Yale SOM ($) vs. Vanderbilt ($$$)

I've got two days to make a final decision. I'm looking to go into endowment management, only a slight change from the FoF work I do now. I liked the fit at both schools, though Nashville is much better than New Haven.

Here's how I'm thinking about it in my mind:

Yale:
Better reputation
Better applicability to my intended career (Endowment Management course)
Worse location - hard to get in and out of
Would go into some debt (though not soul-crushing)

Vanderbilt:
Great location
Would have internship at the endowment through school
Would finish school with significant savings
Lower ranked - hurts recruiting as well

Any advice from those in the know? Basically, is the debt worth it if I'm not making much of a career change?

 

People take industry internships---like if you want to get a full-time consulting gig, you intern at MBB.... or if you want to end up in BBs, intern at those places. MBA interns from fine schools have a high chance to convert their internship to full-time offers.

It'd be a nice backup, but it'd be less helpful if you just manage university endowments. I don't have MBA yet and I managed endowment too. It's attractive for some undergrads, but if you compete with your peers who managed for real, you'd be at a disadvantage.

that is expensive...........spend time and see how placements are at SOM and Owen, for the jobs you want to have. They have job reports, career services people and alums that you can ask for.

 

you may have got more details alredy with your interests, but I think endowment management isnt far from asset managment.

Managing a fund with a blend of public/private securities, bonds, stocks, derivatives, options, real estate, mortgage, RMBS, CLO, all that can be done in "endowment management" if policy permits. Insurance firms do those, plenty of firms in the industry do those, and BBs have those divisions too--they're not always IB, and their brand carries far.

 

This guy clearly stated his post-mba goal is endowment management. You've said yourself you're not even in bschool in yet and yet you're trying to tell this guy what he should do. He's a grown-ass man. I'm sure since he got into these MBA programs he has a pretty good idea of what his options are.

 

He's decided on what he wants post-mba. The question is regarding which program to go for endowment management and you're basically saying "forget what you're interested in, look at all the other typical mba jobs."

 

No... I'm saying that having a nice internship will help him secure his FT job. I also argued that Endowment management is similar to a few different niche industries, and internship at those places are still relevant for his FT endowment management goal.

 
Best Response
shuang19:

No... I'm saying that having a nice internship will help him secure his FT job. I also argued that Endowment management is similar to a few different niche industries, and internship at those places are still relevant for his FT endowment management goal.

Please stop polluting WSO with misleading information and entirely uninformed opinions.

I mean, at least read what the guy is trying to do before saying he should get an 'industry internship', whatever the fuck that is. It really is embarassing how little you know and how confident you are in your recommendations to others. I mean the OP comes on this site and is trying to clarify some of your responses because he doesn't yet know that you have absolutely no idea what you're talking about. You're just wasting other people's time with these nonsensical recommendations.

OP -- I would go to Vanderbilt and save the money. Especially if you could see yourself living there long term.

 

I think the Vanderbilt internship opportunity is pretty attractive. It's a $4bn endowment and I'm not sure you'd be able to beat that even if you're coming from Yale. That being said, when it comes time to get that FT gig, I wonder if the Yale connections and reputation will put you in a better position.

 

I appreciate the feedback Manks, shuang and Miller. I am pretty set on endowment management, so other internship opportunities aren't really a factor here. I understand Asset Management broadly (already have the CFA program done), and know the applicability of other experiences with regard to this. The question, more simply, is which school to pick.

 

Reinhard, I don't know that he will need to go to NY for endowment gigs.

I agree that experience trumps educational pedigree in the Asset Management industry. One thing I thought of -- and maybe it's completely wrong -- is whether the Yale degree could be useful down the line in your career. If you end up targeting a position as the head of an endowment, is there a board of trustees or something similar that you'll be able to impress with that Yale MBA? If you were aiming for a PM job at an asset manager, I doubt they'd care one bit about your education at that point. A board, however, might take comfort in that brand name. Maybe a bit of a stretch, but figured I'd throw it out there.

 

this may be off topic for the thread, but I'd like to comment on the original poster's question Yale vs. Vanderbilt

If you want to go into endowment management, there is no better school in the world than Yale. There are people on WSO who probably can tell you better than I can that David F. Swenson, who is still CIO of Yale, has influenced a generation of endowment managers. He wrote the book on endowment management http://www.amazon.com/Pioneering-Portfolio-Management-Unconventional-In… and has been a pioneer in the field.

