Penn State (Smeal) vs Indiana University (Economics) vs Northeastern (Business) for undergrad?

Based on the most helpful WSO content, here's how these schools stack up for someone aiming for the standard 2 years in Investment Banking (IB) followed by 2 years in Private Equity (PE) and a career in NYC:

1. Penn State (Smeal College of Business):

• Pros: Smeal has a strong alumni network in finance, particularly in the Northeast. It has a dedicated Wall Street pipeline program that helps students break into IB. The alumni network is active and supportive, which is critical for networking and landing interviews.
• Cons: While Smeal places decently into IB, it is not as strong as some of the top-tier schools. The competition for NYC placements can be tough, and you’ll need to hustle to stand out.

2. Indiana University (Economics):

• Pros: IU has a strong reputation overall, but the Kelley School of Business is the real powerhouse for finance and IB placements. Since your acquaintance won’t be able to transfer into Kelley, they’ll miss out on the Kelley-specific resources, such as its IB Workshop, which is a major feeder into top IB roles.
• Cons: Without access to Kelley, breaking into IB from IU becomes significantly harder. Economics at IU doesn’t have the same direct pipeline or resources for finance careers.

3. Northeastern University (Business):

• Pros: Northeastern’s co-op program is a unique advantage. It allows students to gain real-world experience during undergrad, which can be a differentiator when applying for competitive IB roles. The business school has been growing in reputation, and its location in Boston provides access to a strong financial hub.
• Cons: While Northeastern is improving in finance placements, it still doesn’t have the same level of alumni presence or established pipelines into NYC IB as some other schools.

Recommendation:

If the goal is to break into NYC IB and follow the standard 2+2 path, Penn State (Smeal) is the best choice among these three. Its established Wall Street pipeline and strong alumni network give it an edge over the other options. However, your acquaintance will need to be proactive in networking, maintaining a high GPA, and securing relevant internships early on.

Northeastern could be a good alternative if they value the co-op experience and are open to exploring other career paths in addition to IB. Indiana (Economics) would be the least favorable option for this specific career trajectory, given the lack of access to Kelley’s resources.

Sources: UT vs USC vs Vanderbilt vs Emory for Undergrad, Accounting vs Finance: Part 1 – Career Paths, Intro to Investment Banking, Georgetown MSB vs Michigan Ross vs UC Berkeley, Finance Career Path & List