Is it worth doing in other parts of the US though? NYC is where the money is made. I don’t know if I should consider majoring in chemistry at Madison instead—that’d probably be a more valuable degree than one in finance from there. I don’t see myself doing something that I won’t be able to excel at—I don’t wanna be stuck in a dead-end finance job, I want to be the best of the best. If that’s not possible for me to achieve with a degree in finance from Madison, I might have to start thinking of other career paths.
Not sure where billcho is but… https://finaid.umich.edu/new-undergraduates/non-resident-students-and-financial-aid/
I am sorry to say this but you seem extremely naive. If you think you will be the best of the best from any school is unrealistic. You only want to go into finance under your terms or you will go into something else. I know at 18 it’s hard to figure out what you want to be when you grow up. But you have to understand that you make the school, the school doesn’t make you. No reason you can’t go into finance from Wisconsin and not be successful. If you end up in a dead end finance job it won’t be because you went to Wisconsin.
See, that’s the thing. The schools that you consider “top schools” do not give merit aid. They don’t have to. Any school where you would get the substantial merit aid you would need – which is about $200k – will not be a Wall Street target school.
If you want to work on Wall Street, you need to understand scenarios. You need to know how to research. Start with this. Research merit awards. Research financial aid. Research what types of jobs graduates of UW Madison can get in finance. Get a comprehensive understanding. You will need those types of skills.
I’m not sure we even know any of your particulars. What is your weighted and unweighted GPA? What is your SAT or ACT score? What is your household income?
You know, people from NJ and NY are dying to get into U-W Madison.
One more thing. You don’t have to major in finance to work in that field. You can major in chemistry and still work in finance. It’s all about the summer internships. Go to UW-Madison and walk into the career office on the first day. They have an excellent career office.
Sure, it’s nice to be at some tippy top college. But at this point, you can’t afford more than 15k/year. You have no confirmation whether you qualify for any aid. Or even loans beyond the $5500-7500/year student loans. It’s like you’re focused on the eventual career and missing the many ways to get there and the reality of the price tags of some options. As brantly said, you don’t seem to be researching and informing yourself. You could go to Madison and do a grad program at LSE. Or work in business for a few years, then go for a top MBA.
Parents are not often the best source of whether or not you qualify for aid, unless they’ve done the research. You or they need to run the NPCs.
But you need to learn more than your own goals. More than the popular notion that only a tippy top gets you into finance. You don’t even realize, at this point, the many US cities where finance is a lucrative career.
Very few people start at the top.
NYC is certainly ONE of the places where IB possibly can garner high salaries. But NYC and even the surrounding boroughs or Jersey City come with high cost of living.
You are going to be a finance major? Do you understand that’s you will have other expenses…and having $220,000 in loans with the HOPE that you will get a high paying job in NYC is not financially responsible.
What happens if you get sick, and can’t work? What happens if your only job offer out of NYU is at a lower starting wage? You know…all newly minted IBs don’t earn $100,000 a year out of the gate.
In NY, you can perhaps expect a higher salary…but you can absolutely expect a higher cost of living. Would you like your own apartment after graduation? Look at over $2000 a month for a one room studio…if you can find one. Of course, if you don’t mind sharing with a couple of others, you might be able to get a room for $2000 a month in a place with several rooms. Remember, you will have utilities. Clothing costs. The subway isn’t free. Entertainment in NYC isn’t free. Even happy hour times are not a bargain compared to Wisconsin prices.
And YOU will have about a $3000 a month loan payment to make.
Oh…and do you have a cosigner for these huge loans? In the vast majority of cases, it’s the parents who co-sign. Either that or they take the parent plus loan. YOU can’t even take loans in this amount each year (to attend NYU, you would need about $50,000 a year in loans…and freshman year as an example, you can take only $5500 in your name only).
Here is my suggestion…find who does recruiting at University of Wisconsin. Find out where past finance majors got jobs. And remember, just because you don’t START in NY doesn’t mean you can’t get there at some point.
Your comment about not liking study abroad made me laugh. If that’s then case…take London School of Economics off of your list.
If it requires $200k in co-signed loans, then it’s not worth it, especially for a bachelors degree. I suspect your parents are not going to co-sign loans for you anyway. They would be crazy if they did. Unless the degree says M.D. next to it, no degree is worth that kind of debt. Investment banking is really only one occupation out of hundreds you can do with a business/finance degree. Just go with an open mind. 
