UMich Ross vs UMD Smith full ride
I’m a high school senior looking to get into the finance world. I don’t know exactly what in finance I want to do yet, but I was thinking about IB/PE/HF. I was recently admitted to both Ross at Michigan and Smith at Maryland. Obviously Ross is higher ranked and a target school, however I recently found out that I’m a finalist for the Banneker Key (full ride) scholarship at UMD. I would be paying the full 65K per year at Ross. My parents have saved up enough for me to go through debt free, but if I wanted to pursue a MBA or some other grad school, I wouldn’t have any money for that. If I went to Maryland, I would have the 260K to use at my discretion, whether it be to get a head start on an apartment or to save for grad school. Right now, I’m not very interested in grad school, but I’m also looking for advice and if that’s something I should do, I’m open to it. I am also still waiting to hear from Wharton, Cornell-Dyson, and Duke. So basically the question is full price target vs free non-target.
If you do end up getting awarded the full ride at smith i don’t see the point in going to Ross regardless of of ranking free college will place u at a distinct advantage just work hard at smith and you will be fine
One thing I wish I had considered when picking a school is what the associated city is. Of course you can always get a job in NYC, but if you want top spots in DC, you will probably have an easier time at Smith, however if you think you might want jobs / internships in Chicago, Detroit, any of the other big mid-West cities Ross could be a good choice. Of course if you do get the BK Scholar. then the choice is basically made for you.
Since you are a high school senior, college is often marketed to you as the be-all end-all.
However, the key to getting jobs in IB/PE/HF or consulting is knowing the interview process/prep and networking. You can go to a target university, but if you don't prepare for the interviews (which by the way recruiting starts in late august), then you will never get the job.
Therefore, key considerations are whether you know people at Ross or Smith who can help you get a finance internship the summer after your freshman year because having one puts you ahead of many people for summer internships in sophomore and junior years.
Also, like justinj3 said, location matters a lot, so you want to consider if you would prefer to have a slight advantage in recruiting for MidWest or slight advantage in DC.
As for the best use for 260k, using it for a down payment or cash buy of a house doesn't make sense as a 22 y/o since you will likely be moving for your FT job. You could put that money into the stock market, which has been averaging excellent returns lately, provided you can tolerate the risk of losing much of it if there is a downturn. Also, that much is plenty for MBA as https://www.hbs.edu/mba/financial-aid/tuition-assistance/Pages/cost-of-…</a">HBS costs 75k a year for 2 years .
Ultimately, it falls down to how hard you plan on working during undergrad. If you start immediately and treat networking and interview prep and applying to job as your full time job to earn that 260k, and if you believe you have the ability to work in IB and the like, then go to Smith. Otherwise, things will be "easier" at Ross since BBs recruit on campus, but only if you put in the work to benefit.
No brainer to go to Maryland and bank that 260K. Throw it in an SP500 ETF and that amount alone could be half or more than half of what you need to retire in several decades.
Even as a Ross guy I’d say take the scholarship money. Us OOS students really get hosed here at Michigan.
Smith has a great Wall St prep program that you apply into fall of sophomore year. Does a really good job prepping you if you have the grades/are willing put in the work, you should be able to land an internship in NYC. I’d definitely take the full ride to Smith
I’d take the full ride at Smith, not as well known at the street but since you got the scholarship you are obviously top tier going into Smith. if you went to Ross you’d be middle tier. So I think Smith is the best choice.
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