Snapshot of credentials/work experience: Graduated 8/2016 from Florida State University, 3.83 GPA, magna cum laude, economics major, honors thesis, Garnet & Gold scholar, research intensive bachelor's certificate. I'm currently an algebra teacher at my hometown middle school, with the biggest benefit being that I don't have any bills.
I won't meet the application deadlines for Vanderbilt, Washington University St. Louis, or MIT's MSF programs (I know, MIT's is a MFin). I will, however, meet UT Austin's deadline. Suppose I get accepted to UT's MSF program starting in 2017, would it be worth waiting another year for the chance to get into Vandy, WUSTL, or MIT in 2018? If I wait another year, I'll definitely apply by early decision, maybe I'll I have a shot at some funding if I wait another year?
Apply anyway - even if you get in you can delay it for a year or re-apply or push them for money. If they don't give in you can just say you need to work another year to save up some money (with the teachers salary, totally believable) instead of saying you want wait to see if you can get into a better school.
You make it clear how to delay if I choose to. However, you would recommend actually delaying?
If you would rather attend one of the other schools, yes. If you think you can get the type of job you want from attending Texas then attend Texas. It all depends on target job & money from schools. If Texas satisfies both of those, then go to Texas. If not, wait until next year.
Are you going to work during this gap year? If so, then this could further strengthen your application. Save up some money, get some real world experience and then apply.
If you have nothing lined up then I think it will weaken your application. You'll waste a year and there is no guarantee you'd get into MIT.
IMO, from your other post, I would almost recommend waiting a year as it seems you are not 100% sure what you ultimately want to do. These programs go by quickly and you need a coherent plan to maximize the benefit of the program.
The only job I'm certain to have during this gap year is teaching.
You're absolutely right, I'm not 100% sure what I'm doing. I went from considering law school, PhD programs, medical school, finance, and accounting to just internally debating on finance and accounting, with more weight on finance. So I've made quite a bit of progress. But I've been like this throughout my entire undergraduate experience, and I'm realizing that I need to just stop being a bitch and do something; otherwise, I'll just be a teacher constantly making plans.
I know the odds of me getting into MIT are very low. So let's just pretend I don't have a chance. Is the marginal benefit of going to Vandy or WUSTL in 2018 greater than the marginal cost of not going to UT-Austin's program in 2017, and thus forgoing a year of finance work experience? In other words, are Vandy's and WUSTL's placement significantly better than UT Austin's?
Although I want to jump in and learn as much as I can, I also want to make sure that I start at an institution (both from an academic and industry standpoint) that will grant me the most growth opportunities.
So I think UTA is more friendly to non-business majors. I think their placements are predominantly in Texas. For a lot of people this is a deal breaker. I think the program has a wide variety of job outcomes so it isn't finance or bust. That being said, I think Vanderbilt has a better career services (IMO, the best right now).
Flip side is you could maybe find an internship and work part time. Maybe look for a gig at a local bank and be a credit analyst. Something to bolster your resume and give you a taste of finance and what it entails. Last thing you want is to do this masters, spend the money on it and find out you fundamentally dislike finance. Or if you go to UTA and hate Texas.
Maybe a good middle ground would be UVA's program. You didn't study business and are just graduating so you should be good there. The program is a MS Commerce so less pure finance, but still enough for banking. It is southern, but places in NYC as well as Charlotte and other southern cities. Great brand (on par with UTA, probably a little better than Vanderbilt). They'd love your profile and I am fairly certain you'd get in. \
IMO, MIT is the best, but the reality is you're going to need to spank that GMAT. I don't think you get in with a 700 flat. The program is overweight internationals, but they bifurcate their placements so I don't see this massive drive to accept more domestics. MIT is in a pickle in the sense that they want more domestics, but they cannot sacrifice their stats because its MIT.
Advice - Apply to UVA and UTA. See where you get in and if they give you any money. In the meantime, see if you can land an unpaid internship. I am sure there are some small IB's, VC's and PE's in Tallahassee. With your stats they would probably love to have you on as an unpaid intern. Gives you a ton of flexibility.
Thank you for your detailed and insightful advice.
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