Helping Account for the Success of Future Generations of MPAc Students

By: Alex Bennett and Tanner Celestin

Stephen Miller worked to put himself through college and didn’t stop there. Beginning his first two years of study at UCI, he earned his bachelor’s degree in English from UCLA, and went on to obtain his Juris Doctor at Pepperdine University’s School of Law, and his Master of Laws in Taxation from George Washington University. By working his way through college, the distinguished Professor of Accounting at UCI’s Paul Merage of Business gained real-world experience, honed his time management skills, and learned to budget and account for the value of money early on in life. When the Orange County native first attended UCI, he recalls, “We only had the Commons and a little Italian restaurant that was across the street in what’s now a shopping center. So, if we felt like celebrating, it was always over a plate of spaghetti.” During the late 1970s and early 1980s when he pursued his studies, the cost of a college education was far more affordable than it is today.

A Look Back in Time

The 1970s was a time of rapidly rising prices, oil embargos, queued-up fuel lines, interest rates closing in on 19%, and slow domestic growth. These economic challenges persisted through the 1980s when inflation hit a staggering 14%. The Feminist Movement was beginning to take shape with women playing a more prominent role in the workforce, and many industries were flanked by labor strikes from workers vying for better conditions and pay. Technology and automation were replacing jobs in manufacturing, farming, and construction, and new jobs were coming to the forefront that demanded specialized skills and professional certifications.

During those years, students who pursued degrees in the humanities had to advance their studies in disciplines like business, accounting, law, computer sciences, and healthcare to make themselves more marketable. “Unlike most accountants, I didn’t major in accounting. My major was in English, specializing in medieval and Elizabethan literature. But Chaucer was an accountant, so maybe it’s not that unusual if you think about it.” Today, proficiency in multiple disciplines rather than specializing in one is an imperative for longterm career success.

Stephen and Ellen Milner

The Skyrocketing Cost of College

Fifty years ago when Stephen started out in college, annual tuition at a state-run institution averaged about $650. It was feasible to work and pay for college and even post graduate studies. In the intervening years, the annual cost of tuition at public institutions has climbed over 1,800%. Factor in the typical addon fees for facilities usage, campus services, health insurances, books, room and board, and other costs, and the price tag can easily double or triple, especially for students from out-of-state. The Conundrum of Being Stuck in the Middle

“Earlier this year, Milner and his wife Ellen, who also attended UCI, chose to step in and pay it forward. The Stephen and Ellen Milner Endowed Fund helps students avoid racking up years of student loan debt and benefit from the high caliber education they both received.” Helping Future Generations Secure Their Professional

Goals

Today, there is no safety net for the average middleclass student seeking a college education. While Stephen and his sister were ineligible for scholarships because the family’s middle-class income exceeded the threshold, what they could do was work to put themselves through college. He laments, “Today, without a scholarship, it’s challenging for those in the middle class to get an education.” Squeezed on both ends of the economic spectrum, middle-class students are often unable to afford the high price tag for college and are ineligible for federal grants or direct grants from the institutions themselves based on family income.

Earlier this year, Milner and his wife Ellen, who also attended UCI, chose to step in and pay it forward. The Stephen and Ellen Milner Endowed Fund helps students

“This is our way of providing an opportunity for at least a few students to get a top-notch education without being saddled with onerous debt.”

avoid racking up years of student loan debt and benefit from the high caliber education they both received. The award, which began accepting candidates for the Fall 2022 quarter, is presented to individuals who exhibit a passion for pursuing accounting at the master’s level, ultimately leading to the designation of CPA. “This is our way of providing an opportunity for at least a few students to get a top-notch education without being saddled with onerous debt. Similarly, we can support students who otherwise might not even try to earn their degree,” he says “because they can’t afford it.” As the first to go to college in their respective families, being able to open the doors for today’s students is a priority for them.

A Unique Program in Graduate Public Accountancy Studies

Emphasizing both skill development and technical mastery, the School’s MPAc program offers an immersive educational experience for students seeking to succeed as CPAs at major corporations and accounting firms. Offering a strong foundation in finance and tax accounting, the program offers specialized tracks to prepare students to thrive in today’s digitally transformed workplace. Its three-course track in data analysis, developed in partnership with Deloitte, focuses on the application of technology and data analytics in planning, managing, and controlling the financial operations of today’s digital-first organizations.

How to Qualify for the MPAc Scholarship Award

The outcome for those who graduate from the MPAc program is strong. In 2021, there was a 95% employment rate within 6 months of graduating and the median salary rate was $60,000. The scholarship is available to MPAc students based on financial need, and is the singular scholarship offering available for the School’s Specialty Masters Program. In addition to financial need, selection is based on students’ essay submissions. Whether students selected to receive the Milners’ scholarship convey their aspirations of rising to the ranks of managing partner at a top six firm or opt to work in a small business is less a concern than their describing their whole-hearted passion for the field.