Trying to choose between CMU and Michigan for Economics. I also got into their business programs Tepper and Ross. How different are these majors (Economics and Business) between the two. Any other differences for social/cultural fit ?
At Michigan, is it possible to get a dual degree in Economics and Business within 4 years? I heard it takes 4.5-5 years there. At Carnegie Mellon, it seems to be possible to get a dual degree in Econ and Business.
Placement from Ross is likely better than CMU. If everything else is equal, I would go that route.
Is there a price difference?
Thanks @Zinhead and @TooOld4School.
I’m not sure if I want to do business yet. My parents think that going to Michigan without going to Ross is not a good idea, as Michigan is not known for Economics.
There is a $10k difference between the two. CMU being more.
Why not double major? You don’t start Ross classes until sophomore year which would give you plenty of time to decide if you want to do business. The only requirement for Ross is an Econ class and Calculus which you would take anyway for your econ major. According to US News, Michigan is ranked #12 for econ and CMU is ranked #20. I think there is so much overlap it would not be too difficult, you can check with academic advising as to the time frame.
UMich “not known for Economics”? Then you really don’t know UMich. For $10k cheaper, UMich would be a no brainer decision, for Ross or Economics. Note that the tuition at Ross is slightly higher than LSA.
Both schools would serve you very well for economics or business. If finances are not an issue, I’d pick the school where you prefer the environment. I’d also suggest that since you have the direct admit that you start off on the business path (where you will take intro to economics) and you can always flip into the liberal arts school if you decide you want to go that route.
As to your other question, it is important to understand that economics and finance are very different majors. Economics is a liberal arts course of study and gets very theoretical at the upper levels. In contrast if you go to an undergraduate business school you will take a business core with introductory classes in subjects such as accounting, finance, IT, marketing etc. and then you will major in one of those disciplines. I’m not saying that one path is better than the other, but they are different. I would take the time to look at the coursework (can be found online) for both a finance and an economics major and see if one path is preferable to you.
Thanks guys! I’m torn between taking business or Econ. Econ seems to give a broad base and more rigorous academically than business. I can always do an MBA, but can’t go the other way round.
What are the differences between how Economics is studied between the two schools.
As for as business, Michigan seems to be good in Marketing, Management etc. CMU’s strengths seem to be in Finance, but not much better than Michigan’s.
I’m on Waitlist for UC Berkeley Econ. If that clears up, that would trump everything!
Also, how big of a factor is the size of Michigan compared to CMU, given the area (Business/Econ) I’m looking for? The fact that Michigan is rated higher than CMU doesn’t seem to be impacted by the size of the university or class size? Am I missing something?
I attended CMU and UMich. If you so desire you can get dual degrees in 4 years at either school in the areas that you mentioned - the hard work required will be up to you. (I did dual degrees). To put your mind at ease, you can also go either direction (Business first then post-grad in Econ or vice-versa so long as you are academically strong as an undergrad). Here is my opinion: I will go with UMich if I were you for these reasons - 1) Marginally, Ross may be stronger than Tepper at the undergrad level, 2) UMich choice saves you significant chunk of change over CMU per information you’ve provided.
At the business schools, the size and culture will feel the same (strong sense of camaraderie at both Ross and Tepper). However, UMich is a significantly larger campus than CMU although the social feel is about the same. Hanging out in downtown Ann Arbor versus Oakland (Pitt) didn’t feel that much different. All that said, if money is not a factor then you should do well with either.