College Decision: Columbia, Vanderbilt, Baylor
Hello! I just created this account to try and gauge public opinion on the ROI between a handful of colleges that I've been admitted to.
I am considering either investment banking (less likely) or management consulting (more likely).
I am deciding between the following programs:
-Dual BA Program between Columbia and Sciences Po (in France); Economics at SP and Financial Economics at Columbia. $200,000 over 4 years
-Vanderbilt College of Arts and Sciences; Economics and History. $80,000 over 4 years.
-Baylor University; Business Fellows, Finance (or Management), and History. $0 over 4 years.
I tend to lean towards the Columbia program, but the cost is a big deterrent for my family and I'd have to take out some debt.
Is there anyway you could also provide the entry-level salaries and signing bonuses at MBB and the BB, to have some reference as to what I'd be making after I graduate?
Thank you in advance!
Tough choice. I would decide between Columbia and Vandy, Baylor is too much of a step down in terms of prestige+quality of education.. Vanderbilt is definitely worth the 80k premium over Baylor, not sure if Columbia is worth a 120k premium over Vanderbilt. Both columbia and vanderbilt will be fine for IB/MC, you would definitely have to hustle a bit more at Vanderbilt, but also you will have a much more fun college experience with hotter girls and hotter weather (if you're into that). While columbia undoubtedly places more into BB/MBB than Vanderbilt, you also should consider that columbia is full of hardcore finance people who will be hustling from freshman year, doing school year internships on top of taking a full course load (not to mention columbia's grade deflation relative to other ivies). It will definitely be harder to stand out, and I would even argue that you have a better chance of breaking in from Vanderbilt with a solid gpa and some networking, as opposed to being one of the 200+ people in your columbia class gunning for IB/MBB. Main point, you can break in from both schools. Columbia sends significantly more into BB/MBB but also has much more competition for those spots, while vanderbilt sends fewer but also has less people gunning for NYC IBD/MBB. Your college experience will be VASTLY different at each school which should be your main consideration right now. Seriously columbia and vanderbilt are polar opposite college experiences so you need to figure out where you'll actually be happy, and not worry too much about career placement right now. Also, BB salary right now is 85 base/40+ bonus (Not 100% sure about that) and MBB is probably around 100k all in.
Vandy seems like your best choice
If you are planning to go into a high paying field like consulting or banking, I wouldn't let the additional debt deter you from Columbia. While those payments will be annoying, I think you will have a much easier time securing interviews out of Columbia given the # of alums on the street & at the top consulting firms (like others mentioned in this thread though, it will still be VERY competitive)
It's hard to do the math right now, but you should look at your undergraduate school as a big branding mark on your forehead for 30+ years. It won't matter as much as your job performance, but it also will give you the benefit of the doubt in many situations...it's VERY competitive to break into IB & consulting, so I would argue that if you can't beat out the competition at Columbia, you aren't likely to beat out that same competition coming from Vandy (unless you happen to crush it there and network like a maniac = possible)...
Not an easy decision, but I'd lean toward Columbia + extra debt.
Either way, congrats on getting in to so many schools! Patrick
Vanderbilt has really risen in the rankings recently, with a 9% acceptance rate this year compared with Columbia's 6 or 7%. If you look at the freshman profiles of each class, they are virtually identical with vanderbilt actually having a higher average SAT. In the academic world, they are pretty much on par with one another, but in the Finance world Columbia is still a tier higher. However, I would argue that literally 40-50%+ of your class at columbia will be gunning for the same positions as you (MBB/IBD), and while they will take more from Columbia, that doesn't necessarily mean its easier to break in. GS might take 7 or 8 IBD summer analysts out of 300+ apps from Columbia, while Vandy might only send 2 or 3, but you would be competing against far fewer people for these spots, since far fewer people are really gunning for nyc IBD at vandy. If you network aggressively and have previous experience at Vanderbilt, it would really set you apart, where at columbia, that's the bare minimum for even a first round interview since people are much more serious about pursuing finance careers. However, simply being at Columbia and having such a strong network to rely on is also a very important factor. Don't underestimate the benefit of being in NYC for 4 years. Both schools have their pros and cons, but I would really narrow this down to fit. Like Patrick said, the debt shouldn't be the determinant factor since you can achieve your goals at both schools. Its tough to say where you have a "better" shot of breaking in from, since Columbia= more competition/more spots and Vanderbilt= less competition/less spots. I would say go where you would have the best 4 years at, since most people that would be happy at Vandy would be miserable at Columbia and vice versa.
very good points. I didnt realize Vandy has improved so much...that's a great sign.
there is something to be said for being a big fish in a smaller pond...if you know you want IB or consulting early at Vandy, I'd expect you to have a big leg up (especially since you already know about WSO ;-)
Vandy's not a school that requires networking like a maniac. It's a solid semi-target with a loyal alumni base.
Yes, IB and consulting recruiting are very competitive now, but I don't think it's worth spending 120k extra to go to Columbia vs. Vanderbilt, especially if it puts such a burden on your family. It's still quite early for you to be 100% set on your career path, and the last thing you want to do is spend 120k extra for a little bit more "prestige" that you may not even need.
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