Long-time forum lurker facing big decision!

I am a rising senior at a big Midwestern state school interested in consulting for full-time. However, I would like to transition into a investment role at a UMM/MF PE fund after two years in consulting. I currently have a full-time offer from a T2 firm in NYC, my ideal location, but I am still considering applying to MBB for full-time as well. However, given my school's reputation/location, those potential offers would be in less ideal cities (non-NYC/SF/CHI). 

So long story short, does a second-tier MBB office offer a competitive advantage in PE recruitment over a T2 firm in NYC? And if so, is it worth sacrificing location for PE recruitment? 

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