Hear Me Out, Will Ya?
I've been in institutional sales for fifteen years and know a sales pitch when I hear it. So, let's turn the college offer on its head.
Why You Should Treat a College Acceptance Like the Offer It Is
Regarding life decisions, college, and your first job have more in common than you might think. Sure, one is about classes and degrees, while the other is about paychecks and promotions, but at their core, both are a sell. They're offers you accept (or reject) based on what you get in return. The problem is that most students treat their college choice like a leap of faith rather than a calculated career move. That's a mistake.
When you accept a college offer, you're signing up for a four-year plan to set you up with valuable career skills. A job offer puts you to work immediately, rewarding your skills with a paycheck. But both offers require you to weigh the terms. Would you accept the job offer without reading the fine print? Well, guess what? A college offer has the same fine print, so let's look at the college acceptance as if it were your first job offer because it is.
Let's Start With What's On The Table
When you're accepted to college, what are they really offering? It's not just a beautiful campus and a possible degree—it's educational services and career prep. You're essentially signing a contract that says, "I'll spend the next four years working toward a degree that (hopefully) boosts my earning potential."
The return isn't immediate. Instead of a biweekly paycheck, you're investing time, energy, and a hefty chunk of money in exchange for a deferred return. The payoff? A shot at a better job, higher earning potential, and internship opportunities to open doors later if you're willing to hustle and get one.
A Job Offer
A job offer, on the other hand, provides immediate returns. You agree to perform specific tasks in exchange for a salary (payable every two weeks—or since I'm in finance, that would be monthly). Beyond the paycheck, jobs offer additional perks like medical, paid vacation, and maybe even profit-sharing or a 401(k). In short, you get tangible benefits for your efforts right away, immediately.
College, on the other hand, is a long-term play. Your first job is all about now. But that doesn't mean they're different. They're very similar.
Quality of Life: Comparing the Perks
A big part of any offer—college or job—is the lifestyle it promises. Whether you're weighing dorm life versus office life or gym memberships versus paid vacation, quality of life matters.
College Quality of Life
Colleges are pros at selling the "experience." Think about the state-of-the-art gyms, spa-like wellness centers, cozy libraries, and vibrant student common areas. Are you serious? The facilities are better than a midtown NYC luxury high-rise. They're selling more than just an education—they're selling a lifestyle. College is marketed as a place to make lifelong friends, join clubs, attend events, and immerse yourself in "the best four years of your life." I'm all for the "college experience," but is it worth paying student loans for the next twenty years?
Career Quality of Life
Jobs, on the other hand, focus on benefits. Office amenities like standing desks and coffee are nice, although since I got mine, I have yet to stand once; go figure. The selling points include medical coverage, paid time off, and 401(k) matching. Some companies sweeten the deal with extras like paternity leave, volunteer days, or profit-sharing.
The catch? You'll be working your butt off when you start. I wouldn't worry. Early in your career, it's OK to trade time for money. You're young and eager to make your mark, and often, the friends you make at your first job in the same boat as you can become friends for life, and in the office, you'll spend way more time with them than you ever did with friends in college.
The Financial Offer: Scholarships vs. Salaries
At the end of the day, every offer comes down to money. Colleges and employers know this, so they carefully frame their offers. One offers the competitive but lowest pay you'll accept (a company), and one offers the highest cost you can endure, loans and all (a college).
What Colleges Sell You
Colleges love to talk about scholarships and loans. A scholarship or "tuition discount" sounds great until you realize it's just a way to make you feel like you're saving money while still paying tens of thousands of dollars. And let's not forget the federal, state, and parental loans they encourage you to take out.
It's a clever pitch. Colleges say, "Sure, it's expensive, but you're investing in your future." And they're not wrong—education can pay off. But just like any financial offer, you must read the fine print or lack thereof. It's rare to show the future earnings capacity of their graduates. It's a shame as they know how much they make, but prospective students and families don't.
