Wharton versus Stern for Consulting
I am in the home stretch before picking an MBA program and am weighing Wharton versus Stern. I would love to get some insights/perspectives from people on this board.
A little background, I have received about a $100,000 in scholarships/assistance at Stern and nothing at Wharton. I would like to do consulting for some time after I get my MBA. However, I plan to transition to something more entrepreneurial at some point. I feel like Stern will provide me with a little more freedom to follow non-traditional paths (since I won't be tied down by tons of debt). On the other hand, Wharton is a much better brand and has better numbers on consulting placements.
Where would you fall on this question? What would you want to consider if you were in my shoes?
I would say Stern, because it is in the center of NYC. I know a few people who went there and all have great jobs. If debt is not an issue and you're not in a rush to get married, or such then go for Wharton. If I were you I would take the 100k and run to Stern. After all they are both ranked within top 10.
I would go Wharton. Stern is a standout, top notch program without question, but ultimately Wharton is the finest undergrad biz program - period. You will be perceived differently - Stern grads have a solid rep, but Wharton & UPenn have a much broader appeal and awareness. OCR is stronger as well - MBB go to Penn in full force, not quite the same as Stern.
Have you tried going to Wharton with your 100K in grants, etc, and see if they can help you out at all?
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Also many consulting firms will pay one year of tuition for their returning interns. That will reduce the gap between $0K and $100K to half (plus the tax hit).
For equal costs, Wharton is probably the better choice.
The $100K scholarship complicates things. What's your reason for getting an MBA? What's your risk tolerance? How much money do you have saved?
The conservative route is to save yourself $80K over a $160K degree from from Wharton. NYU's MBA program will definitely be worth more than $80K in consulting, especially on the island of Manhattan.
The more aggressive route is to spend the extra $80K on Wharton and get an M7 MBA. I think having more money in the bank, having more ambition for making it as an MBB consultant, and being a big risk taker would tend to favor Wharton a lot more.
2nd other posters' recommendations to shop your scholarship to Wharton. For the conservative student, Wharton is worth a $50K premium to NYU, but not an $80K or $100K premium.
Relax. Yes, the decision is important, but this is a high-quality problem.
Would be interesting to get Patrick, WSO founder and a Wharton MBA, to weigh in on this. I have a hunch he'll say that Wharton definitely allows for non-traditional paths upon graduation. Then again, having less student debt and lots of money in the bank is a great source of freedom.
Honestly, it's a very tough choice. Armed with an MBA from Stern or Wharton, you may find that money starts to come easy. At that point, life starts to become about doing what you enjoy rather than what pays the highest.
Thanks for the insights.
A little more information that seems relevant - I am engaged (getting married next spring) and my fiancee is working in consulting out of New York. I don't think Philly would be a tough haul for her, but certainly less convenient. My background is in entrepreneurship and, while I intend to do consulting, I am not sure I want to do it forever. That is to say, that I don't consider myself a conservative person (something that makes Wharton attractive) but I am concerned that I may put myself in a position where I need to be more conservative based on debt.
Also, tried letting Wharton know about the scholarship. They promise to review scholarship offers down the line, which conveniently comes when I no longer would have any sort of leverage. I guess that's why they are a great business school.
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