By Shane Fisher, CPA

College is expensive, so weighing its cost against the benefits of your future occupation should be given serious consideration. There are four big questions to ask prior to selecting a college:

• What are you good at, and what majors enhance those skills?
• What occupations relate to the college major you are considering?
• How much will I potentially make when I get out of college and throughout my career?
• What is the real cost of the college?

First, understand your strengths and interests. Before you even look at the sticker price of colleges, you should reduce your choices based on whether or not the schools you are considering offer a curriculum in an area where you have an interest. Prepare a list of your strengths and interests with a guidance counselor or parent, and analyze whether or not the majors you are considering enhance those strengths and interests.

Second, considering the majors that fit your interests, research the potential occupations for those who graduate with those majors. Do you see yourself in one of those careers? If you are on the fence about a specific major or future occupation, reach out to a local business in that area. See if they will allow you to intern or shadow someone to learn if that is what you truly want to do.

Third, research what your career options receive in compensation, and determine what the job market is projected to be when you graduate from college. If you are able to project what your future income may be and what the hiring environment will be like in that field after college, this exercise can help you narrow your school search by being fiscally responsible and tying it to your career opportunities.

Finally, after you have narrowed your list of colleges to align with your future career, you will have to fill out a FAFSA (Free Application for Federal Student Aid) form online. Filing out the FAFSA form as early as you can will help you get financial aid that is available on a first-come, first-served basis. A student is able to list up to 10 potential schools on the FAFSA at a time. You can always remove schools from the list later if you choose not to apply to a school.

Once the results are in and potential financial aid packages from the school are received, you can compare truer college costs. The sticker-price cost of tuition often is not the price that you will be asked to pay. For more information about filling out a FAFSA or finding out about potential compensation for specific occupations and industries, reach out to a local CPA in your area to get a conversation started.

Shane Fisher, CPA, is vice president of finance at Tri Corner Homes, and is a member of PICPA’s CPA Image Enhancement Committee.