Fordham vs Rutgers for NYC ER/IB

Based on the most helpful WSO content, here's what you need to know:

Both Rutgers and Fordham are considered non-target schools for investment banking (IB) and equity research (ER), but each has its own advantages depending on your goals and financial situation.

Fordham:

• Proximity to NYC: Fordham's location in NYC provides better access to networking opportunities, internships, and events. Being in the city can make it easier to attend informational interviews and build relationships with professionals in the industry.
• Smaller School Advantage: Fordham's smaller size might make it easier to stand out and build closer relationships with professors and alumni, which can be helpful for referrals.
• Track Record: Fordham has a slightly stronger reputation for finance placements compared to Rutgers, particularly for NYC-based roles. It has alumni in IB and ER roles, which could give you a slight edge if you leverage the network effectively.

Rutgers:

• Cost Advantage: A full-ride at Rutgers significantly reduces your financial burden, which is a major consideration if you're targeting roles that may not pay as much initially (e.g., ER). Avoiding debt can give you more flexibility in your career choices.
• Proximity to NYC: While not in NYC, Rutgers is still close enough to allow for networking and internships in the city, though it may require more effort and planning compared to Fordham.
• Larger Network: Rutgers has a larger student body and alumni base, which could provide more networking opportunities, though the finance-specific network may not be as strong as Fordham's.

Key Considerations:

1. Financials: If minimizing debt is a priority, Rutgers is the clear winner with a full-ride. The $15k/year cost at Fordham adds up, especially if you're targeting ER, which may not pay as much as IB initially.
2. Hustle Factor: Regardless of the school, breaking into IB or ER from a non-target requires significant effort. You'll need to network aggressively, secure internships, and demonstrate strong technical and soft skills.
3. Networking: Fordham's NYC location gives it an edge for in-person networking, but Rutgers' proximity still allows for access to NYC opportunities if you're proactive.

Recommendation:

If you can manage the cost of Fordham without significant financial strain, its NYC location and slightly stronger finance reputation might make it the better choice for breaking into ER or IB. However, if avoiding debt is a priority, Rutgers is a solid option, and with enough hustle, you can still land at a middle-market (MM) or elite boutique (EB) firm.

Sources: Rutgers Business School vs Gabelli School of Business (Undergrad), Baruch MBA vs. NYU MSRE, Fordham 3+2 with Columbia or Georgetown and 300k Debt, Removed.