Hello, my daughter is admitted to NYU Stern undergraduate, but has been offered only 11K scholarship that leaves approx. 66K to be paid out of pocket and I expect it to increase 3 to 4 % year or year in next 3 years. She has also gotten admission into UT Austin’s Mccomb business school’s non-BHP program. She is a Texas resident, so tuition at UT will be approx. 25K each year (No scholarship). She is very much interested in Investment banking job. I read several blogs on these two schools and opportunities to get into IB jobs. I find that Stern has higher opportunities being in NY, but Mccomb also has good chance in Houston. With respect to out of pocket tuition, I can afford to pay all 4 years tuition at either school and she will not need to take a loan. But, my question.... is it really worth to spend almost 275K at Stern? If she goes to Stern, what’s the ROI and in how much time it can be recovered vs going at Mccomb and spending 100K. I also found that Mccomb has FAP program. How easy or difficult to get into FAP program and does it give you same oppprtu
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Reality is, if she wants to get an IB job in NY, being at NYU will be extremely more advantageous. If you want her to have to work harder to earn a job in IB, then send her to UT. If she wants to do Oil & Gas in Houston, send her to UT.
Honestly though, she shouldn't be basing her college decision based off of which one will better help her get into IB. She should base it off of which school she will fit in best at and which will give her the best overall college experience. Otherwise she is going to hate her 4 years at school just so that she can end up hating her first 2 years out of school.
There's a lot to be said for sending your daughter where she'll be happiest for the next four years, and that's ultimately a personal decision. (If she's got a strong preference for going to school in New York, you could consider putting her on the hook for a fraction of the tuition increase via student loans. If she wants to drop an extra $175k on college, maybe she should have some skin in the game? Just a thought.)
That said, from an outsider's perspective, I absolutely don't think NYU is worth an extra $175k over UT. NYU rightfully gets a lot of respect on this forum because it has great recruiting into NY finance. But as far as the broader prestige of the institution is concerned, I think it's a step below many other elite universities that can get away with charging obscene tuition. Don't get me wrong, NYU is a great school that opens a ton of doors, but it's not Columbia, and it's certainly not Harvard. You're paying a huge premium because its in Manhattan, and in my opinion you don't get all of that back with the diploma.
UT's less prestigious, but only marginally so. And it has such a large alumni network that getting a NY IB job immediately after college is very doable. Plus, your daughter is 17 or 18 years old - she may be thinking IB now, but who's to say she won't change her mind? If she does, I think a lot of NYU's benefit gets wiped out.
Congrats to you daughter for getting into some great schools. You've got a tough choice but she'll be in a great spot either way.
Just want to drop in to congratulate dtharwala for being such an active parent and doing their research to help their kid do best in life. Not a common type of poster on this forum, but a welcome one, in my opinion.
+1 to this
I had great parents, but I do wish they had offered me slightly more career guidance.