Hill, Barnard College, USC, Boston University, Fordham University and SCU) but I received full tuition scholarships from Temple University and Baruch College (my safety schools), along with 2 $4k summer stipends and acceptance into the Fox Honors Business program for Temple. I'm not interested in investment banking at all; I'm going to double major in accounting and risk management/insurance. My short term goal is to work in audit at one of the Big 4 firms, long term is obviously to make senior partner.
In my situation, would it be worth paying tens of thousands of dollars more to attend a higher ranked school? Or should I make the fiscally responsible decision and attend Temple or Baruch? All of the big 4 firms recruit from both schools, along with BDO and Grant Thornton. Temple's Master's in Accountancy program has a 96% placement rate, a 70% passing rate for the CPA exam and a 50% placement rate at the Big 4. They also have a 3 year BBA in Accountancy program, which I would be able to finish in 2 years because I will have 46 college credits (assuming I pass my 5 AP tests for this year which I will ofc since they're easy af), which means I'll be able to graduate with my Master's in Accountancy in 3 years. (Side question: Is it too risky to try to cram all my lower and upper level accounting courses into 3 years? I would like to finish school quickly but not at the expense of my GPA). I didn't bother looking up the stats for Baruch because I know it's heavily recruited for Big 4 accounting.
Also, is it better to get my MAcc from the same school where I get my BBA, or should I apply for a MAcc program at a different school? Should I just do my BBA at Temple for free and then apply to UT-A, BYU, or Notre Dame for my MAcc? I guess what I'm asking about is if there is any benefit to getting my MAcc from a higher ranked school in terms of long-term job prospects. To be honest, I'm really drawn to Temple University (despite the high acceptance rate and rather unimpressive freshman profile) because I ended up liking Philadelphia more than NYC (if only I had visited before the application deadline for UPenn...) and because they're throwing so much money at me. I also like that they have a 3 year BBA in Accountacy program and accept so many of my AP credits because then I'll be able to graduate much more quickly. My biggest worry is that I won't be academically challenged at Temple or Baruch, but I guess that's a little silly because job placement is the most important factor.
Finally, if I do decide to graduate debt-free, would it be better for me to go to Temple or Baruch? Are there any alumni from these schools who can share their experiences? What is the reputation of these 2 schools? I live on the West Coast so people have never heard of Baruch and only know Temple for basketball haha.
For big 4, school ranking (as long as under top 100) shouldn't keep you from getting a job. A bigger consideration would be your region of choice. Recruiting is typically regional.
haha Temple is ranked #121 on USNews. The high acceptance rate (63%) and low 4 year graduation rate (40%) probably bring down their ranking a lot. The job placement for the MAcc program seems decent though and their risk management & insurance program had a 100% placement rate a few years ago so I guess their business school must have a decent reputation in Philadelphia at least. Honestly, I would pick Temple in a heartbeat if it wasn't for the low stats for their freshman profile and their mediocre rankings (business school is ranked #58 on USNews). I'm apprehensive about attending a school where I would be one of the smartest students. Hopefully the students in the Honors programs aren't too dumb.
haha Temple is ranked #121 on USNews. The high acceptance rate (63%) and low 4 year graduation rate (40%) probably bring down their ranking a lot. The job placement for the MAcc program seems decent though and their risk management & insurance program had a 100% placement rate a few years ago so I guess their business school must have a decent reputation in Philadelphia at least. Honestly, I would pick Temple in a heartbeat if it wasn't for the low stats for their freshman profile and their mediocre rankings (business school is ranked #58 on USNews). I'm apprehensive about attending a school where I would be one of the smartest students. Hopefully the students in the Honors programs aren't too dumb.
If you're in-state for UNC, go to UNC. If not, go to Temple. If your goal is to advance up in Big 4, your focus should be on whether or not you have a decent shot at Big 4 out of undergrad (which Temple provides. After that, it will be your work ethic/performance. Do remember though, the better school you go for undergrad, ceteras paribas on GPA etc, the easier your admission to top MBA or MACC or parternship at Big 4.
