MAcc - need help to decide: UNC, BC or WFU?
Ok so heres the deal. Im interested in IB, and I decided to go for a one year masters in accounting to get another chance at recruiting (went to a liberal arts for undergrad). I felt accounting was a good choice because even if I don’t make it to banking, or if I do banking and end up hating it, I can always fall back and work for Big4 audit.
My offers:
Chapel Hill (with a measly scholarship)
Wake Forest (full tuition scholarship)
Boston College - dual masters program in finance and accounting (partial scholarship, but since it’s a 2 yr program, it’ll mean that I’ll take on more debt than the Chapel Hill offer)
I’m a fresh graduate, and an international student. Not a lot of money saved up – I can cover all living costs for a year, but for tuition, I’ll need to take loans. I’m not completely opposed to taking a loan, but borrowing $30K-$35K is kind of a big deal for me.
Given my situation, and my eventual goals, what would you recommend I do? Go with UNC, Wake Forest or BC?
If useful, stats are 3.6 Ugrad GPA (econ & math), 740 GMAT
Read this and decide:
http://www.nytimes.com/2010/02/07/fashion/07campus.html
[quote=macro]Read this and decide:
http://www.nytimes.com/2010/02/07/fashion/07campus.html[/quote]
Haha I know all those people and my friend was the one who hosted that reporter... he ended up making her look like a slut and she had to change her name on facebook because of it
Hahaha yeah my co-worker shared that article with me. But a couple of one night stands in exchange for taking out a $30,000 loan? sounds like a bad deal my friend.
^The ratio is 60-40. It doesn't exactly sound like the kind of paradise that the reporter makes it out to be.
Anyways...please help me out with this decision fellas. My future is at stake here!
Just be aware of the recruiting differences at both BC and Wake (given you don't have some great connections). BC you'll get more banks from NY & Boston coming down, at Wake you'll have Wells Fargo Securities, Bank of America Corp. (not the investment bank), McColl Partners, Edgeview Partners, Stephens Inc., BB&T, PNC, CitiGroup, SunTrust Robinson Humphrey.
(Also on a side note, I really don't think you'll want to start as an entry level analyst at 25 if you do BC, I would try to keep networking maybe study for the CFA Level I just to show you're committed to finance)
Ok, sounds like you'd go for either WFU or UNC. Is there any edge to going to UNC and taking out a $30K loan over going to WFU and forgoing the loan?
Borrowing 30k is a big deal but if it makes a significant difference between getting into ib vs not getting into ib well then it really shouldn't matter at all.
Erwe422 - thats what I'm trying to figure out. Does UNC really provide that extra edge over WFU that justifies borrowing $30k?
My gut is that the banks prob don't recruit at WF. They do at UNC but it is super super competitive (at least with the mbas - each bulge bracket bank will take say 1 or 2 max from UNC each year at the MBA level), so what you're really deciding between is a next to nothing shot, vs a 1 in 100 shot.
Do we even know if investment banks recruit at UNC's masters in accounting program? I know they recruit at Texas and Michigan masters in accounting, but I haven't heard anything about UNC.
Thoughts?
I really don't think it makes that big of a difference avoid debt at all costs....MBA is even more later
^ Yeah, you've got a good point. I wonder if going to a school like WFU would hurt top 10 MBA chances later on...I don't think WFU's repuation even compares to UNC.
Thoughts of the ladies aside, if I were you, I would go for UNC. $30k is not a huge amount of money in the scheme of things and I feel that it would give you a better shot at banking. Although I have not met anyone from UNC at my bank, I have heard of several people from that school in PE shops, which of course means they were in banking at some point. I have never heard of anyone from Wake Forest in IB or PE, although I did meet a kid from there at a superday a while back. Even if you don't make it into banking, I'm sure there will be better career opportunities out of there compared to Wake Forest.
As far as your MBA goes, I don't think UNC vs. WF makes any difference.
Wouldn't being an international in this job environment make it doubly difficult to break into IB right now? Don't firms typically like to avoid the international issues (paperwork, etc.), especially when there are a ridiculous number of qualified nationals?
You're right. Its not just banking, it'll be difficult to break into any kind of jobs. Thats why I'm hesitant in signing on a $30K loan - because I may not be able to pay it back easily.
Its definitely tricky - UNC is a much better school, but then WFU is offering more money. And thats why I'd like to hear what other people on here would do if they were in my shoes.
