Help a high school senior decide his future
Recently found out most of my college results, and am looking for input. I am gunning for a BB IB position. Had a mid high school GPA but got the Evans scholarship which offers a full ride to partner universities.
University of Minnesota- Full Ride
Rutgers- Full Ride
Washington and Lee- Around 30K A year
William and Mary- Around 20K a year
Fordham - Around 40K a year
Here's my dilemma: Taking the Evans scholarship at the U of Min/ Rutgers means I could potentially transfer into U Mich, Notre Dame, or U Chicago for free. Also have heard the Evans network is very strong. However, if I don't get in to a good school as a transfer I am stuck at U of Minn/Rutgers for 4 years which I am def not ok with (strongly dislike the vibe of both).
Washington and Lee is definitely the best school I got into but I am not sure if it is worth the money. Such a big decision would love any input. Thanks!
Navigating college decisions, especially with a focus on breaking into Bulge Bracket Investment Banking (BB IB), requires a strategic approach. Here's a breakdown of your options based on the WSO dataset and insights from previous threads:
University of Minnesota and Rutgers (Full Ride): Both offer a financially prudent option, allowing you to graduate debt-free. The potential to transfer to U Mich, Notre Dame, or U Chicago with the Evans scholarship is a significant advantage. The strong Evans network can be a valuable asset in your career. However, the concern about being "stuck" if a transfer doesn't materialize is valid. It's important to weigh the risk of not transferring against the financial benefits and networking opportunities.
Washington and Lee (Around $30K a year): Recognized as a prestigious institution, Washington and Lee could provide a solid foundation and potentially better direct recruitment opportunities into BB IB. The cost is a significant factor, though. Investing in your education here means betting on the school's ability to offer superior networking and placement services that justify the expense.
William and Mary (Around $20K a year): Offering a middle ground in terms of cost, William and Mary is another reputable institution that could open doors in the finance world. The lower cost compared to Washington and Lee makes it an attractive option, but consider the school's network and placement record in BB IB roles.
Fordham (Around $40K a year): Located in New York, Fordham offers proximity to Wall Street and numerous networking opportunities. The high cost is a significant consideration, and you should evaluate Fordham's track record in placing students into BB IB positions against this investment.
Decision Factors: - Financial Consideration: Graduating debt-free from the University of Minnesota or Rutgers is a huge advantage. The financial burden of the other options needs to be weighed against their potential return on investment in terms of career opportunities. - Transfer Potential: The possibility of transferring to a more prestigious university with the Evans scholarship is appealing but comes with uncertainties. Assess the likelihood and what you can do to maximize your chances. - School's Network and Placement Record: Research each school's alumni network and their success in placing graduates into BB IB roles. The strength of the alumni network can be a critical factor in securing internships and full-time positions.
In conclusion, consider not only the immediate financial implications but also the long-term career benefits. Engage with current students or alumni from these schools on platforms like WSO to gain insights into their experiences and how the school helped them achieve their career goals. Your decision should balance financial prudence with the best strategic move for breaking into BB IB.
Sources: Northwestern ECON vs IU Kelley vs Vanderbilt ECON, College Decisions! Do I go with the bird in the hand or the two in the bush?, Indiana University (Kelley) vs University of Iowa (Tippie), Last-minute Decision: Vanderbilt vs. IU-Kelley (undergrad), UW in State or UVA out of state?
Rutgers. I was in a similar position when applying / choosing which school to go to. I remember them doing a lot for students wanting to work in IB.
Like you, I had a more than mid HS GPA. I was able to get a few $100k scholarships to schools around Fordham's level on the East Coast. One of my reach schools accepted me, though, so I went there (no scholarship private school...expensive AF). The school was significantly better than my other offers imo, but I believe I would've been positioned very similarly at the other schools. It's what you make of it. Also remember that you can always transfer to other schools besides the ones you listed (U Mich, Notre Dame, & U Chicago).
I know people at Fordham who love it and people who have been able to break into IB/PE at solid firms—even BX. I don't know much about the other schools but weigh the money heavily. Leaves a lot of extra cash for travel, food, rent, work clothes, experiences, etc.
Whatever you do, just choose one and commit to it. You can always transfer. Don't feel locked in.
