<p>C-Rev, check out Post number 17. The average salary for Michigan grads is within a few thousand of that of Alabama, and NOT 35K as you noted.</p>
<p>That is using post #17, all-in compensation.</p>
<p>I am not voicing one position, but I would like to say people are ignoring the time value of money (w/ the exception of pos 20 which acknowledged tmv, but chose to ignore it).</p>
<p>The problem should be set up as (I am assuming the end time is grad school since that is what will play the determining factor after that point):</p>
<p>Accumulated income from Bama til grad school + $100,000 annuity paid over a 4 year period at an interest rate of x% for the years til grad school</p>
<p>vs</p>
<p>Accumulated income from Mich til grad school - living expese differences til grad school + expected job advancment difference (would there even be any?) +/- other factors (value placed on a choice in where to live, possible grad school differences/implications, prestiege factors, etc.)</p>
<p>The mean salary is 10k higher at Ross. It is substantial; however, at least one kid at 'bama did start at 75k according to post #17, which is higher than the salary range for banking at Ross, the one that I would assume would have the most and fastest growing compensation. If you can get into Ross, you can probably do enough work to be average at Ross (56k), beat the curve on most of your classes at 'bama and be the kid making 75k.</p>
<p>C-Revs mentioned a 7 year period at which point going to Ross would be worth it, but that would be longer than the period before he would be looking into MBA programs if he goes that route, and employers would be paying more attention to his experience than his education at that point, anyway.</p>
<p>To be fair, the increased earning potential does exist with the Ross network, though the undergrad level will not be as strong or relevant as an MBA network if the OP chooses to do that. Ross still does present you with more potential opportunities, but you’ll have to work hard after graduation to pull ahead enough to make a six figure difference over 'bama before it doesn’t matter that he went there instead.</p>
<p>I don’t want to tell you what you should do, because it’s up to you, but I just thought these were a couple points that it seemed were being strangely overlooked or distorted in the arguement that I thought I should point out.</p>
<p>I am instate at Michigan, so I’d only pay 25k/yr. Where does 34k-36k come from? The median salaries differ by 20k. I don’t know if I’d want to be an IB or live in NY. I think Chicago is more realistic, maybe doing consulting or some other finance-type job. I probably wouldn’t turn an IB job down though. I really don’t want to have to work 15+ hr days for more than 2 years. If I went to Ross, I’d shoot for the top 10%. I’m not afraid to work my *** off. At Alabama, I could probably be in the top few percent. </p>
<p>I don’t want to live in Michigan or Alabama after graduation. I would if I had to, but I’d like to live in a big city.</p>
<p>Lol ross hands down!</p>
<p>I can tell you that I know a number of people who have spent a fortune for kids at expensive private and/or public schools that could have gotten a full ride for their kids. ALMOST EVERY ONE of these parents and most of the kids would have taken the full ride and kept the money had they had the chance to do it again. Moreover, this doesn’t count the large number of people who have had to incur debts in order to attend these fancy institutions.</p>
<p>In fact, I was talking to three of my son’s friends, one went to Penn and the other went to Cornell, and the third went to Rochester, without any financial aid. When their parents told them that they would have given them the tuition money if they would have taken the full ride at their state university, they were ticked that they chose what they considered the “wrong option.”</p>
<p>At this point, I think you have to decide the risk vs reward factor for attending both schools. For Alabama, the rewards are that you will come out with less debt, you will (or at least very well should be) near the top of your class, but the risk is that the prestige of your school might not be that great. For Ross, the reward is that you have a very prestigious institution which will open up tons of doors for you, but the risk is the potential debt, and the fact that you might be average at Ross. Only you know your capabilities and can assess what’s better for you.</p>
<p>Here’s what I think. First of all, you said you don’t want to work long hours for most of your life. So for you, i-banking and other high finance jobs where 13 hour days are a vacation may not even be a good fit for you. You might be better suited to being an accounting partner or working in-house at a F500, or even doing supply chain stuff. For this, you do not need to go to Ross to secure positions. Hell, even if you want to do investment banking, there are no guarantees that you will get it at Ross (it’s not like everyone who goes to Ross gets it…only the absolute top get it there as well). You can still do that stuff from a state school if you become a leader and a stellar student, which in a way is easier since your classmates won’t be as smart as you for the most part. Also, contrary to what most people on this forum think, even if you break into banking, there’s no guarantees you’ll stay there. While that work experience will help you out, tons of people get fired or burned out quickly from that lifestyle and settle for F500 work anyways.</p>