@dhdiaksndbs what kind of stats do you HAVE?
The tippy top schools accept under 10% of applicants which means that 90% or so of those who apply do NOT get accepted. Their generous financial aid doesn’t do you any good unless you…qualify for need based aid, and are an accepted student.
These schools are not a slam dunk for admissions for even tippy top students.
UW-Madison’s Investment Banking Club:
Even on 100k, the take home pay is about $6500/mo. Imagine 3000 toward loans and rent could go higher than 2k/mo. Add utilities. You’re left living on roughly 1k, but working all those hours. Some employers run a credit check when dealing with financial matters… Landlords do.
How do others do it? They do the legwork, research, talk, earn stats that get them merit or build a record that does get them into a top meet full need college.
Nothing wrong with Madison. Around the country, a fine reputation. You have 3-4 years before any recruitment. Use the time wisely.
Btw, great finance opps in Boston, Atlanta, Chicago, St. Louis, Denver, San Francisco and those are just some. There are lots of ways to be involved in “finance,” it’s not all a 100 desks in a room in Manhattan.
@dhdiaksndbs : What are the top 10 schools in your opinion ?
@dhdiaksndbs : It is also important to know your stats (GPA & SAT or ACT scores) if you want serious guidance at making an appropriate college list.
Do not be discouraged from pursuing a degree in finance. If you want to expand your career target beyond IB, then consider earning a double major such as accounting & finance.
How much money do you think finance grads earn during their first year out of college ?
Do you anticipate earning a masters degree such as a Masters in Finance or an MBA ?
In short, I think that your instincts are correct, but your approach is wrong.
P.S. Once you get to at least 15 posts, you can send a private message to other posters. If you want to keep your specifics confidential, then I or other posters may be willing to offer suggestions via private message.
http://talk.qa.collegeconfidential.com/business-major/
You might want to look at this area for relevant threads.
But really…not everyone who goes into finance majors in…finance…or business. Some are applied math majors, or engineering majors.
A family member in this family who has a very successful IB career majored in history and French.
ACT: 34
GPA: 3.9 (UW)
AP: five 5s and one 4 (taking 4 more this year)
I do have a numerous extracurriculars, but the majority of what I do outside of school is work.
I know I could’ve earned a higher GPA, but working full time sophomore year through now (I’m an upcoming senior) definitely made that harder.
I know they’re not slam dunks, but I still think I have a chance.
What makes you say that about London? I thought it’d be a good choice since they focus mainly on ACT and APs (which IMO are my strengths). The study abroad experience is fine itself, forgive me if I presented myself in a different way, but my main priority is where the degree comes from and what kind of opportunities I can get going to a school.
So so would you suggest not going into finance at all then?
You should consider Indiana University. Top 10 for finance majors. Lots of scholarships. Solid recruiting. Apply early.
I understand that there are non-finance majors in IB, but their circumstances/connections/ability to afford big name school probably differ in a substantial way from your situation.
Not sure whether your GPA is weighted or uw, but if uw you are almost certain of being offered a substantial scholarship to Kelley at IU.
P.S. If you major in finance & accounting, or finance & economics and do well with college GPA , relevant internships & interviewing, then you should land job offers in your desired field.
Is that your weighted GPA?
If you don’t want to go to Wisconsin, have you considered other places where you would be guaranteed merit aid for your stats?
@mom2collegekids what’s University of Alabama like for those wodhing to work on finance?
@dhdiaksndbs does your family HAVE financial need? It sounds like your parents aren’t going to contribute annually to college costs…but is that because they are low income?
You sure could apply to some schools that meet full need for all…but if you have a max amount your family can pay per year, then you might have to walk away from an acceptance if the money isn’t also forthcoming from the school.
Also, if your parents are low income, please don’t ask them to co-sign loans for you to go to college. Please.
Ohio State is another school to consider for scholarship money. Although not top 10 in finance, it does rank among the top 15 for finance at the undergraduate level.
If willing to work on your own to get interviews, an Honors College designation on your resume may help. Not with the top firms as most, maybe all, spaces are reserved for students from target schools & for students with substantial connections to the firms–although, undoubtedly, there are exceptions–but the odds are not good.
Try the University of South Carolina Honors College, the University of Alabama Honors College & the University of Georgia Honors College for scholarship money.