Is it worth being crushed by loans: Kelley Undergraduate vs. University South Carolina undergrad finance degree

Where can an undergrad finance degree from U of South Car. take me? I know it's what I make of it and I plan on joining a fraternity, running for leadership positions and applying aggressively but on average do you think I'll be able to graduate with a finance bachelors degree from a school like South Carolina and be able to make around $40-$60K a year? Or will that degree qualify me for nothing more than a $15 an hour job?

 
Best Response

Opportunities from these schools will be mostly regional in nature. You might have an opportunity to move to another part of the country, but the best jobs and alumni connections will be in the neighboring areas. This is especially true for non-target schools.

As far as salary goes a degree from a large university should get you into a decent paying job out of undergrad. Don't focus so much on the exact salary, focus on the cost of living. $50k in Columbia, SC will go a lot farther than $50k in NYC or even Atlanta.

During college you will want to focus on learning as much as possible about the different fields in finance and that will inform your decision about timing for graduate school if at all.

As you will learn by reading these forums your odds of making it in BB up in NYC from a non-target is very low, so it is good that you aren't interested.

Many here will quietly (or not so quietly) judge you for not wanting the IB life in NYC and for even considering a non-target school. Don't listen to them. Do what is best for you.

"Everybody needs money. That's why they call it money." - Mickey Bergman - Heist (2001)
 

@"JohnWilcox" - I take it that USC is in-state? I agree with AcctNerd... do what is best for you. A finance degree from USC will take you where you are talking about (analyst, risk manager, financial advisor, etc.). Work hard and use the USC network if you choose that school. Before graduation, start Googling alumni and find out which companies have Darla Moore alumni running things. Could be a good in for you if you are going to stay in the South after graduation. If you truly want a higher caliber school on your diploma, another option is to shoot for a top 15 or top 25 for grad school, if interested. I'm attempting to get into Kelley for grad school myself, but only because my company will pay for 100% of it.

"Decide what to be and go be it." - The Avett Brothers
 

I am a Kelley grad and agree with the advise here. IU Kelley is a great school. I don't know what people are saying here about it being a non-target but it is a solid semi-target with a lot of recruiting from Chicago firms (both MM and BB) and some from NYC.

But that being said I would not want to go on significant debt for Kelley or any other school for that matter.

 

You did not get into any other schools? There is a big gulf between these two schools at least at the undergrad level. 100k in debt is a lot of money. If you become a rockstar at Kelley and grab that high paying IB job then it could pay off but that is a big risk I would not take.

Also, you might be the most modest person on this forum. 100k in 15 years? Is that including inflation?

 

Well I also got into U of Iowa's Tippie School of business and FSU's (horrible) business program. USC isn't in state - but scholarships give me instate tuition. And yeah I should explain - I'm not an extremely high-wired "Wall Street or Die" type of guy. I am however very hardworking, quick and competitive and would like to make sure I'm not wasting my potential. As for the 100k remark - thats without inflation.

 
BTbanker:

Kelley is a target school for banking.

Uh, excuse me?

I agree with your advice to the OP though- he should go to USC given his goals. @JohnWilcox, if you go to Kelley and take on the debt you'll almost pigeon hole yourself into jockeying for a high-paying job once you're in senior year.

 

50-60k should be achievable if you graduate 4 years from now, depending on the economy, but it also depends on the role, the firm, what you look like on paper, and how you interview. Get good grades and do a lot of the things some of these seasoned posters talk about with leading clubs on campus (relevant to major), finding a great internship, maybe a SMIF if available, etc. Then figure out if you want to sit for the CFA or find another avenue to prove your worth. 50-60k should be doable, but that depends on a lot of things beyond where you go to school.

"Decide what to be and go be it." - The Avett Brothers
 

I second BTbanker. For your goals go to USC.

But when I was 18 years old I did not know what I wanted to do. I probably choose finance as my major because it was the most transparent major due to the financial crisis that just hit. What I am trying to say is that is very hard to define your goals as a risk manager or FA now when you are 18; things change.

For example, my roommate in college was a very smart kid and all he wanted to do was become a CPA and join the Big 4. He achieved that after interning with a big 4 in the summer. But during senior year this kid suddenly got interested in consulting. He really wanted to get into MBB, he made it his life's mission and networked his ass off. Eventually, he ended up at MBB.

So, you see this kid came to college just like you as competitive, hard working kid who is modest in his ambition and ended up getting an offer at one of the most selective places in the world.

The takeaway from the story is that because he went to a school that pushed him and also had environment and network that made it possible for this change to occur.

 

@"JohnWilcox" - Kudos to you for trying to position yourself at your age. When I was coming out of high school I was a complete jackass that had tons of potential but pissed it away. Best of luck!