Probably not much (if at all), but I would imagine you'd get access to the UNC network (which is definitely much better than that of WF).
I asked the UNC admissions director if master of accounting students had access to the same recruiting resources as the undergrads and she said that they are kept separate. so not sure exactly what that means but sounds like an accounting masters students can't use the UNC career center to submit their resumes for the jobs that are available for the undergrads.
Umm actually many of the bigger banks (BofA, Citi, WF) have some kind of bailout money. Any company bailed out is not allowed to sponsor H1 visas for international students. Just be very careful about spending your money in this economy. I try to tell this to many international students who are excited because they got into a school like Arizona State or UMD and take 100k loan from India or China to come here, without realizing most of the companies have stopped sponsoring H1 visas. Unless your home country has a big name for a school (which I doubt any of the mentioned schools in this thread would have)..go for the one where you have to spend the least. Good luck to you!!
Do those TARP restrictions still apply given that they already paid it back?
I am not sure..
I agree that being an international makes u pretty much dead in the water, but I know a hand full of people who have made it work...mostly through persistence...or stealing someone's SS#
Also WFU has decent placement. I know there are some being place in banks in that area and even NY. But i think its mostly alumni connections, not OCR.
Disclosure: I'm finishing up a 1year MAccc coming straight out of UG and I'll be working FT BB this summer. In the interview/networking process it really helps you stand out against the retard UGs who skimmed the vault guide. I was told flat out by an MD in one interview that I got the job because of my knowledge of M&A accounting and the tax implications of various transactions. If you have to take out the debt and are serious about it, id say its worth it.
Thanks for sharing your own experience. I'm fairly certain that I'll have to work pretty hard to place myself in a BB, and I'm prepared to do so. Like you, I hope to gain an edge over the UGs with accounting knowledge, hence my decision to go for a 1yr program. What track did you specialize in? And if you dont mind sharing, which program did you go to?
As an international kid, it makes things 10 times harder, which is why I'm seeking advice from all of you. I'm not even considering applying to places banks like Citi - BofA still has some TARP money as far as I know, and that'll be a problem. My backup is to go into Big4 audit/transaction advisory services, and use that experience to build up some human capital and try to transition into banking later on (possibly after an MBA).
Yea i'm pretty sure they all paid it back or are in the process of paying it back. The government still owns a 1/3 of Citi C/S, but as far as I know that's it...not sure how that affects H1 hiring.
I did Ivy UG, top 10 MAcc. We don't really have tracks....its just a general MAcc degree.
Stay away from Big 4 audit. Straight garbage. If you have IB aspirations, it will make you hate your life. If you can get into TAS or maybe the corp fin departments at Big 4 you have a better shot. Also, it is true that OCR is typically reserved for UGs and MAcc programs like to feed all their students into public accounting, but you can always hit up info sessions and email recruiters directly.
May I ask which MAcc program you attend? Was OCR reserved only for undergrads at your school as well? If so, what steps did you take to get an IB job?
I know Texas MAcc students get to use the same OCR resources as the undergrads, which seems to be a HUGE plus. I think Michigan might be the same deal.
@ hungry
I'd be curious to know which MAcc program you attended as well. Also: how did you go about securing a FT offer with a BB? I'm sending you a PM in case you don't want to discuss this in public.
Incidunt aut et iure blanditiis aut et. Sed officiis culpa explicabo dolores corrupti. Veritatis quia nisi reiciendis accusamus aut omnis rem repudiandae. Tempore et ea ut error. Blanditiis sint optio mollitia dignissimos dolor. Est voluptatum voluptatibus commodi repellendus ducimus quis quae voluptatum.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Fuga ut et iste voluptas. Iusto ex aut facere sed beatae aut et. Repellat omnis aliquam autem illum. Itaque itaque nulla iusto consequuntur. Nostrum nihil laudantium est architecto architecto. Omnis earum reprehenderit est vel sint illum dolor fugiat.
Magni iste rerum cumque maiores quo. Dolor et quidem tenetur voluptatem qui. Necessitatibus odio totam blanditiis voluptatem et veniam. Sit natus et eveniet magnam aut culpa. Dolorem adipisci aut accusantium.
Aut possimus aliquam fugit ipsa. Voluptas dolorum numquam aut praesentium perspiciatis cum impedit.