<p>So really, weigh the risk v reward of each situation, realize you capabilities and go with your gut from there realizing it’s you who determines your future even though your school could help.</p>
<p>It’s really just the money. I think I could be near the top at both (obviously higher at UA than UM, but still close to the top at Ross). It’s just the money. I want to have a somewhat normal life with a family some day. I could work ridiculous hours for a couple years, but I’d get burned out after that. My happiness is worth more than money. I’d rather make 90k and be able to spend time with my family than make 200k and work 15+ hour days. I’ve heard it’s bad in the beginning at the top jobs in finance, but I’ve heard as you get older you don’t have to work as many hours. Is that true?</p>
<p>The investment bankers that I know work long hours. Lawyers at large firms work just as hard if not harder. Those are two professions that you want to avoid if you don’t want both hard work and long hours.</p>
<p>jrt336, I am really, really impressed with your forward thinking. What a matured HS student you are! If you go to 'bama, you’d save 100K, correct? Go there, be at the top of your class, take up some leadership positions, stand out from the group. Then, in your junior year, apply to HBS MBA 2+2. That 100K plus some savings in between will be enough to pay for HBS. If prestige is what entices you, I don’t see how anyone can beat this path. Look at the HBS list of undergrad institutions, 'bama is not bad at all. [2+2</a> Overview - MBA - Harvard Business School](<a href=“http://www.hbs.edu/mba/admissions/2+2/]2+2”>2+2 Program - MBA - Harvard Business School). And if, during the two waiting year period, you figure that you don’t need the MBA, you don’t have to go. You save the whole dough!</p>
<p>Harvard might not want Alabama grads. I’m sure people from way better schools are applying for that program.</p>
<p>
</p>
<p>It does get a little bit better, but I doubt that most of those Hedge Fund/PE dudes get a healthy amount of sleep every night. Goldman MDs probably don’t do so great in that department either. Bottom line is, if you want to make money, you’re going to have to work your arse off. No way around it. No one will pay you to smell the roses. The key is to find the optimum salary for you that allows you to have a personal life while letting you afford most of the stuff you want.</p>
<p>Are the ranges on those salaries 25th to 75th percentile?</p>
<p>My friends say that as an ib analyst, they averaged 75-80 hrs per week (with it being as low as 60 hrs and as high as 100 on the extremes). One worked his way up to a VP level and is averaging 60 hrs/week. So it looks like the hours decrease, but you are still working a lot.</p>
<p>Imagine going to a cocktail party with networking possibilities. Think about how the bama kid would feel when other guests introduce themselves by proclaiming that they are the alumni of the likes of Michigan, USC, UCLA, or North Carolina :)</p>
<p>Prestige = name. People are pretty superficial sometimes, especially when a whole bunch of strangers meet. It’s a way for most to categorize and access respect.</p>
<p>take Ross and don’t look back. It costs more but believe me, in business pedigree goes a long way. This is coming from someone who went to a state school(slightly worse of than U.Mich) but better than Alabama) for undergrad. Finding a job from a place where there isn’t much business recruiting is very difficult and you will regret it two to three years down the line. The fact is you can find a top job even on wall street coming from a non-target, but you need to be very very proactive, intelligent and certainly lucky. Luck plays a larger role than you would like it to. Ross is a good choice, but certainly no match to the recruiting at ivy leagues etc. Once again, I speak from experience, as I’ve interviewed and interned with both; top wall street and consulting firms.</p>
<p>How much can I expect to make from an internship during the summer between junior and senior year if I go to Ross? Is it possible to get internships after freshman and sophomore year?</p>
<p>Take Ross, there is no need to debate about this. Expect to make 20-30 an hour.</p>
<p>Folks, prestige is WAY overrated. I never went to what was called a “prestige school.” I attend Baruch College,which was part of CUNY. I have NEVER had a problem getting a job. NEVER. Yes, I had great grades and strong interviewing skills which helped. However, the caliber of my school never was a problem. In fact, I could have even worked on Wall Street at a bond trading house.</p>
<p>In addition, although Michigan has a great name for those that know about it, it really doesn’t have the same cache in the east coast that you think it has. The ivys are much more well-regarded.</p>
<p>Trust me on this: if you get great grades (at least a 3.5++) and note some super scholarship/honors program on your resume, and have a decent interview, you won’t have any trouble getting just about any job you want from Alabama. All these folks that are espousing the point that prestige is worth paying over 100K are just wrong! They don’t know what they are talking about based on my experience.</p>