Best of luck to you.
Congrats on the acceptances! I'll start off my saying I'm no expert in any of the above schools, I am familiar with all of them and some more than others and can provide some general guidance and thoughts from someone who has interacted with folks from a variety of schools over my decades of work. I'll bucket them into a couple of categories.
U of Min & Rutgers: Both of these fall kind of into the same category for me, maybe with Rutgers being a little stronger. Both kind of mid-tier, unsexy state schools. Have people had fantastic outcomes from them, I'm sure, but it's tough. The name of the schools aren't that strong and they're big schools, meaning it'll be tough to differentiate. The idea that you could go for free, grind for good grades, and transfer is appealing, but you need to probably network a bit and assess the potential of that. I'm only basically familiar with the Evans scholarship.
Washington & Lee: I know this the best as a LAC graduate. W&L has pretty strong placement into Banking/Consulting. Tight knit community that pulls for their own, similar to all LACs. To me, the culture fit would be the biggest thing here. W&L will be preppy and southern. Not a bad thing and maybe a good thing for some, but I know some have balked at the homogenous nature of the student body. To me, this is a good option if you can stomach the money, and like the vibe/feel of the school.
WIlliam & Mary: To me, this is an on par and maybe a slightly lesser W&L. W&M is a great school, but surprisingly not as strong for job placement as it should be given it's what I've heard/seen. Again, that doesn't meant that 0 students make it into banking, but it's weaker than other stronger southern schools, Vanderbilt, Duke, UVA, etc. I just googled it's ranking and it's honestly way lower than I thought it would be. They have a business school and I bet some kids make it into good jobs each year, but that's likely a result of their own hustle. Unless you love the vibe, if you're looking for a southern school, I'd just pay the extra 10k and go to W&L.
Fordham: This one is probably off the list for me. Decent school and in NYC which appeals to people, but will be overshadowed by NYU and Columbia. Also, the most expensive and living in NYC is a hassle unless you have money to spend. Again, people have made it from Fordham, it's not impossible, but I'd either pay the money at W&L or roll the dice on taking the free ride at Rutgers with the hope that you can transfer to a Mich/Notre Dame.
So in summary, I'd probably pay and go W&L if you like the small LAC, souther vibe, or if that's not worth the money, take a gamble, go to Rutger/Minn, grind for a year and get a 4.0 and hit the transfer portal hard.
Thanks for the great input! In your opinion, is W & L a semi-target? I've looked at the numbers and adjusted for undergrad enrollment they seem to place very well into bulge brackets (Top 15). However, undergrad enrollment is under 2.5k so those numbers might be skewed.
Sure, I'd categorize it as a semi-target. Most of the LACs are ~semi-targets. Basically they have tight-knit alumni bases who will likely pick up the phone/answer an email if you choose to reach out and a small degree of on-campus recruiting. Some have more than others and some have less than others, so compared to a larger school, even a Rutgers, you might have more on campus activity compared to a W&L, just given the size of the school.
That said, as you noted, given the small class size and the fact that far fewer people typically want to go into banking/consulting, the odds can be pretty good if you have good grades and network well. Bonus points if you're in a frat/sorority or play a sport.
Current student and have friends at each. Id probably avoid Fordham given you will be spending $200k+ factoring in for NYC rent while competing with NYU/Columbia. W&M and W&L both great schools with smaller tight knit class size however there are better schools in the area so you will need some good networking early. Despite what people will tell you on this forum Minnesota and Rutgers are also great school that have a large enough alumni base that you shouldn’t have a problem if you keep a strong GPA and network early. If you are into Partying/Sports those two will be the best choice hands down. Personally id go for Rutgers/Minnesota as its free and both pretty fun schools and if you feel like things aren’t going as expected just apply to transfer out sophomore year. When making this choice seriously focus on where you will be the most happy while also working towards your short term goals. You only get to do this once and you never know your career plans might change it’s a normal thing to happen!
Do you think that W & L to University of Virginia transfer is likely? The transfer rate is pretty high and I would be in state.
Honestly not sure but most state schools have priority for in-state transfers so the odds will be in your favor prob
RUTGERS
Congratulations to you man!
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