So, if you want to be considered a scion of the greatest man in endowment management, go to Yale. Now, Swenson may not teach the exact endowment management course (Dean Takahashi does), but it's still rock-star stuff http://som.yale.edu/news/2015/02/dean-takahashi-83-simple-principles-be…

Also, New Haven is close to lots more jobs in your field (think Fairfield county and NY money managers?) than Nashville. Full disclosure: I am from Connecticut, so am perfectly comfortable on the New Haven railroad

Betsy Massar Come see me at my Q&A thread http://www.wallstreetoasis.com/forums/b-school-qa-w-betsy-massar-of-master-admissions Ask away!
 
Betsy Massar:

If you want to go into endowment management, there is no better school in the world than Yale. There are people on WSO who probably can tell you better than I can that David F. Swenson, who is still CIO of Yale, has influenced a generation of endowment managers.

This

 

Have you already been offered an internship at the Vanderbilt endowment and not offered one at Yale? If there is a possibility of getting an internship at the Yale Endowment that is worth the money IMO. The E&F space is scattered geographically so I don't think location matters because unless you get a job with the Vanderbilt Endowment post graduation you will probably have to move somewhere outside Nashville. Going to Yale gives you the possibility of learning from the best in the E&F space so if there is a chance of getting an internship there still I'd do Yale, unless you think there's a really high chance of securing a FT job at the Vanderbilt endowment post graduation. I'd probably do Yale either way, but I think you're in a good spot. Just more commentary to think about as you make your decision.

 
bernie99:

Just wanted to provide an update - I chose Vanderbilt in the end. Tough decision, but the guaranteed internship at the endowment and cultural fit outweighed the Yale brand. Thanks to everyone for their advice!

Good decision for good reasons. The extra $100K in your pocket is a pretty nice perk as well.
 

I wish I saw this earlier, I could have given you some good insight into investment management / endowment management at Yale. Yale is doing really well in these areas. I could have put you in touch with some 1st year Yale classmates going into endowment management who secured golden internships. There are some major endowments that recruit on-campus here.

I'm curious, didt you ask anyone at Yale for info? Yalies are usually pretty helpful in connecting people.

 

Astraeus glad you are here, and hope you can give insight about the entirety of Yale SOM in other threads. (yeah, and I would have liked to see the OP choose Yale, but gotta respect his decision)

Betsy Massar Come see me at my Q&A thread http://www.wallstreetoasis.com/forums/b-school-qa-w-betsy-massar-of-master-admissions Ask away!
 

Guys, listen to Dick. He's giving some pretty solid advice: If you know what you want to do, then direct exposure to that role is good. If you know where you want to good, then you should look at the programs that have the most connections in that region.

It's common sense.

 

There should be an english language requirement on this site lol. Seriously no joke. Herrrrro

For what it's worth, I agree with Betsy here and would have gone with Yale. They are the leaders in endowment management and mostly hire their own, regardless of internship. If that is what you're into

But, that extra $$$ saved is sweet though, make sure to make good use of it

 

I would just point out that the Yale endowment is sorta a model for a lot of other schools out there. The head of PRINCO has a Yale MBA IIRC. There's even a term for the style of managing long-term endowments by investing in PE, hedge funds, and illiquid stuff: "The Yale Model"

As much as I like to roll my eyes about Yale, if the school is good for one thing, it's managing private university endowments. It sounds like that's what you want to do, so if YSOM gets you into their endowment fund, that's a pretty nice place to land.

Bear in mind the PRINCO employees I have talked to work the same hours as FoF employees for 1/3 the pay. They're still upper middle class, but you pursue a career at an endowment because you want to help academia, not because you want to get rich or have an easier job. (If I were going to do that I personally would want to work for the Berkeley or University of Michigan funds which are also fairly large- I think state schools tend to be a little more efficient at using money to promote the public interest, but that is another debate)

Edit: I just read you chose Vanderbilt. I might have decided differently, but it sounds like you made the decision for the right reasons. And all else being equal it's good to avoid student debt.

Just make sure you've thought about your reasons for going into endowment management- and that they're the right reasons. We need more people in finance who put the common good ahead of their own financial situation, and I hope this works out for you.

 

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