"Decide what to be and go be it." - The Avett Brothers
 

Hey John, I'm a USC grad currently in Hong Kong right now and I'll be making the transition to Wall St in June. USC is a frat haven, yes, but it's got a TON of opportunities for a great price (I paid 18,000 a year in-state). Also on LinkedIn we have an alumni network called NYC Gamecocks where everyone meets up and watches the games. You're going to have to go out of your way to network at USC, being somewhat decentralized from the IB action, but if you need a mentor, I'm definitely available. PM me for more info on that if you want. As for Kelley, don't really know people from there so I can't help you there any more than a web search could, but don't underestimate a USC education!

"He was the guy who always won the game of chicken because his opponents suspected he might actually enjoy a head-on collision."
 

Hey branchm, I am currently a rising senior at USC..looking to make my way up to wall street or a wall street type job. I'd love to hear about how you made it to where you are graduating from USC.

 

I would recommend USC to save yourself the money and Charlotte is only ~90 minutes away. There are many options available in banking in Charlotte, not as much investment banking but still plenty of opportunity on the finance/risk side of things. Wells Fargo and Bank of America offer several rotation programs with pay being around 65k after signing bonus and you still have the opportunity for merit bonuses. USC has a large alumni population in the area and the cost of living is extremely cheap compared to NYC. Take advantage of the networking opportunities and you will be surprised how far the USC degree will take you.

 

I have a good amount of friends that went to both schools. Indiana is a very good school with a top notch investment banking program (100% placement, allegedly) and a great sports atmosphere. Do not listen to the posters who have told you Indiana only has "regional appeal;" I know guys who are banking analysts in NYC, one private equity associates in Chicago, and a girl in nursing school in Denver.... you are by no means limited geographically.

Given your expectations and circumstances though, USC sounds like a good fit. Social scene is completely dominated by Greek life. It filters heavily into the Charlotte / Raleigh area (you don't want to stay in Columbia, I promise), and as someone above mentioned, Fidelity picks up a lot of USC kids. If you're not crazy about high finance, you'll get way more bang for your buck at USC. However, if you do decide to readjust your salary expectations, be aware you will have to be an absolute stud to get looks from any notable investment banks - my friends that attended there that didn't have connections in the finance world couldn't get interviews to save their lives. There is also very little brand recognition outside of the southeast area, but that shouldn't matter much. I've met a lot of USC kids in oil and gas.

Given that, it is worth noting that 40-60k a year is practically unavoidable given you attain a college degree, so that shouldn't be a huge deciding factor

 

As for Indiana not having weight other than up north, I definitely disagree with that. Kelley is recognized all over, and Indiana as a whole is held to pretty high regard here in Florida where I live/work. Plus, Mark Cuban is a Kelley grad, and self-made billionaire alumni don't harm a school's image.

"Decide what to be and go be it." - The Avett Brothers
 

Appreciate it @CornTrader and sent a PM to you Klemmington. Open to hearing from any other fellow Gamecocks too. And also, a point I forgot to make earlier. You might also want to weigh your study abroad opportunities as well. The Moore School I know has two or three programs where you take part in a long-term exchange (2 years, nonconsecutive), one of which is called IBCE, where you can end up in big cities where the networking would be much better than Columbia...if you're devoted to any particular area/language. I would be interested in seeing what Kelley has to offer on that front too if you're willing to do that.

"He was the guy who always won the game of chicken because his opponents suspected he might actually enjoy a head-on collision."
 

What are your grades like? IU came to my school to talk about scholarships, and if you have a 3.8 unweighted or better, than you should have about 80% off out-of-state tuition.

 

Coming from an SEC school, if you're in the top couple of tiers you'll be completely fine when looking for a job. Your most likely options will generally be more regional based on school location. Seeing as you're in high school currently, if you do choose USC have fun, get good grades in your intro classes, figure out what paths the successful students are taking, and try and get an internship in the summer after freshmen yr.

 

Honestly... If more than 10 students go to Wall Street each year, I'd call it a target. None of that "semi" bullshit... 99.5% of schools in the US, including very good schools send 0-5 kids, so I don't know why we need to break schools into tiers when the overall experience at each is so different.

 

And let's all hold hands and dance about in a field of daisies. If using tiers is like, so, mainstream... Why'd you give Kelley a title?

Simple math: ~2700 universities in the United States, and given your 0-5 interval, we arrive at a interval of between 2700 (casting out the 0, which isn't very useful) and 13,500 1st-year analyst positions in IBD. That's laughable. Some universities' students at more sought after

The term "target" exists for a reason. It's true that the weight of incoming analysts has shifted from predominately 10 specific schools to slightly more diversity- but this has not changed the basic landscape to such an extent that we now call IU a target. I'd have been fine with you calling Kelley a regional target- but inferring that it's as sought after a school as the real targets is disingenuous and silly.

 

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