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How the f*** can one afford Queens or Ivey?

A photo of Anonymous Anonymous
Hey guys,

So I just got accepted to Queens, and I never really thought of going there, ( I just applied to see if I would get in)... and it has now become a serious decision.

I applied to Carleton and OttawaU and got an $8000 entrance scholarship. So for my undergrad Id only be paying 25,000$.
If I go to Queens, I have to pay an expensive tuition and residence, going to cost 100,000$ for my undergrad.

Im just wondering if the expense if worth it. Because going to carleton or ottawau you can do coop, make money and get loyal contacts. Marks are easier to attain and they have the required courses to be a CA.

Can someone explain to me if its worth paying the price, and how to afford it?
Maybe just go to Queens for your MBA.
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A photo of LeafsFan16 LeafsFan16
Honestly, this is one of those situations where you pay a lot now but you reap the rewards after. However, you did mention that the other universities have co-op, but you should also note that Queen's students often easily get summer internships starting 2nd year I believe. There are numerous opportunities at Queen's and various companies are always recruiting, I think they probably get the most summer internships in comparison to other university business programs, like Ivey and Schulich.

And trust me, you'll get better contacts at Queen's than you ever would at Carleton or uOttawa. And Queen's isn't a super hard marking school, they're pretty reasonable and most students manage well enough.
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A photo of Anonymous Anonymous
To be honest, it's just like asking why you would go to Harvard or Columbia for an undergrad, when you could easily do one for cheaper at a lesser known University. Queen's is famous for its commerce program, and really, that's why one would go there, no matter the cost. Of course, there are ones who can't afford it, but still go. Then they'd go on a combination of scholarships, part time job, and amazing self-discipline. These stories are not unheard of. If you are well disciplined and can hold your ground by saving all the money earned, then Queen's might be it.

In my opinion, you'd get more out of it if you go to Queen's. Student loans are hard to pay off, I heard after Queen's you can get jobs which pay ~60k a year, which is not bad for someone fresh out of university.
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A photo of lemony lemony
The ways to afford it are really only this:
1) Hope that you've received scholarships and bursaries
2) Work, live frugally, and save all of your money for university
3) Apply for student loans and go into debt for a few years
4) If you're lucky, get your parents to pay

I imagine that most students (who are paying their own way) go into debt and pay it back during the first few years after they have graduated. According to a report I read, the average starting salary of Queen's graduates is about 50k/year. Unfortunately, although Queen's gives good summer jobs (supposedly) and even if you worked full-time for the four months, you would need to be making about $40/hour to cover the next year's tuition (which is pretty unrealistic).

It does make you wonder if it's really worth it, especially in your situation where it's a difference of 75k overall. I mean, there is a lot of stuff you can do with that much money.
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A photo of Chara Chara
It's a personal decision, you just need to decide if the benefits you will receive from your Queen's/Ivey degree compared to a second-tier program will outweigh the costs of the program. For some the extra advantage you might get from this program towards your career would make it worthwhile, while others might say that the advantage you receive is not worth their extra investement.

For those kids that want to go into IBanking or Management Consulting, Queen's and Ivey would be worth every penny, since it's very difficult to get hired from any other school (UofT and Schulich recruit too, but not as much).
While for a kid that is planning on going for his CA might not get his money back from either of these schools, since employers don't really look at undergrad too highly after your designation. Not to mention there are better accounting schools out there.

According to a report I read, the average starting salary of Queen's graduates is about 50k/year.

Heres the report if anyone's interested.
These aren't the highest numbers by any means, actually they're just barely above average. The placement rate, and the employers that these students are placed with, is what's impressive. There are a variety of finance firms that would be impossible to break into from any school in Canada save the top tier. And that is what makes it worth it for me, the employment opportunities, not just the salary, post grad that you could not receive elsewhere.
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A photo of IanSharer IanSharer
When people compare Universities based on cost, it's usually around the same thing (ie. Ivey vs Queen's) since they'll end up paying for accommodation at both (very rarely will the cost be more important than whether or not you want to move out).

For example, if you were to compare UOttawa with Queen's, you'll most likely ask yourself "Am I ready to move out?" before you ask yourself if you have the means of spending an extra 60-70k.

My take on it: In a couple of years down the road, the extra money you spend won't mean much (you may secure a well paying job, may have gotten into a managerial position faster because of the skills you acquired at Queen's, heck you may win the lottery the next day), but the education, soft-skills and contacts you make will definitely make a difference.
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A photo of Noghi Noghi
I hear yeah. Its expensive to go to Queens. Thing is, like people are saying it pays off. But really if you are planning to go into accounting and want to Go to Queens or Ivey you are wasting money. The big 4 hire from tons of universities in Ontario and ones whre the tuition is less than half of Queens/Ivey. If you want to go for Finance its worth paying the extra money because it opens many other doors for you.
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A photo of waazup waazup
^ I was going to say the same thing as the guy above me.

For becoming a CA, going to which university does NOT REALLY matter, because once you major in it, you know what every other CA knows.

For something like Finance, this would be important. Since iBanking involves reputation and contacts, the world's best investment banks or any banks will only WANT to go to the most recognized universities, which in this case would be Queen's.

Good luck. Give it some time before deciding.
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A photo of dancecubed dancecubed
Money was the reason that I chose Ryerson over Laurier.

What I realized was that, in my situation at least, I could acquire the same level of success from either school. That's what it comes down to in your situation as well.

How big of an advantage would you feel that going to Queens would give you, in comparison to Carleton or University of Ottawa, in terms of what you want to achieve?
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