Chicago vs. Michigan

Colleges and Universities A-Z University of Chicago ✅
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<p>Hey fellow CCers, </p>

<p>I was waitlisted at Chicago (and rejected elsewhere :( ... but that doesn't matter), and I'm deciding whether I should stay on the waiting list or drop it and go to Michigan instead. </p>

<p>So here's my dilemma: I'm still not clear on what I'd like to major in -- I'm split in between Econ + Applied Math or Aerospace Engineering + Business. I've always wanted to do something with math, because I love math ... solving problems ... anything to do with math, and I also read here on CC that Econ + Applied Math or some sort of math is a good combo, since econ is so math-oriented. But with the economy so bad, I'm a little shaky on my decision to go into Econ. </p>

<p>The other path I'd like to take is to go into Aerospace Engineering + Business (My "secret" dream is to work for Boeing when I leave grad school). But I'm more than aware that Chicago does not have an engineering school and I'm really not that great at physics. </p>

<p>Just to play safe, should I remove my name from the waitlist? I mean, I really really love Chicago for the hardcore academic environment, but I really don't want to transfer out of Chicago if I end up not happy with Econ.</p>

<p>Thanks alot!</p>

2

<p>Stay on the waiting list! I applied to Chicago specifically for its Core, which guarantees exposure to many different methods of inquiry. Why decide now what you’ll major in? Chicago is about the life of the mind, and about education for a life of intellectual inquiry.
There’s no school on the planet like UChicago. Consider that before being bogged down in potential majors. ;)</p>

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<p>Stay on and decide later. In econ speak, the chicago waitlist is a free option (zero additional cost on top of any michigan deposit which you would need to cough up regardless) which you should retain. Michigan is a great school (congrats) and it sounds like you will be accepting a place there given waitlist timing. If chicago later comes through then that is just an additional choice for you. According to the Booth GSB types (option pricing theory invented there/Scholes nobel prize etc) throwing away options before they mature is suboptimal.</p>

4

<p>If you want to do Econ+Business, either one’s a safe bet (my impression is that Michigan’s preparation for Business might be better by some standards, but Chicago’s got massively better Econ). If you decide to follow up on the dream of working with Boeing (which is a pretty nifty, albeit very unusual, dream), Michigan is probably the better choice. It’s also likely that you’ll get more merit-based aid if you go there.</p>

<p>As above, there’s no penalty to you (beyond the Michigan deposit if you decide to go to Chicago) if you stay on the waitlist. There is, however, the risk that your staying on will somehow jinx someone else’s chances come May (the converse of that one being that if you take your name off and change your mind, you may not be able to get back on, which would suck).</p>

<p>It makes more logical sense to stay on, IMO.</p>

5

<p>Thanks for your help people! I plan on staying on the waitlist, but I won’t be writing a letter that says I will commit, because I’m really not ready to commit to Chicago yet. </p>

<p>I have made my $200 non-refundable deposit at Michigan though.</p>

6

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<p>Whoa whoa, you got it all backwards here. When the economy is shaky, business is bad to major in, although this is based on the flawed assumption that 4 years later it’ll still be bad. Economists are always useful regardless of the economy’s state because there still is an economy.</p>

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<p>^But banks aren’t doing so well these days … how are they gonna hire more economists when half of them have government life support???</p>

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<p>Economists work in many many different fields (I-bankers don’t though).</p>

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<p>^That’s true … very true. I could go work for the US Treasury and give aid to those banks then deal with the fact that there are so many T-bonds floating around in the world that need to be paid back. (jk)</p>

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<p>This is kind of funny…I was also waitlisted at UChicago, and I’m thinking about attending Univeristy of Michigan too! (And yes, my major will be Econ)</p>

<p>I decided to stay on the waitlist too. If a miracle happens and I get taken off the waitlist, I will probably end up going to UChicago though. (Even though I love Michigan) </p>

<p>Maybe I’ll see you next year!</p>

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<p>^Probably twirlingcarousel! </p>

<p>(I’ve already paid my UMich deposit + sent in my housing app)</p>

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<p>This is a silly conversation. People with undergraduate econ degrees are not economists, and people with undergraduate business degrees are not business people. The fact is, there isn’t a single position available to a person with an undergrad UM business degree that isn’t also available to a person with an undergrad UChicago econ degree (although the opposite is not true). </p>

<p>Historically (and with only a few notable exceptions such as Wharton), undergrad business degrees were only offered at state schools and less competitive private schools where a significant portion of those grads went into fields like accounting or actuarial sciences. In other words, professions that (rightfully so or not) folks from more prestigious schools considered too “low brow” to enter. </p>

<p>Furthermore, it used to be case that the most selective business/finance jobs for recent college grads–i.e., investment banking and management consulting–only recruited at what was then referred to as the Ivy plus schools (ivies plus Chicago, Duke, Stanford and MIT). This was especially true of the super firms, McKinsey and Goldman Sachs.</p>

<p>From what I’ve been told, that is no longer the case. At the end of the day, attending either of these schools–UM of UChicago–will not in and of itself meaningfully affect your chances of employment in any business, finance or related field. Majoring in business, however, will hinder you slightly in becoming an economist or in entering a primarily economics-related field. This is one of the many reasons I tell every HS student who asks that majoring in business in college is generally a bad idea.</p>

<p>That being said, there are certain advantages to attending Chicago. Yes, it’s name carries more weight than Michigan in these fields. But more importantly, you will be able to engage in internships during the school year that will not be available in Ann Arbor (simply b/c there are no meaningful opportunities in the city of Ann Arbor). </p>

<p>During my very first quarter at Chicago, I already had an internship at what was then PaineWebber Corporate Cash Management. That internship was vital for landing me a summer internship at Goldman Sachs. And during my last two quarters at Chicago, I was already working for a management consulting firm part-time (at the firm I eventually worked for after graduation) at the same pay I received after graduation (in fact, I got paid more in the sense that they divided by annual salary by 2,000 hours, or 40 hours per week less vacation, when in reality I NEVER worked less than 50 or 60 hours a week for that salary later…but I digress). That $30/hour seemed like a lot of money a decade ago.</p>

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<p>^ McKinsey’s core schools for recruiting talents are: HYPSM + Wharton & Ross.</p>

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<p>I’m not sure what you mean by “core schools,” but you’re smoking something very strong if you think McKinsey is hiring more students from Ross than from UChicago.</p>

<p>You do know that McKinsey himself, the man who started the firm, was from UChicago, don’t you?</p>

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<p>McKinsey recruits heavily at UChicago. S1’s GF works for a management consulting firm and was recruited by many firms in both Chicago and NY. She was a double econ and math major.</p>