What Jobs Sell You
A job's financial offer is more straightforward: here's your salary, take it or leave it. But it's not just about the number on the offer letter. You also need to consider how quickly that salary and job role might grow, what kind of bonuses or raises are possible, and how much of your benefits package is paid by the company.
Both offers require you to do the math. What will this cost you, and what will it earn you in the long run?
Yes, job amenities are essential, but rarely more important than the salary. It's funny how we forget to ask the same question to colleges.
I'm writing a book that includes details about how much the graduates of every college earn. It's tracked and available. It's funny how they all leave this out of the college tour. Show you the landscaping, sure. Show you the earnings of their graduates, well, they'll get back to you on that.
What They Get in Return
Let's not forget that both colleges and employers expect something in return. You're not just a student or an employee—you're a commodity, and employers and colleges get a return on you or from you.
Colleges' Return on Investment
Colleges make money off every student. Tuition, room and board, alumni donations—it all adds up. Sure, they want you to succeed (it looks good for their rankings), but you're a paying customer at the end of the day. They're running a business, and your tuition is their revenue stream, and colleges get paid up-front
Employers' Return on Investment
Similarly, companies hire employees because they expect value in return for you committing your time and effort. Your work contributes to their bottom line, whether you're designing software, closing sales (like me), or crunching numbers. The better you perform, the more they profit and can pay you.
In both cases, you're part of a system designed to get more out of you than it gives back. The trick is to make sure the trade-off is worth it.
Immediate vs. Deferred Return
Ultimately, timing is the most significant difference between a college offer and a job offer. College is about deferred gratification—you're investing now in the hope of a great career. A job pays off immediately, but the long-term benefits depend on how well you capitalize on the opportunity.
The Key Difference
If the college asks you to take significant loans, is it fair for them to disclose their average pay per graduate? Shouldn't they disclose their dropout rate? Shouldn't they estimate your total loan payments over four years to graduate? Shouldn't you be aware of other colleges with lower tuition that offer the same average pay for a similar amount or even fewer loans? Don't worry, I got you covered. All those answers will be in the book.
Your job offer has everything laid out at the start of the offer. Even when you make a significant purchase, all the terms, including the warranty, are laid out upfront.
Students should shop the college acceptance the same way they interview with multiple firms before accepting an offer.
There Are No Warning Labels On A College Education
Colleges are smart. They don't offer warranties, supply student earnings data and dropout rates, and are not transparent about student loan repayment outcomes.
In finance, we have KYC, which means "know your customer." If you are trusted with a client's funds, you often have a fiduciary duty to do the right thing for the customer, even if it means you won't make as much money. Even if it means you must turn the customer away if the investment is not suitable for their circumstances.
Funny.
The largest financial investment many students make, even more, significant than their future brokerage account, will be their college tuition, but that, unlike their brokerage account, has no disclosure, and colleges have no fiduciary responsibility on behalf of student tuition dollars to ensure they are not wasted on low-earning degrees.
Are you interested in a performing arts degree? Sure, that's no problem. Just sign on the dotted line for those loans.
Students and Families Need To Make Data Driven Decisions
At the end of the day, colleges and companies both make offers.
My job is to ensure students and families ask the hard questions after they finish falling in love with the "college experience."
Trust me, if you graduate with a low-earning degree and tons of debt, you'll be living the college nightmare for a lot longer than four years. I'm here to help you avoid that by treating the college offer like any other and using data to make smart decisions.
I'm In Randall, But What Are You Selling?
Good, I'm glad you asked. Everyone has something to sell, and I'm no different. I'm writing a book that will be out in a couple of months. It may be worth your time. I've got this blog to go deeper into some of my thoughts. I also like the occasional "Top 10" for fun. I would have never dreamed that college students could be intern "snake milkers." It doesn't have to be all serious all the time, but when it comes down to the cash, it's best to have someone with street smarts and a couple of decades of experience in corporate on your side. That'd be me.
If any of that is good with you then you can jump on the list below.
Or not, that's cool too.