If you're in-state for UNC, go to UNC. If not, go to Temple. If your goal is to advance up in Big 4, your focus should be on whether or not you have a decent shot at Big 4 out of undergrad (which Temple provides. After that, it will be your work ethic/performance. Do remember though, the better school you go for undergrad, ceteras paribas on GPA etc, the easier your admission to top MBA or MACC or parternship at Big 4.
If the destination is the same, does the journey matter?
Pick the school you actually want to go to. You're spending a couple years of your life there mate.
I go to a state school in the tri-state area and the big 4 recruits heavily here, while banks don't recruit here at all for FO positions, so I assume Baruch College is a safe bet
In short, with your stats it matters very little where you go to school for accounting. Also doesn't matter if you go to the same/different school for Macc.
I would say though, that you should go to the best school you can get into (taking scholarships into consideration of course), because you may find out that your interest change a lot once you begin school and mature and get an idea of what you really want to do. It's tough to say now that you are dead set on being a big 4 audit partner, because in 5 years you may end up wanting to go do consulting or investment banking, and the school you end up at may limit those options.
"I'm going to double major in accounting and risk management/insurance. My short term goal is to work in audit at one of the Big 4 firms, long term is obviously to make senior partner."
I don't see the value in risk management/insurance. If you're interested in that sort of thing, by all means. But really all you need to succeed in audit is solid understanding of the journal entries and an understanding of financial statements. Although there is a lot of risk assessment in audit from a planning/strategy aspect, risk mgmt would be more related to business risk.
Your "obvious" path of making senior partner is hardly obvious. In fact I'd say MOST people entering big 4 audit go in with the assumption that they will leave after 3-6 years. It is really a stepping stone into other areas within corporations, rather than a career move. Big 4 audit partners make ~600k on average probably, which is great but the work itself is the biggest drawback. Also the hours don't really diminish a ton, I'd say partners still on average work 55 hour weeks. Also if you stay in big 4 audit, you won't make over 100k within probably 7 years, but you should clear 100 if you leave as manager (after 5 years) . The emphasis on internal controls and the heavy requirements on the documentation aspect have made the profession less appealing, in my book (I'm currently an audit senior).
Not trying to turn you off of it, it's still a great career. I'm probably just a tad bitter from coming out of busy season.
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I went to a large SEC school and majored in accounting. Many of my classmates received Big 4 offers, but my GPA was too low (3.3- they didn't even interview anyone under a 3.5). As others have said, recruiting is extremely regional. Go to school where you want to work. Make sure you do well (i.e. 3.5 at the very lowest) and join the Beta Alpha Psi (it is an accounting honors organization) at your school.
IRT the MACC- I don't think it matters where you get it. That being said, if you can knock out the 150 in 4 years (maybe do summer school or something?) that is even better. At the end of the day, a macc doesn't matter- it's the "CPA" behind your name that does matter. But, the macc seems to act as essentially a really expensive CPA review course IMO. The classmates of mine that went with the macc were able to pass their CPA exams more quickly/easily than those who did not.
Disclaimer: I am not a CPA, nor have I ever sat for a single section of the CPA. But I've seen my wife struggle through FAR and REG over the last few months and it looks brutal.
All big 4 recruit heavily out of Temple MAcc.
However, I would make a decision based on business school. After busy season 1 you may be rethinking the career in audit.
Go to the best school possible in order to keep your options open.
Coming from a former auditor, don't restrict yourself so such a narrow career path so early on. Explore your options, you never know what the work is going to be like until you actually start. People can tell you about a job all they want, but you won't know if you'll like it until you do it for yourself, and trust me audit is soul sucking working. It takes a special type of person to move up the ranks to audit partner. I've had many people tell me they want to make partner at a Big 4 or mid tier firm, but they almost always leave public accounting within 2-4 years after starting. The work is mundane and dry, with not much intellectual stimulation during your first couple of years, if at all (I got out of audit after two years and am in transaction advisory now, slightly better than audit, that's for sure).
Look into other fields and service lines to see what's out there, and if you're still set on the audit partner path, then by all means. Just my two cents.
Shout out for BYU
Quaerat eum enim corporis hic aut. Et eius alias et provident non quasi.
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