Cornell ED or Univ. of Florida Full-Ride (320k decision!)?
For a long time, I was planning on doing Early Decision to Wharton. Mostly, I was under the impression that it would be extremely financially difficult for my family to pay $320k for a college education (we aren't getting aid unless we can re-apply when my sister enters dental school) but I have little chance of getting into Wharton anyways. After further discussing our financial situation with my parents, I am more comfortable considering an expensive education.
Cornell is one of my favorite schools and I would be happy there. The reasons I'm considering it for ED over other schools is 1) Beautiful campus and nice classes 2)Much more realistic for me to get in ED 3) Proximity to my house and NY 4)Possibility of graduating in three years ($300k) 5) Possibility of transferring into School of Applied Economics and Management/ attempting transfer to Wharton. My parents said they can contribute $200k for my college and anything above that I should be willing to take out loans, although they might be able to loan me that money themselves later on. I'm only putting these two choices because they make the most sense:
1) Cornell (ILR, CAS, not AEM cause not getting in) at $320k for 4 years and $230k for 3 years. How much of a disadvantage would I be in if I graduate in 3 years? i.e. I need leadership, internships, time to prepare, etc.
2) University of Florida on a full-ride at a $176k value. The Masters of Science in Finance program is a program where students complete masters and undergrad in four years (would cost me $20k) and gaurentees placement into a job essentially. Places many to JP Morgan (not in NY), RBC, etc. and some even get into Goldman in NY. Many go to NY but not in big banks. It's a great program honestly. My parents will have $200k for me to attend an MBA program at a top university later, if I choose to do so.
My dilemma:
I don't think Cornell will offer me any less opportunities than other top schools like UChicago, Duke, Brown, Dartmouth (also unrealistic for me to get into these colleges from my school, historically). Any college I can get into: UMich, NYU, UT Austin, Berkeley, WashU, Emory, UVA, Boston College are all going to cost about as much as Cornell. The schools that will cost about $200k: USC (half tuition scholarship), Georgia Tech, Northeastern (Half-tuition scholarship), UNC will be about as much as Cornell in 3 years, and won't offer me the same oppotunities. The schools that may offer scholarships (Babson, U Richmond, Case Western, Tulane) won't be as cheap as UF and won't give me a leg up from UF I believe (the MSF program is very very appealing). I also feel like I would be dedicated to a certain life if I go to Cornell. My parents keep asking me if I am ready to dedicate myself to that "life" and it feels like a lot of pressure tbh.
People can offer their insight, but these are the questions I really need answers to:
1) How much of a disadvantage will graduating in 3 years be to recruiters?
2) From UF, are the salaries of jobs at JP Morgan not in NY, RBC, etc. much lower than that of the top Bulge Brackets? How much? In addition, do the lower paying jobs/ back and middle office jobs have less demanding schedules/ better life?
3) If I go to Cornell, do I need an MBA and how far into my career? Will companies be willing to sponsor and pay some? My parents cannot help me with an MBA if I go to Cornell.
4) Are there any other jobs in finance that pay like IB? I'm not v social and would prefer a career in economics or research.... if it pays well and isn't drop dead boring. I can explore at UF, and a little at Cornell, so I need to know if there is anything really to explore.
Tldr: Unless you have a massive hard on for ivy league and 6 figure debt then go to the uf . Enjoy being in a selective group, having money saved up in case the economy goes to shit and avoid the pressure in the event that you want to switch majors or interests etc.
Tip : Search UF MSF IB analyst on linkedin , create a spreadsheet to see if they're ops or front office and which cities have the most uf grads. This will provide a better idea on how well they place and in which locations.
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If there's only a 50% chance you get into the MSF then hedge your risk and go to Cornell
I was in a similar situation. Apply ED and if you get in you don’t have to go unless you decide to then. With that said if you believe you can make it from UF then there’s nothing stopping you. People do it every year.
My buddy graduated from UF undergrad business school and is a SVP at Citi in IBD/back office ops. He works out of an office in Florida.
This is a no brainer. Go to Florida. It is a pretty good state school, and if you do reasonably well there your opportunities will not be meaningfully different than from Cornell. I went to another SEC school (ranked lower than UF) on a full-ride, and do not feel that I ended up disadvantaged vs. other schools I could have gone to and where friends went that were top 25-30 USNWR schools - although you will need to do more networking and hustling for internships, but it is very doable.
1) 3 years is a disadvantage vs. 4 years in the sense that you have one less summer for internships. This puts the pressure on you to get a good internship in the summer between your first and second years, which can be difficult as very few people have any real skills or previous relevant experience at ~19. 2) Starting base salaries in IB are the same regardless of location from what I've seen. There may be 1-2 exceptions, but this is essentially the rule. Yes, lower paying jobs / BO/MO have less demanding work hours. 3) Who knows. It depends on what you end up doing. Very few companies, except for some consultancies, will pay for an MBA today. If your parents will help with the cost of an MBA down the road if you need/want one, I'd consider this another advantage of going to UF. 4) Not right out of undergrad, unless you are a quant (exceptional at math/computer science).
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