UNC or SUNY Binghamton for Undergrad

UNC is definitely a target or strong semi for pretty much every BB. Just don't expect EBs outside Lazard and maybe Moelis.

If money is an issue and your coming out with no debt from Binghamton, it could definitely be worth it. Its going to come down to how much work you're willing to put in, no matter where you go. It will definitely be easier finding front office positions from UNC, but Binghamton is starting to send some kids to i-banking and trading jobs. Binghamton is also starting to make moves in mgmt consulting and is trying to have more of a presence in MBB, but we'll see what happens with that in a few years.

If you are making a decision solely based on going into finance, then I would say Binghamton. Don't lose sight of the fact that it's much closer to nyc for networking/winter internships/weekend events at BBs, small things like that which can make your resume a lot better and give you a much higher chance of success

Go UNC, please. You will not regret it. Think long term. Let me lay our my two arguments.

First, think about it from a life decision perspective. Let's assume two outcomes: 1) you break into IBD and 2) you do not. Under scenario (1), if you break into IBD from UNC, you have set yourself up to be in a position where the $50k of debt is de-minimis compared to your future earning potential. In fact, you will be happy to have the interest tax write-off from your loans (joking, but you get my point that it is a relatively small number, especially if you think over a medium to long term horizon relative to IBD / finance jobs). If you break into IBD from Bing, awesome, and you will have an extra $50k in the bank (again, will be a very small percent of your wealth over the medium/long term). Now let's assume scenario (2) where you don't break in from UNC. You will have a great degree, and still have a relatively good job most likely where you can service that debt and won't move your personal wealth needle over long run. Also, if you couldn't break into IBD from UNC, chances are you couldn't if you went to Bing. If you don't break in from Bing, you will always regret the decision of not putting yourself in the best position to achieve your goal. So your upside scenario is the same from UNC or Bing at the end of the day (your in IBD +/- $50k in the bank which equates to 25% of my bonus this year after being in finance for 4 years). Your downside is much worse at Bing though - not putting yourself in the best position to achieve your goal, which is something you will regret.

For a more quantitative argument, let's assume (i) if you break into IBD, 10 years of income (regardless of exact path of staying in IBD/PE/HF) will be $5M (10x$500k) which is probably conservative; and (ii) 10 years of income in your non-IBD job (general corproate finance type role) is $1.5M (10x$150k). That's a delta of $3.5M over 10 years (and would be much wider over a longer horizon). So your indifference point is where UNC will increase your chances of IBD by 1.4% (50k / $3.5M). In my opinion, UNC will something like double your chances of making it into IBD, but regardless, don't think anyone would argue that its even close to only 1.4% (its much higher, therefore your expected return of your probability weighted income far exceeds the $50k cost if you go to UNC). Obviously this argument is layered with assumptions and would need to factor in cost of capital, discount rates, etc.... but any reasonable assumptions here would yield materially the same conclusion.

And anecdotally, I have worked with and seen soooo many people break into IBD from UNC, but can't recall anyone from Bing (obviously they are out there and I may have even met some, but just can't recall). You can be the hungriest, smartest dude at Bing, but don't discount how much on campus recruiting helps and the [unfortunate] affinity towards bullshit pedigree in this industry. Starting my career, I turned down a BB offer in NYC for a small shop in a more desirable location (for me) and regret that decision. Worked out fine as I am now at a large cap PE shop and doing well, but looking back I didn't realize how much name brands matter in this industry (its pretty ridiculous). So also, consider if you are number #1 at UNC, you can go GS/JPM/MS; #1 at Bing maybe you land IBD but where? I'm not sure...

Go to UNC, have the time of your life (such a fun school; I didn't go to UNC but recruited on campus there and had a bunch of friends that did), work your ass off, break into IBD if that's your goal, and the $50k cost will be a non-factor in your overall financial situation. I am super conservative in my personal finances and came from the gutter so I understand your aversion to taking on debt, but this is an investment with a very high ROI, i would argue.

Regardless, hope you get into Cornell and good luck with whatever you choose!! @viva

I'm not opposed to Binghamton but I feel like OP had his mind completely made up before posting this question and was just looking for affirmation.

I don't think I have an issue with a 17-year old doing this, but I do think there's an element of dishonesty in justifying this decision with "self-confidence".

I had a similar decision when I was 17. I was accepted at UIUC and Carnegie-Mellon for CS. I chose UIUC because Carnegie Mellon was going to cost $100K more. I made my decision on the fact that UIUC was #5 and CMU was #1, and although I would have preferred CMU Ceteris paribus, it wasn't worth $100K in extra tuition. (Now $150K)

If I had made the decision on "I'm confident enough to go to UIUC" after asking a bunch of other people for their opinions and not getting the answer I wanted, I would have always wondered if Id made the right decision.

So let me give you a better answer to justify your decision with:

You don't want to go $50K into debt.

If you're going to pay the loan back at 6% in 10 years, that costs you ~$500-600/mo. Meanwhile the average graduate of UNC makes ~60K, or $3500/mo after tax. Take out $1000/mo for rent and you're paying 20% of your non-rent income for a degree. And that isn't worth it.

Never ever ever lie to yourself. Good luck on Cornell.