[otoburb]

For folks who don't quite understand the difference, the 4-month alternating co-op program at Waterloo is distinctly different from the long-term 12-16month co-op employment program at University of Toronto (aka Professional Experience Year).

Both have obvious strengths and weaknesses when looking at the employment time horizon vs. employment variety. When I applied to both schools in the mid-90s I viewed the longer employment term at UofT as higher value and ended up there.

In retrospect, I underestimated the value of Waterloo's 4-month co-op programs. At the time, I feared I wouldn't be able to work on projects requiring longer-time horizons having heard second and third-hand anecdotes of some students getting crappy 4-month co-op assignments.

In terms of defraying tuition costs, I figured earned salary was about equal between the two options (4-5 Waterloo co-op terms == 1 UofT PEY term).

[akashVaswani]

"In terms of defraying tuition costs, I figured earned salary was about equal between the two options (4-5 Waterloo co-op terms == 1 UofT PEY term)."

I can see why you would assume that, but that is not the case. With PEY, you get 16 months of work, with coop you get 24. That right that there is 1.5 times the pay. Now take into account that employers look at previous work experience and no. of years in uni to determine pay, and what you get is a constantly increasing pay wage for coop. My first coop job paid me $18 an hour, my current one pays me $35 an hour. Most PEY students who get their first job after 2nd year get $22 an hour salaries (which is how much I made in job 2), with a raise halfway through the term to maybe $23/$24 (around what most people make in job 3). This means that for the remaining 3 coops, you are making money at a much higher rate.

Additionally, what you miss out on in PEY is the opportunity to jump around. You get an offer at one company and you stay there, or maybe yo switch to another company in 8 months. So you might be stuck doing QA for the entire length of the job. With coop, you keep getting a raise in terms of responsibility.

The one good thing about PEY is that you can, as you mentioned, work on longer term projects. But with coop, you do have that option as well if you go back for multiple terms at the same company and work part time while in school.

[acchow]

You forgot about Marginal Tax Rates. Take-home income with 4 Waterloo co-op terms far exceeds a 16-month PEY, even at the same hourly rate.

[canistr]

4 Waterloo co-op terms would spread out over a course of 2-3 years. So the tax rate you fall under would differ from that of a full 16-month PEY because you may be making less money over the course of the same year.

[acchow]

Yes, that was my point. By spreading out the income over a longer period, you pay less in taxes and thus have more take-home pay. Helps a lot with paying tuition/loans off.

[cbhl]

You're counting the months of employment experience, but you're omitting other things like the amount of interview experience (six co-op cycles means six times to get an interview at Google, Facebook, etc.) and opportunities to refine your resume.

[mminer]

The shorter employment cycles also provide an opportunity to try different "styles" of company to see what you like best. Throughout university I've been employed in government, at a multinational corporation, at a startup of nine employees, and at the company I cofounded. This experience, combined with living in different cities (Ottawa, Toronto, Vancouver, Waterloo) for each, has been invaluable.

[paulfedory]

This. I can't tell you how useful it is to have learned to be completely comfortable doing interviews. Through my co-op experiences, I've probably done 25 to 30 interviews at all sorts of companies, and different styles of interviews. And all this before I graduated. Very useful!

[jlgreco]

These factors are really where Waterloo shines. At my school I had 3 6-month internships so I got just a taste of those things I think; more chances to interview and refine would have been great.