Would I be stupid to pass on Columbia (undergrad)

First off, congratulations on both offers; it’s extremely fortunate to be in your current position, so massive props to you. I can only speak somewhat to Columbia having completed some coursework there, but I have friends at both schools who are extremely happy where they are. I will say, however, that undergraduate work in NYC is particularly difficult given the lack of campus and expensive day-to-day life. Furthermore, UMich-Ross is a very high-end program with (arguably) a better social life (big sports schools are a great time) and more than enough cache/resources to help place you in solid internships provided you do well while there. In all honesty, neither option is really a wrong choice from my viewpoint; that being said, obviously take my opinion lightly given that I haven’t attended either of these universities full-time.

Congratulations on both. Both are prestigious; both are targets. As someone who knows people at both, and who has financed his education with debt, my vote, unequivocally, would be for Columbia. The Ivy stamp is huge, and the school is smaller, meaning you will have less competition, and a better alumni to faculty ratio. The NYC location is a massive plus as well; fantastic for networking opportunities, and working during the year can be a massive benefit as well. I will also add, from a finance specific standpoint, that undergrad is more than just a means to your first job. It stays with you: private equity recruitment, MBA placement, etc. Is that to say that Michigan can’t open those doors for you? Absolutely not… it’s a fantastic school. Will Columbia open those, and others, more easily? Without question.

You will get a comparable education but Columbia has snob value which can be a plus in consulting, banking.

I made a similar decision in the past (choosing a cheaper state school over a more expensive top target), and I really regret it. The opportunities that some of my friends at those schools got are just crazy compared to what was available to me. But, if you're sharp you'll be fine at Mich (fwiw I've been in MF PE from SA onwards). 

At an ivy (not Cornell or W thank god). From what I've seen from recruiting, you get more attention per student at Columbia both during recruiting and outside of that. I would guess that at Ross there's going to be tons of kids trying to sign up for coffee chats, interviews, etc. Also from a big fish + small pond standpoint, Columbia is better. Having a smaller but tighter alumni network is pretty helpful as well. My vote's on Columbia if the financial aid is good or if you have the means. 

The whole “Ivy League brand will open doors for you” is either a rapidly dying idea, or dead already.  This isn’t the 90s.  And frankly I think people push that idea to cope with their own decisions to over-invest in superficial brands.

Bottom line is that both Columbia and Ross are core schools for getting placed into IB, MBB or whatever the blue-chip business role is going to be when you graduate.  Splitting hairs on the relative prestige there is dumb.

What will matter much more is which environment will you personally succeed in?  Think about the campus environment, the distractions or lack thereof, your relative degree of introversion/extroversion in and which school fits that better, how you’ll spend your time there, and the gut level feel when you visit the campus. I’d do multiple visits, what’s another grand or two to get this decision right?

If it were me for example, it would be a very close call because a real campus is a much better setting for me than an urban one (don’t let anyone at Columbia tell you that’s not an urban campus) but OTOH I prefer the holistic education style where I can major in Econ and not be 2nd class to the undergrad b-school.  Point of that example is, it’s about the personal factors that matter to you.

bumping

Are you paying for everything or are your parents well off and footing all or most of the bill? If you’re paying, go to Michigan and save $100K. 
 

I went to a worse state school (free) instead of Michigan (in state rate) and don’t regret it, and Michigan is closer to Columbia than my state school was to Michigan. Granted, my goal was not megafund PE or bust. Either school will get you many shots at IB. 

I know this is hugely anecdotal but I know a couple people who went to Columbia University, and they struggled to find jobs after graduating from Columbia undergrad. But if I were in your shoes, I would 100% pick Columbia over Michigan. Who you surround yourself with completely matters. 

Most top placements at Columbia are DEIs or nepo kids. If you are a straight male/Asian/white at Columbia, recruiting will be a lot harder than you would expect. Do a quick LinkedIn search and see it for yourself. Assuming you are socially decent and grind as a non-diverse student, you will still be able to get an offer from Barclays/Jefferies/DB/RBC. Also, it seems like the competition is getting more fierce every year. Do realize you will not likely be going to GS/JPM/MS just because you are at Columbia. I've seen 0 internship former marine (DEI) getting an interview with a simple resume drop from MS IBD while a kid with 5 referrals did not get it. People will definitely view Columbia to be more prestigious than UMich but there will also be a lot of people who will view you as an entitled kid. From what I know of, GS took two who were all diversity and three EVR/MOE/LAZ were all girls/military veterans for this recruiting cycle. Of course, there may be one or two non-diverse top placements, but they are rare. 

Years ago I faced a choice between Columbia and my strong in-state flagship (think Michigan, Berkeley, etc.) for undergrad. I had tons of friends go to the state flagship, it was comfortable and familiar, and I knew from visiting during high school that I'd have a blast there. But I chose Columbia instead for a variety of reasons (and I ended up loving my time there). Attending Columbia was lifechanging for me and I believe I made the right decision.

In careers like finance and law, prestige is very important for getting opportunities early in your career -- and these opportunities compound over time. It's true that many people get IB jobs from Ross, but all else equal it'll be a lot easier for you from Columbia. You'll be competing against fewer people, you'll likely end up at a better bank. PE firms and MBA programs will look more highly upon your application down the road (if you choose to avail those options). This is also true of law/med school admissions, residency program selection, I could go on. Unfortunately employers and institutions don't (perhaps can't) spend the time they should to properly identify talent, and instead delegate a part of that function to college admissions officers' evaluations of 17 year olds. It's not fair, but that's the reality. 

For what it's worth, the top performers I've met in my career typically did not attend "elite" undergrads, and in my recent experience Ivy grads do not perform any better than other juniors. Selecting your undergrad is a deeply personal decision, and you may have very good reasons to pick Ross. In any event, make sure to have fun in college and don't spend too much time on this website. Congratulations and best of luck to you.