I want to major in business. After graduating I would like to start up my own business or join someone else in their startup. Right now I have the potential to go to U Chicago as a baseball player. However, they do not have a business major per se yet they have one of the most prestigious business graduate schools. If I don’t go to Chicago I will end up going to a lesser school like Rochester but I will be able to major in business and study in my future field. So my question is will attending the elite Chicago and studying economics better set me up for success than going to a school like Rochester but me in my preferred field?
I will most likely end up going for my masters if that changes anybody’s response.
Business is mostly the application of various liberal arts fields like economics, sociology, psychology, math, and statistics. So, while business is partially based on economics, it is not the same.
What kind of career in business do you want (if you know)?
If you plan on something along the lines of investment banking/management consulting (which seems to be a popular bandwagon to jump on for many prospective business students), you would be much better served by UChicago Econ than by Rochester Business (assuming a relatively high GPA in either program). Chicago would almost certainly be tougher, however.
My career in business would hopefully have me joining someone else to startup a company that provide some sort of product /service. So I won’t really be involved in investing or anything like that
It is my understanding that you can take some Booth MBA classes as an undergrad at UChicago. That will help you receive a rounder business-oriented education.
Find out what “business breadth” classes would be available to you. Try to find classes in Marketing, Accounting, Business Law, Org Behavior, Finance, Operations, and International Business.
U of C alum here. Definitely jump on the U of C offer. You don’t need an undergrad b-school degree to go into business. In fact, for fields like ibanking (incl. sales and trading, etc.), asset management, consulting, etc., an econ degree from a rigorous college like U of C would be highly sought after.
Economics and an undergraduate b-school are two different paths – one is not better or worse than the other, but they are different. Economics is a liberal arts course of student and gets theoretical at the higher levels. In a b-school program you will take a busienss core to include introductory classes in disciplines such as finance, accounting, IT, management etc. and you will major in one of those disciplines. I suggest you take the time to look at the classes you would have to take as an economics major at UChicago and as a business major at URochester (or any undergraduate b-school) and see if you have a strong preference. You should be able to find this information online. UChicago is a great school for economics if you would be happy with that path.
In terms of a MBA you certainly don’t need an undergraduate business degree, but you will need a minimum of 2-5 years of meaningful work experience to be considered at most top tier MBA programs. Therefore, you should plan on working for a while after your undergraduate degree.
And congratulations. Your hard work in HS has given you excellent options.
^^this. A good degree from UChicago and some good summer internships (for example, at management consulting and financial firms) will get you at least as far- and possibly farther- than a generic undergrad business degree.
First off thanks to everyone for their guidance. It is much appreciated. I want to be clear on something though. What I envision as my business career is more of an entrepreneurial role not necessarily an accounting, finance, banking, or investing job. This is why I am questioning an economics degree.
Businesses are all about people. You are going to need all of those skills to start a business and some capital. You will meet people with those skills at U Chicago, possible partners, and possible sources of capital. There is also a thriving entrepreneurial community in Chicagoland.
I would not focus in on the degree, a business degree will not teach you how to start a business. They are designed to help you manage a business. Starting one is what incubators are for, and there are plenty in the area. Conversely an economics degree may help you spot some new opportunity. It is what you make of it.
Unfortunately New York and Illinois are two of the most business unfriendly places in the country, but nearby (20 mi) Indiana is very friendly should whatever you do become successful.
@ichiro The difference in career prospects between the two schools are de minimis. You should go to the one you like the best.
My suggestion if you go the econ route is take some business electives and/or consider the Bridge to Tuck program at Dartmouth or Accelerator program at Vanderbilt during your rising junior summer.
Economics is a very difficult major and at UC would be extremely quantitative, as it would be at any top school. You could easily double major in Math with just a few more courses.
BTW Rochester in Econ is every bit as prestigious as UC.
You can start a business with no degree at all. So you may as well pick a school and major that you enjoy and that will lead to good job prospects in case the business doesn’t work out. Attending UC, especially as an athlete, could lead to excellent connections.