UCLA (42k/year) vs Rutgers (Almost Full Ride) Advice
I posted a similar post a while back but I'm looking for new insight. My goal is to break into IB and especially into a BB. I know UCLA has a couple clubs (BVI, BAM, BHF) that pipeline into IB and I've started to keep in contact with a couple students at UCLA in said clubs via LinkedIN. Rutgers also has a Road To Wallstreet program.
From the previous post basically was told UCLA was the no brainer, but I wanted some insight on the financial aspect- 168k vs around 5k- considering I am part of a low income family (only one parent that makes 45k/year). I have around 65k in the bank from investing, and with a work-study at UCLA (20hrs/week at around 10k/year). That would leave me around 63k minimum after 4 years, but I would ball park around 70-75k as an overestimate. UCLA placement in LA/Bay has been increasing and I believe in my work and see myself grinding (also having some fun too). As a senior I was apart of a Morgan Stanley Finance program that selected 160 students nationally, so I think having that on my resume would also help me get internships as a freshman student.
Any advice? Please share!
Edit: I committed to UCLA
Rutgers
Do you mind further explaining why?
Rutgers imo unless you really want to be on west coast
Location to me isn't a huge factor, so any reason as to why you would prefer Rutgers?
UCLA and it’s not close. You have $60k saved up and seem willing to do work-study other jobs to close the gap
theres no good side jobs anywhere near Rutgers
The difference between the two schools is material. 70K debt for UCLA at the end of 4 years isn't the end of the world - depending on the job you get. I know people making 50 - 60K financing Teslas - that decision is objectively stupider but they stay above water.
My concern is that you have very little room for error since your family is low income - but you also seem like a grinder, and have had SOME exposure to finance going in and made the cut for a competitive pipeline program. So your plan doesn't strike me as delusional.
Also understand that you'll have lots of "well off" classmates at UCLA. That might be tough socially watching them sleep in and throw around money while you're doing work study and part-time gigs. But if you're willing to grind, and I mean grind: graduate in 4 years, save every single penny, internship each summer, maintain a restricted budget, etc. I think you'd walk away from it with few regrets since you're so dead-set on IB.
UCLA basically places into all the top EBs/BBs on the west coast. Would say it’s way better than Rutgers. Also college experience is really good there. The best party life and academic school in the country s
UCLA will give you much better opportunities than Rutgers. and honestly outranks it by a wide margin. Yes Rutgers will be easier for NYC networking, but I think people overestimate the difficulty of moving between west coast and east coast. I started in west coast IB and moved to NYC PE. I know multiple alumni and classmates also working in NYC from my non-target UC school. The alumni network and on-campus opportunities will be great at LA. Just check LinkedIn and their finance clubs' websites and you'll see how well these guys can place. Make sure you consider the intangibles in your decision as well. The college experience really is unbeatable in socal. Do you think you'll look back on college when you're 25 working in finance and think, 'damn if only I had gone to Rutgers'?
RU senior here: go to UCLA.
My class and the juniors knocked it out of the park during the bull market deal frenzy, but placement has tanked driven by the economic downturn and the lackluster quality of current prospects. If my pulse on things is correct, so far this cohort has landed (for IBD): 2 BB (1 was first gen diversity), a few MM (RBC WF PSC), and no EB. Even firms where we had a continuous pipeline of 1/cycle have struck out cold (MOE PWP LAZ). Not sure the job market will recover enough and not sure the quality of upperclassmen mentorship will be good when you're a soph here.
I'm unfamiliar with UCLA's placement, but I'd imagine it's good and that a brand like theirs would put your floor at low-tier BB and raise your ceiling to buyside right out of undergrad. In your situation where you can NOT fail to land a seat due to your family finances, I'd pay the premium and treat UCLA like a protective put option rather than go to RU which would be a naked long position. Now is not the time to be stingy -- pay up for the downside protection. Ultimately, which situation would rather be in: heavy student loans while you rake in IB money or bitter regret that your career has been set back?
Additional consideration: RU brand (read: lack of one) will linger over you until mid-career/unless you get a prestigious MBA. There is no respect for this school (arguably rightfully). UCLA will at least garner you a modicum of recognition on the street and in high social circles.
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Was around the placement #’s of our Road to Wall Street program too, which for a nontarget is pretty incredible. Even included top seats like FT at EVR M&A/GS TMT and SAs at TPG/WP.
This year has been brutal.
I am currently at Rutgers as well, a Sophomore in the RTWS program. We have placed more students than you mentioned thus far. Although it probably does not compare to UCLA, breaking into Wall Street is not that challenging from Rutgers. I am going to a BB IB in NYC for 2024 and i have been thru the process. It is tough, but very doable with all of the help we get.
UCLA might be the move if your debt is around 70k but it depends. It's possible you might fuck up and trash your GPA (knew many that did fantastic in HS only to fuck up in uni) or you might hate finance and go into polisci/english/any other major at which point UCLA might be a waste. Are you able to get instate with UCLA starting your second year? Look into that because I know that is a possibility for many.
Yeah, so I’m already working on becoming a resident. Not sure if I’ll be able to pay instate sophomore year, but I definitely should by junior or senior year which would cut down debt by around 30-50k
I mean even in cases where OP just decides to not pursue finance, UCLA name brand carries a ton of more weight than rutgers when he tries to get into different industries. Id agree with ppl here saying UCLA. Better placement, better campus, better name brand, and more optionality in terms of plan Bs.
Hey - congrats on both!
Rutgers is decently represented by the street - some scrappy guys that have risen through the ranks, or maybe jumped up some tiers with each move every 2-3 years and have gotten an MBA along the way. I can definitely see how recruitment fell off now that the market has tightened, I went to a similar school and got zero looks during the GFC until things opened up again fully [2013-2015]. Given you're from a low income background, the zero price tag is extremely compelling and you seem like a mature, focused student that is already driven to succeed. You can probably succeed there without the target on your back of ~$150k tuition. Your self-motivation will be extremely important in the Rutgers culture.
I assume you're from the east coast, UCLA would be an amazing life experience, no? WOuld you enjoy it if you're juggling high grades and work study? Thats a question to ask yourself. UCLA is clearly ahead of Rutgers in rankings and brand. It takes your resume from scrappy, non-target to viable target/semi-target. Your classmates will be, generally speaking, more focused on these kinds of white collar opportunities or at least, affluent nepo-babies - no harm in having either in your network for life.
Its a tough call for me - the things I wanted at 18 were very different than the things i wanted when i was 22. Youre probably more mature than me. Assuming you still want IB / high finance upon graduation, I'd go with UCLA. If you want to follow the scrappy path, in proximity of NYC and with zero additional debt on your shoulders then go with Rutgers. .. My 2c
I go to Rutgers right now and I am in the Road to Wall Street program. From my pov, it looks like Rutgers might be the move for you. If you want to talk further, PM me and we can talk about it. But I would say that if you put in the work and are committed, the world is your oyster. We have had some great placements this year
This is for undergrad? Go no debt option man.
I went to UCLA and was in one of the clubs you mentioned. I had an amazing experience there and landed at an EB - mostly everyone I know who took recruiting seriously / knew they wanted banking early on did exceptionally well.
I understand cost is a big factor, but all things considered 70k debt when working in banking is not enough to take such a large drop in opportunities and lifestyle between these two schools. UCLA is an amazing school and I was very fortunate to have attended.
Appreciate the response and feedback. How was the process of applying to those clubs if you don’t mind sharing- considering they are quite selective?
They’re selective, but if you are determined you won’t have an issue getting into one of them. For reference, I applied winter quarter freshman year and got dinged after interviews. I applied again fall quarter sophomore year and got in to one of the main 3.
The process is typically an info session with Q&A / networking with current members, a resume drop, then formal interviews. They try to stage the interviews similar to banking interviews so prepping for technicals / brain teasers are important. They will supply you with the M&I interview guide beforehand, so you will just need to focus on / grind out studying for the interview the few days before. Generally, would say freshman interviewing have lower expectations, so going in prepared will set you apart.
Also, in my view, the low acceptance rates they market (~5%) is diluted since most resumes are just not competitive (juniors / seniors / transfers aren’t really the target demo given IB recruiting happens sophomore year, plenty of people with sub 3.5 GPAs, etc.) So, if you are qualified and determined you won’t have an issue landing at one of them. Same with banking recruiting in general - everyone that is qualified and takes it seriously does well.
Location is what makes the decision here. Want to end up on the West Coast? UCLA will give you the most connections and the highest probability of breaking into SF/LA banks so the debt is worth it. Want to end up anywhere else? Go to Rutgers as they are both non-target schools anywhere outside of California. Either way, you will have to be a top student and hopefully have some diversity to break in to NY IB, so might as well have the free option so you can spend your time prepping and not work-studying.
Before all the UCLA alum attack me, I'm not disputing that your school is better than Rutgers, but in terms of Wall Street its NY representation was roughly the same as the other non-elite big state schools.
LMAO do not choose Rutgers over UCLA, you will regret it for the rest of your life.
I was in a similar situation to you (albeit not as financially restricted) deciding between Rutgers and NYU (Non-Stern). I went with Rutgers to save money assuming finance placements would be decent enough with proximity to NYC but by spring of my freshman year was regretting it. Just the vibe of the students in the finance/consulting clubs was a major turnoff with people constantly shitting on their own school, having a chip on their shoulder and frequently bringing up the fact that they wish they'd gone to a better college. The brand name is limited as well obviously. I was a high-achieving student in high school (I assume you were too) and I just felt crap knowing I grinded that much in high school having high test scores just to be in that environment end up struggling for the exact same opportunities. I transferred to a target after a year and looking back am glad I was able to save money that first year, but you obviously can't rely on that. You seem motivated and hard-working and assuming you maintain your current work ethic and don't become a drug addict or something, you'll at minimum end up at a MM if not a BB/EB, and will easily pay off the UCLA loans within the first few years of your career. After that, you'll have the UCLA brand name on your resume for the rest of your professional life and going to a prestigious undergrad also helps with exit opp recruitment and MBA admissions if you decide to do that later. Take UCLA
Glad you chose UCLA.
Attending UCLA will be a life-changing experience. You'll be on the West Coast, in a part of the US you've probably never been in before, and will be completely out of your comfort zone. The party scene, the people, the attractiveness of people, ahh x goes on. I wish I was in your shoes. I was in a similar situation and ended up taking the cheaper route as my school options weren't as great as yours. You can always come back to the east coast with UCLA under your belt.
Just remember UCLA won't guarantee you any FO roles, you'll have to work for it a bit despite how well-ranked the school is.
Don't forget to have fun dude. Obviously grades and clubs etc but don't waste 4 years in Los Angeles. And if you are set on finance econ should do. Don't waste your time and harm your GPA with biz econ or actuarial maths. Won't give you more credibility for finance roles (Having a major that says business might be worse lol)
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